Group 1: Overview of Chinese Companies Going Public in the U.S. - The trend of Chinese companies listing in the U.S. continues to rise, with 25 companies successfully going public by March 31, 2025, primarily on the Nasdaq [1] - Nasdaq has become the preferred exchange for Chinese companies, accounting for over 80% of IPOs in 2024, reflecting a 79% increase since 2019 [8] Group 2: Advantages of Nasdaq for Chinese Companies - Nasdaq offers a registration system that emphasizes the authenticity and completeness of information disclosure, allowing companies that may not meet domestic listing standards to secure funding [3] - The market environment in the U.S. features a robust legal framework and strict information disclosure requirements, enhancing corporate governance and attracting international investors [4] - Nasdaq provides significant liquidity advantages, with over 50% of total trading volume in the U.S. stock market occurring on its platform, enabling companies to complete secondary financing in as little as six months [5] Group 3: Haoyunlai's Nasdaq Listing Plans - Haoyunlai has announced its Nasdaq listing plan, positioning itself as a representative of industry innovation and strategic foresight [1][10] - The company has received multiple national awards, reinforcing its status as a leader in business model innovation and digital technology application, which supports its upcoming Nasdaq listing [10] - Haoyunlai's cloud-based platform aims to revolutionize the commercial ecosystem by linking millions of merchants and consumers, enhancing customer retention for physical stores, and creating new digital job opportunities [11]

Core Viewpoint - The rapid increase in internet-related civil and commercial disputes, particularly in areas like live streaming sales and paid content, poses challenges in balancing user rights protection and platform development [1] Group 1: Trends in Internet Disputes - The number of internet-related civil and commercial disputes has significantly increased, with cases rising from over 200 in 2022 to around 700 in the following year [3] - Common types of disputes include information network sales contract disputes, product liability disputes, and network service contract disputes, often arising from issues like fraud, product quality, and service cancellations [3] Group 2: Responsibilities of Platforms - Platforms are expected to actively assume both platform and social responsibilities, ensuring consumer protection through rigorous vetting of merchants and maintaining adequate compensation funds for high-risk products [4] - The courts aim to balance user rights and platform development by correctly applying laws such as the Civil Code and the E-commerce Law, while considering the unique characteristics of the digital platform industry [4] Group 3: Live Streaming Sales Disputes - The number of consumer disputes related to live streaming sales is on the rise, with a diverse range of products involved, reflecting an increasing consumer demand in this sector [7] - In live streaming sales, merchants have a heightened duty of care, and platforms must adhere to a fault liability principle to determine responsibility [8] Group 4: Regulation of Digital Platforms - Courts can regulate digital platform operations by properly adjudicating cases related to new transaction models, combating infringement, and providing judicial guidance through typical case publications [11] - The judiciary aims to establish clear rules for new types of disputes arising from digital platforms, such as data ownership and algorithm regulation [11] Group 5: Competition and Legal Framework - "Involution" competition can lead to resource waste and a focus on short-term results over long-term innovation, necessitating judicial oversight to ensure fair competition [12] - Courts should apply laws like the Anti-Monopoly Law and the Anti-Unfair Competition Law to maintain fairness in competitive practices [12]