[figgyc]

> We continue to expand our merchant base around the world. The number of merchants on our platform in North America, Europe, and Latin America has grown approximately 234% since 2019. In particular, the number of merchants on our platform in the United States has grown approximately 268% since 2019. Through our diversified and global merchant base, we are able to offer greater depth and breadth of categories and products. For example, in 2019, four out of the top 10 selling merchants on our platform were located in the United States selling refurbished electronics, beauty products, and hobby items, which illustrates the ongoing diversification of our merchant base and product categories.

This feels like probably more of a symptom that the Chinese merchant base is probably a bigger amount of smaller shops whereas these US shops (who still only take a minority of the top 10, which is a largely useless metric anyway considering it is unlikely that even 10 large merchants make up a small proportion of sales) are probably part of a smaller volume but are more successful simply because there is less US sellers so there is less competition especially in categories like hobby which are harder for China to serve (I mean think about it, could you name a seller on Wish? It doesn't feel like the opportunity is marketed much). Also the 268% non-China growth metric doesn't really mean much without context and while I do think that Wish is probably succeeding in expanding their merchant base I do feel like their dependence on China is a lot larger then they would like to admit, and even under Joe Biden I doubt that world pressure on China will ease any time soon so Wish may have an unstable future ahead.