Seventy-seven crypto companies raised over $3.3 billion in September, according to DefiLlama data. That brings the total funding for crypto companies to over $17 billion so far in 2025, outpacing 2024’s total by over $7 billion. And analysts say investment in the space is only accelerating. PitchBook predicts that the industry will raise $18 billion this year. Investors from Galaxy Ventures and Codebase expect it to go even higher and that investors will plough over $25 billion into the industry in 202 ...

Core Insights - The article discusses the emergence of a "shadow world" in globalization, highlighting how various Chinese companies have built essential infrastructure that supports global commerce, including logistics, payment, and marketing services [4][5]. Logistics: Time and Space Compression - Companies like Zongteng and Wanyitong have established themselves as key players in cross-border logistics by investing in heavy assets such as overseas warehouses and dedicated transportation routes, which provide competitive advantages in cost and efficiency [9][11]. - Zongteng, founded in 2007, transitioned from e-commerce to logistics, focusing on overseas warehousing and specialized transportation, which allowed it to thrive during the e-commerce boom [8][10]. - Wanyitong has also adapted by investing in automated warehouses and self-built routes to enhance delivery efficiency, achieving a 95% order delivery rate within three days across the U.S. [11][12]. Payment: The Payment Revolution - The article outlines the rise of fintech companies like Airwallex and PingPong, which emerged to address the high costs and inefficiencies of traditional cross-border payment systems [20][21]. - These companies have introduced innovative pricing models and streamlined processes, significantly reducing transaction fees and improving service speed for small and medium enterprises [22][23]. - The competitive landscape in cross-border payments is evolving, with companies focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [25][30]. Marketing: Unlocking Overseas Traffic - The marketing sector is represented by companies like Taitong Technology, which has developed a data-driven approach to optimize advertising for Chinese businesses entering overseas markets [32][33]. - Taitong's platform integrates various media resources and advertising technologies, allowing clients to manage global campaigns efficiently [34][35]. - The article emphasizes the importance of marketing in driving sales for intangible products, where marketing costs can reach up to 50% of revenue [33]. Future Variables in the Shadow World - The article concludes that the "shadow world" of globalization is characterized by a growing number of specialized service companies that address specific pain points in cross-border trade, such as high payment fees and complex compliance issues [40][41]. - The competitive landscape is shifting towards integrated ecosystems, where logistics, payment, and marketing services are increasingly interconnected, enhancing the overall efficiency of global operations [42].

Core Viewpoint - The article explores the emergence of "shadow companies" in China's globalization efforts, highlighting their roles in logistics, payment, and marketing as essential infrastructure supporting global trade [2]. Group 1: Logistics - The logistics sector has seen the rise of companies like Zongteng Group, which established overseas warehouses early on, differentiating itself from competitors by focusing on direct shipping and logistics infrastructure [5][6]. - Zongteng's strategic investments in heavy assets, such as cargo planes and automated warehouses, have created significant barriers to entry, allowing it to control costs and improve service efficiency [7][8]. - Other logistics companies, like Wanyitong and Fanding, have adapted their strategies to focus on automation and industry-specific solutions, reflecting a shift towards more integrated logistics services [9][10]. Group 2: Payment - The payment sector has been revolutionized by companies like Airwallex and PingPong, which address the high costs and inefficiencies of traditional cross-border payment systems [16][17]. - These companies have emerged in response to the pain points faced by small and medium enterprises in cross-border transactions, offering lower fees and faster processing times [18]. - The competitive landscape in cross-border payments is evolving, with firms focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [20][21]. Group 3: Marketing - The marketing landscape for overseas expansion is characterized by companies like Taitong Technology, which leverage data-driven strategies to optimize advertising and improve ROI for clients [25][26]. - Taitong's innovative platform integrates various marketing services, allowing clients to manage global campaigns efficiently [27][28]. - The marketing sector is witnessing a shift towards AI-driven solutions, enhancing the effectiveness of campaigns and enabling better targeting of audiences [31]. Group 4: Future Variables in the Shadow World - The "shadow world" of globalization is driven by specific pain points, such as high payment fees and inefficient logistics, leading to the emergence of specialized service providers [34][35]. - The competitive dynamics are changing, with geopolitical factors and technological advancements introducing new variables that will shape the future of these industries [35][36]. - The integration of services across logistics, payment, and marketing is creating a more complex ecosystem, where companies must adapt to survive in a rapidly evolving global landscape [35].

Group 1: Real Estate Sector - Huaxia Happiness experienced a limit-up due to supportive policies for the real estate sector and progress in debt restructuring, but the long-term outlook remains uncertain as the industry is still in a deep adjustment phase [3] - Investors are advised to wait for the company's mid-year report data before making decisions, as the recent price surge may be driven by market sentiment rather than fundamental recovery [3] Group 2: Digital Currency and AI - Zhongke Jincai's stock surged due to its involvement in digital currency and AI, particularly a partnership with banks to develop a cross-border payment platform, indicating potential growth [3] - However, the company reported a loss in the first half of the year primarily due to strategic investments, raising concerns about its financial sustainability despite the hype around its concepts [3] Group 3: New Energy and Virtual Power Plants - Xinlian Electronics saw a limit-up driven by a projected net profit increase of over 500%, largely attributed to financial asset gains, but also showing improvements in its core business [4] - The company's future performance will depend on order fulfillment and the competitive landscape within the virtual power plant sector, suggesting caution for investors considering entry [4] Group 4: Corporate Control Changes - Aowei New Materials' stock rose due to a change in control with Zhiyuan Robotics taking over, which could provide opportunities for transformation given its resources in smart manufacturing and AI [4] - Investors are advised to wait for the completion of the share transfer process and observe the new team's actions before making investment decisions [4] Group 5: General Investment Advice - Many stocks that surged today were influenced by policy benefits or industry trends, highlighting the importance of understanding the underlying reasons for price movements before investing [5] - Investors should assess whether the growth is based on actual performance or mere speculation, emphasizing a cautious approach to avoid potential pitfalls [5]