Core Insights - The Bank of Ghana reported that mobile money (MoMo) transactions reached 354.1 billion Ghanaian Cedis in August, with transaction volumes increasing from 778 million in July to 831 million in August [1] - The number of registered accounts rose to 77.7 million, with active accounts reaching 25.1 million, indicating a significant expansion of digital financial services in Ghana [1] - Mobile money plays a crucial role in the Ghanaian economy by enhancing financial inclusion, creating job opportunities for agents, and facilitating secure cashless payments [1] Industry Impact - The growth in digital transactions has improved tax revenue, reduced cash handling risks, and expanded credit channels through mobile lending platforms [1] - The sustained growth momentum highlights mobile money's role as a pillar of Ghana's digital payment ecosystem, reflecting the strength of the payment system and the long-term goal of establishing a cashless economy [1]

Core Insights - The Southeast Asian e-commerce market is projected to reach $190 billion in 2024, growing to $268 billion by 2026, with a compound annual growth rate (CAGR) of 18.8%. This growth highlights the interplay between traditional platform operations and the emerging "entertainment shopping" model [2][5] - The top three platforms in the Southeast Asian market are expected to hold over 66% market share in 2024, indicating increasing market concentration [2][6] E-commerce vs. Entertainment Shopping - The e-commerce sector in Southeast Asia is experiencing robust growth, with a projected GMV of $190 billion in 2024, reflecting a 19% year-on-year increase. The market is expected to expand at a CAGR of 18.8%, surpassing $268 billion by 2026 [5][6] - Shopee, TikTok Shop (TTS), and Lazada dominate the market, collectively holding over 66% of the market share, up from 61% in 2023, and expected to reach 73% by 2026. Shopee leads with a 43% market share, focusing on localized operations and logistics, while TTS leverages "entertainment shopping" to drive user engagement [6][10] Logistics as a Competitive Advantage - Logistics is a critical component for e-commerce platforms, with Shopee utilizing its self-built logistics network (SPX) to achieve cost efficiency and operational advantages. This strategy helps to mitigate high logistics costs prevalent in Southeast Asia compared to China [12][16] - TTS relies heavily on third-party logistics (3PL) partners, particularly J&T Express, to maintain its logistics competitiveness. This partnership has evolved into a "quasi-first-party logistics" model, enhancing TTS's service offerings [19][20] Digital Financial Services Growth - The digital payment market in Southeast Asia is expected to grow at a CAGR of 12.1%, reaching over $1.4 trillion by 2026. The digital loan market is projected to grow at a CAGR of 24.7%, with loan balances nearing $110 billion by 2026 [50][52] - A significant portion of the population remains unbanked or underserved, representing a substantial growth opportunity for digital financial services. Approximately 62% of the population in Southeast Asia falls into this category, highlighting the potential for financial inclusion [54][55] On-Demand Services Market - The on-demand services market is forecasted to grow from $29.2 billion in 2024 to $37.2 billion by 2026, with a CAGR of 13%. Major players like Grab and Gojek are transitioning from high-end products to more accessible offerings, capturing over 70% of the market share [3][4] Ride-Hailing and Delivery Services - The ride-hailing market in Southeast Asia is projected to reach $9 billion in 2024, with Grab and Gojek leading the market. The market is expected to grow to $11.2 billion by 2026, reflecting an 11.6% CAGR [31][33] - The delivery market has seen rapid growth, expanding from $4.2 billion in 2019 to $19.3 billion in 2024, with a CAGR of 35.7%. Grab continues to solidify its market leadership, while smaller players face challenges [35][36] Online Grocery and Group Buying - The online grocery market is expected to grow significantly, from $2.9 billion in 2019 to $12.8 billion in 2024, with a CAGR of 34.6%. This growth is driven by the shift towards online shopping and the increasing demand for convenience [41][43] - Group buying services are emerging as a new trend, particularly in the food delivery sector, offering discounts for bulk orders and appealing to collective consumers [45][46]

Core Viewpoint - The company, 尚乘数科 (HKD), experienced a stock price increase of 6.29% on August 21, reaching $1.69 per share, with a total market capitalization of $531 million [1]. Financial Performance - As of October 31, 2023, the total revenue of 尚乘数科 was $8.673 million, representing a year-over-year decrease of 37.69% [1]. - The net profit attributable to shareholders was $31.94 million, showing a significant year-over-year increase of 188.11% [1]. Company Overview - 尚乘数科 was established on September 12, 2019, in the Cayman Islands as an exempted limited liability company [1]. - The company primarily engages in providing digital financial services and solutions under the spider web ecosystem, including insurance brokerage services and digital investment activities [1]. - Additionally, the group invests in innovative technology companies [1].

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional information from Zhongqi Yunchain regarding its business operations and compliance with foreign investment policies before its planned listing on the Hong Kong Stock Exchange [1][2] - Zhongqi Yunchain is recognized as a leading independent digital financial platform in China, facilitating connections among various stakeholders in the industrial financial supply chain [2] - According to Frost & Sullivan, Zhongqi Yunchain holds the largest market share in China for digital accounts receivable confirmation platforms, with a market share of 14.2% in confirmed accounts receivable amount and 15.0% in total financing obtained in 2024 [2] Group 2 - The CSRC has specifically asked Zhongqi Yunchain to clarify whether its business involves basic telecommunications and value-added telecommunications services, and whether it possesses the necessary operating licenses [1] - The CSRC also requires a detailed explanation of the company's compliance with regulations regarding supply chain financial services aimed at better supporting small and medium-sized enterprises [1] - The company is expected to provide legal opinions confirming the status of shares held by shareholders participating in the "full circulation" plan, including any pledges or freezes [2]

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].