“The fifth round of wealth in China (the first four rounds were consumer goods, durable consumer electronics, real estate, and the Internet) is the digital economy, the digital transaction, and its core is the digital transaction of the Internet.”
- Zhu Shaoping (Prominent Economist, former Director of the Legal Affairs Office of the National People’s Congress Financial and Economic Affairs Committee )
Trucpal Operation Data
In May, the Trucpal system operated smoothly, maintaining its usual efficiency. As of May 31, the number of registered entity surpassed 14,600, while the Trucbook users exceeded 21,000. The total transaction volume for the month surpassed RMB 107 million , equivalent to approximately USD 15 million. The continuous growth of system users indicates a positive trend, and based on the current data, it is projected that the transaction volume for the first half of the year will reach nearly RMB 600 million , equivalent to approximately USD 85 million. This figure exceeds 85% of the total transaction volume from the previous year, suggesting that a remarkable increase of 200% in transaction volume compared to 2022 can be easily achieved. This growth is expected to continue throughout 2023.
Market Opportunities
To capitalize on opportunities, it is crucial to be proactive and well-prepared.
In 2023, Chinese tax institutions are set to expedite the implementation of the “Golden Tax Project” and “Digital Invoice,” which leverage the power of the Internet and big data to manage tax-related economic production and transactions. With increasingly stringent tax and financial regulations, millions of small and medium-sized logistics and transportation enterprises, as well as individual vehicle owners lacking digital operational capabilities, face significant pressure and compliance risks. According to a public report from the State Administration of Taxation of China, nationwide tax evasion amounted to RMB 52.8 billion (approximately USD 7.632 billion) from January to April 2023.
Trucbook, the SaaS system offered by Trucpal, serves as the digital solution to address the needs of individual vehicle owners and small and medium-sized transportation fleets. It enables them to achieve fiscal compliance easily, reduce costs, and provide efficient transportation services. During the second quarter of this year, Trucbook’s core development will focus on enhancing the “tax compliance” digital functionality for individual vehicle owners. Iterative improvements will also be made to Trucbook’s subscription payment system, ensuring a 50% revenue growth in Trucbook from the third quarter onwards.
In 2023, our goal is to shift the emphasis from software preparation to prioritizing user experience while maintaining our leading market share. This strategic approach will allow us to seize market opportunities and solidify our position as industry leaders.
(Reference:https://blog.summitto.com/posts/insight_special_chinas_golden_tax_system/)
Innovation Challenge: TikTok Account
In just two months, Trucpal Guangzhou Operator has made significant progress on TikTok. We have uploaded a total of 127 videos, each designed to provide the latest updates on the freight market status and related policies. We are delighted to announce that our content has resonated with the TikTok community, receiving an impressive 18,000 likes and attracting 613 followers.
The increasing number of likes and followers on our TikTok channel demonstrates the strong connection we have established with our audience. It motivates us to continue sharing relevant and timely content, ensuring that our users stay informed about the latest freight market status and related policies.
We are excited about the potential for further growth on TikTok and the opportunity to expand our reach to even more users within the logistics industry. Trucpal remains dedicated to fostering a robust and interactive community, where users can connect, learn, and stay ahead in the ever-evolving world of logistics.
Trucpal Eco Incentive White Paper
On June 1, 2023, the Hong Kong Securities and Futures Commission issued a digital asset trading license, bringing positive news for Trucpal users. This development allows mainland Chinese residents to gain insights into the legality and advantages of compliant digital securities through the operation of a compliant digital exchange in Hong Kong, presenting a significant opportunity for Trucpoint.
After two years of extensive research on eco incentives, the Trucpal team released the ‘Trucpal Eco Incentive White Paper’ in May. This white paper introduces a credible, efficient, and cost-effective user Token incentive algorithm designed to accelerate the growth of the industrial platform’s performance flywheel. The system design and development will align with the principles outlined in the white paper. A trial run is expected to commence in July 2023, followed by promotional activities in the fourth quarter of the same year. The system’s comprehensive “user shareholder” ecological incentive, along with its robust tax compliance and digital functionality, will create a compelling value proposition for users.
By leveraging this new incentive framework, Trucpal can rapidly onboard many industry users at a low cost while establishing a competitive advantage that is difficult for competitors to replicate. The combination of the Trucpal Eco Incentive and the advanced features of the system will form a powerful attraction for user participation, fostering the development of a thriving ecosystem.
Computing power, algorithms, and data are essential pillars of generative AI. Professor Enda Wu, a former core member of Google and Baidu’s AI teams, recognizes the tremendous potential of the widespread application of AI. This presents a unique opportunity for numerous startups. As the volume of data within our system grows exponentially daily, we are well-positioned to harness the power of AI’s extensive models. We can leverage the wealth of data in Trucpal to provide intelligent services and enhance truck transportation management.
We recognize that the intelligent application of AI and the utilization of our vast data resources are critical drivers of success. Through innovative AI-powered solutions, we strive to enhance our services, improve efficiency, and optimize the overall experience for our users. With our unwavering commitment to technological advancements and data-driven insights, we are confident in our ability to drive sustainable growth and deliver significant returns to our valued investors.
Thank you once again for your support and trust in Trucpal. We remain committed to providing excellent services, fostering a thriving ecosystem, and delivering value to our stakeholders.
Trucpal Team
June 6, 2023.
