智通财经APP获悉，8月8日，中国证监会公布境外发行上市备案补充材料要求公示(2025年8月1日— 2025年8月7日)。证监会公示中提到要求中企云链补充说明业务经营是否涉及基础电信业务和增值电信 业务，是否拥有相关经营许可证等情况。据港交所5月6日披露，中企云链递表港交所主板，中信建投国 际、农银国际、工银国际、迈时资本为联席保荐人。 证监会请中企云链补充说明以下事项，请律师核查并出具明确的法律意见： 一、请补充说明公司及下属公司经营范围是否涉及《外商投资准入特别管理措施(负面清单)(2024年 版)》领域，本次发行上市前后是否持续符合外资准入政策要求。 二、请详细说明公司及下属公司业务符合《关于规范供应链金融业务引导供应链信息服务机构更好服务 中小企业融资有关事宜的通知》(银发〔2025〕77号)的情况。 三、请详细说明公司及下属公司场景数字业务具体流程、收费来源，是否涉及助货业务。 四、根据备案材料，公司为产业数字金融平台，拥有数字应收账款确权平台及场景数字金融平台，请补 充说明业务经营是否涉及基础电信业务和增值电信业务，是否拥有相关经营许可证。 五、请补充说明本次拟参与"全流通"的股东所持股份是否存在 ...

Investment Rating - The report indicates a positive outlook for the ASEAN digital economy, particularly in e-commerce and on-demand services, with expected growth rates of 15% to 20% in the coming years [2]. Core Insights - The ASEAN e-commerce market is highly concentrated, with Shopee, Lazada, and TikTok dominating nearly 90% of the market share, with Shopee leading in Southeast Asia [1][4]. - Indonesia is the largest e-commerce market in Southeast Asia, with a GMV of approximately $160 billion, and is expected to see renewed growth driven by live commerce and video shopping [5]. - The on-demand services market, including food delivery, is projected to accelerate growth in 2024, with significant potential in Vietnam and Indonesia [7]. - The rapid commerce market is expected to grow at a compound annual growth rate of 20-30% in the coming years, driven by partnerships with traditional retailers [8]. Summary by Sections E-commerce Market Overview - The ASEAN digital economy encompasses e-commerce, tourism, food delivery, and online media, with a total market size of approximately $260 billion [2]. - E-commerce is the largest vertical, valued at around $160 billion, followed by tourism and online media [2]. - Shopee maintains over 50% market share in Southeast Asia, while TikTok Shop is rapidly growing as a strong second player [4]. Indonesia E-commerce Development - Indonesia's e-commerce market is experiencing a resurgence, with a GMV of about $160 billion and a penetration rate that has room for growth compared to China and South Korea [5]. Brazil E-commerce Growth - Brazil's e-commerce market is projected to grow at a rate of 17% in 2024, with a GMV of approximately $64 billion, and Shopee's market share has significantly increased since its entry [6]. On-demand Services Market - The on-demand services market, primarily food delivery, is valued at around $27 billion and has seen a compound annual growth rate of 18% over the past five years [7]. - Grab leads the food delivery market with a share exceeding 50%, while the market remains concentrated with the top players holding 80% to 90% of the total market share [9]. Digital Financial Services - The digital financial services sector is rapidly expanding, with digital loans expected to grow from $70 billion to approximately $300 billion by 2030 [13]. - C Limited has emerged as the largest consumer loan company in the region, with a loan scale exceeding $6 billion [13]. Grab's Business Performance - Grab holds a leading position in the food delivery market with a market share of approximately 50% to 60% and is expected to see stable revenue growth in the coming years [20]. - The company is focusing on expanding into second and third-tier cities to increase usage scenarios and improve operational efficiency through AI [20]. Goto's Business Overview - Goto is a leading player in Indonesia's digital ecosystem, with approximately 70% of its revenue coming from on-demand services, particularly food delivery [21]. - The company is expected to achieve significantly higher positive EBITDA this year while focusing on financial technology and advertising to strengthen its market position [22].