An Baili Group Co., Ltd. (hereinafter referred to as "An Baili Group") was established in April 2004. It is a large-scale state-owned commercial and trade circulation industrial group formed by the merger and reorganization of the former Shanghai First Department Store Group, Hualian Group, Friendship Group and Material Group, with a registered capital of 654.38 billion yuan. An Baili E-commerce Co., Ltd. was established in February 2006, mainly engaged in e-commerce and third-party payment services.