Technology
Yunji Announces Second Quarter 2024 Unaudited Financial Results
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1 month agoon
By
HANGZHOU, China, Aug. 23, 2024 /PRNewswire/ — Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the second quarter ended June 30, 2024[1].
Second Quarter 2024 Highlights
Total revenues in the second quarter of 2024 were RMB106.0 million (US$14.6 million), compared with RMB167.1 million in the same period of 2023. The change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales.Repeat purchase rate[2] in the twelve months ended June 30, 2024 was 73.5%.
Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, “In the second quarter of 2024, we continued to enhance our efforts in short videos and livestreaming while also integrating offline initiatives alongside our digital presence. Recognizing the significant potential within the silver economy in China, we diversified our product mix and services to better serve the mature adult demographic. By complementing our online efforts with these offline initiatives and refining our product offerings, we aim to broaden our customer base and increase repeat purchases. This balanced approach reflects our commitment to adaptability and sustainable growth in a dynamic market environment.”
“Our current financial position allows us to support our strategic initiatives. We regularly assess the profitability of both new and existing business lines, making thoughtful adjustments in response to market changes. This approach helps us maintain a stable financial position in a shifting business landscape. As we move forward, we will continue to pursue growth opportunities prudently while ensuring our financial stability,” said Mr. Yeqing Cui, Senior Financial Director of Yunji.
Second Quarter 2024 Unaudited Financial Results
Total revenues were RMB106.0 million (US$14.6 million), compared with RMB167.1 million in the same period of 2023. This change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales.
Revenues from sales of merchandise were RMB83.0 million (US$11.4 million), compared with RMB131.2 million in the same period of 2023.Revenues from the marketplace business were RMB21.1 million (US$2.9 million), compared with RMB34.3 million in the same period of 2023.Other revenues were RMB1.9 million (US$0.3 million), compared with RMB1.6 million in the same period of 2023.
Total cost of revenues decreased by 30.0% to RMB56.6 million (US$7.8 million), or 53.4% of total revenues, from RMB80.8 million, or 48.4% of total revenues, in the same period of 2023. The decrease was mainly attributable to the change in merchandise sales, for which revenues are recognized on a gross basis. Total cost of revenues was mainly comprised of the costs related to the sales of merchandise in the second quarter of 2024.
Total operating expenses decreased by 33.9% to RMB73.3million (US$10.1 million) from RMB110.8 million in the same period of 2023.
Fulfillment expenses decreased by 30.9% to RMB20.7 million (US$2.8 million), or 19.5% of total revenues, from RMB29.9 million, or 17.9% of total revenues, in the same period of 2023. The decrease was mainly due to (i) reduced warehousing and logistics expenses due to lower merchandise sales, and (ii) reduced personnel costs as a result of staffing structure refinements.Sales and marketing expenses decreased by 35.0% to RMB21.7 million (US$3.0 million), or 20.5% of total revenues, from RMB33.4 million, or 20.0% of total revenues, in the same period of 2023. The decrease was mainly due to the reduction in member management fees.Technology and content expenses decreased by 14.4% to RMB12.2 million (US$1.7 million), or 11.5% of total revenues, from RMB14.3 million, or 8.5% of total revenues, in the same period of 2023. The decrease was mainly due to (i) the reduction in personnel costs as a result of staffing structure refinements, and (ii) reduced server service fees.General and administrative expenses decreased by 43.8% to RMB18.7 million (US$2.6 million), or 17.6% of total revenues, from RMB33.2 million, or 19.9% of total revenues, in the same period of 2023. The decrease was mainly due to (i) the reduction in the allowance for credit losses, and (ii) reduced personnel costs as a result of staffing structure refinements.
Loss from operations was RMB23.1 million (US$3.2 million), compared with RMB11.8 million in the same period of 2023.
Financial income, net was RMB10.9 million (US$1.5 million), compared with financial loss, net of RMB12.7 million in the same period of 2023, mainly due to an increase in the fair value changes of equity securities investments.
Net loss was RMB11.9 million (US$1.6 million), compared with RMB41.5 million in the same period of 2023.
Adjusted net loss (non-GAAP)[3] was RMB9.7 million (US$1.3 million), compared with RMB39.8 million in the same period of 2023.
Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.01, compared with RMB0.02 in the same period of 2023.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses adjusted net loss as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding share-based compensation.
The Company presents adjusted net loss because it is used by management to evaluate operating performance and formulate business plans. Adjusted net loss enables management to assess operating performance without considering the impact of share-based compensation recorded under ASC 718, “Compensation-Stock Compensation.” The Company also believes that the use of this non-GAAP measure facilitates investors’ assessment of operating performance.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net loss is that it does not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in Yunji’s business and is not reflected in the presentation of adjusted net loss. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Yunji encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures” set forth at the end of this press release.
Conference Call
The Company will host a conference call on Friday, August 23, 2024, at 7:30 A.M. Eastern Time or 7:30 P.M. Beijing/Hong Kong Time to discuss its earnings. Listeners may access the call by dialing the following numbers:
International:
1-412-902-4272
United States Toll Free:
1-888-346-8982
Mainland China Toll Free:
4001-201203
Hong Kong Toll Free:
800-905945
Conference ID:
Yunji Inc.
A telephone replay of the call will be available after the conclusion of the conference call for one week.
Dial-in numbers for the replay are as follows:
United States Toll Free
1-877-344-7529
International
1-412-317-0088
Replay Access Code
3316837
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as Yunji’s strategic and operational plans, contain forward-looking statements. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Yunji’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Yunji’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Yunji’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About Yunji Inc.
Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company’s e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices.
For more information, please visit https://investor.yunjiglobal.com/
Investor Relations Contact
Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
ICR, LLC
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
YUNJI INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data, unless otherwise noted)
As of
December 31,
2023
June 30,
2024
RMB
RMB
US$
ASSETS
Current Assets
Cash and cash equivalents
517,542
299,255
41,179
Restricted cash
27,169
25,253
3,475
Short-term investments
7,195
–
–
Accounts receivable, net (Allowance for
credit losses of RMB35,159 and
RMB34,660, respectively)
64,312
64,663
8,898
Advance to suppliers
14,058
8,825
1,214
Inventories, net
42,716
31,696
4,362
Amounts due from related parties
1,361
861
118
Prepaid expenses and other current assets[4]
(Allowance for credit losses of
RMB13,017 and RMB19,185,
respectively)
134,247
150,578
20,720
Total current assets
808,600
581,131
79,966
Non-current assets
Property and equipment, net
175,451
174,176
23,967
Long-term investments
364,159
381,225
52,458
Operating lease right-of-use assets, net
16,507
15,925
2,191
Other non-current assets[5] (Allowance for
credit losses of RMB22,213 and
RMB13,395, respectively)
189,067
338,457
46,573
Total non-current assets
745,184
909,783
125,189
Total assets
1,553,784
1,490,914
205,155
YUNJI INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except for share and per share data, unless otherwise noted)
As of
December 31,
2023
June 30,
2024
RMB
RMB
US$
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current Liabilities
Accounts payable
96,782
79,810
10,982
Deferred revenue
9,412
9,388
1,292
Incentive payables to members[6]
124,889
86,726
11,934
Member management fees payable
4,373
2,861
394
Other payable and accrued liabilities
109,200
104,827
14,422
Amounts due to related parties
3,535
2,976
410
Operating lease liabilities – current
3,376
5,773
794
Total current liabilities
351,567
292,361
40,228
Non-current liabilities
Operating lease liabilities
11,122
9,967
1,371
Total non-current liabilities
11,122
9,967
1,371
Total Liabilities
362,689
302,328
41,599
YUNJI INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except for share and per share data, unless otherwise noted)
As of
December 31,
2023
June 30,
2024
RMB
RMB
US$
Shareholders’ equity
Ordinary shares
70
70
10
Less: Treasury stock
(116,108)
(116,045)
(15,968)
Additional paid-in capital
7,328,680
7,329,968
1,008,637
Statutory reserve
16,254
16,254
2,237
Accumulated other comprehensive income
85,291
89,412
12,304
Accumulated deficit
(6,123,971)
(6,131,951)
(843,785)
Total Yunji Inc. shareholders’ equity
1,190,216
1,187,708
163,435
Non-controlling interests
879
878
121
Total shareholders’ equity
1,191,095
1,188,586
163,556
Total liabilities and shareholders’ equity
1,553,784
1,490,914
205,155
YUNJI INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
RMB
RMB
US$
RMB
RMB
US$
Revenues:
Sales of merchandise, net
131,231
82,979
11,418
274,189
185,025
25,460
Marketplace revenue
34,269
21,110
2,905
67,226
45,167
6,215
Other revenues
1,629
1,890
260
4,458
3,645
502
Total revenues
167,129
105,979
14,583
345,873
233,837
32,177
Operating cost and expenses:
Cost of revenues
(80,831)
(56,566)
(7,784)
(174,293)
(121,311)
(16,693)
Fulfilment
(29,888)
(20,660)
(2,843)
(57,006)
(42,568)
(5,857)
Sales and marketing
(33,368)
(21,680)
(2,983)
(62,953)
(47,488)
(6,535)
Technology and content
(14,253)
(12,205)
(1,680)
(27,605)
(25,531)
(3,513)
General and administrative
(33,244)
(18,686)
(2,571)
(48,416)
(33,521)
(4,613)
Total operating cost and expenses
(191,584)
(129,797)
(17,861)
(370,273)
(270,419)
(37,211)
Other operating income
12,668
729
100
13,577
4,161
573
Loss from operations
(11,787)
(23,089)
(3,178)
(10,823)
(32,421)
(4,461)
Financial (loss)/income, net
(12,723)
10,928
1,504
(34,915)
25,593
3,522
Foreign exchange (loss)/income, net
(9,741)
2,571
354
(7,378)
2,330
321
Other non-operating (loss)/income, net
(3,550)
118
16
(3,064)
118
16
Loss before income tax expense, and
equity in loss of affiliates, net of tax
(37,801)
(9,472)
(1,304)
(56,180)
(4,380)
(602)
Income tax expense
(2,328)
(962)
(132)
(5,407)
(1,293)
(178)
Equity in loss of affiliates, net of tax
(1,411)
(1,463)
(201)
(2,886)
(2,359)
(325)
Net loss
(41,540)
(11,897)
(1,637)
(64,473)
(8,032)
(1,105)
Less: net loss attributable to non-
controlling interests shareholders
(1)
(3)
–
(1)
(1)
–
Net loss attributable to YUNJI INC.
(41,539)
(11,894)
(1,637)
(64,472)
(8,031)
(1,105)
YUNJI INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)
(All amounts in thousands, except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
RMB
RMB
US$
RMB
RMB
US$
Net loss attributable to ordinary
shareholders
(41,539)
(11,894)
(1,637)
(64,472)
(8,031)
(1,105)
Net loss
(41,540)
(11,897)
(1,637)
(64,473)
(8,032)
(1,105)
Other comprehensive income
Foreign currency translation
adjustment
40,983
2,706
372
29,056
4,121
567
Total comprehensive loss
(557)
(9,191)
(1,265)
(35,417)
(3,911)
(538)
Less: total comprehensive loss
attributable to non-controlling
interests shareholders
(1)
(3)
–
(1)
(1)
–
Total comprehensive loss
attributable to YUNJI INC.
(556)
(9,188)
(1,265)
(35,416)
(3,910)
(538)
Net loss attributable to ordinary
shareholders
(41,539)
(11,894)
(1,637)
(64,472)
(8,031)
(1,105)
Weighted average number of
ordinary shares used in computing
net loss per share, basic and diluted
1,966,698,843
1,967,086,032
1,967,086,032
1,975,321,887
1,967,050,455
1,967,050,455
Net loss per share attributable to
ordinary shareholders
Basic
(0.02)
(0.01)
–
(0.03)
–
–
Diluted
(0.02)
(0.01)
–
(0.03)
–
–
YUNJI INC.
NOTES TO UNAUDITED FINANCIAL INFORMATION
(All amounts in thousands, except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
RMB
RMB
US$
RMB
RMB
US$
Share-based compensation expenses included in:
Technology and content
682
403
55
543
823
113
General and administrative
778
1,696
233
63
448
62
Fulfillment
173
154
21
(2,647)
36
5
Sales and marketing
62
(19)
(2)
(569)
44
6
Total
1,695
2,234
307
(2,610)
1,351
186
YUNJI INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE
FINANCIAL MEASURES
(All amounts in thousands, except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
RMB
RMB
US$
RMB
RMB
US$
Reconciliation of Net Loss to Adjusted Net Loss:
Net loss
(41,540)
(11,897)
(1,637)
(64,473)
(8,032)
(1,105)
Add: Share-based compensation
1,695
2,234
307
(2,610)
1,351
186
Adjusted net loss
(39,845)
(9,663)
(1,330)
(67,083)
(6,681)
(919)
1. This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.
2. “Repeat purchase rate” in a given period is calculated as the number of transacting members who purchased not less than twice divided by the total number of transacting members during such period. “Transacting member” in a given period refers to a member who successfully promotes Yunji’s products to generate at least one order or places at least one order on Yunji’s platform, regardless of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. “Repeat purchase rate” only considers orders placed through the Company’s app. Repeat purchases made through the Company’s mini-programs are excluded from the calculation.
3. Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expense. See “Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures” set forth at the end of this press release.
4. As of June 30, 2024, short-term loan receivables of amount RMB104,618 were included in the prepaid expenses and other current assets balance, which represent the principal and interest to be collected on loans provided by the Group to third-party companies.
5. In June 2024, the Company won the bid for a parcel of land located in Xiaoshan District, Hangzhou, China, covering approximately 10 thousand square meters (the “Hangzhou Land Parcel”) and entered into an agreement with the local government to acquire the land use right of the Hangzhou Land Parcel for an aggregate consideration of approximately RMB171.5 million. The prepayment for land use right was recorded in other non-current assets. The Company intends to construct a new office building on the Hangzhou Land Parcel to use it as its new headquarters and also lease offices to external parties. The total amount for the land acquisition and office building construction is expected to be approximately RMB600.0 million. The Company intends to fund the land acquisition and building construction through cash on hand and bank financing.
6. As of June 30, 2024, the decrease in incentive payables was mainly due to derecognition of long-aged payables to inactive members.
7. As of June 30, 2024, the Group, as one of the five co-defendants, was involved in an on-going legal proceeding that arose in the ordinary course of business (the “Case”). The plaintiff sought monetary damages jointly and severally from all co-defendants. As of the date of this earnings release, the Case is still under the appeal trial process and subject to final judgment by the Guangzhou Intermediate People’s Court, and the amount involved is approximately RMB23.1 million. Based on the currently available information, management believes that the claims by the plaintiff have no merit and the Group has valid defence and will defend vigorously in the Case. Accordingly, the Group has not made accrual for the Case as of June 30, 2024.
View original content:https://www.prnewswire.com/news-releases/yunji-announces-second-quarter-2024-unaudited-financial-results-302229380.html
SOURCE Yunji Inc.
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LAQWACIA SIMPKINS, AMSimpkins & Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, amsa-highered.com
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Technology
Shijingshan: Committed to High-Level Openness
Published
9 hours agoon
September 22, 2024By
BEIJING, Sept. 22, 2024 /PRNewswire/ — Following the third plenary session of the 20th Central Committee of the Communist Party of China, China successfully hosted its first national-level international large-scale fair—the China International Fair for Trade in Services (CIFTIS) 2024, which concluded on September 16. The event featured exhibitors from 85 countries and international organizations, participating under their national governments or headquarters, with over 450 Fortune Global 500 companies and industry leaders showcasing their offerings both online and offline.
Adhering to the open, cooperative and mutually beneficial principle, the CIFTIS injects new momentum into global economic development through concrete actions. As one of the “dual venues” for the fair, Shijingshan District hosted a variety of business activities, including exhibitions, negotiations, and conferences. While providing meeting organization services, it showcased the achievements of Shijingshan in fostering openness and development. By leveraging the Fair’s platform, Shijingshan seeks to promote its developmental advantages globally and aims to attract more partners to this welcoming district for mutually beneficial and win-win cooperation.
Presenting Achievements in Open Cooperation and Development in Multiple Dimensions
This CIFTIS’s Shougang Park venue is composed of nine thematic exhibitions, including telecommunications, computer and information services; financial services; culture & tourism services; education services; sports services; supply chain & business services; engineering consulting & construction services; health services; and environmental services. It circles around cultivating new quality productive forces while showcasing the latest achievements, technologies, and applications in the digitalization, intelligentization, and greening of services trade, creating a “debut stage” for global services trade.
Shijingshan leverages its strengths by organizing five thematic exhibitions and four promotional booths on-site. The culture & tourism services exhibition promoted Shijingshan’s rich culture and tourism resources, while also building a support area for paired assistance to highlight its revitalization efforts to a global audience. The financial services exhibition showcased its achievements in economic development across five sectors, that is, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The exhibition of telecommunications, computer and information services highlighted the growth of Shijingshan’s the artificial intelligence large model industry cluster and key humanoid robot enterprises. In addition, the primary and secondary school science education experimental zone invited participation from six national-level science education centers, including Shijingshan District, to display their accomplishments. Four schools, including the Beijing National Day School Shijingshan, showcased their scientific research and learning outcomes through visual presentations and videos, while also engaging visitors in interactive science experiments.
The AIES Beijing Open is made up of four competition areas, virtual cycling, virtual rowing, virtual dance, and virtual table tennis. The event welcomed international competitors, domestic professional athletes, high-level amateurs, and university students, while showing the achievements of the “digital + sports” industry. Besides, four promotional booths focused on taxation, justice, investment, and commerce showcases Shijingshan’s tax and judicial policies, offering one-stop policy guidance for participating businesses and visitors. These booths also clarified investment promotion policies, creating a unique event that integrates commerce, tourism, culture, and sports.
Working Together for Global Open Cooperation and Development
The Open Cooperation Forum 2024 was held on the afternoon of September 13. Experts, scholars, government representatives, and business leaders from both domestic and international backgrounds gathered at the Shougang Park to engage in in-depth discussions on promoting high-level open cooperation and supporting regional economic development. Shijingshan District is committed to taking industrial transformation as the strategic foundation for its initiatives, establishing several distinctive industrial parks, including the Intelligent Technology Park, Industrial Internet Park, Virtual Reality Park, Science Fiction Industry Cluster, and Artificial Intelligence Large Model Cluster. What’s more, the district is focusing on new opportunities in future information, future health, future manufacturing, and future space, continually enhancing its innovation capacity, development vitality, economic strength, and overall competitiveness.
It is dedicated to expanding openness as a key driver for integrating into the capital’s new development pattern. The district capitalizes on a range of policy opportunities, including the construction of Beijing’s two zones, effectively leveraging the role of expanding services and deepening economic reforms. It continues to optimize the business environment, actively participates in organizing the CIFTIS, and develops high-standard international cooperation zones to provide a broad platform and efficient services for enterprises to settle and cluster. Shijingshan aims to implement high-level openness to promote high-quality development, enhance mechanisms for foreign openness, innovate and elevate services trade, and align with international economic and trade standards, creating a premier business environment characterized by marketization, rule of law, and internationalization.
Three parallel forums took place during this CIFTIS. With the theme of “Leveraging Overseas Strength for Development • Pursuing Broad Horizons Through Innovation”, the Dream Incubator of Overseas Chinese Beijing Forum set up ten sub-venues abroad, aiming to enhance the involvement of overseas Chinese’s capital and expertise in Beijing’s high-quality development. The Artificial General Intelligence Computility Forum focused on “Releasing New Quality Productive Forces with Unbounded Intelligence and Computational Foundations”, where industry experts and scholars explored new possibilities in artificial general intelligence computility. The Digital Energy Development Forum 2024, themed as “Energizing the Future with Digital Innovation”, showcased a range of quality development achievements and finalized partnerships for several high-quality projects, uniting all parties to advance digital innovation and development.
The rich array of side events is one of the highlights of this CIFTIS. The International Open Cooperation Promotion Conference circled around developing the international open cooperation zone, drawing representatives from international organizations, leading global companies, and prospective businesses seeking to establish a presence in these areas. It centered on the advantages of Shijingshan’s key industries to attract target enterprises. Furthermore, the Roundtable Discussion of Foreign-Funded Enterprises engaged representatives from international organizations, business associations, and foreign-funded companies from countries like Malaysia, Singapore, and France to explore collaboration in aligning with high-standard international economic and trade rules, as well as market access in the service sector, sharing the successes of modernization with Chinese characteristics.
To enhance the consumer experience for attendees of the CIFTIS, Shijingshan has expanded its comprehensive service offerings in areas such as food, accommodation, transportation, tourism, entertainment and shopping. The Second “Here I Am for CIFTIS” Shijingshan Culture and Tourism Carnival has been significantly upgraded, evidenced by the “Divine Beasts Ascend to Immortal Mountain”: Enchanting Night Tour in Shijing Mountain. The “Surprises Await in Shijingshan. Hey There, CIFTIS!” promotional event was held during the 14th Shijingshan Consumption Festival. This included online surprise announcements and a consumption map showcasing quality shopping venues. Special surprise floats were on display, with oversized themed shopping bags distributed. Shopping centers like Joy City, Xirondo Plaza, Modern Plaza, and Chang’an Mills in Shijingshan also launched supporting promotional activities. Business tours in Shijingshan offered three dedicated routes, inviting exhibitors from digital technology, finance and insurance, culture and tourism, and sports related industries to explore relevant industrial parks and attractions for in-depth exchanges.
The China International Fair for Trade in Services 2024 has successfully concluded. Utilizing this platform, Shijingshan has once again showed its high-quality development achievements and favorable business environment to a global audience. We look forward to collaborating with more partners in an open and inclusive manner to create a win-win future.
View original content:https://www.prnewswire.com/news-releases/shijingshan-committed-to-high-level-openness-302254872.html
SOURCE Open Cooperation Forum
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