Company: MASK
Filing Date: 2025-01-10
Form Type: 424B4
Source: 0001213900-25-002376
Chunk: 31

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-01-10
Form: 424B4
Chunk 31
---
459.1 billion in 2023, a year -on -yearincrease of 13.6%. Compared against 2022, the rate of increase went up by 7.9% and the profit ratio of the main business of surveyed companies in the industry increased by 0.1% to 9.2%. Export sales of Software Industry amounted to USD 51.42 billion, a decrease of 3.6% year -on -year, but was 5.4% higher than the growth rate in 2022, according to the MIIT. In 2023, the domestic revenues from the sales of software products, IT services, information security products and services, and embedded system software were RMB2,903 billion, RMB8,122.6 billion, RMB223.2 billion and RMB1,077 billion, respectively. There are several factors driving the overall growth of China’s IT services industry, including the growth of China’s economy and domestic demand for IT services, the strategic importance of China as a target market for global customers, strong offshore outsourcing demand, availability of low -costqualified IT professionals with global and regional language skills, well -developedinfrastructure in China and strong government support and spending. We believe that the market development trends include a growing emphasis on big data services, innovation in channel solutions, risk management and prevention and more customer -orientedservices. With our technical expertise, we believe that we are well positioned to capture the market opportunities in the IT services industry in China. The COVID -19pandemic has affected every industry, and has disrupted trade, supply chains, work and business models, employment and consumer behaviors. The pandemic presents both challenges and opportunities. During the pandemic, companies across the world had to accelerate their digital transformation initiatives to address these disruptions and secure their businesses. While some companies have now set up advanced business continuity measures, others have embarked on new innovative services and products. As companies focused on protecting employees from the pandemic, technology enabled a seamless transition to remote working by shifting to digital channels and digital customer engagement models. Various stay at home orders resulted in large scale adoption of models such as buy -online - pickup-in -storein retail, tele -medicineand virtual care in healthcare, touchless experiences in finance and virtual solutions for online learning. This has resulted in increased technology spending by our customers. Global IT service providers offer a range of end -to -endsoftware development, digital services, IT business solutions, research and development services,