Live-streaming e-commerce growth by increased penetration. While China online retail growth has slowed amid soft consumption and tightening regulation, we expect livestreaming e-commerce (“LS e-commerce”) to post a 70% 2020-23E CAGR to Rmb4.7 tn,as penetration increases to 27% (2020: 8%). With regulations in place to crack down on non-compliant behaviour, such as fake transaction data and false advertising, a healthy environment would be developed, supporting sustainable growth of the industry.