We are a software as a service (“SaaS”) and platform as a service (“PaaS”) provider committed to helping retail enterprises digitally transform their businesses using our cloud-based SaaS product and our PaaS platform to develop, use and control business applications without the need to purchase complex IT infrastructure. We leverage the technologies used to develop our PaaS platform to standardize a highly customized customer relationship management, or CRM, services to our clients that seamlessly connect all levels of the retail chain from management teams to customers. Our products give our retail clients a comprehensive view of their business operations in real time on multiple interfaces, allowing them to make critical business decisions anytime and anywhere. At present, we believe we are one of the few domestic SaaS or PaaS providers in Mainland China with a strong emphasis on mid-tier brands. According to China Insights Consultancy (“CIC”), in 2022, mid-tier brands accounted for approximately 35% to 50% of all retail sales in China. Our products allow mid-tier brand retailers to use offline direct distribution to connect the management team, distributors, salespersons, stores, and end customers across systems, apps, and devices. This provides retailers with a comprehensive suite of tools to instantly address issues using real-time sales data. By streamlining the decision-making process, our products help optimize the overall supply chain, boosting efficiency and profitability. We believe that there is a substantial market opportunity for our SaaS product and PaaS platform in Mainland China. According to CIC, the market for retail public cloud services in China, including ours, has experienced rapid growth over the past five years and is projected to maintain this steady rate of expansion for the next five years. As the demand for cloud-based solutions continues to rise, we anticipate that retailers will increasingly turn to public cloud services to streamline their operations, reduce costs, and enhance their overall performance. However, by the end of 2022, the penetration rate of SaaS in the Chinese retail industry was only 11.3% and PaaS penetration was even lower at less than 5%. We believe our company is uniquely positioned to provide cloud-based SaaS products and a PaaS platform to meet the needs of mid-tier brands in Mainland China. We specialize in supporting mid-tier brands that heavily rely on offline direct distribution with high-volume IT update requirements. We offer customized, comprehensive, fast-deployment omnichannel digital solutions that unify all aspects of commerce. Our solutions include store innovations, distributed inventory management, cross-channel data integration, and a rich set of e-commerce capabilities that encompass mobile applications, social media, and web-based applications. Since the inception of our operating subsidiary in 2018, we have achieved significant growth. We saw an increase from 25 customers to 33 customers (8 lost customers offset by 16 new customers) using our payment channel services and professional services for the year ended September 30, 2022, primarily in the fast-moving consumer goods, cosmetics, and food and drink sectors. For the same period, our PaaS platform empowered us to develop highly customized CRM SaaS products for some leading brands such as Procter & Gamble (Guangzhou) Technology Innovation Co., LTD (“P&G Guangzhou”) and Pu’er Lancang Ancient Tea Co., Ltd., (“Lancang Ancient Tea”). For the year ended September 30, 2023, we saw a decrease from 33 customers to 16 customers using our professional services and payment channel services. Our principal executive office is located at Room 1005, 1006, 1007, No. 122 Huangpu Avenue West, Tianhe District, Guangzhou, Guangdong Province, PRC. Our registered office in the Cayman Islands is located at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. Our agent for service of process in the United States is Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware.
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