Connect with us

Technology

Arbe Announces Q3 2024 Financial Results

Published

on

TEL AVIV, Israel, Nov. 27, 2024 /PRNewswire/ — Arbe Robotics Ltd. (NASDAQ: ARBE) (TASE: ARBE) (“Arbe”), a global leader in Perception Radar Solutions, today announced financial results for its third quarter, ended September 30, 2024.

 

 

Key Q3 and Recent Company Highlights:

•  OEM Engagements: 

– Arbe experienced significant growth in both the number and the depth of our OEM engagements. The company is in active process with 16 OEMs, 12 of which progressed to the bid stage, and 8 entered the advanced perception project phase.

– Arbe collaborated with a leading European truck manufacturer, which plans to incorporate Arbe’s radar chipset into its next-generation sensor suite.

•  Collaborations with Tier-1s:

– HiRain Technologies accelerated the development of an ADAS system for a Chinese OEM, with the aim of replacing LiDAR with Arbe’s radar chipset.

– Sensrad signed a framework agreement to supply 4D imaging radars, powered by Arbe’s technology, to Tianyi Transportation Technology in China.

•  Growing Market Demand: Arbe observed increasing interest in its radar technology from emerging verticals beyond automotive and is actively working with customers to address these opportunities.

•  Successful Capital Raise: Arbe completed an offering of up to $49 million, of which $15 million were received upfront and up to $34 million will be received upon the exercise in full for cash of long-term and milestone-linked warrants. The public offering was led by existing investor AWM Investment Company Inc. and joined by new investors. The proceeds will support the planned production ramp-up in 2025. Canaccord Genuity served as the sole bookrunner, with Roth Capital Partners acting as co-manager.

“This quarter, we made significant progress in testing and deliveries for leading European OEMs,” said Kobi Marenko, Chief Executive Officer. “While the selection process has taken longer than anticipated, we remain on track toward achieving our design-in objectives. We are proud to have completed a public offering, welcoming both new and existing investors. This investment demonstrates their confidence in our progress and long-term vision. 
In Q3, we achieved important milestones with our Tier-1s HiRain and Sensrad. With HiRain, we are enhancing global automotive safety by providing radar capabilities traditionally associated with other sensor technologies. Sensrad’s recent agreement underscores the growing demand for advanced innovative radar solutions across industries beyond automotive.”

Third Quarter 2024 Financial Highlights

Revenues for Q3 2024 were $0.1 million, a decrease from $0.5 million in Q3 2023. Backlog as of September 30, 2024, was $0.5 million.

Negative gross profit for Q3 2024 was $0.3 million, compared to a positive gross profit of $0.1 million / 24% in Q3 2023, mainly related to the reduction in revenue with a fixed cost level of expenses.

Operating expenses in Q3 2024 were $12.2 million, compared to $11.7 million in Q3 2023. The increase in operating expenses was primarily driven by an increased investment in outsourced support (both in headcount and overall expenses) as well as an increase in our internal workforce.

Net loss in the third quarter of 2024 increased to $12.6 million, compared to a net loss of $11.7 million in the third quarter of 2023. Net loss in Q3 2024 included $0.1 million of financial expenses, including bond revaluations partially offset by interest deposit gains.

Adjusted EBITDA, a non-GAAP measurement which excludes expenses for non-cash share-based compensation and for non-recurring items, for Q3 2024, yielded a loss of $8.2 million, compared to a loss of $7.5 million in the third quarter of 2023.

Balance Sheet & Liquidity

As of September 30, 2024, Arbe had $19.1 million in cash and cash equivalents.

Outlook

Our goal of achieving 4 design-ins with automakers remains unchanged, as we observe continued strong interest in our market-leading offering.We have strengthened our position in all our RFQ engagements, even though the OEMs have shifted their decision timelines from late 2023 to 2024.The 2024 annual revenues are expected to be in line with those of 2023, followed by revenue growth in 2025. These revenue projections are based on the intention to be in full production in the second half of 2024, as well as our decision to exclusively focus on getting our chipset into production.We are committed to maintaining a strong and well-managed balance sheet, focusing on cost-effectiveness and the ability to fund our revenue growth. Adjusted EBITDA for 2024 is projected to be in the range of ($30) million to ($36) million.

Conference Call & Webcast Details

Arbe will host a conference call and webcast today at 8:30 am ET. Speakers will include Kobi Marenko, Chief Executive Officer, Co-Founder and Director, and Karine Pinto-Flomenboim, Chief Financial Officer. The Company encourages participants to pre-register for the conference call here. Callers will receive a unique dial-in upon registration, which enables immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

The live call may be accessed via telephone at:

Toll Free: 1-(844) 481-3015

Israel Toll Free: 1-809-212373

Internationally: 1-(412) 317-1880

A telephonic replay of the conference call will be available until December 11, 2024, following the end of the conference call. To listen to the replay, please dial:

U.S. Toll Free: 1-877-344-7529
International: 1-412-317-0088
Access ID: 5174719

A live webcast of the call can be accessed here or from Arbe’s Investor Relations website at https://ir.arberobotics.com/news/ir-calendar. An archived webcast of the conference call will also be made available on the website following the call.

Arbe (Nasdaq, TASE: ARBE), a global leader in Perception Radar Solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. Arbe’s radar technology is 100 times more detailed than any other radar on the market and is a critical sensor for L2+ and higher autonomy. The company is empowering automakers, Tier-1 suppliers, autonomous ground vehicles, commercial and industrial vehicles, and a wide array of safety applications with advanced sensing and paradigm changing perception. Arbe, a leader in the fast-growing automotive radar market, is based in Tel Aviv, Israel, and has offices in China, Germany, and the United States.

Cautionary Note Regarding Forward-Looking Statements

This press release contains, and the webcast will contain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The words “expect,” “believe,” “estimate,” “intend,” “plan,” “anticipate,” “may,” “should,” “strategy,” “future,” “will,” “project,” “potential” and similar expressions indicate forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These risks and uncertainties include, our ability to meet the milestones for the balance of our equity financing, the effect on the Israeli economy generally and on the Company’s business resulting from the terrorism and the hostilities in Israel and with its neighboring countries including the effects of the continuing war with Hamas and any further intensification of hostilities with others, including Iran and Hezbollah, and the effect of the call-up of a significant portion of its working population, including the Company’s employees; the effect of any potential boycott both of Israeli products and business and of stocks in Israeli companies; the effect of any downgrading of the Israeli economy and the effect of changes in the exchange rate between the US dollar and the Israeli shekel; and the risk and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements,” “Item 3. Key Information – D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects” and in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2024, as well as other documents filed by the Company with the SEC. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Information contained on, or that can be accessed through, the Company’s website or any other website or any social media is expressly not incorporated by reference into and is not a part of this press release.

 

 

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

 Sep 30, 2024 

December 31, 2023

Current Assets:

 (Unaudited) 

 (Unaudited) 

Cash and cash equivalents

18,788

28,587

Restricted cash

280

163

Short term bank deposits

20

15,402

Trade receivable 

618

1,258

Other assets

30,417

Prepaid expenses and other receivables

2,114

2,026

Total current assets

52,237

47,436

Non-Current Assets

Operating lease right-of-use assets

1,800

1,740

Property and equipment, net

1,429

1,309

Total non-current assets

3,229

3,049

Total assets

55,466

50,485

Current liabilities:

Trade payables

942

1,149

Operating lease liabilities

524

436

Employees and payroll accruals

3,096

2,916

Convertible bonds

30,836

Accrued expenses and other payables 

871

1,710

Total current liabilities

36,269

6,211

Long term liabilities

Operating lease liabilities

1,443

1,306

Warrant liabilities

540

875

Total long-term liabilities

1,983

2,181

SHAREHOLDERS’ EQUITY:

Ordinary Shares

 *) 

*)

Additional paid-in capital

257,976

245,733

Accumulated Deficit

(240,762)

(203,640)

Total shareholders’ equity

17,214

42,093

Total liabilities and shareholders’ equity

55,466

50,485

*) Represents less than $1.

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)

 3 Months Ended 

3 Months Ended

9 Months Ended

9 Months Ended

 Sep 30, 2024 

 Sep 30, 2023 

 Sep 30, 2024 

 Sep 30, 2023 

 (Unaudited) 

(Unaudited)

(Unaudited)

(Unaudited)

Revenues

123

479

669

1,123

Cost of revenues

394

364

1,245

971

Gross profit (loss)

(271)

115

(576)

152

Operating Expenses:

Research and development, net

8,762

8,421

26,072

25,636

Sales and marketing

1,426

1,264

4,243

3,666

General and administrative

1,988

1,993

5,927

5,637

Total operating expenses

12,176

11,678

36,242

34,939

Operating loss

(12,447)

(11,563)

(36,818)

(34,787)

Financial expenses (income), net

127

134

303

(573)

Net loss

(12,574)

(11,697)

(37,121)

(34,215)

Basic net loss per ordinary share 

(0.16)

(0.15)

(0.46)

(0.49)

Weighted-average number of
shares used in computing basic
net loss per ordinary share 

80,957,931

77,474,326

79,914,649

69,975,104

Diluted net loss per ordinary share 

(0.19)

(0.18)

(0.58)

(0.56)

Weighted-average number of
shares used in computing diluted
net loss per ordinary share 

66,586,095

67,286,305

64,503,654

61,452,569

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

 3 Months Ended 

3 Months Ended

9 Months Ended

9 Months Ended

 Sep 30, 2024 

 Sep 30, 2023 

 Sep 30, 2024 

 Sep 30, 2023 

Cash flows from operating activities:

 (Unaudited) 

(Unaudited)

(Unaudited)

(Unaudited)

Net Loss 

(12,574)

(11,697)

(37,121)

(34,215)

Adjustments to reconcile loss to net cash used in operating activities:

Depreciation

148

139

437

415

Stock-based compensation

3,800

3,707

11,399

9,428

Warrants to service providers

291

178

639

432

Revaluation of warrants and accretion

(67)

(252)

(335)

(490)

Revaluation of convertible bonds accretion

117

140

Change in operating assets and liabilities:

Decrease in trade receivable 

76

24

640

186

Decrease (increase) in prepaid expenses and other receivables 

(160)

58

(88)

562

Decrease in other assets 

128

Issuance costs related to convertible bonds

737

737

Operating lease ROU assets and liabilities, net

31

(5)

165

(4)

Increase (decrease) in trade payables 

85

(368)

(231)

(652)

Increase (decrease) in employees and payroll accruals

(169)

210

180

(340)

Decrease in accrued expenses and other payables

(225)

(83)

(839)

(3,789)

Net cash used in operating activities

(7,782)

(8,089)

(24,277)

(28,467)

Cash flows from investing activities:

Change in bank deposits

17,663

(13)

15,382

(25,215)

Purchase of property and equipment

(119)

(71)

(533)

(190)

Net cash provided by (used in) investing activities

17,544

(84)

14,849

(25,405)

Cash flows from financing activities:

Proceeds from issuance of ordinary shares, net of issuance costs 

22,496

Issuance costs related to convertible bonds

(459)

Proceeds from exercise of options

185

97

205

703

Net cash provided by (used in) financing activities

185

97

(254)

23,199

Effect of exchange rate fluctuations on cash and cash equivalent

(17)

(655)

197

(721)

Increase (decrease) in cash, cash equivalents and restricted cash 

9,964

(7,421)

(9,879)

(29,952)

Cash, cash equivalents and restricted cash at the beginning of period

9,120

31,718

28,750

54,315

Cash, cash equivalents and restricted cash at the end of period

19,068

23,642

19,068

23,642

 

 

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS 

(U.S. dollars in thousands, except share and per share data)

 3 Months Ended 

3 Months Ended

9 Months Ended

9 Months Ended

 Sep 30, 2024 

 Sep 30, 2023 

 Sep 30, 2024 

 Sep 30, 2023 

GAAP net loss attributable to ordinary shareholders

(12,574)

(11,697)

(37,121)

(34,215)

Add:

Stock-based compensation

3,800

3,707

11,399

9,428

Warrants to service providers

291

178

639

432

Revaluation of warrants and accretion

(67)

(252)

(335)

(490)

Convertible bonds accretion

117

140

Non-recurring expenses related to convertible bonds and ATM

805

214

Non-GAAP net loss

(8,433)

(8,064)

(24,473)

(24,631)

Basic Non-GAAP net loss per ordinary share 

(0.10)

(0.10)

(0.31)

(0.35)

Weighted-average number of shares used in computing
basic Non-GAAP net loss per ordinary share

80,957,931

77,474,326

79,914,649

69,975,104

Diluted Non-GAAP net loss per ordinary share 

(0.13)

(0.12)

(0.38)

(0.40)

Weighted-average number of shares used in computing
diluted Non-GAAP net loss per ordinary share 

66,586,095

67,286,305

64,503,654

61,452,569

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(U.S. dollars in thousands)

 3 Months Ended 

3 Months Ended

9 Months Ended

9 Months Ended

 Sep 30, 2024 

 Sep 30, 2024 

 Sep 30, 2024 

 Sep 30, 2024 

GAAP net loss attributable to ordinary shareholders

(12,574)

(11,697)

(37,121)

(34,215)

Add:

Financial expenses (income), net

127

134

303

(573)

Depreciation 

148

139

437

415

Stock-based compensation

3,800

3,707

11,399

9,428

Warrants to service providers

291

178

639

432

Non-recurring expenses related to ATM

68

214

Adjusted EBITDA 

(8,208)

(7,539)

(24,275)

(24,299)

Logo – https://mma.prnewswire.com/media/803813/Arbe_Robotics_Logo.jpg

 

View original content:https://www.prnewswire.com/news-releases/arbe-announces-q3-2024-financial-results-302317412.html

SOURCE Arbe

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

China-Europe Youth Exchange Campaign: When Fashion Meets Football — A Green Pitch Appointment for Cross-Cultural Dialogue

Published

on

By

BEIJING, July 19, 2026 /PRNewswire/ — On July 18, in Rongjiang County, Guizhou Province, China, the much-anticipated Guizhou Village Super League staged several thrilling grassroots football matches, accompanied by a one-of-a-kind football culture creative showcase.

The showcase, themed Common Love, blended fashion runway elements with local music and dance, presenting 16 distinctive football-themed jersey designs. These featured Italian architectural graffiti, Brazilian color blocks, as well as motifs of the Great Wall, pandas, Chinese auspicious clouds, and ethnic patterns. The outfits were modeled by over 20 young people from diverse walks of life in Guizhou, while the designs themselves were contributed by more than 100 youth participants from over 20 countries and regions during the China-Europe Youth Exchange Campaign: When Fashion Meets Football.

Launched by the China Media Group, European and Latin American Languages Programming Center, the campaign took football as a shared global language. Through youth creative workshops and interactive exchanges, it encouraged young people worldwide to harness AIGC tools to design football jersey patterns, thereby deepening mutual understanding and strengthening friendship.

This initiative drew enthusiastic participation from youth across the globe, who engaged in online dialogues on sports culture and AI-driven creativity. Experts such as Ana Vasques, Executive President, IETI Artificial Intelligence & Creative Design branch; Giulio Cuomo, Professor of Video Production and AI at Accademia Italiana; and Dr. Zhang Youyu, Distinguished Research Fellow at Peking University, shared their insights based on the campaign’s outcomes. They emphasized that football has long transcended the realm of sport, evolving into a cultural symbol that embodies diverse civilizations. Meanwhile, the innovative application of artificial intelligence is opening new pathways for cross-cultural dialogue among global youth.

Video – https://www.youtube.com/watch?v=JhzZPHPk8IA

Photo – https://mma.prnewswire.com/media/3006669/20260719205937_131_59.jpg

View original content:https://www.prnewswire.co.uk/news-releases/china-europe-youth-exchange-campaign-when-fashion-meets-football–a-green-pitch-appointment-for-cross-cultural-dialogue-302829189.html

Continue Reading

Technology

Singtel Receives Four Frost & Sullivan 2026 Recognitions for Leadership in Enterprise Connectivity, Cybersecurity, and Digital Transformation

Published

on

By

The recognitions highlight Singtel’s leadership in secure connectivity, network transformation, IoT innovation, and cybersecurity, delivering customer value through intelligent digital infrastructure and AI-enabled enterprise services.

SAN ANTONIO, July 20, 2026 /CNW/ — Frost & Sullivan is pleased to honor Singtel with the 2026 Southeast Asia IoT Connectivity Service Provider Company of the Year, 2026 Singapore Network Transformation Customer Value Leadership, 2026 Singapore Cybersecurity Services Company of the Year, and 2026 Singapore SD-WAN and SASE Service Provider Company of the Year recognitions. These acknowledgements reflect Singtel’s outstanding achievements in delivering secure, intelligent, and scalable digital infrastructure that enables enterprises to modernize operations, simplify complexity, and accelerate digital transformation across Singapore and Southeast Asia. They underscore the company’s consistent leadership in strategy execution, customer value creation, and innovation across enterprise connectivity, cybersecurity, software-defined networking, and IoT connectivity services.

Frost & Sullivan evaluates companies through a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. Singtel excelled in both, demonstrating its ability to anticipate evolving enterprise requirements while consistently translating long-term vision into measurable customer outcomes. Through platforms such as Singtel CUBΣ (CUBE) and its multidomestic IoT connectivity architecture, the company continues to unify networking, cybersecurity, automation, and AI-driven intelligence into integrated solutions that address the growing complexity of hybrid, multicloud, and connected environments. “Singtel has established itself as a benchmark for enterprise digital infrastructure by converging connectivity, cybersecurity, network intelligence, and IoT orchestration into a unified, customer-centric ecosystem. Its disciplined execution, platform-led innovation, and commitment to simplifying complex enterprise environments continue to strengthen operational resilience and deliver sustained value for organizations across the region,” said Kenny Yeo, Director at Frost & Sullivan.

Guided by a long-term strategy focused on digital innovation, intelligent infrastructure, and customer-centric transformation, Singtel has moved well-beyond traditional telecommunications to a trusted technology partner for enterprises navigating increasingly connected and data-driven environments. Its strategic investments in AI-enabled operations, cloud-native platforms, secure connectivity, and ecosystem partnerships enable organizations to modernize critical infrastructure while maintaining the flexibility to support future business growth.

The company’s strategic agility and sustained investment in integrated digital platforms have enabled it to scale innovative services across local, regional, and global enterprise environments. Innovation remains central to Singtel’s approach through solutions including the CUBΣ connected intelligence platform, multidomestic IoT connectivity powered by eSIM orchestration, managed cybersecurity services, AI-driven network automation, and network-as-a-service capabilities. These solutions simplify network and security management, strengthen cyber resilience, improve operational visibility, and provide enterprises with scalable, secure, and high-performing connectivity across cloud, edge, IoT, and hybrid infrastructures.

By streamlining service delivery through intelligent automation, centralized orchestration, proactive monitoring, and flexible managed and co-managed service models, Singtel continues to help organizations reduce operational complexity while improving service reliability and business agility. Its ability to integrate best-of-breed technologies in a unified operational framework, combined with strong regional network ownership and localized expertise, enables customers to confidently scale digital initiatives while maintaining security, governance, and operational excellence.

Frost & Sullivan commends Singtel for setting a high standard in competitive strategy, execution, and customer value across multiple technology domains. By combining intelligent networking, secure digital infrastructure, AI-enabled operations, and cross-border IoT capabilities in an integrated platform strategy, the company is shaping the future of enterprise connectivity while helping organizations build resilient, future-ready digital ecosystems.

Each year, Frost & Sullivan presents its Company of the Year and Customer Value Leadership recognitions to organizations that demonstrate outstanding strategy development and implementation, resulting in measurable improvements in customer satisfaction, competitive positioning, and business performance. These recognitions honor forward-thinking companies that continuously raise industry standards through innovation, operational excellence, and long-term value creation.

Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.

Contact:
Tarini Singh
E: Tarini.Singh@frost.com

 

View original content:https://www.prnewswire.com/news-releases/singtel-receives-four-frost–sullivan-2026-recognitions-for-leadership-in-enterprise-connectivity-cybersecurity-and-digital-transformation-302829114.html

SOURCE Frost & Sullivan

Continue Reading

Technology

Foreign entrepreneurs find business opportunities and a home in Yiwu

Published

on

By

BEIJING, July 19, 2026 /PRNewswire/ — A report from People’s Daily:

Yiwu, a city in east China’s Zhejiang province, is neither a coastal hub nor a border town. Yet it has built a trade network that reaches across the globe. Today, the city is home to more than 10,000 foreign-invested businesses and around 38,000 foreign merchants who live and work there.

People’s Daily reporters recently visited Yiwu to meet foreign entrepreneurs who have built successful businesses and settled down in the city. They shared stories of growing alongside Yiwu and becoming part of its remarkable transformation.

“I wouldn’t be where I am today without Yiwu,” said Senegalese businessman Sourakhata Tirera, a sentiment he often expresses. He first came to Yiwu in 2003 to source hardware products and was immediately impressed by the Yiwu International Trade Market. He noted, “If you can’t find something here, it’s probably because you haven’t searched carefully enough.”

In 2007, Tirera opened a foreign trade agency in Yiwu. In 2012, leveraging Yiwu’s comprehensive foreign trade pilot reform project, he established a wholly foreign-owned trading company. Today, his company ships 200 to 300 containers every month, dealing in more than 1,000 product categories and providing one-stop sourcing services for clients across Africa.

“Everyone is fascinated by Yiwu because it’s a place full of opportunities. Things that once seemed impossible can become reality here,” Tirera told People’s Daily after he finished receiving a trade delegation from Gabon.

Yemeni businessman Maged Mohammed Ali Al-Huraibi came to Yiwu alone in 2008 to pursue his entrepreneurial dream and founded a cosmetics trading company. In 2024, Yiwu launched a one-stop entrepreneurship service for foreign talent, offering factory leasing, policy consultation, and talent recruitment. Seizing the opportunity, Al-Huraibi invested in a cosmetics factory early that year, successfully transitioning from trader to manufacturer.

“Yiwu made my entrepreneurial dream come true. Now I want to bring cosmetics made in Yiwu to even more countries and regions around the world,” Al-Huraibi said.

Yiwu’s success is not simply about gathering products. More importantly, it comes from the city’s ability to create what the market needs — pioneering new approaches where none exist and forging new paths through continuous exploration.

Nepalese businessman Khadka Raj Kumar first came to Yiwu in 2002. In 2011, Yiwu pioneered a dual-track system for representative offices and foreign-invested business entities, addressing challenges related to residency, employment and business operations for foreign entrepreneurs. The following year, Kumar established his own trading company in Yiwu and later bought a home there.

In 2013, Yiwu established China’s first people’s mediation committee dedicated to foreign-related disputes, inviting foreign businesspeople to serve as mediation processes. Kumar has served in this role since 2017 and has participated in resolving more than 150 foreign-related disputes.

“In Yiwu, we’re not outsiders — we’re part of the local community,” he said.

As Yiwu’s sixth-generation marketplace, the Yiwu Global Digital Trade Center marks the city’s transition from traditional trade to a digital trade ecosystem.

Pakistani businessman Sheikh Jamil, who has operated in Yiwu for 21 years, has witnessed this transformation firsthand. According to him, more and more business is now conducted online. With the help of AI, he can quickly generate product solutions tailored to different market demands. “I can do business with the whole world without leaving my office,” he said.

Yemeni businessman Hasan Mohammed entered Yiwu’s cosmetics business as a distributor a decade ago. In 2018, he registered his own cosmetics brand in Saudi Arabia. With its products registered in Saudi Arabia, manufactured in China and sold worldwide, his business model delivers both high-quality products and a strong competitive edge.

“Yiwu is more like an ecosystem where ideas can quickly become reality. It offers not only opportunities, but also the potential for continuous growth,” said Mohammed.

For Brazilian businesswoman Ana Garcia, Yiwu’s transformation from “Made in Yiwu” to “Created in Yiwu” has been fueled by broad support in branding, digital innovation and global expansion. She founded a business consultancy that helps overseas clients identify market opportunities and sourcing needs, connect with qualified suppliers, and manage every step of the supply chain — from product selection and quality inspection to logistics and customs clearance.

Yiwu belongs not only to China, but also to the world. Together with entrepreneurs from around the globe, the city will continue turning the impossible into the possible, further burnishing its reputation as the “world’s supermarket” and ensuring that products created in Yiwu benefit people in more countries.

View original content:https://www.prnewswire.com/apac/news-releases/foreign-entrepreneurs-find-business-opportunities-and-a-home-in-yiwu-302829158.html

SOURCE People’s Daily

Continue Reading

Trending