Who held back Xiyin's valuation?

Cross border e-commerce giant Xiyin has taken a crucial step towards going public in Hong Kong after years of preparation. Despite facing valuation fluctuations, rising customer acquisition costs, and impacts from platforms such as Temu, it continues to operate steadily with a flexible supply chain and a "small order quick return" model. By 2025, its revenue will reach $41.8 billion, and its global active users will exceed 270 million. The company is transforming its fulfillment system from "light" to "heavy" by introducing third-party sellers, expanding its full range of products, and accelerating its overseas warehouse layout, while continuously optimizing its cost structure. Rooted in Guangdong and serving the world, Xiyin showcases the resilience and vitality of Chinese enterprises in innovating and going global.