Intelligent Cloud, Seeing the Future To further deepen the service model that supports scientific and technological innovation, taking investment and financing matchmaking services as a starting point to promote close interaction between capital and industries, on December 22, 2021, the fourth phase of the “Intelligent Cloud, Seeing the Future” - 2021 Municipal High-tech Zone's Plan for Supporting Scientific and Technological Innovation - “Precise Investment and Financing Roadshow Matching Session ” - Special Session on Intelligent Cloud Services, hosted by Shanghai North High-tech Service Park and organized by the Municipal High-tech Zone's Alliance for Supporting Scientific and Technological Innovation, was successfully held. Frost & Sullivan (hereinafter referred to as “Frost & Sullivan&rdquo) consulting analyst Zhang Shouyu was invited to participate in the event and delivered a speech on enterprise intelligent cloud services. Zhang Shouyu stated that the Chinese internet market is gradually transitioning from a consumer-oriented To C end market to an enterprise-level B end market. China's huge netizen dividend over the past few years has been an inherent advantage for the development of To C internet, leading to the emergence of giants such as Tencent, Baidu, JD.com, and Meituan in the To C internet sector over the past 20+ years. However, with the gradual disappearance of the netizen dividend, the internet industry has shifted from an incremental market to a stock market, making it increasingly difficult to start and break through in the To C field. Therefore, due to the ceiling effect of the To C internet market and the completion of many IT infrastructure under the development of emerging technologies, the enterprise-level service market has seen an opportunity for explosive growth. Frost & Sullivan research found that enterprise-level SaaS services began after 200 years of industrialization and 20 years of informatization in Europe and America. Customers are relatively mature, and since the dividends from rapid economic development in Europe and America have largely run out, improving management efficiency has become a necessity. As a result, enterprise customers have a higher willingness, ability, and awareness to pay. Compared to the United States, although the starting point of the Chinese enterprise service market is lower, the Chinese market has a higher economic growth rate, a larger base of enterprise customers, and is in an era of efficiency improvement and capacity upgrade. Coupled with the promotion of supply-side optimization reform policies, Chinese enterprise services have achieved a development speed that allows them to build from scratch. Data shows that China's digital economy reached 39.2 trillion yuan in 2020, accounting for more than 38% of GDP, and enterprises' expenditures on digital transformation are continuously increasing, with IT spending expected to reach 3.4 trillion yuan by 2025. “China's industrialization took 40 years to catch up with the 200-year development of American industrialization. We believe that under the premise of China's huge market demand and complete infrastructure, China has the ability to catch up with the 40-year informatization development of the United States in just 10 years,” said Zhang Shouyu. In addition, looking at the overall development of public cloud markets in China and the United States, the US market started in 2005, reaching a scale of $5 billion in 2011. In just six years, the entire market size experienced explosive growth, reaching $40 billion in 2017. The Chinese public cloud market started in 2009, developing to $5 billion in 2018, and is expected to reach $400 billion by 2022. The gap between the overall cloud computing markets in China and the United States is gradually narrowing, especially the rapid development of China's IaaS market, which provides a good foundation for the application and popularization of downstream SaaS services.   Zhang Shouyu pointed out that in the enterprise-level SaaS market, SaaS products can achieve higher valuation levels by using lower marginal costs, sustainable monetization models, and product characteristics closer to market development. SaaS products include upfront one-time fees and subsequent recurring fees. Enterprises with an upfront revenue bias have lower profit risks, shorter investor return cycles, and better approval of IT budgets for their customers. Enterprises with a later revenue bias have lower payment psychological thresholds for their customers, more accurate grasp of user pain points, better sustainable development capabilities, and better estimates of future profitability for their products.   Finally, in terms of industry applications, Zhang Shouyu made brief analyses using human resource SaaS (HR SaaS) and intelligent operations as examples. HR SaaS refers to software used to digitize and automate human resource functions within organizations. Compared to traditional software, HR SaaS can effectively help enterprises solve many pain points in human resource management and improve efficiency. In the future, HR SaaS will show a trend of horizontal integration, centered around integrated HR SaaS software, establishing close connections with customers and partners based on PaaS platforms and technologies such as AI, BI, and big data, forming an HR SaaS ecosystem. Another application - intelligent operations - refers to the application of artificial intelligence in the field of operations. Based on existing operation data (logs, monitoring information, application information, etc.), it further solves problems that automation operations cannot solve through machine learning. The surge in data volume brings huge industrial opportunities for intelligent operations. The deep coupling between intelligent operations and cloud computing can further liberate IT productivity for enterprises, and full-linkage, integrated intelligent operations will be the main trend in the future.   To accelerate the listing process of scientific and technological innovation enterprises and create a good capital service ecosystem that supports enterprise innovation, Municipal High-tech Zone, in collaboration with several leading financial institutions, established the “Municipal High-tech Zone's Plan for Supporting Scientific and Technological Innovation” in January 2019, aiming to build an IPO cultivation system for technology innovation enterprises through multi-dimensional capital empowerment and help them enter the capital market.   The COVID-19 pandemic has confirmed the value of cloudification, and enterprises and institutions have affirmed the cost-effectiveness and business continuity brought about by cloudification, accelerating their own digital business transformation. At the same time, cloud service enterprises are also paying more attention to providing diversified services, combining artificial intelligence and big data to provide efficient and comprehensive services for customers. Against this backdrop, the fourth phase of the “Precise Investment and Financing Roadshow Matching Session” of the Municipal High-tech Zone's Plan for Supporting Scientific and Technological Innovation focuses on intelligent cloud services. At the event site, Jingzhi Technology, Shenzhou Lingyun, and Cai Dao Cloud participated in project roadshows.

Frost & Sullivan' The new tea drink market is heating up, with both new and old players vying to enter the market. In this multi-billion-dollar arena, where many competitors compete for dominance, who can stand out? How can brands open up new growth spaces?   Recently, the 'Brainstorming' program of CBN invited representatives from new tea beverage suppliers, new tea beverage chain brands, consulting firms, and scholars and experts to discuss 'Who Will Lead the Future of the New Tea Beverage Industry'. Jia Pang, Partner and Managing Director of Frost & Sullivan's Greater China region, was specially invited as a commentator for the program. "How popular is 'new tea drinks' now?" Following Nescafé's tea listing on the Hong Kong Stock Exchange, becoming the first new tea drink stock, Momo Ice Cream has expanded its stores by 10,000 in a year. China Post has opened its own milk tea shop, Yoyao Tea, and after completing its latest round of financing, Xicha's valuation reached 60 billion yuan.   In recent years, with changes in consumer demand and technological iterations, 'new tea drinks' characterized by freshly brewed tea have become very popular among consumers. Starting from 2015, brands including Xicha, NESCAFÉ's teas, and Yidian have come into people's sight, and the term 'new tea drinks' has gradually gained momentum.   Data shows that the market size of new-style tea drinks in China was nearly 100 billion yuan in 2020, and it is expected that by 2030, the overall market size will exceed 200 billion yuan. In addition, new tea drinks are not only spreading across first- and second-tier cities but have also penetrated into third- and fourth-tier cities, becoming a daily beverage for 'townie youths'.   The 'China New Tea Drink Supply Chain White Paper 2022' points out that, under the strong attention and continuous influx of capital, new tea drinks have become one of the industries with the fastest consumer growth in recent years. When looking ahead to the future prospects of new tea drinks, many institutions have indicated that this is a high-growth track with a scale expected to exceed one hundred billion yuan in the future, and even leading players may have the opportunity to become industry giants rivaling Starbucks. What are the reasons for the continued popularity of new-style tea drinks? Has the rapid expansion of the industry also brought some hidden concerns? Who will lead the future of new tea drinks?   Highlights of this issue 1. What development opportunities have the rise of new tea drinks brought to upstream and downstream industries? 2. Homogeneous competition intensifies, so what will new tea drinks compete on in the second half? 3. Popular products are not common, so how can new tea drink brands seize the golden period of their best-selling products? 4. Food safety issues occur frequently. How can new tea drinks turn the biggest pain points in the industry chain into opportunities? 5. As new tea drinks go global, how can we create a 'Chinese Starbucks'?   Guests' wonderful views New tea drinks supplier representative Huang Guohuang Chairman of Fresh Holdings Co., Ltd. Huang Guohuang believes that what people see is a cup of milk tea that has initiated a new trend in tea drinks. The novelty of the new tea drinks lies in the introduction of fruit teas, which has led to a demand for aesthetic appeal. This 'newness' is no longer just about whether it tastes good or not, but involves an evaluation of aesthetics, and further integration with internet or mobile transmission tools has resulted in a cultural phenomenon that encompasses the sensory aspect as understood today.   Zhang Yilin Chairman of Zhelin Industry Zhang Yilin stated that he started growing mangoes in 1991, from 100 acres to the current 60,000 acres. He believes that for a fruit grower, the most difficult part is 'perseverance.' In agriculture, this is the hardest aspect. Due to market reasons, it may be hard to sell early-season fruits as they are not tasty or priced high. On the supply chain of new tea drinks, persevering in maintaining the delicious taste is his most fundamental pursuit in growing mangoes.   New tea drinks Chain Brand Representative Xie Huancheng Founder of 7 Minutes Sweet Xie Huancheng believes that the technological content of the entire tea beverage industry will become increasingly high, and the threshold will also rise. Take food safety as an example; it has now progressed from planting to traceability to pesticide residue issues. Each batch must undergo random inspections before being distributed to various stores. For store food safety audits, a professional team runs around the stores every month. In addition, there are numerous supervisors who provide guidance to the stores daily.   Tan Zhiwen Founder of Xuncha Tan Zhiwen stated that the new tea drink can be broken down into two words: one is 'tea', and the other is 'drink'. The first half of the concept is about 'drink', which means a hit product. With faster launch, more ingredients, and better raw materials, stores are opening rapidly. However, while thinking about it, as everyone has more demands for tea drinks, whether it's health concerns or cultural pursuits, the second half of the concept should return to the essence of tea, becoming simpler, purer, and incorporating deeper cultural elements.   Zhandu Former Cha Bai Dao Supervisor Zhan Desu believes that the second half of the new tea-drinking trend should focus on diversification and DIY. As a post-90s individual, from the perspective of being at the forefront and representing consumers, the post-90s generation is a 'transferred affectionate lover' type. They may choose Chaobaidao today and 7 Points Sweet tomorrow. The more likely thought among the post-90s is that they can choose product combinations based on their own personality.   Guest Commentator Jia & Pang Partner and Managing Director, Greater China, Frost & Sullivan Jia Pang stated that this year marks the first time in the new tea beverage industry that consumption demand has reached a scale of one hundred billion yuan. Frost & Sullivan also predicts that within the next three to five years, new tea beverages can maintain a level from one hundred billion to 150 billion yuan. Therefore, the current situation is definitely one of unsaturation in the new tea beverage market. It is also evident that consumers still maintain strong demand at the behavioral level of consumption needs. In fact, consumer frequency of consumption is still increasing, the unit price of consumption is rising, and there is a trend towards diversified consumption. However, it must not be denied that there are local saturation points in this industry.   Yu Mingyang Dean of China Enterprise Development Research Institute Yu Mingyang believes that a large number of new tea drinks are actually based on pearl milk tea, with milk, tea, and fruits as the core. This improvement in the industry not only meets the production side's requirements for products but also satisfies the demand side's needs. Due to the consumption characteristics represented by post-90s and Generation Z, which can be summarized into four sentences—high aesthetics, zero waiting time, minimal participation, and strong cleanliness preferences. Therefore, from the supply side to the consumer side, new tea drinks are products that meet the needs of consumption upgrading. Moreover, with further consumption upgrades in the future, there will be new reshuffling in this industry.   Comment by Chief Editor of CBN Yang Yudong Chief Editor of CBN Yang Yudong stated that the new tea beverage market is currently very active because the Chinese market is huge, and capital has been invested heavily into this sector. To some extent, the consumption habits of young people have fueled the popularity of this market. However, due to the industry's current low technical content and lack of unified standards, it can be seen that even leading companies have not found a sustainable profit model. Therefore, regarding this industry, more investment and analysis should be made from the perspective of market laws to improve its technical content and competitive barriers.

  In recent years, the world has actively faced a series of environmental and economic crises caused by climate change. The signing of the Paris Agreement has pointed out the general direction for global green and low-carbon transformation. As the world's largest developing country, China attaches great importance to addressing the severe challenges posed by global climate change and has announced a series of national policies to support this effort. Among them, the '14th Five-Year Plan' advocates major strategic decisions on 'carbon peak and carbon neutrality', and has formulated a carbon reduction timeline and roadmap. As an important national economic region, the Guangdong-Hong Kong-Macao Greater Bay Area is embracing opportunities and challenges in green economic transformation under the impetus of national policies. On December 10, 2021, the founding ceremony of the Greater Bay Area Carbon Neutrality Association was held at the Hong Kong Convention and Exhibition Centre. The ceremony was presided over by Mr. Hu Bojie, Vice Chairman and Executive Director of Peiran Environmental Consulting Co., Ltd., who is also the founding President of the Association. Together with Deputy Minister Zhang Guoyi from the Publicity Department of the Central Committee Liaison Office, Mr. Liu Zhiming, General Manager of the Beijing-Hong Kong Talent Exchange Center, Mr. Wong Kin-sing, Secretary for the Environment of the Hong Kong Special Administrative Region, Mr. GBS, JP, Vice President and President of the Hong Kong China Enterprise Association, and Academician Chen Qingquan of the Chinese Academy of Engineering, they jointly hosted the event.   At the ceremony, Mr. Hu Bojie, Vice Chairman and Executive Director of Peiran Environmental Protection Consultants Limited, the founding president of the association, presented appointment letters and membership certificates to 8 members of the Joint Expert Committee of the Senior Advisory Group and 16 founding members respectively. This event was also supported by 56 institutions including Cyberport, Hong Kong Listed Companies Chamber of Commerce, Hong Kong Green Building Council, Chartered Management Accountants Association, Hong Kong Financial Advisers Association, and Hong Kong Manufacturers Federation. The Greater Bay Area Carbon Neutrality Association was jointly initiated by Mr. Hu Bojie, Vice Chairman and Executive Director of Peiran Environmental Consulting Co., Ltd., Mr. Xu Zhuliang, Chairman of the Board of Directors of Jinshan Energy Group, Ms. Wu Min, President of Huarong Jinke Group, Mr. Geng Guohua, Executive Director and Chief Executive Officer of Aide New Energy Investment Holdings Group and Global Partner at Frost & Sullivan, and Dr. Wang Xin, Global Partner at Frost & Sullivan and President of Greater China. The association is committed to building a closer network within the region, bringing together talents from all sectors of society, and promoting cross-border cooperation in academia, innovation and finance, with the aim of collectively achieving carbon neutrality goals. Frost & Sullivan (Frost & Sullivan, abbreviated as Frost & Sullivan) is a founding member of the Greater Bay Area Carbon Neutrality Association. Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, serves as the Vice-President of the association's founding board and was invited to give an opening speech at the 2021 Green Venture Capital Summit hosted by the Greater Bay Area Carbon Neutrality Association.   Since China announced its goal of achieving carbon peak by 2030 and carbon neutrality by 2060, the value of the dual carbon target, as well as how to achieve this goal, have become topics of widespread concern across all sectors of society. Dr. Wang Xin stated that the implementation and achievement of the dual carbon goal will bring about a systemic transformation to society.   Since China announced its action plans to achieve peak carbon dioxide emissions by 2030 and carbon neutrality by 2060, the value of such targets and the ways of implementation have attracted wide attention from all walks of life. Neil Wang, MD, said that the implementation and integration of carbon peak and carbon neutrality policies will bring about a systemic revolution in society.     Firstly, it is to promote the rapid and sustainable development of new energy sources, reduce the proportion of fossil energy in China's energy consumption, facilitate the transformation of the energy structure, and ensure China's energy security. In the past few years, driven by various favorable policies, China's new energy industries such as photovoltaics and wind power have developed rapidly, with the proportion of new energy generation continuously increasing; China's energy structure has also been continuously optimized. In the coming decades, new energy industries represented by photovoltaics and wind power will continue to be a focus of national development, and new energy generation will become the main energy structure in China in the future.   Firstly, the 'dual carbon' goal has driven new energy development rapidly and continuously. This goal enables a reduction in fossil energy use within China's energy consumption, which promotes the transformation of the energy mix and ensures our country's energy security. In recent years, China's new energy industries, such as photovoltaic and wind power, have developed rapidly under the promotion of various favorable policies, and the proportion of new energy power generation has been increasing. Under these circumstances, China's energy mix has achieved continuous optimization. In the next few decades, the new energy industry, especially represented by the photovoltaic and wind power markets, will continue to be a focus of national development. New energy power generation will also become the main energy mix of China in the future.   Secondly, this is closely related to everyone's life. The achievement of the dual carbon target and the mitigation of the greenhouse effect will significantly improve our ecological environment and enhance our quality of life.   Secondly, the 'dual carbon' goal is closely related to our lives. Achieving the 'dual carbon' goal and alleviating the greenhouse effect will significantly improve our ecological environment and enhance our quality of life.     Thirdly, the implementation of the dual carbon goal will force China's industrial upgrading and change the existing economic pattern. To achieve carbon neutrality, many industries with significant scale will have to restructure from raw materials, production and manufacturing to the consumer end.   Thirdly, the implementation of the 'dual carbon' goal will compel industrial upgrades and alter the current economic landscape. To achieve carbon neutrality, many large-scale industries will undergo a thorough transformation across their value chains—from raw materials and manufacturers to the consumer end.   Fourth, carbon neutrality will drive ESG investment. Against the backdrop of the dual carbon goal, ESG investment in China and even globally will accelerate its development and empower the entire society towards low-carbonization.   Fourthly, carbon neutrality will drive ESG investment. In the context of the 'dual carbon' goal, China and the rest of the world will accelerate development on ESG investment and empower low-carbonization across society. What is ESG investing?   What is ESG investment?   Dr. Wang Xin further explained, ESG investment is an investment philosophy that focuses on the environment, society, and governance. It is an important lever for the comprehensive green transformation of China's economic and social development. In order to achieve the dual carbon goals as scheduled, the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China put forward the major deployment of 'promoting a comprehensive green transformation of economic and social development'. Governments and regulatory agencies at all levels actively promote the ESG concept, establish ESG disclosure standards, improve ESG information disclosure, encourage corporate ESG practices, and give full play to the incentive and restraint role of ESG investment in promoting the 'dual carbon goals'. He pointed out that ESG, as a new type of investment concept and standard, holds immense value for the economic development of enterprises, society, and the country. Currently, the United Nations Global Compact has gathered more than 12,000 leading enterprises, and investment institutions managing assets in accordance with ESG principles exceed $10 trillion. ESG investing has become a focus for global investment institutions.   Neil Wang further explained that ESG investment is a concept that focuses on environment, society and governance, and it is an important grasp for the comprehensive green transition of China's economic and social development. To achieve the "dual carbon" goal in a timely manner, the "Fifth Plenary Session of the Nineteenth CPC Central Committee" has put forward the major deployment of "promoting eco-friendly economic and social development in all aspects". Governments and regulators at all levels are actively promoting the ESG concept, establishing ESG disclosure standards, improving ESG information disclosure, stimulating ESG practices in enterprises, and maximizing the incentive action brought about by ESG investment while promoting the "dual carbon" goal. Neil Wang, a professor at the National University of Singapore's Business School, pointed out that as a new investment concept and guideline, ESG provides great value to enterprises, society, and national economic development. Currently, the United Nations Global Compact has gathered over 12,000 pioneering companies with assets exceeding USD100 trillion managed by investment institutions following the ESG concept. ESG investment has already become the main focus of global investment institutions.   According to the analysis of Frost & Sullivan, the value of ESG is mainly reflected in two aspects:   According to Frost & Sullivan's analysis, the value of ESG is mainly reflected in two aspects:   01 ESG drives the promotion of green investment concepts ESG Drives the Promotion of Green Investment Philosophy The dual carbon goal highlights the importance of environmental and green economic development for our country, as well as the level of attention paid by the Party and the state. At the same time, China has implemented many measures in areas such as clean energy and environmental protection, including investments in photovoltaic, wind power, and other clean energy technologies, which reflect that ESG and green investment concepts have been integrated into China's economic development and construction.   The 'dual carbon' goal underscores the importance of the environment and the development of green economy for our country, reflecting the priority given by the Party and the state. At the same time, China has implemented various initiatives in the fields of clean energy and environmental protection, including investments in photovoltaic, wind power and other technologies in clean energy. These efforts all reflect the integration of ESG and the concept of green investment into the construction of China's economic development.   02 Energy conservation and environmental protection, safeguarding the earth Strengthen corporate social responsibility and increase information disclosure ratio ESG's requirements and standards for corporate social responsibility at the societal level further boost the regulation and fulfillment of corporate social responsibilities. Data shows that driven by the ESG investment philosophy, the willingness of listed companies in China to disclose ESG reports has significantly increased. In 2020, A-share listed companies issued 1,021 ESG-related reports, accounting for 27%. Among them, 259 companies from the CSI 300 index disclosed ESG-related reports, accounting for over 86%, indicating that leading Chinese enterprises already have a strong awareness of ESG disclosure and social responsibility.   ESG sets high requirements and standards for companies at the societal level and has played a significant role in promoting regulation and fulfilling corporate social responsibilities. Data shows that under the promotion of ESG investment philosophy, listed companies in China have significantly increased their willingness to disclose ESG reports. In 2020, the number of A-share listed companies that disclosed ESG-related reports reached 1,021, accounting for 27% of the total number of A-share listed companies. In particular, 259 companies from the CSI 300 Index disclosed ESG-related reports, accounting for 86% of all 300 companies. This reflects that pioneering Chinese companies have already established a strong awareness in ESG disclosure and social responsibility.   Dr. Wang Xin emphasized that China has unlimited potential in the field of green finance and will become one of the world's major ESG markets, playing an important role in the global ESG market. Frost & Sullivan believes that the global scale of ESG investment will continue to grow, especially in China, where the scale of ESG investment is expected to experience explosive growth over the next few years or even decades.   Neil Wang, Dr. of Peking University and former Deputy Governor of the People's Bank of China, emphasized that China has unlimited potential in the field of green finance and will become one of the main ESG markets that play a critical role in the global ESG market. Frost & Sullivan believes that the scale of ESG investment will continue to rise, especially in China. It is expected that the ESG investment scale will experience explosive growth in the coming years or decades.   Frost & Sullivan has been continuously paying attention to green investment and has produced a large number of forward-looking reports on green industries, guiding investors to focus on China's green sector. "Green venture capital is an important lever for China to implement its carbon neutrality goals. Carbon neutrality is a catalyst that accelerates the significant transformation of our energy sector, improves our ecological environment, and enhances the quality of life. Frost & Sullivan will continue to pay attention to carbon neutrality and fully support the country in achieving its carbon neutrality targets," said Dr. Wang Xin.   Throughout this period, Frost & Sullivan has maintained attention in green investment while producing a large number of related forward-looking reports that have guided investors to focus on China's green industry. Dr. Neil Wang stated that 'Green venture is a key approach for implementing the carbon neutrality target in China. Carbon neutrality is a booster that accelerates significant transformation in China's energy sector, improves our ecological environment, and enhances our quality of life. Frost & Sullivan will continue to closely follow carbon neutrality and fully support our country in implementing the carbon neutrality target.'   About the Greater Bay Area Carbon Neutrality Association This association is a non-profit organization composed of scientific research institutions, universities, industry experts, funds, financial institutions, media, groups, enterprises, and individuals who support environmental protection and carbon neutrality. Its aim is to provide members with services related to carbon neutrality such as environmental protection, emission reduction, design, consulting, evaluation, certification, rating, valuation, expert opinions, talent training, academic and industry exchanges, introduction and exchange of new technologies, international promotion and exchange, joint project development, project delivery and implementation, green finance and capital market operations. It is committed to promoting the transformation of the green carbon neutrality industry in the Greater Bay Area, advancing the development of green technology, actively developing the green finance and carbon trading markets in the Greater Bay Area, and taking the lead in promoting carbon neutrality and development in various regions based on the advantages of the Greater Bay Area, contributing to the country's climate change commitments and influencing the world.

The selection process for the EY Entrepreneur of the Year 2021 is coming to a climax. Independent judging panels have rigorously evaluated candidates based on globally unified criteria, and the winners for this year have been selected. The list of winners will be announced tonight at the awarding dinner held in Shenzhen.   The members of the independent judging panel for the EY Entrepreneur of the Year 2021 are experts and leaders from the business and corporate sectors who have made outstanding contributions to promoting entrepreneurship. Next, let us get to know our judges. Mr. Ma Weihua Mr. Ma Weihua Former executive director, president, and CEO of China Merchants Bank Co., Ltd., Doctor of Economics, former chairman of Hong Kong Yonglong Bank, China Merchants Xinuo Life Insurance Co., Ltd., and China Merchants Fund Management Co., Ltd., as well as a delegate to the Tenth National People's Congress and a member of the Eleventh and Twelfth National Committee of the Chinese People's Political Consultative Conference. Currently, he serves as Chairman of the National Science and Technology Achievement Transformation Guidance Fund, Chairman of the Board of Directors of the International Public Welfare Academy, Chairman of the Social Value Investment Alliance, Chairman of One Foundation, and part-time professor at Peking University, Tsinghua University, and other institutions. In March 2019, he was appointed as a Special Advisor and Chairman of the Sustainable Development Finance Advisory Committee by the United Nations Development Programme Office in China, and in April of the same year, he was appointed as a member of the Global Steering Committee for Sustainable Development Impact Investing by the United Nations Development Programme. Before joining China Merchants Bank, Mr. Ma Weihua served as Deputy Director and Deputy Secretary-General of the Liaoning Provincial Planning Commission, Director of the General Offices of the Liaoning Provincial Party Committee and Anhui Provincial Party Committee, Deputy Director of the General Office of the People's Bank of China, Deputy Director of the Planning and Capital Department, President of the Hainan Branch of the People's Bank of China, and Director of the Hainan Branch of the State Administration of Foreign Exchange.   Mr. Ding Baoyu Mr. David Ding Co-founder and Managing Partner of Tongchuang Weiye, Director General. Member of the Shenzhen Venture Capital Association, and a member of the Science and Technology Expert Committee of the Shenzhen Municipal People's Government. Mr. Ding has been immersed in the real economy for many years and has extensive practical experience in specific businesses such as scientific research and marketing; he has a deep understanding of technology innovation enterprises, is proficient in company evaluation analysis and early project exploration, and has unique insights and rich operational experience in the Chinese venture capital market and capital market. In 1997, Mr. Ding began his career in venture capital, being one of the earliest risk investors in China and having a good cooperative relationship with the industry. He has over twenty years of private equity and investment management experience, successfully investing in dozens of domestic and international listed companies such as Tencent Music (US.TME), Cinda Biotech (HK.01801), Tianrui Instruments (300165), Aok Technology (300082), Zhongming Technology (300232), Maxtron Power Supply (002660), Jiaochuang Vision (300264), Optoelectronics (002587), Sanlip (002876), etc.   Mr. Ding has received honors such as the "Top 10 Chinese Venture Capitalists of 2011" and "Top 10 Chinese Venture Capitalists of 2017" published by Qingke and the investment community, the "Outstanding Achievement Award for Outstanding Venture Capitalists in 2012" from the China Venture Capital Committee, and has been selected into the Forbes "Best Investors Top 100" list for four consecutive years from 2017 to 2020. Mr. Ding holds a Bachelor's degree in Chemical Engineering from Tsinghua University, a Master's degree in Biochemical Engineering, an EMBA from Cheung Kong Graduate School of Business, and is an engineer and accountant.   Mr. Anthony Fan Mr. Anthony Fan Currently, he is the Chairman and Managing Partner of Dongyuan Capital Co., Ltd. His expertise includes corporate management, corporate finance, mergers and acquisitions, venture capital, company consolidation and restructuring, etc. Previously, Mr. Fan held important positions at several international financial institutions and served as Managing Partner of a company listed on the Hong Kong Stock Exchange Limited. Since 1994, Mr. Fan has served as a board member of more than 30 companies. His experience covers listed companies, family businesses, and non-profit organizations. Mr. Fan holds a Master of Business Administration degree from the United States.   Mr. Fan has held or currently holds the position of independent non-executive director of the following companies, including Unigroup China Holdings Limited, Tianfu (Cayman) Holdings Limited, Hong Kong Resources Holdings Limited, Limin Industrial Co., Ltd., SMIC International Integrated Circuit Manufacturing Co., Ltd., China Dili Group, Shanghai Industrial Urban Development Group Co., Ltd., Kaisai International Investment Co., Ltd., Guodian Technology Environmental Protection Group Co., Ltd., Tongfang TED International Technology Co., Ltd., China General Nuclear New Energy Holdings Limited, CITIC Resources Holdings Limited, Quanwei International Holdings Limited, Shenzhen World Federation Real Estate Consulting Co., Ltd., etc.   Mr. York Huang Mr. York Huang From an executive at a foreign company to successful entrepreneurship, and then to consumer goods investment, he has nearly 30 years of experience in the consumer industry. In 1992, he joined Procter & Gamble as a management trainee; in 2001, he founded Betterway Marketing Services Company, which was acquired by a globally renowned advertising group in 2006; in 2001, he initiated the establishment of the China P&G Alumni Association, which has connected more than 3,500 P&G alumni who graduated from the Whampoa Military Academy for Consumer Goods in China; in November 2013, he initiated the establishment of the Baojie Innovation Consumption Fund, focusing on innovation consumption, innovative channels, innovative enterprise services, etc., and through the deep construction of the magnetic field of the consumer goods ecosystem, provides consulting, investment, and empowerment services for Chinese consumer brands, achieving outstanding investment results. Currently, he serves as President of the P&G China Alumni Association and Executive Committee Member of the Global P&G Alumni Association; holds an Engineering Master's degree from Shanghai Jiao Tong University. Mr. Huang's representative investment cases include: Usmile, Lanhe Dairy, GOSO underwear, BFB (Doyan Slim), Kiskis, BIOLAB, Super Dental, Aikoo, Yijie Group, Dongdian Xidian, Paitong Tong, Yikr, Chopsticks Technology (Kuaijuce), Quanliang, etc., a group of outstanding enterprises.   Ms. Loretta Lee Ms. Loretta Lee Ms. Loretta Lee adheres to the social responsibility of "nourishing clear waters and blue skies, and jointly building a beautiful homeland," and has been actively involved in improving society and people's livelihoods. She has actively built waste-to-energy projects and launched the business of "turning waste into energy," leading the Yuefeng Group to be listed on the main board of the Hong Kong Stock Exchange Limited in December 2014, growing from a market value of 4.6 billion at listing to a benchmark waste-to-energy enterprise with a market value of HK$10 billion. Since its listing in 2014, the company's total financing has exceeded HK$2.8 billion, including about HK$1.09 billion raised through listing and attracting internationally renowned financial investment institutions such as International Finance Corporation (IFC) (investment amount of HK$465 million), Shanghai Industrial Holdings Limited (investment amount of HK$1.02 billion), etc.   Yuefeng takes circular economy as its concept, is proficient in mastering the leading "mechanical grate incineration" technology in China, and has rich experience in acquiring and transforming "circulating fluidized bed" technology projects into "mechanical grate furnace incineration," establishing a good reputation and image in the industry. Many projects of the group have received the title of "AAA-level Harmless Incineration Plant" awarded by the government.   Currently, the group has a total of 35 waste-to-energy projects, with a total daily urban domestic waste treatment capacity of 51,940 tons. Among them, 23 projects have been put into operation, and the remaining 12 projects are under construction or planning as planned. In addition, in the first half of 2021, the group treated 4,624,000 tons of garbage harmlessly, generated 1,794,152,000 kilowatt-hours of green energy electricity, offset 2,608,000 tons of carbon dioxide equivalent emissions, and saved 466,000 tons of standard coal. The group's revenue in the first half of 2021 was approximately HK$2.7 billion, with a net profit of approximately HK$620 million, a year-on-year increase of 36.4%.   Ms. Loretta Lee is committed to promoting social environmental awareness and building the "Yuefeng Environmental Protection Theme Exhibition Hall," one of the largest environmental protection theme exhibition halls in China, dedicated to providing an interactive platform for government agencies, environmental organizations, enterprises, and the public to exchange green development concepts. Since its opening in 2018, the exhibition hall has received nearly 30,000 visitors. The group has won the Environmental Excellence Enterprise Award among the BOC Hong Kong Corporate Environmental Leadership Awards and the Best Investor Relations Award issued by the Hong Kong Investors Association on many occasions.   Dr. Neil Wang Dr. Neil Wang Dr. Neil Wang is the founder of Frost & Sullivan's Greater China business and currently serves as a Global Partner and President of Frost & Sullivan's Greater China region. Dr. Neil Wang has been involved in the consulting field for over twenty years, providing various consulting services for multinational companies and market leaders in the Asia-Pacific region, especially in the Greater China region. Dr. Neil Wang has led the Frost & Sullivan team to integrate 60 years of global consulting experience, serving the booming Chinese market with dedication for 23 years, helping clients accelerate their growth pace with a global perspective, assisting clients in achieving growth, innovation, and leading benchmarks in the industry, and has guided nearly a thousand domestic and international companies to list and raise funds on major global capital markets, being one of the leading figures in the field of investment strategy consulting in China.   As early as 2003, Dr. Neil Wang led the Frost & Sullivan team to explore advisory services for Hong Kong stocks and overseas listings, and was also the first to establish and standardize the business process and service standards for industry advisors in the field of investment and financing, making outstanding contributions to the standardized development of the industry. Dr. Neil Wang has also participated in the solicitation of opinions on the revision of Chapter 18A of the Hong Kong Stock Exchange listing rules regarding the listing of biotechnology companies. Since the Frost & Sullivan team began providing investment and financing advisory services for enterprise leaders and their management teams, they have helped nearly a thousand companies successfully list on Hong Kong and overseas.   From 2014 to 2020, Frost & Sullivan ranked first in market share for industry research advisory services in the Hong Kong stock and overseas IPO markets. In recent years, Frost & Sullivan reports have also been widely cited in the prospectuses of leading A-share listed companies in the industry, primary and secondary market research reports, and other capital market announcements. In addition to leading Frost & Sullivan to achieve success in the Asia-Pacific region, Dr. Neil Wang also founded the leading original corporate research content platform and new type of enterprise service provider "LeadLeo" in China, which is widely recognized by governments, financial institutions, investors, enterprises, and the media.   Mr. Landing Zhang Mr. Landing Zhang Currently, he is the CEO of Silicon Asia Investment, specializing in areas such as turning losses into profits, strategic and corporate management, equity investment, mergers and acquisitions, industrial integration, etc. With strong investment judgment and excellent post-investment management capabilities, he has led the team to create many cases of turning losses into profits and outstanding investment results. He has 17 years of experience in the investment industry, nearly 30 years of enterprise management experience, and 22 years of CEO experience. In the early 1990s, Mr. Zhang was the first to introduce South Korean Samsung products into China and received a Samsung award. Since 1996, he has served as the CEO and board member of several companies, with experience covering listed companies, family businesses, financial institutions, banks, and foreign-funded enterprises in multiple industries.   In addition, he is also a specially appointed advisor to local governments. Mr. Zhang holds a Master of Business Administration degree from France. Mr. Zhang is also regularly invited to comment on reports by multiple media outlets and has been invited as a well-known guest to participate in large-scale media forums to share views and comment on current economic, events, and strategies. These media include: Bloomberg, China Business News, CBN, Financial World, Investment World, Phoenix Finance, etc.

In order to better serve the top 50 biotech companies in the Greater Bay Area, on December 9, 2021, the 155th Guangdong Medical Valley Open Day event, themed 'Enterprise Valuation Training and Top 50 Project Roadshow', was successfully held at the Bank of China Building in Guangzhou. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China region, Zhu Yi, Executive Director of the Greater China region, and Jiang Tengfei, Senior Consulting Director of the Greater China region, attended the event to provide training on financing valuation topics for enterprises.   Enterprise valuation methods and investment logic analysis During the event, Mao Hua delivered a speech on the theme of enterprise valuation methods and investment logic analysis for the top 50 companies. He stated that the choice of valuation method should be combined with two dimensions: the company's life cycle and industry characteristics, with the DCF (Discounted Cash Flow) valuation method being the most commonly used valuation technique in Biotech at present. The DCF valuation method adopts the logic of discounting future cash flows, taking into account both dynamic growth potential of the company and risk factors such as clinical failures.   Mao Hua pointed out that drugs with high valuations often possess high commercial value, which are measured by factors including disease burden, unmet clinical needs, policy benefits, and pipeline competition.   The disease burden has placed a huge pressure on public health and the socio-economy. Alleviating the burden of major diseases is one of the important goals of innovative drug research and development, and addressing the alleviation of high-burden diseases is also a reflection of the high commercial value of drugs. Taking liver cancer as an example, approximately half of all liver cancer patients worldwide come from China. In 2020, the number of deaths from liver cancer in China was 371,000, accounting for 45% of the global total deaths.   The unmet clinical needs of Chinese patients are mainly reflected in: a lack of effective diagnosis, limited treatment options, and low accessibility to medications. Data shows that due to the lack of effective screening and diagnosis, about 59% of liver cancer patients in China are diagnosed at an advanced stage. The five-year survival rate for liver cancer patients is about 12%, while due to late detection and high costs, less than 10% of liver cancer patients receive targeted drug treatment.   As a key focus of current pharmaceutical policy reforms, inclusion in medical insurance directly affects the sales performance of drugs in the market and is an important consideration for investment. Including drugs in the medical insurance catalog helps improve the accessibility of innovative drugs among patients and reduce their economic burden; at the same time, doctors can promptly grasp the clinical manifestations of these drugs during the prescription process for new medical insurance drugs. They can widely recommend effective drugs, thereby promoting drug sales.   The pipeline competition reflects the flow of invested capital, which can be demonstrated through the distribution of clinical pipelines for related diseases and their corresponding success rates. Investment funds flowing into companies often cover multiple therapeutic areas due to the company's product portfolio, making it impossible to split the funds by therapeutic area at the financial level. However, the vast majority of investments and financings in the biotechnology sector are used for research and development (R&D). Therefore, the number of clinical pipelines can reflect the enthusiasm for R&D in therapeutic areas promoted by investment.   New drug projects that pursue high commercial value also come with high risks, and investments need to comprehensively weigh the risks from research and development to post-marketing stages. Mao Hua further explained that the risks of new drug projects are mainly divided into two categories: pharmaceutical property risks and commercialization risks. Pharmaceutical property risks focus on the drug research and development stage, with different research and development difficulties corresponding to different pharmaceutical property risks. Commercialization risks, on the other hand, concern the risks associated with drug review and approval, drug production, and post-marketing sales. "How to find a balance between business value and risk is at the core of the investment logic of biotech companies," said Mao Hua.   Subsequently, Zhu Yi, Executive Director of Frost & Sullivan Greater China, and Jiang Tengfei, Senior Consulting Director of Frost & Sullivan Greater China, demonstrated valuation case studies to the audience.   Zhu Yi brought a case study on the valuation of innovative devices, using the percutaneous puncture surgical robot as an example. Medical devices mainly refer to two categories: medical equipment and consumables. The logic for product penetration and valuation varies accordingly; the improvement in the valuation of medical devices requires both increased revenue and control over cost items. Zhu Yi made sales forecasts for percutaneous puncture surgical robots and their consumables based on the sales prediction logic of equipment and consumables respectively. The conclusion was reached that the commercialization of surgical robots faces many challenges, and achieving rapid volume growth requires efficient market strategies and continuous clinical exploration.   Jiang Tengfei then presented a case study on the valuation of targeted drugs. He stated that, first and foremost, products suitable for inclusion in valuation must have entered clinical trials and have clear indications. Targeted drugs should specify the accessible patient population for subdividing indications as the basis for calculation. In addition to the clinical value of the drug, determining market share also involves factors such as R&D, commercialization efficiency, and production capacity support. The pricing and price reduction strategies of new products should respect macro policies and the business competition environment. Finally, Jiang Tengfei concluded with The three key success factors in valuing targeted drugs can be summarized into three words: 'Dao', 'Fa', and 'Shu'. The so-called Dao means making choices based on the purpose, the so-called Fa involves balancing relevant stakeholders, and the so-called Shu requires standardization of valuation for easy adjustment and response. The entire event was packed with valuable content, and representatives from participating companies expressed that they had gained a lot. Project valuation not only determines the investor's stake in equity financing negotiations between entrepreneurs and investors but also serves as a measure of the entrepreneur's own judgment on the industry, market, and trends.   In the future, Frost & Sullivan's Healthcare Practice in Greater China will continue to help clients accelerate their business growth with a global perspective, achieving industry-leading benchmarks in terms of growth, innovation, and leadership. Introduction to Frost & Sullivan's Healthcare Practice in Greater China Frost & Sullivan has rich research experience in the healthcare industry, providing consulting services to healthcare enterprises throughout the entire process from early strategy to business operations. It particularly focuses on corporate growth and investment and financing decisions. The Healthcare Business Unit of Frost & Sullivan Greater China provides due diligence services, valuation services, assessment services, strategic consulting, management consulting, planning consulting, technical advisory, financing and financial advisory, IPO industry advisory, and other services to nearly a thousand outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. The clients served include Genentech, Hutchison MediTech, Novartis Oncology, WuXi AppTec, Tianjing Biotech, KangLung Chemical, RuiLi Medical Beauty, JD Health, and others. Relying on the global think tank resources of Frost & Sullivan and its cross-industry business development platform in Greater China, the Healthcare Practice Group of Frost & Sullivan Greater China has unique core strengths in providing strategic development support services for investment and financing in the healthcare industry and various sub-sectors: Relying on Frost & Sullivan's global resources The Frost & Sullivan global healthcare team has strong capabilities and extensive experience in the life sciences, as well as a broad global customer network. The healthcare team in Greater China communicates with the global team in real time and collaborates on numerous international projects with them every year. Project team focusing on consulting The Frost & Sullivan healthcare team in Greater China consists of nearly 100 members, with 80% dedicated to the pharmaceutical and medical device industries. The remaining members focus on healthcare services, medical AI, and digital healthcare respectively. All team members have a relevant educational background in medicine, pharmacy, biology, or life sciences. Gain an in-depth understanding of healthcare and niche markets Frost & Sullivan has a wide range of healthcare enterprise clients in China and has established a vast network of partnerships and an expert database over the past 20 years, covering in-depth analysis and professional judgment of China's innovative drug market. Frost & Sullivan has established good and extensive cooperative relationships with KOLs, industry experts, and experts from relevant institutions across the entire industrial chain. Rich consulting and research experience Frost & Sullivan completes over 200 projects each year, accumulating extensive experience in various healthcare sub-sectors. Project types include growth consulting, market entry, sales team assessment, global pricing strategies, operational optimization, business due diligence, and more. Professional technical advisory services A senior technical advisory team with decades of clinical development experience in innovative drugs and medical devices for both clinical practice and corporate use. Frost & Sullivan has provided clinical audit services to dozens of biotech companies and investment banks, covering types such as biosimilars, innovative biologics, small molecule targeted drugs, and Class III innovative medical devices. Perfect enterprise product valuation and media promotion services Frost & Sullivan has a team of professionals with a composite background in finance and healthcare. They possess a deep understanding of various corporate financial and valuation models, providing comprehensive valuation services for enterprises, including overall valuations related to corporate investment and financing, as well as product valuations related to product development decisions. In collaboration with well-known domestic and international information platforms and investment and financing institutions, they publish press releases and industry white papers on the fields of pharmaceuticals and medical devices, attracting widespread attention from investors.

  On December 7th, the 'Baize China' Outlook 2022 Annual Strategy Meeting, co-hosted by the Tianfeng Research Institute, the China Policy Science Research Association's Center for Common Prosperity Studies, and the LeadLeo Research Institute, was grandly held at the Shenzhen · Sheraton Hotel.   Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), Founder and Chairman of LeadLeo, was invited to attend the conference and deliver a keynote speech at the main forum: 'Keep Going, the Future is Promising - Insights into China's Industrial Trends for the Next Fifty Years'.   It is reported that the main forum of this event gathered top experts. Zhao Xiaoguang, vice president and director of the research institute at Tianfeng Securities, delivered an opening speech. Mr. He Yafei, former vice minister of foreign affairs, Mr. Wang Zhongmin, former vice chairman of the National Social Security Fund Council and chairman of the Shenzhen Financial Stability and Development Research Institute, Academician Wang Xujin, dean of the Microelectronics Research Institute and Semiconductor Manufacturing Research Institute at Shenzhen University, Dr. Liu Yuhui, a specially invited economist from Tianfeng Securities, Mr. Xu Biao, deputy director of the Tianfeng Research Institute and chief analyst of asset allocation strategies, Mr. Jiang Guoyun, chairman of Times Bole, and many other heavyweight experts and industry leaders gathered together to share their in-depth insights and wise judgments on prospects for 2022 and beyond from different perspectives, presenting a top-level intellectual feast. According to Dr. Wang Xin, 2021 was a great year. This year marked the 100th anniversary of the founding of the Communist Party of China. Over a century, through trials and tribulations, nine hundred thousand heroes have risen to lead the way. Under the correct leadership of the Communist Party, remarkable achievements have been made in the development of Chinese society, from science, education, culture, and health to clothing, food, housing, and transportation, as well as in the capital city.   From having only 18 countries establishing diplomatic relations with China in the early days of the founding of the People's Republic to becoming the world's second-largest economy, from "patching things up for another three years" to building a space station and landing on Mars, since the reform and opening-up, the working people of all strata in China have worked hard and started businesses arduously, creating "world-shocking" historical development achievements. China's contribution rate to global GDP has increased from 2.3% to nearly 17%, and it is expected to surpass the United States to become the world's largest economy by 2030. Especially under the complex situation where the COVID-19 pandemic ravages the globe and the world economy falls into severe recession, China has achieved a leading recovery and high growth that are ahead of the global pace. Recently, Vice Premier Liu He wrote in People's Daily that achieving high-quality development is the unity of history, practice, and theory in China's economic and social development. It is the fundamental path to embark on a new journey towards building a modern socialist country in all respects and to achieve the second centenary goal. Therefore, high-quality development has become an important theme during the 14th Five-Year Plan period and for the long-term goals through 2035. To achieve high-quality development, it needs to be integrated into all aspects and links of social development such as the economy and people's livelihoods.   At the meeting, Dr. Wang Xin interpreted the development trends and opportunities of China's five core industries—consumption, healthcare, artificial intelligence, manufacturing, and carbon neutrality—in the next 50 years from an industry perspective.   Consumer sector Firstly, in terms of the economy, Dr. Wang Xin stated that as the main engine of economic growth, China's consumption growth has generally shown a thriving trend and possesses vast potential for expansion. To date, about half of China's population still does not have access to ordinary flush toilets, and 1 billion people have never taken a flight. These real figures mean that stimulating domestic demand, expanding consumption, and increasing income are not only a powerful driving force behind the vitality of the Chinese market but also a significant advantage.   According to recently released data, the resilience of China's consumer market continues to be evident. In October 2021, China's total retail sales of consumer goods reached 4,045.4 billion yuan, approximately 632.1 billion US dollars, while in the same period, the United States was at 638.2 billion US dollars. The scale of retail industries in both countries is almost on par. China's retail consumption market size is at a high point of development in 20 years. From 2001 to 2021, China's total retail sales of social consumer goods increased by more than 1,100 times, whereas in the United States it only increased by just over one time. China is catching up with the United States at a tenfold rate. Dr. Wang Xin pointed out that, from the perspective of income distribution structure, there is still a significant gap between China's consumption rate and that of developed countries. To further enhance China's consumption level and promote the transformation of the Chinese economy into a consumer-driven one in the future, it is crucial to improve residents' income levels.   The recently held Sixth Plenary Session of the 19th Central Committee also emphasized the need to promote common prosperity. The key to achieving common prosperity is to form an 'olive-type' income distribution structure. Currently, there is a significant gap in disposable income between high- and low-income groups in China. Compared with major developed countries, China's income distribution structure is still far from being 'olive-type'. Against the backdrop of common prosperity and the long-term vision plan for 2035, as the main force of consumption, the middle-income group will drive consumption growth by realizing an 'olive-type' income distribution structure in the future, helping China complete consumption upgrading, technological innovation, and achieve high-quality development.   Dr. Wang Xin introduced: 'From an investment perspective, the opportunities in the consumer market may lie within the elderly population against the backdrop of China's macroeconomic changes. The aging problem in China is becoming increasingly prominent, and with the increase in the elderly population, related industries to elderly services and products will become key consumer markets.'   At the current stage, the 'silver-haired generation' has become the main driver of growth in the consumer market. From 2016 to 2021, the scale of the silver-haired economy developed at a high rate with an annual growth rate of 25.6%. By 2070, China's elderly population is expected to exceed 400 million, and the potential market for this group will reach 35 trillion yuan. With the continuous improvement of China's elderly care industry, under the backdrop of favorable national policies and increased corporate investment, the trillion-level blue ocean market of the 'silver-haired economy' is promising for the future.   medical field Dr. Wang Xin continued: 'Next, let's look at people's livelihoods. When it comes to people's livelihoods, we cannot avoid talking about healthcare. Healthcare is not only related to the well-being of people but also an active industry where technological innovation keeps emerging.'   Looking back, over the 72 years since the founding of New China, China's health and wellness sector has achieved historic accomplishments. In terms of the three main international indicators for measuring residents' health, China's average life expectancy has increased from 35 years before the founding of New China to the current 77 years; the maternal and infant mortality rates have dropped from 1 in 1,500 and 1 in 200 respectively in 1949 to 1 in 16.9 and 1 in 5.4 in 2020. Overall, China's residents' major health indicators are better than the average level of middle- and high-income countries, achieving the United Nations Millennium Development Goals ahead of schedule.   Based on the current development goal of common prosperity, with the continuous increase in fiscal revenue and residents' income, China's total health expenditure has been growing.   Dr. Wang Xin stated that compared with developed countries, China has achieved steady growth in healthcare costs. In deepening medical reforms, the efficiency of using total health care expenditures has been steadily improved, continuously enhancing the level of medical security, improving drug accessibility, and ensuring fairness in medication.   "Like the recent hot search topic of medical insurance negotiations, 'soul-slicing pricing'," said Dr. Wang Xin. "Medical insurance negotiators, after eight rounds of negotiations, managed to secure a deal for rare disease drugs that were originally priced at over 50,000 yuan per bottle, down to just over 30,000 yuan per bottle, insisting on 'not giving up on any small group.'"   In 2021, China entered the beginning year of the '14th Five-Year Plan' period. The '14th Five-Year Plan' will ensure that people's health is a top priority for the country. Currently, the regulatory environment in the healthcare industry is favorable, and the industry structure is continuously upgrading. It is expected that by 2030, China will become the world's largest healthcare powerhouse.   Looking ahead, innovation in the healthcare industry will continue to be active, and China is expected to remain at the forefront of medical strength. Over the past 16 years, China has become one of the countries with the fastest growth in global medical strength, with a rate of 24.6%. The accessibility of healthcare in China will continue to improve, fully realizing a healthcare service system that ensures access to medical care for all and support for the elderly. Industrial tracks with preventive concepts and national characteristics such as health care services, sports rehabilitation, assisted reproduction, and modernization of traditional Chinese medicine will embrace strategic opportunities, jointly promoting the richness and diversification of medical scenarios.   Dr. Wang Xin pointed out that in the next 50 years, China's medical strength will continue to improve and break through, entering the ranks of the top 20 countries in terms of medical strength, overtaking the United States and becoming one of the world's leading medical powerhouses.   The first strength of China's medical industry lies in medical innovation. In November 2021, the CDE issued the 'Guiding Principles for Clinical Research and Development of Antitumor Drugs Oriented towards Clinical Value', implementing a patient-centered research and development philosophy and encouraging clinical research and development value. In 2020, the number of cell therapy R&D pipelines in China reached 498, one order of magnitude ahead of other countries and regions. The growth rate from 2019 to 2020 was 40%, exceeding the US' 30.7%. It is estimated that by 2030, the growth rate of R&D pipelines in China can reach 376%.   Dr. Wang Xin introduced: 'We are delighted to see that China's favorable policies, talent pool, and capital are accelerating the attraction of institutions from around the world. In the next 50 years, society as a whole will develop a genuine atmosphere that respects the value of scientific research and continue to hold a dominant position.'   The second strength of China's healthcare industry lies in the capital market. Since the Hong Kong Exchange implemented listing reforms in 2018, it has become the preferred listing destination for more and more biotech companies. The Hong Kong market has been continuously developing in all aspects and becoming increasingly mature. Various emerging health care sub-industries, especially smart healthcare, are on the rise, making Hong Kong the largest biotech financing center in Asia and the second largest globally.   As one of the important service institutions for companies listing in Hong Kong, industry consultants are particularly crucial for companies seeking to list successfully and raise funds in industries with high technical barriers such as healthcare.   Dr. Wang Xin stated that Frost & Sullivan, as an industry advisor, has maintained its leading position in the market share of Hong Kong IPO industry research advisors for 2014-2021, continuously ranking first. It is deeply involved in both early-stage investments and later-stage listings in the healthcare sector, making it an indispensable choice for healthcare companies seeking to go public in Hong Kong. Frost & Sullivan and LeadLeo will unswervingly follow the national pace, remain rooted in China for the long term, delve into global capital markets and corporate consulting services, and empower economies, industries, sectors, and countries with their professional knowledge.   Artificial Intelligence field Innovation is not only reflected in healthcare but also in technology. With the advent of the AI era, as a powerful driving force behind a new round of technological revolution and industrial transformation, the development of the AI industry is showing a vibrant trend.   According to Dr. Wang Xin, from 1978 to 2020, artificial intelligence became a track in China where it could stand on par with world powers. The leaders of China's AI industry have promoted the integration of smart technologies with civilian industries across multiple dimensions such as clothing, food, housing, and transportation. By 2070, China will build the world's largest smart city cluster, empowering dynamic urban systems with AI technology and liberating human productivity.   Dr. Wang Xin stated that in 2021, the penetration rate of artificial intelligence technology in China's three major industries—government affairs, finance, and telecommunications—all reached over 30%. This year, the number of AI startups from China accounted for 15% of the global AI institutions. Relying solely on these enterprises, China has received nearly 50% of global AI industry investment.   At the same time, from the development of Chinese enterprises, it can be seen that outstanding technology companies such as Huawei, ZTE, and SMIC are intensively deploying efforts in multiple areas where China's current development is 'held back'. In the field of AI chips, there are excellent brands like Huawei HiSilicon and Fudan Microelectronics.   Although China's AI layout started later than that of the United States, with the support of national policies and the advancement of localization, China's AI industry's production capacity has been highly unleashed in the past decade, with growth potential exceeding that of the US. By 2070, China's AI production capacity will increase by more than six times, contributing significantly to global GDP growth far surpassing that of the US.   Dr. Wang Xin further stated: 'From an investment perspective, related technologies represented by brain-like chips will be the best investment track for China's smart industry. It is estimated that by 2070, the penetration rate of brain-like chips in China will reach as high as 70%, while in the United States it is less than 33%. Smart city clusters in China will provide more application scenarios for brain-like chips. The upgrading and replacement of databases, communication networks, and cloud computing will also accelerate the overall construction of the smart industry.'   Manufacturing sector Next, Dr. Wang Xin spoke: 'As we mentioned earlier, the development of technology is providing a core driving force for social production, and China, as a manufacturing powerhouse, is at an important juncture of innovation and upgrading.'   Dr. Wang Xin pointed out that since the beginning of the 21st century, China's industrial structure has been continuously optimized. Currently, China's manufacturing sector is the most complete in the world and has deeply integrated into the global industrial division of labor system. How to deeply integrate the rapidly growing secondary industry with artificial intelligence is an important way for China's manufacturing sector to upgrade and transform. Against this backdrop, the importance of intelligent manufacturing becomes prominent. Under the new vision of the 'Silk Road Economic Belt' and the '21st Century Maritime Silk Road', intelligent manufacturing continues to empower China's industry. China's industrial added value increased from less than 1% of the global total in 1978 to 24.1% in 2020, maintaining first place globally for 11 consecutive years. Remarkable achievements have been made at all levels of the industrial system, from macro to micro.   Taking automobiles as an example, from January to October 2021, the cumulative sales of new energy vehicles in China reached 2.542 million units, which is 5.2 times that of the United States. In October, the penetration rate of new energy vehicles was 16.4%, while it was only 5.2% in the United States. Therefore, from the perspective of new energy vehicle manufacturing, China's level of intelligent manufacturing and green manufacturing practices are already ahead of those in the United States.   Dr. Wang Xin stated: "In terms of intelligent manufacturing transformation, Chinese industry has a solid foundation and advantages in this area. However, there is significant differentiation among various sub-industries in the process of intelligent manufacturing, with notable differences in levels of intelligent manufacturing. The LeadLeo Research Institute conducted offline and online surveys of over a thousand manufacturing enterprises, and based on multiple dimensions such as manufacturing intelligence level, willingness to transform, and compliance with China's 2025 plan requirements, identified four most valuable investment tracks: steel, petroleum, natural gas, and biomedicine. In the future, more attention can be paid to related industries."   In the view of Dr. Wang Xin, green development will become one of the important trends in China's manufacturing industry in the future. While China is accelerating its industrialization process, it has also consumed a large amount of resources. Against the backdrop of global climate change, shaping green manufacturing has become a trend. Last Friday (December 3), the Ministry of Industry and Information Technology released the '14th Five-Year Plan' for Industrial Green Development, which clearly states that China has achieved remarkable results in five major areas: steel capacity reduction and promotion of green factory construction.   According to Dr. Wang Xin, 'green' and 'clean' will be key keywords in the industrial sector. China's industrial structure, the pace of green and low-carbon transformation, and the utilization rate of energy resources are expected to develop well by 2025. The carbon emission intensity per unit of industrial growth value will decrease by 18%, and the pollutant emission intensity will reduce by 10%. The overall scale of the green environmental protection industry is expected to exceed 80 trillion yuan by 2070. Industries represented by steel and non-ferrous metals will take the lead in achieving carbon peak emissions, laying the foundation for China's overall goal of carbon peak.   Carbon neutrality field On September 22, 2020, at the 75th session of the United Nations General Assembly, President Xi Jinping solemnly announced: 'China will increase its national autonomous contribution, adopt more effective policies and measures, strive to peak carbon dioxide emissions by 2030, and achieve carbon neutrality by 2060.'   Dr. Wang Xin pointed out that the setting of carbon neutrality targets is an important measure to avoid catastrophic changes in the global climate, an inevitable choice for China and other countries to take concrete actions to protect the only home of humanity, and a solemn commitment to building a community with a shared future for mankind.   In Dr. Wang Xin's view, first of all, China has a tight schedule to achieve 'dual carbon goals.' Compared with developed countries, the task of achieving 'dual carbon' targets in China is more arduous. By 2030, China's carbon dioxide emissions will peak and then stabilize with a gradual decline, and significant achievements will be made in the comprehensive green transformation of economic and social development. By 2060, China will have fully established an economic system for green, low-carbon, circular development and a clean, low-carbon, safe, and efficient energy system. Energy utilization efficiency will reach international advanced levels, ecological civilization construction will yield fruitful results, and a new realm of harmonious coexistence between humanity and nature will be created.   The United States achieved carbon peak in 2007, and it took up to 43 years to transition from carbon peak to carbon neutrality. In contrast, China has promised to complete this task in just 30 years, demonstrating China's responsibility and commitment as a major world power. It also proves that China has the ability, obligation, and determination to stand on the world stage and take on more responsibilities, playing a greater role.   Dr. Wang Xin also stated that 'dual carbon' has provided new opportunities for China's industrial development. In the future, China's industrial transformation and upgrading will be faster, more intense, and of better quality. Currently, our country is mainly promoting carbon neutrality through the development of clean energy, energy conservation and efficiency improvement, carbon capture and storage, etc. The development of renewable energy and new energy sources is a key link in the top-level design of carbon neutrality, which directly gives rise to numerous emerging industries and investment tracks, such as photovoltaic power generation, hydropower generation, hydrogen power generation, etc.   Against this backdrop, we believe that China will rapidly develop renewable energy generation technologies mainly based on wind and photovoltaic power in the future. It will play a fundamental role in ensuring hydropower supply and reduce dependence on thermal power. It is expected that the proportion of installed renewable energy capacity in China will rise from the current 41% to 88% by 2060. By 2070, thermal power will basically withdraw from the market, with renewable energy generation such as photovoltaic and wind power taking a dominant position.   "What is the significance of China's achievement of its carbon neutrality goal for all of humanity?" Dr. Wang Xin answered: "For every 1°C increase in global average temperature, sea levels may rise by 2 meters, which could lead to a gradual reduction or even disappearance of coastal areas with lower elevations such as Bali and Maldives. If the global average temperature rises by another 2°C, 99% of coral reefs worldwide will disappear, nearly half of Mexico's frozen soil will thaw permanently, water resources will become extremely scarce, and countless lives will suffer greatly."   Dr. Wang Xin further pointed out that if China achieves its carbon neutrality goal by 2060, it will lower the temperature control target set by the Paris Agreement, which requires global average temperatures to rise no more than 2 degrees Celsius above pre-industrial levels, by 0.2 to 0.3 degrees Celsius. This would advance the time for global carbon neutrality by 5 to 10 years and play a crucial role in promoting global climate governance.   As the speech came to an end, Dr. Wang Xin summarized: "Through the introduction of the previous research findings, we can see that China's economic situation has changed rapidly, with many industries undergoing qualitative development from scratch and then to excellence. In the foreseeable future, we believe that China's economic strength, scientific and technological capabilities, as well as infrastructure capacity, will continue to rise significantly."   Dr. Wang Xin further looks ahead to China's development over the next 50 years, stating that in terms of the economy, China will surpass the United States to become the world's largest economy. The per capita GDP will reach 139,000 yuan by 2030 and 549,000 yuan by 2050.   In terms of technology, China surpassed the United States to become the world's leading country in the number of published papers in 2017. It is expected that in 50 years, China will fully surpass the US in areas such as R&D expenditure, paper publication, patent grants, and international cooperation.   In terms of infrastructure, China's highway mileage has exceeded 160,000 kilometers, far surpassing the United States, which ranks second in the world. The high-speed rail mileage is even more than the total of other countries in the world combined. In the future, China's infrastructure demand will remain high, continuously supporting people's livelihoods and unleashing the huge potential for high economic growth in China.   At the end of his speech, Dr. Wang Xin introduced that looking back, 2021 can be considered a milestone year. It marked not only the 100th anniversary of the founding of the Communist Party of China and the year of building a moderately prosperous society in all respects, but also the beginning of China's implementation of the '14th Five-Year Plan' and its pursuit of becoming a pioneer in socialist modernization.   Dr. Wang Xin expressed with confidence: "Standing at the historical intersection of the 'Two Centenary Goals,' looking back on a century of magnificent struggle and looking ahead to the prospects of great rejuvenation, we are resolute in our actions. The future is promising. We have full confidence in China's development. We firmly believe in and support the original driving force of the Chinese economy, persisting in research-driven strategies and investing heavily in China. This is a choice of timing and circumstances, not only our strength and confidence but also our determination and belief. 'A hundred boats vying for the current, the one who rows vigorously takes the lead.' 2021 marks the 60th anniversary of the establishment of Frost & Sullivan. As an important witness and participant in the development of the global and Chinese economic landscape, Frost & Sullivan has always been optimistic about the future development of China's industries." *Some of the content and data shared this time are derived from three research findings based on our insights into China's and global industries.   They are "Insights into China's Industrial Trends for the Next Fifty Years", "The 60 Technologies Driving Global Growth", and "Forward-looking Outlook on Global Technology and Application Trends". You can go to the mini-program below to read the complete reports. It is reported that this 'Baize China' Outlook 2022 Annual Strategy Meeting, supported by an expert think tank team, big data team, and national-level think tanks, invited over 60 experts, gathered more than 600 listed companies on both the A-share market and overseas, and featured in-depth speeches by over 50 analysts. Together, they created a strategy meeting that was profound, professional, resonant, and fruitful.   About Frost & Sullivan Frost & Sullivan, a global growth consulting firm, integrates 60 years of consulting experience across the globe. Over the past 23 years, it has dedicated itself to serving the booming Chinese market with a global perspective, helping clients accelerate their business growth and achieve benchmark positions in growth, innovation, and leadership within their industries.   Frost & Sullivan specializes in global capital markets and corporate consulting services, providing comprehensive investment and financing as well as various other professional consulting services for enterprises. These include due diligence services, valuation services, assessment services, strategic consulting, management consulting, planning consulting, technical advisory, financial advisory, industry advisory, and more.   The investment and financing business of Frost & Sullivan Greater China has achieved full industry coverage of the Chinese national economy, including a high level of attention to all economic hotspots such as the new economy and new infrastructure. It covers sectors such as biomedicine, consumer retail, internet and technology, entertainment media, financial services and fintech, education and training, machinery manufacturing, energy and power, infrastructure, automotive travel, logistics transportation, rail transit, ship shipping, aerospace, ecological protection and environmental management, agriculture, forestry, animal husbandry and fisheries, industrial materials, construction engineering, metallurgy and mining, real estate property, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly a thousand companies successfully list on the Hong Kong and overseas stock markets. It is a leading enterprise in the field of domestic investment strategy consulting. From 2014 to 2020, Frost & Sullivan maintained its leadership position as the industry's number one market research advisor for Chinese companies going public overseas; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses, secondary market research reports, and other capital market disclosure documents of leading A-share listed companies in the industry.   For over 60 years, Frost & Sullivan has helped a large number of clients (including Fortune Global 1000 companies, top domestic and international financial institutions, and other leading enterprises) achieve strategic goals by conducting due diligence, valuation analysis, third-party evaluations, and other work through its nearly 50 offices around the world. This is done using powerful databases and expert libraries, as well as rich professional knowledge and consulting tools.   About LeadLeo LeadLeo is a leading original corporate research content platform and new type of enterprise service provider in China. Focusing on the core goal of 'assisting enterprises to accelerate the exploration, enhancement, and dissemination of capital value', LeadLeo has developed a series of products and solutions, including database services, corporate research report services, microvaluation and micro-discovery automation products, financial advisory services, PR and IR services, as well as other corporate growth consulting services.   Currently, LeadLeo has over 50,000 registered users, over 5,000 industry-specific research outputs, over 1 million original data elements, over 500,000 collaborating experts, and over 2,000 live broadcasts and video content. LeadLeo's users cover more than 70% of investment and financing institutions, financial institutions, and capital market service providers. We sincerely welcome elites from all walks of life to communicate and cooperate with LeadLeo. You can send an email or call for consultation.   Customer Service Email: CS@leadleo.com Consultation Hotline: 400-072-5588

From December 1st to 4th, 2021, the 21st China Pharmacy Summit Forum was held at the Qingdao Oriental Film Capital Convention Center in Shandong Province. The theme of this forum is "Digital Intelligence-driven, Symbiosis for Long-term Growth," bringing together high-quality resources and heavyweight guests from government, industry, academia, and research. Through the collision of diverse perspectives, participants jointly depict a new blueprint for the industry under the rapid drive of digital intelligence, seeking the "long-term" forces that can promote the regeneration and growth of the industry.   Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, was invited to attend this event and delivered a keynote speech on the digital transformation of retail enterprises. At the meeting, Mao Hua started with an overview of the pharmaceutical retail industry and analyzed the industrial chain of China's pharmaceutical industry. According to him, this industrial chain includes upstream pharmaceutical basics, midstream pharmaceutical research and development and manufacturing, and downstream pharmaceutical distribution, with retail pharmacies being at the sales end within the downstream pharmaceutical distribution. Drug retail encompasses three major terminals: public hospitals, retail pharmacies, and primary healthcare facilities, among which public hospitals and retail pharmacies are the main channels. Retail pharmacies are mainly chain pharmacies, and the chain rate is increasing year by year. The brand expansion of chain pharmacies continues, and the industry concentration is constantly rising. Since 2017, the state has continuously introduced policies to promote the outflow of prescriptions. The separation of medicine from healthcare services and the outflow of prescriptions will become a long-term trend. Retail pharmacies, as one of the terminals that undertake the outflow of prescriptions, have received significant benefits. Mao Hua said that the overall pharmaceutical market scale in China is huge and shows a growth trend, with an estimated value of 2,287.3 billion yuan by 2025, at a compound annual growth rate of 9.6% from 2020 to 2025. Breaking down by channel, retail pharmacies have seen rapid growth. In the future, driven by the significant outflow of prescriptions, it is expected to reach 913.7 billion yuan by 2025, with a compound annual growth rate of 19.9% from 2020 to 2025. At the same time, driven by the outflow of prescriptions, China's off-campus medical market has grown rapidly. Under the rapid development of internet technology and the impact of the COVID-19 pandemic, the online rate of the off-campus medical market has been continuously increasing, with an expected growth to reach 244 billion RMB in 2025, at a compound annual growth rate of 21.3%. Mao Hua believes that traditional retail pharmacies suffer from pain points such as a single business model, limited service coverage radius, and the inability to meet growing customer needs. New retail and digital upgrading are an inevitable trend.   Data shows that the overall market scale of retail pharmacies in China has grown rapidly. Driven by the outflow of prescriptions, the proportion of prescription drugs in the retail pharmacy market share has risen. In 2020, prescription drugs accounted for about 40%, and it is expected that this figure will rise to 56% by 2025. Driven by the development of internet technology, the impact of the pandemic, and favorable policies, retail pharmacies are gradually adopting new retail models, with a rapid increase in online retail sales. From 2016 to 2020, the annual compound growth rate of online retail was about 28.7%, and it is expected to reach 30.3% from 2020 to 2025. Subsequently, Mao Hua mentioned that the new retail model has advantages such as a wider service coverage and convenience, which can help pharmacies build data operation systems and provide diversified and multi-channel medical services for patients. Currently, traditional retail chain enterprises are deploying in the field of internet new retail. Compared to third-party platform merchants, they have advantages in both online and offline consumption scenarios. For example, Yifeng Pharmacy has adopted an O2O + B2C model, built its own Yifeng Health app, mini-programs, and WeChat mall, and established its official mall on third-party platforms. In 2020, its e-commerce revenue reached 680 million yuan. When discussing the development trend of digital pharmacies, he stated that there is enormous market potential for chronic disease management in China. Pain points such as single management models and the lack of a health information sharing platform are driving the integration of retail pharmacies with chronic disease management platforms. Additionally, against the backdrop of healthcare decentralization, the out-of-hospital chronic disease management market in China is growing rapidly. The development of internet technology is also promoting the digital migration of chronic disease management, leaving huge development space for digital retail pharmacies to undertake chronic disease management. Finally, Mao Hua pointed out that in the era of 'Internet thinking redefining all traditional industries', and under the continuous impact and influence of the 'COVID-19' pandemic, retail pharmacies are continuously promoting chain branding development. They are driving digital upgrades through means such as industrial integration, model innovation, operational transformation, and diversified service innovations, accelerating the process of digital transformation and extending medical services.   "Through digital upgrading, we can build digital marketing models, digital business operations, and other formats to create smart pharmacies. By tracking data, we achieve interconnectivity of data, adopt diversified channels for precise marketing, and ultimately increase sales profits," said Mao Hua. It is reported that Frost & Sullivan, integrating 60 years of global consulting experience, has dedicated 23 years to serving the booming Chinese market with a global perspective. They help clients accelerate their business growth and achieve industry-leading benchmarks in terms of growth, innovation, and technology. Over the past six decades, the Frost & Sullivan healthcare team has provided financing financial advisory, IPO industry advisory, strategic consulting, management consulting, and other services for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. In terms of the number of completed filing projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, continuously occupying more than 90% of the market share from 2018 to 2020.

On November 25, 2021, the Appointment Ceremony of the Frost & Sullivan's Expert Committee on Growth Strategy was held during the company's 60th anniversary celebration at the Shanghai Nanjing Marriott Hotel.   On November 25, 2021, the Appointment Ceremony of the Frost & Sullivan's Expert Committee on Growth Strategy was held during the company's 60th anniversary celebration at the Bellagio Shanghai.   The membership of the Frost & Sullivan growth strategy expert committee is very comprehensive, including outstanding entrepreneurs from listed companies both domestically and internationally, leaders from the investment and finance sectors, top professional service providers, brokerage firms, media industry pioneers, representatives of international organizations, and more than 20 senior professionals with significant industry influence.   The composition of the Frost & Sullivan's Expert Committee on Growth Strategy is very diverse, and they all have a great impact and contribution to the industries. The panel has over 20 members, including representatives of outstanding domestic and foreign listed company entrepreneurs, financial institutions, investors and financiers, professional service providers, securities firms, media, international organizations, industry experts, and academic scholars.   The specific list of the Frost & Sullivan growth strategy expert committee is as follows:   The following constitutes the list of the Frost & Sullivan's Expert Committee on Growth Strategy:   Entrepreneur representatives Enterprise representatives Listed companies Companies on the list Mr. Yang Guoping, Chairman of Shanghai Volkswagen Business Group Mr. Yang Guoping, Chairman and Executive Director of Shanghai Dazhong Public Utilities Ms. Zhao Yan, Chairman of HuaXi Biotechnology Ms. Zhao Yan, Chairman of Bloomage Biotech   Technology companies Technology companies Mr. Tang Zhenyi, Vice President of SenseTime Mr. Coach Tang, Vice President of SenseTime   Minsheng enterprises Private companies Mr. Liu Zhi, Founder of Chengdu Dalongyi Catering Mr. Liu Zhi, Founder of Dalongyi Catering   Central state-owned enterprise State-owned enterprise Ms. Wang Jie, Chairman of Sinopharm ChuangFu Ms. Wang Jie, Chairman of Sinopharm ChuangFu   Representatives from the financial industry Representatives from the financial industry International financial institutions International financial institutions Dr. Hu Jiguang, Managing Director of UBS Securities and Head of China Investment Banking Department Dr. James Hu, Managing Director of Bank of America Securities, Inc. and Head of China Investment Banking Department Mr. Meng Yi, General Manager and Vice Chairman of HSBC Global Bank China Mr. Meng Yi, General Manager and Vice Chairman of HSBC Global Bank China   Domestic financial institutions Domestic financial institutions Mr. Cheng Jie, Managing Director of CITIC Securities and Head of Global Healthcare Industry of the Global Investment Banking Department Mr. Cheng Jie, Managing Director of CITIC Securities and Head of Global Healthcare Industry of the Global Investment Banking Department   Representatives from the investment community Representatives from the investment community Domestic investment institutions Domestic investment institutions Mr. Fan Yin, Executive Vice President and Managing Director of Gimpo Industrial Investment Fund Management Mr. Fan Yin, Executive Vice President and Managing Director of Gimpo Industrial Investment Fund Management Mr. Zhang Lan Ding, CEO of Silicon Alpha Investment Mr. Zhang Landing, CEO of CYAMLAN Investment Mr. Liu Shaoqiang, Managing Director of Great Cannon Capital Mr. Gary Liu, Managing Director of Centurium Capital   Representatives from international investment institutions International investment institutions Dr. Shen Lifen, External Director of Shenzhen Special Economic Zone Construction & Development Group and Deputy Secretary General of Hong Kong-Mainland International Investment Society Dr. Selina Shen, External Director of Shenzhen Special Economic Zone Construction & Development Group and Deputy Secretary General of Hong Kong-Mainland International Investment Society Mr. Huang Yong, President of Procter & Gamble Alumni Association and Founding Partner of PGA Capital Mr. Xu Lei, Partner of Auster Capital and Member of the Investment Committee Mr. Michael Xu, Partner of Auster Capital and Member of the Investment Committee Representatives from academic scholars   Representatives from academic scholars Academician Wang Guangji of the Chinese Academy of Engineering Mr. Wang Guangji, Academician of the Chinese Academy of Engineering Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Representatives from international organizations   Representatives from international organizations Ms. Luo Xiaoqin, Deputy Director of the Organizing Committee of Global Health Forum of Boao Forum for Asia Ms. Lily Hong, Founder and Vice Chairman of Hermitage China Representatives from professional service institutions Representatives from professional service institutions Partner of EY Global and member of the Investment Committee   Mr. Xu Lei, Partner of Auster Capital and member of the Investment Committee Representatives from academic experts Representatives from academic scholars Academician Wang Guangji of the Chinese Academy of Engineering Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Professor Wang Yu, Expert Consultant of Global Health Forum of Boao Forum for Asia, Doctor of Vanke School of Public Health, Tsinghua University Ms. Zhao Xiaohong, Managing Partner of King & Wood Mallesons Ms. Zhao Xiaohong, Managing Partner of King & Wood Mallesons Mr. Gary Liu, Managing Director of Centurium Capital Mr. Gary Liu, Managing Director of Centurium Capital   Mr. Liu Zhi, Founder of Dalongyi Catering   Mr. Liu Zhi, Founder of Dalongyi Catering   Mr. Yang Guoping serves as the chairperson of the committee, Mr. Meng Yi serves as the chairperson of the executive committee, and Dr. Selina Shen serves as the secretary-general of the committee.   At the same time, a standing committee was established, and its members include Mr. Yang Guoping, Dr. James Hu, Mr. Michael Bi, Ms. Yu Xin, Mr. Fan Yin, Mr. Zhao Xiaoguang, Ms. Lily Hong, Professor Wang Yu, and Ms. Zhao Xiaohong.   At the appointment ceremony, Dr. Neil Wang, Global Partner of Frost & Sullivan and President of Frost & Sullivan Greater China, and Mr. Yves Wang, Managing Partner and Managing Director of Frost & Sullivan Greater China, presented appointment certificates to the expert committees and took group photos as a memento.   At the appointment ceremony, Neil Wang and Yves Wang presented appointment certificates to the expert committees and took group photos as a memento.   Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Yang Guoping Neil Wang and Yves Wang presented appointment certificates to Mr. Yang Guoping Neil Wang and Yves Wang jointly presented appointment certificates to Dr. Hu Jiguang Neil Wang and Yves Wang presented appointment certificates to Dr. James Hu Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Bi Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Wang Jie Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Wang Jie Neil Wang and Yves Wang presented appointment certificates to Ms. Wang Jie Neil Wang and Yves Wang presented appointment certificates to Ms. Yu Xin Neil Wang and Yves Wang presented appointment certificates to Ms. Yu Xin Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Cheng Jie Neil Wang and Yves Wang presented appointment certificates to Mr. Cheng Jie Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Huang Yong Neil Wang and Yves Wang presented appointment certificates to Mr. York Huang Neil Wang and Yves Wang presented appointment certificates to Ms. Luo Xiaoqin Neil Wang and Yves Wang presented appointment certificates to Ms. Luo Xiaoqin Neil Wang and Yves Wang presented appointment certificates to Mr. Zhao Xiaoguang Neil Wang and Yves Wang presented appointment certificates to Mr. Zhao Xiaoguang Neil Wang and Yves Wang presented appointment certificates to Mr. Fan Yin Neil Wang and Yves Wang presented appointment certificates to Mr. Fan Yin Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Hong Yingli Neil Wang and Yves Wang presented appointment certificates to Ms. Lily Hong Neil Wang and Yves Wang presented appointment certificates to Dr. Selina Shen Neil Wang and Yves Wang presented appointment certificates to Dr. Selina Shen Neil Wang and Yves Wang presented appointment certificates to Mr. Zhang Lan Ding Neil Wang and Yves Wang presented appointment certificates to Mr. Zhang Lan Ding Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Zhao Yan (Ms. Gao Yi collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Ms. Zhao Yan (Authorized for collection: Ms. Gao Yi) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Meng Yi (Mr. Qi Peng collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Meng Yi (Authorized for collection: Mr. Kevin Qi) Neil Wang and Yves Wang jointly presented appointment certificates to Ms. Zhao Xiaohong (Ms. Mei Mei collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Ms. Zhao Xiaohong (Authorized for collection: Ms. May Mei) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Liu Shaoqiang (Mr. Lu Jing collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Gary Liu (Authorized for collection: Mr. Gabriel Lu) Neil Wang and Yves Wang jointly presented appointment certificates to Academician Wang Guangji (Mr. Ding Xiaofei collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Academician Wang Guangji (Authorized for collection: Mr. Ding Xiaofei) Neil Wang and Yves Wang jointly presented appointment certificates to Professor Wang Yu (Ms. Luo Xiaoqin collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Professor Wang Yu (Authorized for collection: Ms. Luo Xiaoqin) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Liu Zhi (Mr. Ye Jun collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Liu Zhi (Mr. Frank Ye collected on behalf) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Xu Lei (Dr. Han Bin collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr. Michael Xu (Authorized for collection: Dr. Han Bin) Neil Wang and Yves Wang jointly presented appointment certificates to Mr. Tang Zhenyi (Mr. Lu Jing collected on behalf) Neil Wang and Yves Wang presented appointment certificates to Mr.  Coach Tang (Authorized for collection: Mr. Gabriel Lu) Group photo at the appointment ceremony Group photo of the Appointment Ceremony In the future, the Frost & Sullivan growth strategy expert committee will fully leverage its strengths and expertise, gather wisdom from all sectors, focus on growth, serve growth, and contribute to China's economic development!   In the future, the Frost & Sullivan's Expert Committee on Growth Strategy will give full play to its strengths and expertise, gather wisdom from all walks of life, focus on growth and serve growth in order to contribute to China's economic development!

On November 25, 2021, the appointment ceremony for the Growth Strategy Expert Committee of Frost & Sullivan (Frost & Sullivan, abbreviated as: Frost & Sullivan) was held grandly at the Shanghai Suning Bao Li Jia Hotel during the celebration of the company's sixtieth anniversary.   The membership of the Frost & Sullivan Growth Strategy Expert Committee is very comprehensive, including representatives of outstanding listed company entrepreneurs both domestically and internationally, leaders from the Chinese and foreign investment communities, financial industry executives, top professional service institutions, securities firms, media industry pioneers, representatives of international organizations, as well as over 20 senior professionals with significant industry influence, such as experts and scholars.   The following is the specific list of members of the Frost & Sullivan Growth Strategy Expert Committee:   Entrepreneur Representative listed company Mr. Yang Guoping, Chairman of Shanghai Volkswagen Group Ms. Zhao Yan, Chairman of Huaxi Biology   Technology companies Mr. Tang Zhenyi, Vice President of Shangtang Technology   Minsheng Enterprise Mr. Liu Zhi, Founder of Chengdu Dalongyi Catering Management Co., Ltd.   Central enterprise Ms. Wang Jie, Chairman of the State-owned Assets Control Innovation Service   Financial industry representative International financial institutions Dr. Hu Jiguang, Managing Director of BofA Securities and Head of the China Investment Banking Department Mr. Meng Yi, Head of Global Banking China and Vice Chairman of HSBC   domestic financial institutions Mr. Cheng Jie, Managing Director of CITIC Securities and Head of the Global Healthcare Industry at the Global Investment Banking Group   Representatives from the investment community Domestic investment institutions Mr. Fan Yin, Executive Vice President and Managing Director of Jinpu Industrial Investment Fund Management Co., Ltd. Mr. Zhang Landing, CEO of Silicom Investment Mr. Liu Shaoqiang, Managing Director of Dazheng Capital   International investment institutions Dr. Shen Lifeng, External Director of Shenzhen Special Economic Zone Construction and Development Group and Deputy Secretary-General of the Hong Kong International Investment Council Mr. Huang Yong, President of Procter & Gamble Alumni Association and Founding Partner of P&G Innovation Consumer Fund Mr. Xu Lei, Partner and Member of the Investment Committee of Southwind Capital Co., Ltd.   Academic expert representative Academician Wang Guangji of the Chinese Academy of Engineering Professor Wang Yu from the School of Public Health and Health Sciences, Tsinghua University, and Expert Advisor to the Global Health Forum of the Boao Forum for Asia   Representatives of international organizations Ms. Luo Xiaoqin, Deputy Director of the Organizing Committee for the Boao Forum for Asia Global Health Ms. Hong Yingli, Founder and Vice President of the Aima Art Foundation   Representatives of professional institutions Mr. Bi Shunjie, Partner-in-Chief of EY Greater China Ms. Yu Xin, General Manager of New Fortune Group Mr. Zhao Xiaoguang, Vice President of Tianfeng Securities and Director of the Research Institute of Tianfeng Securities Ms. Zhao Xiaohong, Executive Partner of the China Management Committee at King & Wood LLP   It is reported that the Frost & Sullivan Growth Strategy Expert Committee is chaired by Mr. Yang Guoping, with Mr. Meng Yi serving as the executive committee chairperson and Dr. Shen Lifeng as the secretary-general of the committee.   At the same time, a Standing Committee is established, which includes Mr. Yang Guoping, Dr. Hu Jiguang, Mr. Bi Shunjie, Ms. Yu Xin, Mr. Fan Yin, Mr. Zhao Xiaoguang, Ms. Hong Yingli, Professor Wang Yu, and Ms. Zhao Xiaohong.   At the appointment ceremony, Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, together with Mr. Wang Chenhui, Partner and Managing Director of Frost & Sullivan Greater China, jointly presented appointment certificates to the expert committee members and took a group photo.   Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Yang Guoping. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Dr. Hu Jiguang. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Bi Shunjie Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Wang Jie Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Yu Xin Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Cheng Jie Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Huang Yong. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Luo Xiaoqin Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Zhao Xiaoguang Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Fan Yin Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Hong Yingli Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Dr. Shen Lifeng. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Zhang Landing. Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Zhao Yan. (Ms. Gao Yi acting as the delegate) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Meng Yi (Mr. Qi Peng is taking charge) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Ms. Zhao Xiaohong. (Ms. Mei Mei is taking charge on behalf of us) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Liu Shaoqiang (Represented by Mr. Lu Jing) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Academician Wang Guangji (Mr. Ding Xiaofei is acting as the host.) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Professor Wang Yu. (Miss Luo Xiaoqin acting as the delegate) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Liu Zhi. (Mr. Ye Jun is acting as the host.) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Xu Lei (Dr. Han Bin presides over the meeting on behalf of all delegates.) Dr. Wang Xin and Mr. Wang Chenhui jointly presented the appointment certificate to Mr. Tang Zhenyi. (Represented by Mr. Lu Jing) Group photo at the appointment ceremony   In the future, the Frost & Sullivan Growth Strategy Expert Committee will fully leverage its strengths and expertise, pool the wisdom of all sectors, focus on growth, serve growth, and contribute to China's economic development!

Frost & Sullivan insights The Shanghai Data Exchange was established on the 25th in Pudong New Area, Shanghai. On its first day, 20 data products were listed, covering eight major categories including finance, transportation, and communications, taking a crucial step towards building Shanghai as an "International Digital Capital." The first batch of 100 enterprises signing up with the exchange includes data trading entities such as State Grid Shanghai Electric Power, law firms like Lijian Law Firm, accounting firms like PricewaterhouseCoopers, delivery-oriented companies like Fusu Technology and Youke Digital. Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (Frost & Sullivan, abbreviated as: F&S), said in an interview with Xinhua News Agency that the establishment of the Shanghai Data Exchange plays an important role in eliminating industry pain points and promoting sustainable development by standardizing data transactions while strengthening supervision and enhancing data security.   Xinhua News Agency As an important measure for China to promote the circulation of data elements, unlock digital dividends, and boost the development of the digital economy, the Shanghai Data Exchange was established on the 25th in Pudong New Area, Shanghai. On its first day, 20 data products were listed, covering eight major categories including finance, transportation, and communications, taking a crucial step towards building Shanghai into an 'International Digital Capital'.   "Trade without scenarios," here are the five highlights of the exchange On the first day of its establishment, ICBC Shanghai Branch reached a transaction with State Grid Shanghai Electric Power, leveraging the latter's energy data to provide innovative financial products and services; DataBank Technology, an industrial big data service provider, and JiuKun Investment completed the first data transaction in the field of quantitative asset management.   The reporter saw on the screen of the data product trading quotes at the Shanghai Data Exchange that the information was listed separately, including product name, supplier name, listing code, product type, data product registration certificate, data product manual, compliance manual, data quality assessment, and other details.   The Inauguration Ceremony of the Shanghai Data Exchange and the Venue of the 2021 Shanghai Global Digital Commerce Conference   With the pace of the era shifting from informatization to dataization, data flow is becoming a key carrier for activating human flow, logistics, technology flow, and capital flow. Data will also transform from data resources to data elements, then to data assets, and finally to data capital.   In response to key common challenges in data circulation such as rights confirmation, pricing, mutual trust, entry, and regulation, the newly established Digital Exchange has formed five innovative arrangements: First, it has released a digital commerce system, completely constructing a new 'digital commerce' business format. Second, it has issued supporting systems for data transactions, establishing the basic principle of 'no listing without compliance, no transaction without a scenario'. Third, it has released a fully digitalized data trading system that ensures full-time listing, global transactions, and full-process traceability for data transactions. Fourth, it has issued data product registration certificates, achieving one number, one code, which can be registered, counted, and surveyed. Fifth, it has issued data product manuals, making data readable in the form of manuals, transforming abstract data into tangible products.   Zhang Qi, Chairman of the Shanghai Data Exchange, said that in order to better 'escort' data trading, on the day of its establishment, the Shanghai First Data Trading Expert Committee was formed, consisting of 31 experts in fields such as legal compliance, financial transactions, the data industry, and data security. It will provide consulting opinions and professional guidance for data circulation and trading, making safety, standardization, and orderliness key characteristics of the Shanghai Data Exchange.   "Digital Commerce" Releases New Industrial Opportunities Data, as an important factor of production, is a new engine driving economic development, quality transformation, efficiency improvement, and innovation. Currently, there are over 1,000 core big data enterprises in Shanghai, with more than 5,000 public datasets opened up. The peak daily traffic of commercial data has reached 100 million records. A large number of landmark and demonstrative applications have been implemented and promoted, effectively driving the high-quality development of the economy and society.   Huang Lihua, Executive Deputy Director of the National Engineering Laboratory for Big Data Circulation and Transaction Technology, stated that 'data merchants' refer to economic entities that take data as the main object or primary raw material for business activities. Releasing the 'three types of value' (discoverers, value enablers, connectors, and service providers) from data elements is the mission of 'data merchants'.   Awarding Ceremony of the First Transaction Commemorative Certificate of Shanghai Data Exchange   Among the first batch of 100 enterprises signing with the data exchange market, there are data trading entities such as State Grid Shanghai Electric Power, law firms like Lianhe Law Firm, accounting firms like PricewaterhouseCoopers, and delivery-oriented enterprises like Fosun Technology and Youke Digital.   Shen Xin, President of Shouku Technology, stated that the establishment of exchanges has opened a green channel for enterprises that value data compliance, encouraging them to invest in original content. This is a prerequisite for the healthy development of China's digital exchange market in the future and also holds significant importance for the construction of the new 'digital commerce' business model.   "In the past, the company's data mainly served the municipal government for 'one network for handling affairs' and 'one network for unified management', which was of a public welfare nature. This is my first time participating in data trading, mainly because I value the government's platform, legality and compliance, as well as institutional innovation." A relevant person from State Grid Shanghai Electric Power Company said that data is a treasure trove, and they hope that through the exchange, more people can see the role of power data. In the future, data products may be designed for energy conservation and emission reduction, providing references for carbon credits, energy conservation and emission reduction, etc.   Ji Xinhua, Chairman of Ucloud, the first cloud computing listed company on the A-share market, said that the exchange has promoted orderly and standardized data trading by establishing basic systems such as data rights confirmation, registration, and trading, unlocking opportunities for data-related industries. Ucloud will rely on its years of accumulation in data security circulation, development, and utilization, and work with partners in the data industry ecosystem to stimulate data value and accelerate digital transformation.   Efficient circulation is essential, as well as ensuring safety   Dr. Wang Xin, Global Partner at Frost & Sullivan and President of the Greater China Region, stated that the domestic data trading industry is still in its early stages of development, with imperfect industry norms. Data trading may face challenges such as unclear ownership definitions and inadequate security protection. The establishment of the Shanghai Data Exchange plays an important role in standardizing data trading while strengthening supervision and enhancing data security, aiming to eliminate industry pain points and promote sustainable industry development. "There are certain differences between data trading and securities trading. Data itself is replicable and has different values for different users and use cases," said Jiang Xiangyu, a partner at Collaborative Law Firm. In order to regulate trading behavior and form a healthy and orderly market, data products need to undergo compliance assessments before entering the market. This specifically includes the basic information of the data trading entity, especially whether there are any illegal or irregular cases in the data field, the legality of the data source, whether it contains data that is prohibited from trading or not suitable for trading at present, data usage conditions and constraints (such as use scenarios, qualification requirements for data users, usage restrictions, whether resale is allowed, etc.), and the enterprise's risk control capabilities and measures for data circulation.   On the 25th, the Shanghai Arbitration Commission and the Shanghai International Economic and Trade Arbitration Commission established data arbitration centers in Pudong respectively, providing better institutional guarantees for the safe and orderly flow of data transactions.   It is reported that while constructing the 'exchange + base + enterprise agglomeration' digital industry ecosystem model, Pudong New Area will also build a data element industrial agglomeration area to comprehensively promote the prosperous development of the data element market and ensure the safe and orderly flow and trading of data.   This also means that Shanghai will provide answers to the global urban 'must-answer question' of data circulation and trading through more innovation. (Reporters: Pan Qing, Gong Wen, Sun Qing)   Frost & Sullivan Insight & Extended Readings   On November 25th, the Shanghai Data Exchange was officially established. In this regard, Dr. Wang Xin, Global Partner at Frost & Sullivan and President of Greater China, stated:   The Shanghai Data Exchange will be open to the global community, conducting comprehensive big data transactions. It will provide a venue and facilities for centralized data trading and organize and supervise data transactions. This will contribute to the construction of the Shanghai data element market, improve the multi-level data trading and circulation mechanism, form a good data trading ecosystem, and further strengthen Shanghai's leading position in the field of national data circulation and trading.   Currently, the domestic third-party data trading industry is still in its early stages of development. Industry norms are not yet complete, and issues such as unclear data ownership, inadequate data security protection, insufficient standardization of data transactions, and difficulty in eliminating gray markets have become major obstacles to industry growth. We believe that the establishment of the Shanghai Data Exchange will explore the creation of a new type of comprehensive big data trading mechanism with innovative classification and stratification. It will accelerate the advancement of data openness and sharing, as well as the establishment and improvement of data management mechanisms. While realizing standardized data transactions, it will strengthen transaction supervision and enhance data security. This plays an important role in eliminating industry pain points, exploring the establishment of a national-level data trading center, and promoting the rapid, healthy, and sustainable development of the industry.   We believe that the establishment of the Shanghai Data Exchange will contribute to the innovation of new big data trading mechanisms, accelerate data integration and sharing, and promote fair, orderly, secure, controllable, and fully traceable data transactions. At the same time, this helps Shanghai build a high-quality public data openness brand, comprehensively construct the city's digital foundation, activate material flow, technology flow, and capital flow through data streams, create high-level industrial chains, supply chains, and value chains, continuously improve the city's data capability level, build a high-level and convenient data circulation system, enhance the global allocation capacity of data elements, and achieve the goal of becoming an 'International Digital Capital'.   *This article is reprinted from Xinhua News Agency, with reporters Pan Qing, Gong Wen, and Sun Qing. The original article was titled 'The Shanghai Data Exchange Debuts “Data Merchants” New Business Model: Do You Have “Data”?'