Core Viewpoint - In the B2B sector, AI is rapidly evolving from a supportive tool to a genuine productivity driver that creates commercial value, particularly in cross-border e-commerce [1]. Group 1: Alibaba's 1688 Platform and AI Integration - Alibaba's 1688 platform is making significant investments in AI, launching various AI-native products to enhance its B2B supply chain capabilities [2][3]. - Over the past two decades, 1688 has connected over 1 million source factories with more than 100 million B-end buyers, establishing a robust B2B supply chain in China [5]. - The platform's annual transaction volume exceeds 800 billion yuan, with cross-border transactions accounting for over 200 billion yuan [6]. Group 2: Challenges in Cross-Border E-Commerce - Cross-border e-commerce involves three fundamental steps: product selection, procurement, and listing, each becoming exponentially more complex in an international context [7][8]. - Product selection is critical, as it can determine up to 50% of a cross-border e-commerce business's success, with the potential for significant revenue from trending products [10][11]. - Cultural and aesthetic differences across countries complicate product selection, making it challenging for domestic sellers to accurately predict consumer preferences [14][16]. Group 3: AI's Role in Product Selection - AI can streamline the product selection process by quickly analyzing vast amounts of data to identify potential products, significantly reducing the time required for traditional methods [21][24]. - For example, the AI tool "Aoxia" can provide quantitative market analysis and recommendations based on various metrics, transforming the selection process from intuition-based to data-driven [27][28]. Group 4: Procurement and Supplier Matching - The procurement process involves finding suppliers that can meet specific product requirements, which can be time-consuming and complex [30][31]. - AI can automate much of this process, allowing users to upload product images and receive matches from a database of suppliers, drastically reducing the time needed for supplier identification [36][38]. Group 5: Listing and Market Adaptation - Listing products for cross-border e-commerce requires adapting to various platforms and languages, which can be labor-intensive without AI assistance [41][43]. - AI can facilitate multi-modal content generation, enabling sellers to efficiently create listings that meet the diverse requirements of different platforms [46][51]. Group 6: Market Dynamics and Future Outlook - The cross-border e-commerce market is seen as a blue ocean compared to the saturated domestic market, with significant growth potential for those who can navigate its complexities [56][58]. - Despite the challenges, AI is positioned to bridge the gap between domestic sellers and international markets, making cross-border trade more accessible and efficient [80][82].

As filed with the Securities and Exchange Commission on October 9, 2025 Registration No. 333-289688 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Amendment No. 1 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LINKAGE GLOBAL INC (Exact name of registrant as specified in its charter) Cayman Islands 5961 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identificati ...

Core Insights - The 2025 Cross-Border E-Commerce Annual Meeting was held in Zhuhai, focusing on high-quality development and opportunities in cross-border e-commerce [1] - Guangdong's cross-border e-commerce import and export volume reached 745.4 billion yuan in 2024, marking a 66-fold increase over nine years, with an average annual growth rate exceeding 60% [2] - The establishment of industrial parks in the Guangdong-Macao Cooperation Zone is fostering the growth of leading cross-border e-commerce enterprises [2] - A report on the overseas development of Chinese private enterprises and a high-quality development index for cross-border e-commerce were launched during the event [3] Industry Developments - The event highlighted the importance of air logistics and supply chains in enhancing cross-border e-commerce [4] - China Southern Airlines has transported over 700 million cross-border e-commerce parcels since 2022, with plans to strengthen air cargo capacity [5] - SF International proposed a "dual-engine model" combining hard infrastructure and soft services to enhance supply chain solutions [6] Supporting Activities - The event included activities such as the Greater Bay Area Premium Products Live Streaming Night and site visits to promote industry collaboration [7]

Financial Data and Key Metrics Changes - Shopify reported Q2 revenue of $2.7 billion, up 31% year over year, with a free cash flow margin of 16% [5][8][57] - Gross profit grew 25%, exceeding expectations, with overall gross margin at 48.6%, down from 51.1% in the prior year [52][54] - Operating income for the quarter was $291 million, representing an 11% operating income margin, compared to 9% last year [56] Business Line Data and Key Metrics Changes - GMV in Q2 was $88 billion, up 31%, with offline GMV increasing by 29% [46][29] - Merchant solutions revenue increased by 37%, driven primarily by GMV growth, while subscription solutions revenue grew by 17% [49][50] - The Shop app saw a 140% year-over-year growth in native GMV, indicating strong engagement [26] Market Data and Key Metrics Changes - International GMV was up 42% year over year, with Europe leading the growth [5][34] - Cross-border GMV remained consistent at 15% of total GMV in Q2 [60] - Shopify Payments penetration reached 64%, up from 61% last year, indicating strong adoption [22][49] Company Strategy and Development Direction - Shopify is focused on expanding its reach internationally, particularly in Europe, and enhancing its product offerings to support merchants [5][34] - The company is investing in AI-driven commerce solutions, including the launch of Universal Cart and CheckoutKit, to enhance the shopping experience [12][91] - Shopify aims to build a unified commerce platform that integrates online and offline sales channels [4][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their merchant base amid changing economic conditions, noting strong performance in both North America and Europe [58][59] - The company anticipates continued growth in Q3, with revenue growth expected in the mid to high 20s year over year [61] - Management highlighted the importance of ongoing product innovation and market expansion as key drivers of future growth [85][86] Other Important Information - Shopify has expanded its payments product into 16 new countries this year, nearly doubling its market accessibility [21] - The company has introduced a USDC stablecoin option for payments, enhancing flexibility for merchants [23] - Shopify's capital business continues to grow, with new tools providing merchants more financing options [55] Q&A Session Summary Question: How would you characterize the demand in the US and any potential pull forward due to tariffs? - Management noted no significant pull forward in demand, with consistent performance observed in Q2 and July, indicating strong business health [69][71] Question: What is the status of international growth and localization for merchants? - Management highlighted ongoing product updates and successful expansion into new countries, with significant growth in international GMV, particularly in Europe [74][76] Question: How does the company view long-term growth potential? - Management expressed confidence in maintaining growth rates above 25%, driven by past investments and new product offerings [81][84] Question: Will Universal Cart and Checkout Kit be available for the holiday season? - Management confirmed ongoing development of these products, emphasizing their importance in enhancing the shopping experience through AI integration [89][91]

Core Viewpoint - The Nanjing Alibaba Center officially opened on July 11, marking Alibaba's first self-built park in Jiangsu, focusing on artificial intelligence and cross-border e-commerce while providing a collaborative workspace for startups [1][2]. Group 1: Company Initiatives - The Nanjing Alibaba Center will aggregate various Alibaba businesses, including Taotian, Cloud Intelligence, International Digital Commerce, Cainiao, Local Life, and Whale Entertainment [1]. - The center aims to attract emerging digital enterprises and will offer entrepreneurial services under the guidance of the Nanjing Jianye District government [2]. - Alibaba's Chief Talent Officer expressed the goal of creating a "talent root and dream sprout" environment, promoting digital economy talent development [2]. Group 2: Infrastructure and Services - The center is designed with a focus on sustainability, utilizing natural lighting and ventilation, low-radiation glass, and water-saving fixtures, achieving a 20% reduction in energy consumption and a 40% reduction in water usage [3]. - A 1-kilometer "Ali Corridor" connects various facilities, creating a one-stop ecological community for office spaces, commercial amenities, restaurants, and talent apartments [3]. - The "Qin Cheng Entrepreneurial Space" offers affordable office solutions, with a monthly cost starting at 800 yuan for a single workstation, including free coffee and access to meeting rooms [3]. Group 3: Community Engagement - Over 50 startup companies have already settled in the Nanjing Alibaba Center, including firms focused on AI and e-commerce system development [7]. - The center collaborates with the Hexi Central Science and Technology Innovation Zone to provide comprehensive entrepreneurial services, including business registration and financial services [7]. - Public spaces like the "Future Kitchen" and "Flying Disc Square" are open to all Nanjing citizens, with the "Future Kitchen" becoming a popular local attraction since its soft opening in May [7].