Core Insights - The global cross-border e-commerce market is expanding, with a steady increase in the share of goods trade, and China remains a dominant player in the global cross-border e-commerce landscape, reinforcing an export-oriented structure [1][11][17] - The global cross-border payment market has entered an era characterized by real-time payments, stablecoins, and digital currencies, with a steady market expansion driven by small, high-frequency transactions [1][26] - The value of cross-border third-party payment services is becoming increasingly prominent, particularly in China's rapidly expanding cross-border export third-party collection service market [1][33] Global Cross-Border Trade Market Data - From 2020 to 2024, global import and export trade is expected to achieve an average annual compound growth rate of approximately 8%, reflecting strong industrial resilience and policy regulation capabilities [7] - The global trade landscape is shifting towards emerging economies, with Asia and Oceania leading growth, while developed economies face low or zero growth by 2024 [2] China Cross-Border Trade Market Scale - China's goods and services import and export trade is projected to grow at an average annual compound growth rate of about 8% from 2020 to 2024, maintaining a stable global trade share of around 11% [7] - The diversification of China's export markets is evident, with significant growth in Asia, Europe, and North America, despite ongoing trade tensions with the U.S. [7] Global Cross-Border E-Commerce Market Data - The global cross-border e-commerce market is expected to grow at a compound annual growth rate of 17% from 2020 to 2024, driven by consumer demand for diverse products and the digital transformation of traditional trade [11] - Cross-border e-commerce is increasingly contributing to the digitalization of global trade, with social commerce and digital platforms reshaping consumer engagement [11] Global Cross-Border Payment Market Size and Forecast - The global cross-border payment market is projected to grow from approximately $141.1 trillion to nearly $194.6 trillion between 2020 and 2024, with personal cross-border payments experiencing rapid growth [26] - By 2029, personal cross-border payment volumes are expected to significantly increase, driven by the demand for diverse, small, high-frequency payment solutions [26] Cross-Border Third-Party Payment Service Value - Cross-border third-party payment service providers are increasingly recognized for their efficiency, ecosystem integration, and cost-effectiveness, particularly for high-frequency transaction needs in cross-border e-commerce [28][29] - Compared to traditional channels, third-party payment services offer superior operational experience, faster transaction speeds, and lower costs [29] Global and China Cross-Border Third-Party Collection Service Market Size and Forecast - The global cross-border third-party collection service market is expected to grow from nearly $600 billion in 2024 to over $1 trillion by 2029, driven by the diversification of trade participants and the expansion of digital transaction scenarios [33] - In China, the cross-border export third-party collection service market is rapidly expanding, driven by the deepening of the outbound ecosystem and increasing demand for efficient payment solutions [36] Competitive Landscape of Cross-Border Third-Party Payment Services - The market for cross-border third-party collection services is becoming increasingly concentrated, with leading firms leveraging technology and scale to enhance payment efficiency and security [38] - The competitive advantages of top-tier service providers are expanding, reflecting a mature industry stage where smaller firms face greater survival pressures [38] Key Competitive Advantages of Payment Service Providers - The ability to offer modular and customizable payment solutions is becoming a critical competitive barrier for payment service providers [39] - Third-party payment institutions are effectively reducing foreign exchange costs and enhancing transaction confidence through multi-currency support and rate locking [40] Integration of Payment and Value-Added Services - Cross-border payment service providers are extending their value proposition by offering integrated solutions that help merchants lower operational barriers and enhance their growth potential [52]

Core Viewpoint - The company has obtained a Money Service Operator (MSO) license in Hong Kong, marking a significant advancement in its cross-border payment services and enhancing its global financial technology capabilities [1]. Group 1: License Details - The license type is Money Service Operator Licence with the license number 25-10-03300 [1]. - The license is valid from October 13, 2025, to October 26, 2027 [1]. Group 2: Impact on the Company - The subsidiary, GRG HT (HK) CO., LIMITED, aims to provide professional cross-border payment settlement, international remittance, and foreign exchange services [1]. - The acquisition of the MSO license signifies a key development in the company's business layout in the cross-border payment sector, enhancing its compliance and service capabilities [1]. - The company plans to develop a one-stop global payment settlement solution and strengthen collaboration with its subsidiary, Zhongjin Payment Co., Ltd., to create an integrated domestic and overseas funding channel [1].

Core Insights - The 138th Canton Fair showcased the unique charm and competitive advantages of "Made in China," with over 69,000 overseas buyers attending, reflecting a year-on-year increase of approximately 7% [1] - The scale and influence of this year's fair have been further enhanced, with the addition of 18 global partners, bringing the total to 227 partners across 110 countries and regions, creating an efficient platform for international business collaboration [1] - PingPong, as a strategic partner of the Canton Fair, has organized over 150 industry matchmaking events since its cooperation began in 2024, facilitating global business opportunities for platform enterprises and e-commerce partners [1][3] Group 1 - The Canton Fair serves as a significant global trade platform, highlighting its importance in international commerce [1] - The fair's extensive global trade network fosters communication and collaboration among businesses from various countries [1] - PingPong's local teams in 15 countries have effectively invited and organized overseas buyers, enhancing trade matching efficiency [3] Group 2 - The presence of high-quality buyer groups from regions such as Europe, Africa, Japan, South Korea, and Southeast Asia has been instrumental in facilitating face-to-face communication with Chinese foreign trade enterprises [3] - PingPong's initiatives contribute positively to the prosperity and development of global trade [3]

Core Insights - The global cross-border e-commerce market is expanding, with a steady increase in the share of goods trade, and China remains a dominant player in the global cross-border e-commerce landscape, reinforcing an export-oriented structure [1][11][17] - The global cross-border payment market has entered an era characterized by real-time payments, stablecoins, and digital currencies, with a steady market expansion driven by small, high-frequency transactions [1][26] - The value of cross-border third-party payment services is becoming increasingly prominent, particularly in China's rapidly growing cross-border export third-party collection service market [1][26][33] Global Cross-Border Trade Market Data - From 2020 to 2024, global import and export trade is expected to achieve an average annual compound growth rate of approximately 8%, reflecting strong industrial resilience and policy regulation capabilities [7] - The global trade landscape is shifting towards emerging economies, with Asia and Oceania leading growth, while developed economies face low or zero growth by 2024 [2][7] China Cross-Border Trade Market Scale - China's goods and services import and export trade is projected to maintain an average annual growth rate of about 8% from 2020 to 2024, with a stable global trade share of around 11% [7][17] - The diversification of China's export markets is evident, with significant growth in Asia, Europe, North America, and emerging markets like Latin America and Africa [7][17] Global Cross-Border E-Commerce Market Data - The global cross-border e-commerce market is expected to grow at an average annual compound growth rate of 17% from 2020 to 2024, driven by consumer demand for diverse products and the digital transformation of traditional trade [11][17] - The rise of social e-commerce and digital platforms is reshaping user acquisition paths and decision-making processes [11] Global Cross-Border Payment Market Size and Forecast - The global cross-border payment market is projected to grow from approximately $141.1 trillion to nearly $194.6 trillion from 2020 to 2024, with personal cross-border payments experiencing rapid growth [26] - By 2029, the personal cross-border payment market is expected to significantly increase, driven by the demand for diverse, small, and high-frequency payment needs [26] Cross-Border Third-Party Payment Service Value - Cross-border third-party payment service providers are increasingly recognized for their value in enhancing operational experience, transaction speed, currency support, and value-added services compared to traditional channels [28][29] - The market for cross-border third-party collection services is expected to grow from nearly $600 billion in 2024 to over $1 trillion by 2029, driven by the diversification of trade participants [33] Competitive Landscape of Cross-Border Third-Party Payment Services - The market for cross-border third-party payment services is showing significant concentration, with leading firms expanding their competitive advantages through global service networks and regulatory compliance [38] - The ability to provide flexible, modular payment solutions and integrate with specific business processes is becoming a key competitive barrier for payment service providers [39][40] Emerging Market Opportunities and Risks - The expansion of China's cross-border e-commerce into emerging markets such as Southeast Asia, Latin America, and Africa presents both opportunities and challenges, requiring enhanced local payment capabilities [47][49] - Key countries to focus on include Singapore, Indonesia, Thailand, Brazil, Mexico, Saudi Arabia, UAE, Nigeria, and South Africa, each with unique market dynamics [49][51]