Jihong Technology, a Chinese cross-border social e-commerce company, has seen its revenue plummet in the first half of 2024, largely due to a significant decline in its core business segment. The company, which is seeking a Hong Kong IPO, faces challenges from fierce competition and fluctuating exchange rates, particularly in its largest market outside of China – Northeast Asia. However, Jihong is expanding into Europe and leveraging AI and data analytics to enhance its sales model and customer experience.