JDD Leaders Series: Cao Peng: Witness of JD Digits’ Development

by Yuchuan Wang

Cao Peng is vice president and head of AI technology and robotics at JD Digits. His team is committed to promoting the full integration of a range of cutting-edge technologies including AI, big data, and blockchain with finance, retail and other businesses.

With the effects of demographic and data dividends gradually waning, internet giants are rushing to the “2B” service battlefield, also known as the “Industrial Internet.”. Internet companies have sought to increase their market share by providing business-to-business technology solutions. At the same time, under the influence of COVID-19, companies in traditional industries have increased urgency for digitized solutions.

JD Digits has been at the forefront of this trend toward digitization for almost a decade. Established under JD.com in 2013, JD Digits has moved from focusing exclusively on consumer services to delivering business solutions—allowing it to become one of the world’s leading digital technology providers. Currently, the company is focused on core businesses, including AI technology, intelligent robotics, intelligent cities, digital marketing, and Fintech solutions.

Cao Peng, vice president and head of AI technology and robotics at JD Digits

Cao Peng, vice president and head of AI technology and robotics at JD Digits

From multinational corporation to Richard’s little shop

Cao Peng met Richard Liu, Founder and CEO of JD.com in the early 2000s. At the time, Liu ran an offline store in Zhongguancun (known as the “Silicon Valley of China”) that sold authentic-only laser technology products such as compact discs and CD burners. He happened to meet Richard on an internet forum when he was browsing information regarding how to identify fake CDs.

“Twenty years ago, there was significant fraudulent business activity in Zhongguancun. It was quite rare that Richard chose to sell only authentic ones.” Said Cao.

After graduating from college with a degree in computer science, Cao went to work for a leading multinational consulting firm. Not long after, Liu sought Cao’s help to build website for his Zhongguancun store. In January 2004, Cao successfully helped launch the website “jdlaser.com”, the predecessor of JD.com, in his spare time. Liu gave him two CD burners as a reward for his effort. “I still have one of them under my bed,” said Cao.

In January 2004, Cao successfully helped launch the website “jdlaser.com”, the predecessor of JD.com,
Website: jdlaser.com

Pioneering a new journey

In 2007, JD received over $10 million in its first round of funding. The fast-growing e-commerce company urgently needed professional managers. Again, Liu went to Cao—this time to recruit him for technology research.

There is a Chinese saying: “A man should be independent by the age of 30.” That year, Cao was 29.

“I wanted to be a programmer who impresses others.” Cao remembered. Although enjoying a successful and stable career, he was tired of the same routine. A doorstep away from 30, he wanted to challenge himself.

“Richard is a reliable man. He keeps his promises and never disappoints his customers.” Cao said. What surprised him the most was that he had never seen a company that could survive in Zhongguancun for five years—most go bankrupt in just one year. Even former employees who handled Cao’s disc orders continued to follow Liu. “‘He must treat his employees very well,’ I thought.”

Since then, JD.com has gradually become China’s largest retailer by revenue, while Cao has fulfilled his dream of becoming a leading technology professional. From transactions and supply chain to accounting and human resources, Cao has been heavily involved in all phases of JD’s technical infrastructure. He has spearheaded countless technological innovations to help build the company into a giant up from the ground.

When JD.com was preparing for its initial public offering on Nasdaq in 2013, Shengqiang Chen, the company’s former CFO, established JD Finance, the predecessor of JD Digits.

Cao, who had planned to retire, soon decided to join Chen to establish the new financial empire.

“I really enjoy starting new businesses from scratch. The process is a lot of fun, and seeing something built through my own efforts is deeply fulfilling.” Leveraging his expertise in technology, Cao first helped Chen build the JD Finance website and then helped JD Digits build the fundamental technology system.

From financial to digital

“We decided to move towards fintech in 2015 because we realized that focusing exclusively on financial products wouldn’t maximize our market share considering the number of players from both traditional and internet industries,” Cao said, “By expanding into fintech, we discovered that not only can we empower the financial sector, but our AI and big data capabilities were advanced enough to be replicated in other industries. That’s why we further adjusted our strategy in 2018 to become a digital technology company.”

JD Digits is determined to become the partner of industrial digitization.

Companies that focus exclusively on technology typically invest a significant amount when entering new spaces, not to mention the high cognitive barriers traditional sectors face with new technologies. Compared to tech-only providers who have no application scenarios, JD Digits has its clear strengths. “Take computer vision technology as an example, in both JD’s retail and payment businesses, there is a great demand to ensure the technology can be verified through reliable applications.”

By opening up its technologies, JD Digits hopes to help traditional sectors become digitized and intelligent, ultimately reducing costs and improving efficiency.

This vision has been repeatedly verified in Cao Peng’s business lines.

Taking his blockchain business as an example. As of June this year, it has collaborated with over 1,000 brand owners and helped track more than 90,000 SKUs (stock-keeping units) on JD ranging from fresh produce, baby and maternal products, liquors, beauty products, medicine, and luxury and cross-border products. The system has had more than 7 million inquiries by consumers.

The blockchain technology, which was originally designed to ensure a transparent supply chain of authentic products to online consumers, now also serves clients for purposes well beyond retail, such as guaranteeing e-contract signing and trade secret protection.

Robotics

Unlike other departments, intelligent robotics is the only first-level department of Cao’s team. He and his team believe the development of IoT, cloud computing, and AI technology will accelerate the application of robotics in various scenarios and help upgrade traditional industries.

The robotics family of JD Digits
The robotics family of JD Digits

Starting from serving the financial industry, Cao’s team spent nearly a year researching their first robot, the “Intelligent Inspection Robot,” for bank data centers (IDCs). Powered by AI technology and multiple sensors, the robot is designed for environment and equipment checks in IDC. It has the ability to check a single server’s status in 30 seconds and help banks reduce IDC operating costs by up to 50%.

Cao’s robotics business has expanded beyond the banking industry to other industries such as medical and railways.

To help medical staff on the frontlines fighting COVID-19, Cao and his team helped launch the “Indoor Delivery Robot” earlier this year in a Shanghai hospital treating coronavirus patients. The robot helps transport medical supplies to contaminated areas, thereby reducing the risk for medical personnel from being exposed to the highly contagious virus.

Indoor Delivery Robot in a Shanghai hospital
Indoor Delivery Robot in a Shanghai hospital

Inspection robots are also used to inspect railways. According to JD Digits, the technology has helped reduce the human resource and time costs by 50%. Data collected by the robot may also be useful for future railway planning.

“We don’t plan on manufacturing robots. Our strategy is to establish the technology infrastructure and platform so third parties can build their own robots as quickly as possible.” Cao explains, “An IT company looking for robotics solutions for bank clients should be able to quickly create robots on our platform that fully meet the demand.”

The versatility of technology allows JD Digits to expand its offerings in everything from financial technology to digital technology, just like computer vision technology can be used to identify tea and also inspect data centers.

“Like most people who explore in the dark, we have encountered numerous challenges. Our ideals convince us to persevere, and the results are proving strong. AI is indeed helping people in their work and personal lives.”

 

(yuchuan.wang@jd.com)

JD Tells You Why It’s Good to Shop Furniture Online

by Martin Li

It was around 2012 when Liu Yilong, a furniture designer, decided to develop his own brand and sell it on JD.com.

Liu’s family owns a furniture factory in Shenzhen and used to produce furniture for major brands.

“My family business was a contract manufacturer for other brands for around 30 years, but I realized we had to develop our own brand to seek continued growth. And I chose promote it via online platform because I believed this would become a trend,” Liu recalled.

Liu Yilong, a furniture designer, decided to develop his own brand and sell it on JD.com.

Zuomufang design

Liu’s brand Zuomufang was one of the first brands to join JD’s e-commerce platform. Now 80% of his sales come from online. The brand’s products feature innovative Chinese style designs, targeting young people.

Zuomufang is one of the best-selling brands on JD and is one of the seven brands present at JD’s pavilion at the ongoing Shenzhen International Furniture Exhibition, which kicked off on Aug. 20th.

Liu not only uses the online platform as a sales channel, but also uses online data as a reference to design new products and choose locations of offline stores.

“When we come up with some new designs, we post them online as virtual products or products for presale. Based on potential buyers’ feedback online, we decide on whether to produce the designs…this can help us better learn consumers’ needs and reduce inventory,” said Liu.

In addition, the online traffic data also helps Liu choose where to locate his offline stores.

“Online traffic data tells us where our consumers are concentrated, then we open offline stores close to them. They can conveniently visit the stores to experience our products,” he added.

Liu’s offline stores are located in first- and second-tier cities including Beijing, Shanghai, Guangzhou and Zhengzhou.

JD’s pavilion at the Shenzhen International Furniture Exhibition

JD’s pavilion at the Shenzhen International Furniture Exhibition

Liu’s brand is one of around 7,000 furniture and household products brands on JD, according to Mao Yuchen, director of merchandising and innovative business of JD’s furniture business unit.

“Experience and service are two key factors in the furniture industry. Ten years ago, people didn’t have an awareness of buying furniture online because there was not developed e-commerce services like professional logistics for large products like furniture…people didn’t think it was convenient to buy furniture online. However, JD has developed logistics for large products and can delivery furniture from the factory directly to consumers’ homes within a short period of time,“ said Mao.

JD now provides furniture brands on its platform with services including transportation and installation.

In an effort to improve consumers’ experience, JD makes use of technologies like AR and VR to give people an immersive experience of furniture online.

Mao said that, online platforms won’t replace offline channels, but it will help improve consumers’ experience.

Gao Yaodong, director of the original and international brand business of JD’s furniture business unit, said that, previously, offline stores were the first gateway for consumers to experience furniture products. Now online has increasingly become the first channel for people to first encounter the products with the help of technologies.

Gao Yaodong speaks at the exhibition on Aug. 20th

Gao Yaodong speaks at the exhibition on Aug. 20th

“Once people have their first experience online, they can continue to seek a deeper experience at offline stores and enjoy related services,” said Gao.

In addition to improving people’s experience and providing related services with the help of JD’s strength in technology, supply and logistics, JD has been actively promoting original furniture design on its e-commerce platform and matching it with people who need it.

“We select quality furniture products of original design and in our online community match these products with people who pursue originality and quality…original designers can share their newest designs and interact with consumers online. Meanwhile, consumers can also share their products in the community,” said Gao.

“There are three stages of furniture e-commerce. In the first stage, people cared most about price. In the second stage, people start pursuing quality and brands are able to provide related services. In the third stage, people’s needs are fragmented. Young people who grow up with Internet use it as a key source of information. They care about quality, originality and personality. Currently, furniture e-commerce is moving from the second to the third stage.

On Aug. 20th, JD signed a strategic cooperation agreement with Shenzhen Furniture Association. Under the agreement, the association will introduce its highly-rated furniture brands to JD’s e-commerce platform.

Plus, JD and the association launched a program to support original furniture designers and provide them with e-commerce services.

 

(bjlihao3@jd.com)

JD Health Opens a Spine Care Center

by Vivian Yang

JD Health launched a specialized medical center for spine care on August 20th. At the official launch ceremony in Beijing, prof. Zhang Xifeng accepted the invitation to be the leading scientist for the center. The center will leverage the “internet+healthcare” model to create comprehensive spinal health services with the integration of disease screening, diagnosis and treatment, rehabilitation, and health management.

Prof. Zhang is a renowned expert in minimally invasive spinal surgery in China. His team is also composed of doctors from the best hospitals in China. Their rich clinical experience in spinal diseases is valuable in helping the center support its patients.

Jianbo Xiao (Left) and Prof. Zhang Xifeng (Right)

Jianbo Xiao (Left) and Prof. Zhang Xifeng (Right)

Through JD Health, patients with spinal diseases can not only get easier access to specialized experts from China’s top-level hospitals online with timely feedback and assistance for in-person doctor’s appointments, but also they can benefit from doctors’ consultations organized on JD Health. A spinal symptom might be related to multiple health conditions and a timely medical consultation with doctors of different specializations is helpful for patients to get a more effective treatment solution.

“The spine care center is a new addition to JD Health’s portfolio of specialized medical centers. Through building these centers, JD Health will continue to tap the potential of the ‘internet + healthcare’ model to integrate high-quality healthcare resources and optimize their allocation so as to help improve the health of Chinese people,” said Jianbo Xiao, general manager of the telemedicine department of JD Health.

China’s latest health data shows that 97% of middle-aged and elderly people suffer from spinal diseases, and there has been a trend of patients getting younger in recent years. More than 40% of people under the age of 40 have various spinal problems.

According to prof. Zhang, the most common spinal diseases include lumbar disc herniation, spinal canal stenosis, lumbar spondylolisthesis and cervical spondylosis. Most patients do not need surgery. Conservative treatments and therapeutic instruments can help them alleviate some pain.

Thanks to JD Health’s closed-loop telemedicine services, besides medical consultations, patients can also order quality-guaranteed medicine and therapeutic instruments under their doctors’ advice on JD’s pharmaceutical platform and JD’s superior logistics service will ensure same- or next-day delivery.

 

(vivian.yang@jd.com)

JDD Leaders Series: Dr. Jianguang Shen: JD Digits in the Eyes of the Chief Economist

by Vivian Yang

Dr. Jianguang Shen is vice president of JD.com and Chief Economist of JD Digits, the digital technology subsidiary of JD.com. He joined JD.com in 2018. Being the first and now the only chief economist in China’s internet industry, his views and work present unique value.

In Dr. Shen’s view, digital transformation is an irresistible trend in China and around the world, and the coronavirus outbreak is only accelerating this process. In the post-coronavirus era, the next wave of the country’s economic growth will rely on the implementation of industrial digitalization and the development of the digital economy.

A veteran macro-economist

Dr. Shen focused his career on mainstream economic institutions before his path crossed with the Internet world. After obtaining his Ph.D in Finland, he was the chief economist of Mizuho Securities Asia, and before that, he worked as a senior economist of the IMF, the Central Bank of Finland and China International Capital Corporation Limited (CICC), respectively.

He met Shengqiang Chen, JD Digits’ CEO  two years ago, and over a conversation, he became intrigued by the idea of combining his economics expertise with deep-mining of the big data on JD Digits, the fintech and digital powerhouse of the country’s largest retailer. Dr. Shen joined JD in2018.

At JD, Dr. Shen also heads JD’s Research Institute, a think tank that provides cutting-edge research, data, and industry analysis for all sectors. The team is composed of over 20 full-time research staff, half of whom hold doctorate degrees. Their research areas include macro-economics and analysis on industry policy and regulations. At the same time, there is a dedicated research team focusing on industrial digitalization. Their work provides valuable insights for JD’s strategy and has positioned the company as a thought leader in the industry and beyond. Over time, Dr. Shen and his institute’s work have received increased attention from policymakers, industry experts, international organizations, and the media.

Dr. Jianguang Shen is vice president of JD.com and Chief Economist of JD Digits, the digital technology subsidiary of JD.com.

 

The “B2B2C” model

Digitalization is a key part of Dr. Shen’s research. He has been an advocate for industrial digitalization as he believes that it will be the main driving force for China’s future economic growth.

“Most digital companies today focus on consumer services, known as the ‘2C (to C)’ business, whereas growth in the future will depend on the development of ‘2B (to B)’ business, which means there will be more business opportunities in providing digital services to enterprises,” said Dr. Shen.

According to him, real fintech should be developed in accordance with the basics of finance.  The role of technology is to enhance financial institutions’ ability and efficiency. Emerging technologies like big data, AI, cloud computing, blockchain and IoT have proven their effectiveness in improving some essential functions of financial services such as application scenarios development, customer acquisition and operations, risk control, R&D, and more.

This explains why JD Finance has changed its name to JD Digits, which implied to change its positioning from a tech-driven finance services provider in competition with other banks to a fintech provider in support of traditional financial institutions. Through providing technologies, JD can help banks improve their services, which will then benefit their customers. This is referred to as the B2B2C model.

JD Digits' new logo with colors representing JD elements (red) and  innovative technology (blue)

JD Digits’ new logo with colors representing JD elements (red) and  innovative technology (blue)

 

Seeding technologies into more industry soils

In November 2018, JD Finance officially rebranded as JD Digits. With fintech at its core, the company hopes to leverage its digital capabilities to connect more with the real economy.

Fintech and mobile payments are among the technological areas where China is leading the world. In addition to the finance sector, these technologies have great potential to be used in many industries to help enterprises improve operational efficiency, Dr. Shen explained.

“JD has vast data, traffic, and a client base accumulated through running its retail operation. The big data and AI convergence powered by JD Digits will create more growth opportunities in new territories.” So far, JD Digits’ technologies has found its footing in smart cities, AI robots, digital marketing, and other areas.

“If you think of the second curve growth or even explosive growth, all the technologies we are building now are laying the foundation for the future,” said Dr. Shen.

The Chinese government has been promoting the construction of “new infrastructure”, which is expected to become a new driver for the economy.  This initiative highlighted seven construction fields covering 5G, data centers, cloud computing and more. Dr. Shen believes that fields should actually be more expansive.

“All the infrastructure, construction and investment that work on transforming traditional manufacturing and service sectors online should constitute the new development goal, and the construction of new infrastructure is an impetus for the digital economy. ”

JD Digits' intelligent city project in Nantong of Jiangsu province

JD Digits’ intelligent city project in Nantong of Jiangsu province

Making digital economy fairer and more inclusive

China’s digital economy has been rising at an over 20% growth rate annually in the past four years. “From a national strategic view, data has become so important to the extent that the Chinese government has listed it as a production factor, juxtaposed with labor, capital, land, and more,” said Dr. Shen.

Given the favorable policies from the government, the highly competitive market environment, and the high acceptance level by the people, China is advancing fast in developing the digital economy.

Dr. Shen called for supports on low-income people amid COVID-19 on the WEF's  briefing with global economists 

Dr. Shen called for supports on low-income people amid COVID-19 on the WEF’s  briefing with global economists 

At the same time, Dr. Shen puts emphasis on the role of the digital economy in driving China’s high-quality economic growth, especially in promoting environmental sustainability and social inclusiveness. Creating a fair and inclusive process for more real economies in their digital transformation are key values JD Digits can bring to society.

Take small loans for small businesses and farmers as an example. In the past, traditional banks could not provide this service as the cost for manual audit was not cost-effective to make it a viable business. But nowadays, with big data and risk control technology, banks can manage operational costs at a low level regardless of the size of the loans, so they are able to expand their lending businesses, and more people who need small loans can benefit.

Digital technology also plays a unique role in poverty alleviation. The internet, big data and AI technologies make products from impoverished areas more accessible to customers. This not only develops more income for people in underdeveloped areas but also helps local businesses to better understand market needs. Based on this direct and precise information, they can be smarter in developing their production plan, brand proposition and industrial structure.

Dr. Shen pointed out that JD’s large business scale and advanced digital capabilities empower it to make greater contributions in many ways. Through providing cutting-edge digital technologies and services to its business clients and individual customers, JD Digits is transforming its role as a trusted partner in the rising tide of the digital economy that promises more inclusiveness and quality growth. This is the logic and vision for JD Digits’ future development.

 

(vivian.yang@jd.com)

JD and Mars Launch C2M Pet Products for Cat

by Ling Cao

JD.com and Mars, a U.S. food manufacture, launched a high-end C2M cat food product, the Nutro.Max, during a press conference on August 18th.

Leveraging JD’s trove of consumption data, Nutro, the pet brand under Mars, has forecast pet owners’ demand for “high percentage of meat, “high crude protein”, “pay attention to cats’ gastrointestinal management” and “no grain and natural”. Based on these insights, Nutro has selected fresh chicken meat, and the product consists of over 80% of animal protein and is grain-free, which perfectly fit cats’ eating habits and ensures no burden on their digestive systems.

Leveraging JD’s trove of consumption data, Nutro, the pet brand under Mars, has forecast pet owners’ demand for "high percentage of meat, "high crude protein

“We found that tailored and personalized products have gradually become a new consumption trend,” said Lizhen Liu, president of JD FMCG. “JD has rich experience in C2M projects, and Mars has insight into the pet industry and product research. Our combined strengthens will help us conform to customer’s new needs and create a better life for pets.”

Yinghua Niu, president for Mars Pets Nutrition in China said, “Mars has created a new production channel specifically for this product. The joint cooperation with JD will further enhance our brand’s core influence.”

During the press conference, both parties have deepened partnership in areas such as omnichannel, product planning, marketing, as well as digital exploration.

 

(ling.cao@jd.com)

Photo Gallery: This Week at JD (August 17-August 21)

JD and Loufan county in Taiyuan city, Shanxi province

JD and Loufan county in Taiyuan city, Shanxi province, signed a partnership on August 20th, to launch the first county-level JD Farm demonstration base in order to build a model for the digitization of the agricultural industry. Leveraging satellite and remote sensing multispectral imaging technology by drones, JD will help Loufan analyze the growth of key crops, forecast crop yield and alert for floods and insect infestation.

 

JD and Wanda Hotels and Resorts

On August 18th, JD and Wanda Hotels and Resorts opened a hotel in Ningbo, Zhejiang province. The two parties have designed 40 JD themed hotel rooms, in which everything from toiletries and wireless chargers to home appliances are all from J.Zao, JD’s private label.

 

JD Health, the healthcare subsidiary of JD.com launched “family doctor” services

On August 18th, JD Health, the healthcare subsidiary of JD.com launched “family doctor” services based on an “internet +healthcare” model. This new type of telehealth service is tailored to the needs of an increasing number of Chinese families seeking more timely, consistent and comprehensive healthcare support. Up to eight family members may share a “family doctor” service package which includes unlimited 24/7 online medical consultation support, medical consultation with experts within 48 hours, making face-to-face appointments with famous doctors from 3A hospitals, getting constant and personalized health management advice and more.

 

Coach opened a flagship store on JD

Coach opened a flagship store on JD on August 16th. The opening of the store marks a further expansion of JD’s partnership with the American brand, following the hugely successful operation of JD’s first-party Coach store.

 

JD Logistics

JD announced that it has entered into a definitive agreement that JD Logistics will acquire a controlling interest in Kuayue Express, a renowned modern integrated express transportation enterprise specializing in “limited-time express service” in China, for a total consideration of RMB 3 billion through a combination of acquiring existing shares and subscribing for newly issued shares of Kuayue Express, subject to customary closing conditions.

 

JD Builds Integrated Quality Control System for Imported Food

by Ling Cao

JD Fresh, the fresh food business under JD.com, announced an integrated system to monitor and ensure the safety of imported food.

According to industry data, since July, there have been at least 10 cases in which food packaging had been found to have traces of COVID-19, all concerning imported frozen and fresh produce. Ensuring safety of these products requires the participation of multiple stakeholders, including government, food manufacturers and operators, as well as customers.

“Food hygiene and monitoring is always top priority for JD, especially during COVID-19. JD has launched a comprehensive control system to guarantee food safety,” said Yishen Tang, head of JD Fresh.

JD Fresh has already invested over RMB 100 million yuan in fresh food quality assurance, covering food sampling tests and monitoring, warehouse and employees’ testing, and has developed detailed plans and reporting standards. It has also set up measures in supply chain, fulfillment and post-sales. As a result, all of the imported food from JD’s warehouses have tested negative for COVID-19.

JD Fresh has also leveraged blockchain technology to provide more transparency to consumers as it relates to product quality. By scanning a QR code, customers can view the entire life cycle from raw materials harvesting to production, quality control, all the way down to the last mile, through a combination of videos, images or text files.

 

(ling.cao@jd.com)

JD Auction Festival: Auction Everything

by Vivian Yang

On August 19th, JD kicked off its Fourth Auction Festival. “Auction Everything” is the slogan for this year’s festival. Over 210,000 items with a total value of over RMB 10 billion yuan will be auctioned online during the festival till August 27th.

A number of mind-blowing auction items will be presented to over 400 million JD users, many of whom are high-end customers and potential bidders for high-value auction items. For example:

  • Over RMB 10,000 yuan Xuanwei ham, a dry-cured ham from Qujing Prefecture of Yunnan province with an over 250-year history dating back to 1766;
  • Near RMB 7,000 yuan Black Swan Luxury (high-end brand under popular cake maker Holiland) cake;
  • RMB 9,999 yuan king crab set;
  • 570,000 bottles of alcohol with a total weight of 140 tons;
  • 880,000 pieces of wild ginseng;
  • A Huanghuali couch-bed from the Ming Dynasty starting at RMB 8 million yuan;
  •  182 cars starting at RMB 3,000 yuan;

A number of mind-blowing auction items will be presented to over 400 million JD users

What worth mentioning is that large-bid auction items such as land, houses, equity and creditor’s rights are also included in the auction festival. These auction events have attracted wide public attention as the initial price of these items has surpassed RMB 100 million yuan. Though the bidding process is conducted online, many viewers said the process is so intense that they even held their breath on the other side of the screen.

At the same time, court auction will be carried out during the festival. An array of assets from over 1,500 courts and 35 customs offices will be auctioned via livestreaming and VR services on JD, a format that ensures transparency and efficiency in disposing assets from legal affairs.

 

(vivian.yang@jd.com)