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▶ Video account attention cross-border navigation It was learned that the initial public offering application of Santai Shares, a well-known distributor, was successfully reviewed at the GEM Listing Committee meeting held on August 30 and was officially listed at the meeting. According to the data in the prospectus, in the first half of 2022, Santai Co., Ltd. achieved operating income of 816 million yuan, a decrease of 33.53% from the same period last year, and net profit attributable to shareholders of the listed company was 70 million yuan, a decrease of 28.56% from the same period last year. Although Santai’s operating performance has been unstable in recent years, this successful approval is likely to bring it a huge wealth boosting effect, and its future performance is expected to further improve. In contrast, the distribution giants that were once more powerful than Santai Shares seem to be experiencing a lower and lower freezing point in recent years. Cross-border e-commerce half-year report released Net profit plummeted 98.52% It is learned that the popular distribution platform Cross-border Link recently announced its 2022 semi-annual performance report. During the reporting period, Cross-border E-commerce achieved operating income of 3.394 billion yuan , a decrease of 35.88% over the same period last year ; net profit attributable to shareholders of listed companies was 8.2861 million yuan , a sharp drop of 98.52% over the same period last year . Among them, the cross-border export e-commerce business achieved operating income of 248 million yuan , a year-on-year decrease of 39.69% . ▲ The picture comes from the announcement of Cross-border Communication Cross-Border Link stated that the company's revenue and net profit in the first half of 2022 decreased year-on-year mainly due to the sale of Paton and Global EasyBuy, financing difficulties and loan repayments. It is learned that as a once powerful distribution giant, Cross-border Communication's performance has repeatedly hit a freezing point since its net profit in 2020 dropped from an expected profit of 100-150 million to an actual loss of more than 3.3 billion. Industry insiders revealed that the cause of all this was Cross-border Communication's internal control defects and problems in the rectification of business projects. Then, seemingly unable to bear the pressure of huge losses and inability to meet funding needs, at the beginning of last year, Cross-border Communication announced the sale of its subsidiary Paton, known as one of the three Amazon giants. Soon after that, another powerful arm, Global Easy Shopping, was also repeatedly exposed to bankruptcy. At the beginning of this year, Cross-border Communication also received an administrative supervision measure decision from the Shanxi Regulatory Bureau, accusing it of having major problems in the company's internal governance and subsidiary management. Under the pressure of market environment impact, capital shortage, massive loss of talent, unsmooth business adjustments and other difficulties, Cross-Border Link, which was already greatly stimulated by the loss of its right-hand man, has been frequently involved in multiple lawsuits and disputes in recent years and has incurred huge debts. Involved in many major litigation and arbitration Cross-border Link is heavily in debt It is learned that at the same time as the semi-annual report was released, Cross-border Communication also issued a major litigation, arbitration and progress announcement. As of the date of the announcement, Cross-border Communication and its subsidiaries had a total of 15 new litigations and arbitrations, involving a total litigation amount of 287 million yuan , accounting for 19.88% of the company's latest audited net assets. ▲ The picture comes from the announcement of Cross-border Communication The announcement shows that the five new lawsuits are equity transfer disputes with SHEIN, loan disputes with Shanghai Youyi and contract disputes with other companies, involving a total litigation amount of approximately 275 million yuan . ▲ The picture comes from the announcement of Cross-border Communication The most high-profile of these is the equity transfer dispute lawsuit between K-Link and SHEIN. In April last year, Cross-Border Link signed a Paton equity transfer and capital increase agreement with SHEIN and other companies, stipulating that it would acquire 4.6782% of Paton's equity and pay a transfer price of 94.5 million yuan . However, as of March 2022, SHEIN still owed Cross-Border Link 12.1153 million yuan in equity transfer fees , and Cross-Border Link refused to pay after repeated requests for payment . Cross-Border Link then filed a lawsuit against SHEIN. In this equity transfer dispute lawsuit, SHEIN filed a counterclaim. The grounds for the counterclaim are as follows: 1. Cross-border Communication’s multiple breaches of contract constitute major breaches of contract, making it impossible to achieve the purpose of the contract. 2. The illegal and irregular operation of Cross-Border Links, which resulted in the closure of a large number of stores of the target company, constitutes a "force majeure" event under the Agreement. 3. Since the contractual purpose of the "Agreement" signed between SHEIN and Cross-Border Link is no longer possible to achieve, continuing to perform it is not in line with the principle of fairness. Based on this, SHEIN requested to terminate the "Equity Transfer and Capital Increase Agreement" with Cross-Border Link and demanded compensation for losses totaling 85.6426 million yuan. It is learned that in March this year, Xiamen Yiwei Yihang, which also had the intention to regret the acquisition of Paton like SHEIN, also filed a counterclaim, demanding the termination of the "Equity Transfer and Capital Increase Agreement", but ultimately failed. This announcement also disclosed that Yiwei Yihang was dissatisfied with the result of the first instance and was initiating a second instance. ▲ The picture comes from the announcement of Cross-border Communication At the beginning of 2021, the news that Cross-border Communication sold 100% of Paton's shares shocked the cross-border circle. However, with the passage of time, the sale of Paton has been blocked, Goldfinger Global Easybuy has encountered an unexpected change, and Cross-border Communication is deeply entangled in multiple lawsuits, and its future development is uncertain. At present, Cross-border Communication still faces the risk of volatility brought about by the unstable international environment, talent loss, intensified industry competition and the risk of the company's delisting. In response to this, Cross-border Communication also stated the corresponding response measures for various risks in the report , but the effectiveness remains to be seen. Looking at the 2022 semi-annual reports of major cross-border sellers in recent days , some major sellers have seen a surge in net profits, successfully getting rid of the shadow of account bans, some major sellers have seen steady growth in revenue and net profits, and some major sellers, like Cross-Border Link, have experienced unfavorable business development, with a sharp drop in revenue and net profit.The inconsistencies in the semi-annual performance reports of these cross-border sellers make one sigh at the severe challenges of transformation in the cross-border e-commerce industry. But as the ancients said: It is important to work hard, and the situation is not restrictive. Under this complex and turbulent industry transformation turning point, it is inevitable for cross-border sellers to move forward with heavy burdens. Only by working hard, following the trend and finding new ways can they survive and remain invincible in the adverse tide. What do you think about this? 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