$0.44 +0.02 (+4.07%) As of 04:00 PM Eastern
Our mission is to add value to our users in both service supply and demand sides. We create an innovative and efficient crowdsourcing platform to connect businesses with great talents. We design a digital marketplace with a comprehensive services catalog and an efficient search, find and order process to match talents with service needs. EPWK Holdings Ltd. was incorporated in the Cayman Islands as an exempted company in March 2022 as a holding company with no material operations of our own, we conduct our operations in China through EPWK VIE and its subsidiaries. Two other competitors and the EPWK VIE take up 27.8% market share of the crowdsourcing market in China, and, with approximately US$0.35 billion gross transaction volume, or GMV, in 2023, EPWK VIE is the second largest online marketplace in China, only behind Zhubajie’s US$0.56 billion GMV. Our platform, operated through EPWK VIE, is one of the only two comprehensive crowdsourcing platforms in China, with the other one operated by Zhubajie, and enables businesses (buyers) and service providers (sellers) to find each other. From 2019 to June 30, 2024, our platform enabled approximately US$1.67 billion (RMB11.4 billion) of GMV across 4.60 million projects. As of June 30, 2024, our accumulated registered buyers were 8.74 million and accumulated registered sellers were 16.92 million covering all 34 provinces of China. Specifically, in 2023, we enabled approximately US$349 million of GMV across 0.986 million projects. In 2022, we enabled approximately US$333 million of GMV across 0.91 million projects. Our accumulated registered buyers as of December 31, 2023 and 2022 were 8.59 million and 8.29 million, respectively. Our accumulated registered sellers as of December 31, 2023 and 2022 were 16.68 million, and 16.02 million, respectively. In the first half of 2024, we enabled approximately $166 million of GMV across 479,600 projects and accumulated 8.74 million registered buyers and 16.92 million registered sellers. --- Our marketplace platform was launched in 2011. We have achieved significant growth ever since our inception. Our platform users consist of buyers who seek talents for their jobs and sellers who offer different talents and skills. As of June 30, 2024, we have over 25.66 million registered users and offer an expansive catalog to provide diversified services to businesses of all sizes. Our daily inquiries well exceed 10,000 from logo design to business name selection to software development. Our Buyers Our buyers include micro, small, and medium sized businesses from various industries. The sizes of the buyers range from one-man shops to companies with US$23 million (RMB150 million) revenue. As of June 30, 2024, our service covers more than 2,800 cities and counties and counties with approximately 8.74 million buyers. Our Services to Buyers · Access to an expansive catalog of services. Our catalog has seven categories of design, software development, marketing, business writing, interior decoration, life service, and business service. The seven categories cover over 300 items including logo design, animation design, industrial design, website development, software development, copywrite planning, marketing promotion, decoration design and more. · Access to a diverse pool of sellers. We provide online and mobile access to approximately 16.68 million sellers with a broad set of skills. Through our website and mobile apps, buyers can post their jobs for free, connect with these talents easily, and get a broad range of services executed quickly and efficiently. · Reliable customer service. We focus on providing quality customer service to assist our buyers in contracting, delivery, payment, and dispute resolution. · Access to online design sharing database. Our design sharing database provides design licensing and digital copyright protection services. It collects creative works of many designers in China, providing buyers access to the platform to search creative materials for commercial use. The platform has two major databases: Gallery Center and Yipin Font Library. The Gallery Center contains searchable cartoon images, illustrations, artistic textures, pattern elements, and other creative materials to be licensed or purchased. Yipin Font Library provides one free downloadable font and three specialized fonts at different price levels. · AI-powered online tools. Our AI-powered online tools at xwzn.cnenable our buyers to generate customized business names and logos instantly based on industries, geographic locations, brand preferences, keywords, and other values. Names and logos are automatically screened for trademark conflicts and are evaluated for registrability. · IP registration and management services. We provide our buyers with general intellectual property services, including trademark registration, copyright registration, patent applications, trademark transactions, and patent transactions. Buyers have access to use our IP database to search their work against registered trademarks, copyrights, and patents to prevent any infringement before any commercial use. Furthermore, when buyers get their tasks fulfilled on our platform, we assist them with IP registration both domestically and internationally. · Other value-added services. We provide our corporate users with business certification service approved by Certification and Accreditation Administration of the People’s Republic of China (“CNCA”). Business certifications are imperative to our corporate users for their business credibility, brand building, IP application, and eligibility to bid for strategic projects. Our services cover intellectual property management system (IPMS) certification, quality and environmental system certification, environmental management system certification, occupational health and safety management system certification, service certification, corporate integrity management system certification, and social responsibility management system certification. We also assist our corporate users with business registration and compliance filings, bookkeeping and tax filings, and license applications. To better meet the needs of large customers for high professionalism and customized software design and other services, we have selected a group of high-quality technical service providers as important suppliers for our platform. After receiving customer demands, our platform will act as the primary point of contact to provide solutions to customers and assign work to these technology service providers, while fully monitoring service quality throughout the process. Our Sellers Our sellers consist of student artists, professional designers, part-time freelancers, and micro, small, and medium sized businesses with different talents, skills, and services to offer. As of June 30, 2024, we had 16.92 million sellers on our platform. Our Benefits to Sellers · Access to clients with different needs. Our marketplace platform provides sellers access to quality clients and rewarding projects. With 8.74 million buyers as of June 30, 2024, our platform publishes tasks ranging from quick to longer-term projects. We enable sellers to focus on what they do best and find clients outside of their local geography. · AI-powered online tools. Our AI-powered online tools at xwzn.cnenable our sellers to generate logo ideas and provide inspiration to sellers. Logos are automatically screened for trademark conflicts to prevent infringement. · Access to online design sharing database. Our design sharing database provides a platform for sellers to share and trade their creative works. Sellers may license or sell their works to buyers or other sellers. · Reliable customer service. We focus on providing quality customer service to assist our sellers in contracting, IP protection, delivery, payment, and dispute resolution. We work with a third-party bank to collect the funds from the buyer at the time of purchase and release them to the seller upon project completion. · IP registration and management services. We provide our sellers with general intellectual property services, including trademark registration, copyright registration, patent applications, trademark transactions, and patent transactions. Sellers have access to use our IP database to search their work against registered trademarks, copyrights, and patents to prevent infringement before any commercial use. · Business support services. We assist sellers to manage all of the administrative aspects of their business from office space renting and management, company name selection, business registration, and logo design to website construction, product packaging, marketing, bookkeeping, and tax filing. Our principal executive offices are located at Floor 4-602, Building #2, District A, No. 359 Chengyi Street, Xiamen Software Park Phase III, Xiamen, Fujian Province, People’s Republic of China.
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