Core Insights - Global-e Online's shares increased by 11% in November following strong third-quarter results and positive business updates [1] Company Overview - Global-e Online specializes in cross-border e-commerce solutions, partnering with top brands to provide a platform that integrates easily into e-commerce websites, offering services like instant customs calculations and multiple delivery options [2] Financial Performance - The company reported a 25% year-over-year revenue increase to $220.8 million, with adjusted EBITDA rising 33% to $41.3 million. Net income improved to $13.2 million from a loss of $22.6 million last year, and free cash flow reached $73.6 million, up from $29.9 million [3] Business Expansion - Global-e continues to onboard high-profile brands such as Everlane and Aritzia in North America, and Coach in the U.K. and Europe. The company is expanding existing partnerships and entering new markets, including Mexico and Europe for brands like Burberry and Bang & Olufsen [4] Industry Context - The cross-border e-commerce sector has faced challenges due to new tariffs introduced during the Trump administration. Global-e has adapted by offering services that assist clients in navigating these changes, including a duty drawback service for U.S. customers [5] Stock Performance and Valuation - Global-e's stock trades at a forward P/E ratio of 34, which may present an attractive entry point for new investors. The company has shown strong management and innovation, indicating potential for long-term growth [7][8]

As filed with the Securities and Exchange Commission on August 18, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 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) 2-23-3 Minami-Ikebukuro, Toshima-ku Tokyo, Japan 171-0 ...

Investment Rating - The report assigns a 12-month target price of US$152 for PDD Holdings based on a sum-of-the-parts (SOTP) valuation approach [2][22]. Core Insights - The report highlights the narrowing pricing gap between Temu and major U.S. eCommerce platforms, now at approximately 25% compared to 40% previously, following recent price adjustments by Temu [1][14]. - Temu's business model is shifting towards a semi-entrusted model in the U.S., which presents operational challenges compared to the full-entrusted model, including a reduced selection of SKUs and increased working capital pressure for merchants [1][16]. - Temu has been expanding into non-Western markets, particularly in Europe, Africa, and Southeast Asia, with significant growth observed in Japan, where it has achieved a 40-50% year-over-year growth rate over the past two years [1][18]. Summary by Sections Pricing Dynamics - Post-tariff pricing adjustments have led to a more manageable cost structure for cross-border eCommerce, with potential tariff rates of 40-50% translating to a 15-20% increase in prices, which can be absorbed by the value chain [1][19]. Business Model Transition - Temu's transition to a semi-entrusted model in the U.S. is expected to require additional working capital and may limit SKU availability, impacting merchant operations [1][16]. Market Expansion - Temu's geographical diversification strategies include rapid growth in niche markets in Europe, such as Cyprus and Georgia, and a strong presence in Japan [1][18]. Financial Projections - The report provides financial estimates for Temu, projecting significant growth in GMV from US$307 million in 2022 to US$50.5 billion in 2025, with a compound annual growth rate (CAGR) of 165% for 2023 [20][21].