Recently, the cross-border listed company Aukie Shares (02519.HK) and the domestic outdoor furniture leader Zhejiang Yongqiang (002489.SZ) officially announced the termination of their cross-border e-commerce cooperation, which lasted for two years. Both parties completed the exit by transferring the equity of their respective subsidiaries. This "supply chain + operation" alliance, which was once highly anticipated, ended in a gloomy manner due to the accumulated losses of the target company exceeding 56 million yuan and the insolvency of Lanyi Kuowei. In November 2023, the two parties signed an "Investment Cooperation Agreement" to establish a joint venture through a cross-shareholding model: Zhejiang Yongqiang invested 2.5 million yuan to hold 25% equity of Shenzhen Aoxi Technology, while Aukie Shares increased its capital by 2.5 million yuan to obtain 25% equity of Ningbo Lanyi Kuowei Network under Zhejiang Yongqiang. According to the plan, the joint venture will rely on Zhejiang Yongqiang's outdoor furniture manufacturing capabilities and Aukie's cross-border e-commerce operation experience to focus on omni-channel sales in the US market. (Figure 2, International Cross-border Forum 2026) The initial layout showed strategic synergy: Aukie appointed an executive director and general manager to be responsible for operations, while Zhejiang Yongqiang dispatched a supervisor to control the supply chain. The two parties even set the ambitious goal of "building the number one cross-border outdoor home brand within three years." However, the actual development was far below expectations - by the end of 2025, Aoxi Technology's annual net loss reached 4.987 million yuan, and Lanyi Kuowei's owner's equity plummeted to -51.93 million yuan, evaporating more than 20 times the registered capital of 2.5 million yuan at the time of capital increase in 2023. Financial collapse, data reveals the trajectory of cooperation failure - Aoxi Technology's loss chain: Q1 2024: Loss of 1.27 million yuan in the first quarter, mainly due to a 42% surge in advertising costs on Amazon platform H2 2024: Logistics costs accounted for 18% of revenue due to the impact of the US port strike Full year 2025: Cumulative handling of unsold inventory value reached 3.8 million yuan, accounting for 23% of the beginning-of-year inventory - Lanyi Kuowei's insolvency: Asset-liability ratio in 2024: Deteriorated from 67% to 124% Accounts payable overdue: Reached 8.9 million yuan in Q3 2025, involving lawsuits from 12 suppliers Cash flow break: Operating cash flow has been negative for 6 consecutive quarters, with a cumulative gap of over 15 million yuan The equity transfer price plummeted, and the initial investment of 2.5 million yuan corresponded to the equity, which was finally transferred at 615,000 yuan, a depreciation of 75.4%. According to the announcement disclosed by Zhejiang Yongqiang, the price was determined based on the principle of "the lower of the net asset appraisal value of the target company and the negotiated pricing," which actually reflects the market's pessimistic expectations. At the stage of stock competition, how to balance scale expansion and risk control will become a survival proposition that all participants must answer. Source: Cross-border E-commerce Cross-border House