Core Insights - The cross-border e-commerce industry is entering a dual transformation period characterized by "rule reconstruction and value upgrading" by 2025, with a shift from scale expansion to quality and efficiency [1] Market Overview - The global e-commerce market is steadily growing, with sales expected to reach $6.419 trillion by 2025, accounting for 20.5% of total retail sales, and projected to increase to $7.89 trillion by 2028 [1] - Regional markets show differentiated characteristics, with North America and Europe remaining core markets, while emerging markets in Southeast Asia, the Middle East, and Latin America are becoming the main growth drivers with double-digit growth rates [1] China Cross-Border E-Commerce - China's cross-border e-commerce demonstrates strong resilience, with total import and export value reaching 1.37 trillion yuan in the first half of the year, a year-on-year increase of 10.3%. However, growth slowed in the second half due to U.S. policy impacts, with low-value goods exports to the U.S. declining by 51% and exports to Europe increasing by 47% [1] Key Industry Changes - Ten key changes are reshaping the development landscape, including multi-polar market layouts, semi-managed localization, deepening AI applications, increased compliance thresholds, and social content becoming a primary arena [1] - The market is accelerating "de-Americanization," with 81% of U.S. sellers planning to expand into other markets, with Europe as the preferred choice [1] Platform Competition - Platform competition has shifted from "one strong player and many strong competitors" to "multi-dimensional mixed battles," with Amazon consolidating its position through low-price strategies and compliance upgrades, while Temu, SHEIN, and TikTok Shop are advancing managed model iterations and localization [1] Consumer Trends - The global online shopping user base has reached 2.77 billion, with 90% shopping via smartphones. The primary motivation for cross-border shopping is low prices (51%), while core barriers include fraud concerns (52%) and delivery times (46%) [2] - Social e-commerce is on the rise, with 70% of consumers shopping on social platforms, and Gen Z favoring channels like TikTok and Instagram. AI shopping tools, such as virtual try-ons and smart guides, have over 70% acceptance [2] Policy Developments - The domestic cross-border e-commerce pilot zones have expanded to 178, with zero-tariff products in Hainan Free Trade Port being increased. Multiple countries are adjusting tariff policies, with the U.S. raising tax rates on China and the EU and UK removing the small package tax exemption, significantly increasing compliance costs [2] Seller Ecosystem - The seller ecosystem is characterized by "total volume contraction and head growth," with Amazon China sellers accounting for over 50%. However, performance differentiation is evident, with over 70% of sellers experiencing revenue declines. Full-chain operations and brand-building capabilities are becoming key competitive factors [2] Future Directions - The "cross-border e-commerce + industrial belt" model, channel diversification, and localized operations will continue to drive industry development. AI empowerment and social content marketing are becoming core competitive advantages, while compliance and value deepening are critical directions for companies to break through [2]

Core Insights - Bonded warehouses serve as a "compliance lifeline" for cross-border e-commerce, significantly enhancing customs clearance efficiency and reducing operational costs [1] - The integration with customs systems is crucial for achieving seamless data exchange, which directly impacts the speed of customs clearance and operational costs [1] Group 1: Importance of Customs System Integration - Bonded warehouses are special customs-regulated areas where all goods entering and leaving must be monitored and approved by customs in real-time [3] - The primary goal of integration is to achieve "list release and summary declaration," where each order must be declared to customs and approved for release [3] Group 2: Key Processes for Customs Integration - The process involves transmitting "three documents" data: order, payment, and logistics, along with the cross-border e-commerce retail import declaration list [4] - The system automatically compares data from e-commerce platforms, payment companies, logistics firms, and the warehouse management system (WMS) with customs data [4] - Upon successful comparison, the declaration is automatically approved, allowing the package to be released from the bonded area [4] Group 3: Steps for Building a Self-Managed Bonded Warehouse - The first step is to obtain customs integration qualifications by applying for data transmission permissions and submitting necessary materials [5][6] - The second step involves developing and debugging interfaces according to customs-provided standard API specifications, covering over 20 functions [7] - The third step requires converting internal product information into customs-recognized formats, with accurate HS codes being critical for clearance success [9] - The fourth step emphasizes ensuring real-time and stable access to customs systems, especially during peak periods [10] - The fifth step is to establish an exception handling mechanism to manage rejected declarations due to discrepancies [11] Group 4: Advantages of Professional Bonded Warehouse Systems - Choosing a mature third-party bonded warehouse system is often more efficient and stable than self-developed systems [12] - Key advantages include shorter development cycles (1-4 weeks vs. 6-12 months), lower initial investment, and shared compliance risk with service providers [12] - Professional systems offer standardized API interfaces, full-chain visibility, and lightweight SaaS models for quick integration [13] Group 5: Decision-Making: Self-Developed vs. Third-Party Systems - Self-developed systems are suitable for large enterprises with strong technical capabilities but require significant investment and time [15] - Third-party systems are ideal for most businesses, especially small to medium-sized cross-border merchants, allowing for quick deployment and reduced trial costs [15] - Experience shows that over 90% of declaration risks can be mitigated through built-in system rules, leveraging extensive historical data [15] Group 6: Conclusion - Efficient collaboration between bonded warehouse systems and customs is essential for operations, with the choice between self-developed and third-party systems depending on technical capabilities, funding, and business needs [16] - Companies are encouraged to assess their resources and utilize established experiences and tools to enhance customs clearance processes [16]

Core Insights - Farmmi's U.S. subsidiary, Suppchains Group, has achieved a significant regulatory milestone by receiving its official Food Facility Registration from the U.S. FDA, which is crucial for its operations in the food logistics sector [1] Group 1: Regulatory Achievement - The warehousing facility in Chino, California, has been assigned Registration Number 11416872272 by the U.S. FDA, allowing the company to operate legally in food-related warehousing and logistics [1] - This FDA registration is a decisive step in constructing a comprehensive, high-compliance logistics ecosystem for Farmmi [1] Group 2: Business Operations - Farmmi is focused on providing one-stop solutions for cross-border e-commerce through a technology-driven global supply chain service [1] - The company can now lawfully conduct various logistics services, including warehousing, distribution, storage, shipment, and inventory management for food products, dietary supplements, and certain agricultural products in compliance with U.S. federal regulations [1]

Core Insights - Opendoor Technologies has experienced significant stock volatility, ending 2025 up 264% but has faced declines recently due to changing market conditions and investor sentiment [1][2] - The company has undergone leadership changes with a new CEO, Kaz Nejatian, who has outlined a strategy aimed at growth despite a challenging real estate market [2][6] - Opendoor's business model involves digital iBuying, which is capital-intensive and currently hindered by low housing inventory as homeowners hold onto lower mortgage rates [4][5] Company Strategy - The new CEO plans to shift focus from acquiring lower-quality homes to purchasing better properties with a lower spread, aiming to enhance volume and efficiency [6] - The use of artificial intelligence is emphasized to improve pricing strategies and operational efficiency, which could potentially lead to a turnaround for the company [4][6] Market Context - The current housing market presents challenges for Opendoor, as fewer homeowners are selling, leading to a constrained inventory that affects business cycles [5] - Despite the risks, there is potential for growth if the new strategies are successfully implemented, which could make Opendoor an attractive investment in the future [7]

Group 1 - Strong corporate strength is highlighted as a key factor for growth [1] - A comprehensive ecosystem is established to support business operations [1] - Innovative development models are being adopted to enhance competitiveness [1] Group 2 - Multiple policy benefits are contributing to the favorable business environment [1]

Group 1: AI's Impact on ASEAN and Malaysia - The AI industry is projected to contribute 10% to 18% growth in ASEAN's GDP by 2030, creating over $1 trillion in potential value [1] - Malaysia views AI as a core path to national modernization, enhancing quality of life and improving efficiency for businesses [4][5] - Traditional industries are expected to be reshaped and upgraded through AI integration rather than being simply eliminated [4][5] Group 2: Malaysia's AI Development Strategy - Malaysia plans to establish a National AI Office in December 2024 to promote the AI ecosystem and develop relevant policies [3] - The AI Office will collaborate with the Ministry of Investment, Trade and Industry to implement AI technologies across various sectors [3] - The government has allocated funds in the 2023 budget to support technology education, aiming to prepare the workforce for AI applications [5] Group 3: Collaboration with China - Malaysia and China have a strong trade relationship, with China being Malaysia's largest trading partner for 16 consecutive years [6] - The two countries are expected to deepen cooperation in emerging technologies, including AI, with Malaysia aiming to be among the top 20 AI economies by 2030 [5][6] - Chinese tech companies have successfully entered the Malaysian market, providing various services and products that enhance local development [9] Group 4: AI in Traditional Industries - AI is seen as essential for enhancing sectors like services, agriculture, and logistics, which will not be replaced but rather empowered by technology [5] - The integration of AI can lead to new business models and structural changes in traditional industries, especially in labor-intensive sectors [5] - A proposed "AI scoring system" could help evaluate foreign labor, showcasing AI's potential to create self-regulating mechanisms in the workforce [5] Group 5: China's AI Industry - China is recognized for having a complete AI industry chain, driving the sector towards high-end development [7] - The rapid advancements in AI in China are characterized by speed, strong implementation, and high cost-effectiveness [7] - China's AI ecosystem is extensive, covering data, chips, models, and applications, contributing to its robust growth [7]

Core Insights - Zhengzhou is emerging as a significant hub for international trade and commerce, showcasing rapid growth in cross-border e-commerce and foreign trade, with a projected total trade volume exceeding 605 billion yuan in 2025 [4][10] - The city is actively enhancing its open economy through innovative policies and infrastructure improvements, positioning itself as a leader in the central region of China [4][8] Group 1: Open Economy and Trade Growth - Zhengzhou's cross-border e-commerce transaction volume is expected to reach 160 billion yuan in 2025, with an annual growth rate of 11.5% during the 14th Five-Year Plan period [4] - The city's foreign trade import and export total reached 508.6 billion yuan from January to October 2025, marking an 18% year-on-year increase, significantly outpacing the national average [4] - Zhengzhou has established itself as a key player in the "Digital Silk Road," with innovative customs practices and a robust logistics network supporting its trade ambitions [4][9] Group 2: Investment and Business Environment - From January to October 2025, Zhengzhou signed new investment projects totaling 733.98 billion yuan, with expectations to reach 840 billion yuan by year-end [10] - The city is shifting its investment strategy from broad outreach to targeted efforts, focusing on advanced manufacturing and modern services [10][11] - Zhengzhou has implemented reforms to create a stable and transparent business environment, enhancing its attractiveness for foreign investment [11][12] Group 3: Consumer Market and Economic Activity - The retail sales of consumer goods in Zhengzhou are projected to exceed 2.8 trillion yuan during the 14th Five-Year Plan, with a growth rate of approximately 4.1% [14] - The city has seen a significant increase in high-quality commercial developments, enhancing its retail landscape and attracting regional consumers [15] - Various promotional activities have been organized to stimulate consumption, resulting in a direct boost of 3 billion yuan to the local economy [17] Group 4: Logistics and Infrastructure Development - Zhengzhou has added 14 new A-level logistics companies in 2025, positioning itself among the top ten cities in China for logistics efficiency [18] - The city has developed a comprehensive logistics network that supports rapid delivery and supply chain stability, ensuring the availability of essential goods [18] - The establishment of the Central Plains International Convention and Exhibition Center has bolstered Zhengzhou's position in the domestic exhibition industry, hosting numerous events and generating significant economic activity [22]

Core Insights - The 4th China (Macao) High-Quality Consumption Exhibition (HQCE) aims to explore new opportunities for quality consumption and cross-border cooperation between Macao and Hengqin [1][4] Group 1: Exhibition Overview - The exhibition spans 50,000 square meters and includes three main sections: cross-border e-commerce, high-quality lifestyle, and intangible cultural heritage [2] - Notable exhibitors include JD.com, Macao Newland, and platforms like ShanFeng and Aomi, showcasing a comprehensive range of products and services from manufacturing to logistics and payment solutions [2] Group 2: Cross-Border Cooperation - Nine cooperation agreements were signed at the event, focusing on logistics, healthcare, and specialty agricultural products [3] - Significant partnerships include Nam Kwong Group's collaboration with Shanghai YTO Dragon Investment to enhance logistics networks connecting Hengqin and Macao to global markets [3] Group 3: Economic Impact and Activities - HQCE is positioned as a key platform for promoting industrial cooperation, quality consumption, and diversified economic growth in the Greater Bay Area [4] - The event features additional activities such as new product launches, business matchmaking sessions, and youth-oriented events like an anime carnival [4]

Group 1: Industry Transformation - The cross-border e-commerce industry in China is transitioning from price competition to innovation-driven growth, with a focus on high-quality development and new product attributes [1] - The overall trade volume of cross-border e-commerce reached approximately 2.71 trillion yuan, marking a 14% year-on-year increase, and accounting for 6.2% of total foreign trade [1] - The industry is experiencing a shift in competition from "price wars" to "value-driven" strategies, emphasizing product innovation as a key priority for companies [1][7] Group 2: Growth Momentum - Over the past five years, the cross-border e-commerce sector in China has expanded nearly 50%, demonstrating strong resilience [2] - Interest-based e-commerce is rapidly growing and is a significant driver of industry expansion [2] - Global e-commerce sales are projected to exceed 20% of total retail sales this year, with online shopping populations reaching 3 billion [2] Group 3: Policy Support - Government policies are crucial for the development of cross-border e-commerce, with initiatives aimed at enhancing logistics systems and supporting export tax rebates and cross-border payment solutions [2] - A comprehensive policy support system covering platforms, logistics, payment, and regulation has been established to facilitate cross-border e-commerce [2] Group 4: Overseas Warehousing - The overseas warehouse model is emerging as a new strategic point for companies, allowing for bulk inventory management and reduced reliance on traditional shipping methods [3] - Companies like Cainiao Network and JD Logistics are enhancing user experience and attracting cross-border e-commerce sellers through integrated supply chain services [3] - SF International has established over 20 overseas warehouses in 11 countries, focusing on high-end cross-border logistics [3] Group 5: Industry Clusters - The cross-border e-commerce sector is shifting from individual company competition to industry ecosystem competition, with regional clustering becoming a new trend [4] - The establishment of "three centers" in Jiangsu Nantong exemplifies this trend, integrating industry advantages with logistics and innovation resources [4] - Policies in Zhejiang province are promoting the development of cross-border e-commerce to empower traditional industries and enhance brand cultivation [4] Group 6: Innovation as a Growth Driver - Chinese brands are transitioning from low-cost strategies to innovation-driven approaches, focusing on consumer-centric product development [7] - Speed and differentiation are critical in the new value competition, with companies needing to iterate quickly and build unique product capabilities [8] - The integration of artificial intelligence (AI) into product lifecycle management is accelerating innovation, allowing brands to analyze data and optimize products efficiently [9]

As filed with the Securities and Exchange Commission on July 25, 2025 Registration No. 333-288089 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 AMENDMENT NO. 2 TO Form F-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Name, address, including zip code, and telephone number, including area code, of agent for service) LINKAGE GLOBAL INC (Exact name of registrant as specified in its charter) Cayman Islands 5961 Not Applicable (State or other jurisdiction of incorporation or ...