Chapter 1 · CogoLinks Business Pain Points
CogoLinks' Five Real Pain Points
CogoLinks holds a Money Service Operator (MSO) license, a mature system, and cross-border settlement capability — but as a channel institution, it inherently faces five structural problems. These problems cannot be solved by hiring more sales or buying more traffic.
i.
High Middle East client-acquisition cost
Dubai / Saudi Arabia B-end clients have high language, cultural, decision-chain and compliance barriers. Remote development doesn't work, and ground presence is too expensive.
Acquisition cost · CNY 80K-150K / client
ii.
Fragmented single-transaction business
Many small, high-frequency clients — each order goes independently through due diligence, approval, and channel processing. Operating costs eat most of the profit.
Operating cost / revenue > 40%
iii.
Repeated trade-authenticity due diligence
Every transaction independently verifies contracts, invoices, and bills of lading. Client-level DD results cannot be reused, and man-hours cannot be amortized.
DD hours · 15 hrs / order
iv.
Idle channel capacity
System built, license maintained, team maintained — but monthly throughput is not maxed out, fixed costs cannot be amortized, and revenue fluctuates greatly.
High fixed cost · low marginal revenue
v.
Lack of stable foundation clients
Top-tier clients are easily poached or migrated by peers; revenue volatility makes annual performance unpredictable and impacts future valuation.
Revenue volatility · > ±30%
What CogoLinks needs is not "one more client" — it is a stable, sustained, batched, real business source with reusable due diligence. This business source needs ground presence in the Middle East, an entity in China, real import/export orders, and clean compliance.
Chapter 2 · Daona Group Export Project
Daona Export · China → Middle East (Real Business Source)
Daona Group, through the YUJ Middle East entity + CHAI's Dubai office, has accumulated a real Middle East B-end client network — building materials, petrochemicals, machinery-electrical, and consumer electronics across four main lines exporting to UAE / Saudi Arabia / Qatar. The FX-payment struggles these clients face are exactly the direct demand for CogoLinks' channel capability.
→
Export
China → Middle East
Building Materials + Petrochemicals + Machinery-Electrical · Middle East Export
Daona Building Material Platform DN · YUJ · Middle East logistics warehouses (UAE / Saudi Arabia) · petrochemical distribution (tapping the Chuanhua 002010 Middle East gap)
Active clients
30+
Dubai · Saudi Arabia · Qatar B-end
Monthly export throughput
CNY 8-12M
Starting · Y1 target CNY 30M / month
Avg. order size
USD 800K
Some orders exceed USD 2M · require splitting
Collection cycle
45-60 days
Target: compress to within T+5
Four Pain Points of Export Clients
🔴 Pain 1
Middle East buyers struggle with USD outbound payments
Dubai / Saudi Arabia buyer banks have strong FX controls · single amounts > USD 500K through local banks require layered approvals · often stuck 30-60 days on LC issuance
→
🟢 CogoLinks Solution
Direct collection via HK Virtual Account (VA)
Buyers deposit AED / USD into CogoLinks Hong Kong VA · T+0 arrival · bypasses Middle East local bank approval bottleneck · we advance funds to Chinese suppliers ahead of time
🔴 Pain 2
Letter of Credit (LC) is costly and slow
Issuance fees + security deposits tie up capital for 3-6 months · SME buyers are unwilling to issue · large orders must issue · stuck in the middle
→
🟢 CogoLinks Solution
Credit-based advance replacing LC
For compliant clients · CogoLinks advances 40-60% against pool assets on credit · suppliers get paid T+1 · remaining 40% goes through tax-settlement order splitting · zero LC issuance · zero security deposit tie-up
🔴 Pain 3
Compliant splitting of large USD 1M+ orders is hard
Bulk building material / petrochemical orders often reach USD 1-3M · running through a single channel is non-compliant · each provider splits differently · errors cause capital lock-up
→
🟢 CogoLinks Solution
Daona Group-level order-splitting plan
Daona Group signs and splits into 3-5 orders · CogoLinks takes the lead 60% · LianLian / Yeepay cover 20-30% · compliance + efficiency + shared risk — three problems solved at once
🔴 Pain 4
Export tax rebates + tax-settlement optimization are difficult
Mainland tax settlement is costly · export rebate cycle is long · client tax burden eats half the profit · yet the grey option is off-limits
→
🟢 CogoLinks Solution
Hong Kong tax-settlement optimization · sub-account compliance
Split 30-40% of the order through HK tax settlement · compliant sub-account settlement · significantly lower effective tax rate · compliant and tax-efficient (revenue shared between us + CogoLinks)
Chapter 3 · Daona Supply Chain Import Project
Daona Import · Middle East → China (Real Business Source)
Daona Supply Chain also runs a reverse import business of comparable scale: LPG sourced from Fujairah UAE · Iraq SOC · bulk commodities imported from the Middle East · closed-loop delivery through the Sinopec Lianyungang refinery. This chain is a deep-water zone that CogoLinks has never touched.
←
Import
Middle East → China
LPG · Bulk Commodities · Chemical Feedstock · Middle East Import
Fujairah oil & gas terminals · Iraq SOC · Lianyungang fund + Sinopec refinery closed loop · Middle East oil-quota swap mechanism
Active supply sources
6+
UAE · Iraq · Saudi Arabia
Monthly import value
CNY 10-15M
Starting · Y2 target CNY 40M / month
Avg. order size
USD 1.5M
LPG per batch USD 2-5M
Settlement currency
AED · USD
China pays · Middle East receives
Four Pain Points of the Import Business
🔴 Pain 1
China outbound FX payment gets stuck
Mainland outbound FX payment · large amounts need SAFE approval · LPG / bulk orders often reach USD 2M+ · bank processing 15-30 days · suppliers can't wait
→
🟢 CogoLinks Solution
Outbound payment via HK MSO channel
Outbound payment via CogoLinks Hong Kong MSO channel · no need for mainland SAFE · T+2 to Middle East supplier accounts · direct AED / USD payment supported
🔴 Pain 2
Sinopec closed-loop fund scheduling is complex
Lianyungang fund → Sinopec refinery order → Middle East oil-quota swap → HK tax settlement — each link routes funds through different entities and different banks
→
🟢 CogoLinks Solution
CogoLinks as the unified hub
CogoLinks Hong Kong VA serves as the unified fund-pool hub for the whole closed loop · funds in and out of every entity route through this single account · compliance + traceability + efficiency solved together
🔴 Pain 3
Middle East supplier receiving accounts are chaotic
Fujairah · Iraq SOC suppliers all use local banks · FX loss 3-5% · arrival time is unpredictable
→
🟢 CogoLinks Solution
Multi-currency VA direct payment
Open CogoLinks Hong Kong VA or direct AED VA for Middle East suppliers · transparent FX · FX loss reduced to 0.3-0.5% · arrival time locked
🔴 Pain 4
Import tax settlement + tariff optimization
LPG / petrochemical import tariffs are heavy · improper tax-settlement plans · client's actual profit is eaten by 30%+ tax
→
🟢 CogoLinks Solution
Hong Kong transit tax-settlement optimization
Route part of goods value through HK tax-settlement structure · compliant tax reduction · save clients 8-12% in tax burden (revenue shared between us + CogoLinks)
Chapter 4 · Trilateral Alignment Matrix
CogoLinks × Daona Export × Daona Import · Capabilities Brought by Each Party
This is not a "Party A vs. Party B" relationship — it is trilateral capability complementarity. Each party brings resources the others lack; take any one away and the loop breaks.
CogoLinks Cogo International
Channel + credit provider
· Hong Kong MSO license · system · credit capability
· Multi-currency Virtual Account (VA)
· Compliance + AML framework
· Channel capacity
· Settlement + sub-account settlement + tax-settlement tech
· Multi-currency Virtual Account (VA)
· Compliance + AML framework
· Channel capacity
· Settlement + sub-account settlement + tax-settlement tech
Daona Export Business
China → Middle East real business source
· 30+ Middle East B-end clients · CHAI on the ground
· Building material / petrochemical / machinery-electrical orders
· YUJ Middle East entity + Chuanhua liaison
· Starting monthly throughput CNY 8-12M
· Order-splitting plan + tax-settlement optimization demand
· Building material / petrochemical / machinery-electrical orders
· YUJ Middle East entity + Chuanhua liaison
· Starting monthly throughput CNY 8-12M
· Order-splitting plan + tax-settlement optimization demand
Daona Supply Chain Import Business
Middle East → China real business source
· Fujairah oil & gas · Iraq SOC supply sources
· Sinopec Lianyungang refinery closed loop
· Lianyungang fund + oil-quota swap
· Starting monthly value CNY 10-15M
· Outbound FX + tax-settlement optimization demand
· Sinopec Lianyungang refinery closed loop
· Lianyungang fund + oil-quota swap
· Starting monthly value CNY 10-15M
· Outbound FX + tax-settlement optimization demand
Direct Hits: How Bidirectional Business Solves CogoLinks' Five Pain Points
| CogoLinks Pain Point | Daona Export Solution | Daona Import Solution |
|---|---|---|
| Hard to acquire Middle East clients | CHAI's GM in Dubai handles onboarding · 3-5 new Middle East B-end clients per month | Fujairah / Iraq supplier network · access to top-tier resources |
| Fragmented business | Daona Group packages clients at scale · one DD reused across many orders | LPG / bulk orders have large ticket size · unit processing cost drops sharply |
| Expensive trade-authenticity DD | Daona export orders come with real bills of lading + customs declarations + client reconciliations | Sinopec / SOE-backed orders · highest compliance grade |
| Idle channel capacity | Monthly throughput CNY 8-12M injected steadily · Y1 cumulative CNY 100M | Monthly value CNY 10-15M · Y1 cumulative CNY 150M · bidirectional stacking |
| Lack of stable foundation | 24-month binding partnership · export business is a predictable revenue base | Import business tied to SOEs · extremely stable revenue curve · IPO-report friendly |
Key Insight · Export + import bidirectional business combined for annual throughput CNY 250-300M (Y1) · either direction alone is too small for CogoLinks to bother · combined into a complete Middle East - China fund closed loop · CogoLinks channel fees + credit-spread + tax-settlement share · Y1 locks in CNY 25-35M pure incremental revenue.
Chapter 5 · Closing
Bidirectional Closed Loop · The Deepest Binding
Export alone · Import alone · CogoLinks channel alone — none of them can pull off big things on their own.
Combined into one closed loop · each party is maximized.
Combined into one closed loop · each party is maximized.
12-Month Picture After Trilateral Cooperation
Y1 export cumulative
CNY 100M
30 clients · CHAI onboarding
Y1 import cumulative
CNY 150M
6 suppliers · SOE-tied
CogoLinks Y1 revenue
CNY 25-35M
Channel fee + credit spread + tax settlement
Daona Y1 revenue
CNY 15-25M
Splitting premium + documentation + revenue share
Next Steps · Opening BD Talks with CogoLinks
| Priority | Item | Deadline |
|---|---|---|
| P0 | Wendy establishes BD contact with CogoLinks · probe partnership intent | 7 days |
| P0 | Prepare three data packs: export order samples + import order samples + client roster (redacted) | 14 days |
| P0 | Meet CogoLinks strategy team · led by Grace · present this proposal | 21 days |
| P1 | Sign Phase I POC memorandum · pilot with 3 clients | 45 days |
| P1 | 《Fund Pool Partnership Proposal v0.2》review with CogoLinks compliance team | 60 days |
Key Narrative · We are not "asking for a credit line" — we are packaging real business into a bidirectional closed loop · CogoLinks only needs to plug in idle capacity and credit · sharing profits together. The cost of refusal is missing out on a stable CNY 300M / year business source; the cost of acceptance is close to zero.
Chapter 6 · BRD · Business Requirements Document
Bidirectional Trade Matching System · React + shadcn/ui + go-zero
Using the trilateral alignment proposal as the business baseline, we will develop the Bidirectional Trade Matching & Order-Splitting System XJB Trade Console in parallel — frontend React + shadcn/ui · backend go-zero microservices · supports both export and import order intake · one-time DD reused across many orders · smart split routing · automatic diversion across CogoLinks channel + fallback channels · bidirectional reconciliation.
Business Objectives
- Bidirectional order unification: export (China → Middle East) + import (Middle East → China) share one master-data set, one DD process, and one reconciliation ledger
- One-time DD reused across orders: client / supplier KYC/KYB done once and reused for all subsequent business (reducing CogoLinks DD effort from 15h/order to 3h/order)
- Smart order splitting: large orders automatically split into CogoLinks main 60% + Lianlian / Yeepay / XTransfer diversion 20-30% + tax-settlement 10-20%
- Channel routing: automatically match the optimal channel mix based on client compliance grade, amount, and currency
- Bidirectional reconciliation: CHAI Dubai · Grace Beijing · CogoLinks channel — three-way ledger alignment on T+1
User Roles & Permissions
| Role | Primary Responsibilities | Permission Scope |
|---|---|---|
| CHAI · Dubai on-the-ground | Initial client/supplier registration · uploading contracts/invoices/BLs | Order registration · client profile read/write |
| Wendy · BD | CogoLinks BD engagement · large-client contracting | Client profile read/write · channel commercial pricing |
| Grace · System Ops | Order splitting, channel routing, bidirectional reconciliation | Full-module read/write · split approval |
| Mr. Lin · Risk | Compliance approval · AML · non-standard business | Risk module read/write · veto power |
| CogoLinks Ops | Channel execution · credit trigger · receipts | Own-channel module read/write |
| Auditor | Quarterly / annual audit | Read-only · report download |
Core Business Flows
Export Flow (China → Middle East)
- CHAI meets clients face-to-face in Dubai · initial KYB registration of client profile (App / Web)
- Grace's team completes deep KYB DD remotely · client is upgraded to L1 / L2 / L3
- Client places order · uploads contract · invoice · BL · system auto-validates completeness
- Split engine generates a plan · CogoLinks 60% + Lianlian 25% + tax-settlement 15%
- Grace / Mr. Lin second review · channel routing confirmed
- CogoLinks / Lianlian / tax-settlement channels execute separately · receipts aggregated
- Client pays → Hong Kong Virtual Account · supplier prepaid via credit · remainder distributed
- Tripartite reconciliation · fully settled by T+5
Import Flow (Middle East → China)
- Supplier registration (Fujairah oil & gas / Iraq SOC etc.) · KYB DD
- China-side buyer (Sinopec / Chuanhua / Huineng) confirms order
- Grace generates outbound FX plan · CogoLinks Hong Kong MSO channel
- Mr. Lin risk approval · AML re-review
- CogoLinks executes outbound payment · T+2 to Middle East supplier account
- Goods arrive at port · tax settlement completed · distribution
- Settle with China-side buyer · tripartite reconciliation
Frontend Modules · React + shadcn/ui
Workbench
/dashboard
Bidirectional order overview · to-do · channel capacity (shadcn Card + Chart)
Export Orders
/orders/export
China → Middle East full document lifecycle (Data Table + Sheet detail)
Import Orders
/orders/import
Middle East → China outbound FX full flow (Data Table + Timeline)
Split Workbench
/orders/split
Smart split plan · drag-drop adjustment · channel share
Channel Routing
/channels
CogoLinks · Lianlian · Yeepay · XTransfer capacity/price
Client 360
/customers
KYC/KYB · order history · DD reuse
Supplier 360
/suppliers
Middle East supplier profile · outbound FX history · risk rating
Bidirectional Reconciliation
/reconciliation
Three-way ledger alignment · T+1 diff flags
Tech components: Vite + React 18 + TypeScript · shadcn/ui (Radix + Tailwind) · Tanstack Table · React Hook Form + Zod · Recharts · dnd-kit (split drag-drop) · React Query.
Backend Services · go-zero Microservices
| Service | Main RPC / API | Storage |
|---|---|---|
trade-api | REST gateway · JWT · Casbin RBAC | Redis |
order-rpc | ExportCreate / ImportCreate / OrderQuery / StatusTransit | PostgreSQL |
kyc-rpc | KycUpsert / KybUpsert / ReuseCheck / RiskGrade | PostgreSQL · S3 (attachments) |
split-rpc | SplitPlanGenerate / SplitConfirm / SplitAudit | PostgreSQL · Kafka (events) |
channel-rpc | ChannelQuota / ChannelRoute / CogoLinksAdapter / LianlianAdapter | PostgreSQL |
fx-rpc | OutboundPay / InboundReceive / VaBalanceSync | PostgreSQL |
reconciliation-rpc | DailyRecon / DiffMark / MonthlyReport | PostgreSQL · S3 |
Framework: go-zero v1.6 · goctl-generated api/rpc · etcd service discovery · Kafka event bus · Prometheus + Grafana monitoring · Jaeger tracing.
Core Data Models (concise)
| Model | Key Fields | Purpose |
|---|---|---|
| Order | id, direction(export/import), client_id, supplier_id, amount_ccy, status, docs[] | Order master |
| Client | id, name, region, kyc_level(L1/L2/L3), kyc_expiry, contacts | Middle East client profile |
| Supplier | id, name, region, kyb_level, va_account, risk_score | Middle East supplier profile |
| SplitPlan | order_id, sub_orders[{channel, amount, ratio, status}] | Split plan |
| ChannelRoute | id, channel(cogolinks/lianlian/yeepay/xtransfer), quota, price, latency | Channel capacity table |
| PaymentTx | id, order_id, channel, direction, amount, ccy, va_account, receipt | Payment/receipt ledger |
| ReconciliationRecord | day, our_book, cogolinks_book, chai_book, diff, status | Tripartite reconciliation |
Iteration Milestones
v0.1 MVP · Day 0-45 · Internal Pilot
- Three pages: Workbench + Export Orders + Client 360
- go-zero: three services trade-api + order-rpc + kyc-rpc
- Split plans configured manually · channel execution via external integration
- Goal: run 30 export orders through 3 Middle East clients
v0.5 Beta · Day 45-120 · CogoLinks Integration
- Split engine + channel routing automated · CogoLinks API integrated
- split-rpc + channel-rpc + fx-rpc go live
- Import Orders + Supplier 360 go live
- Goal: Y1 export CNY 12M/month + import CNY 15M/month
v1.0 GA · Day 120-240 · Production
- Bidirectional reconciliation automated · reconciliation-rpc go live
- Mobile H5 · fast order entry for CHAI in Dubai
- Integrate Lianlian / Yeepay / XTransfer fallback channels
- Goal: support bidirectional operations at CNY 300M annual throughput
Tech Stack Overview · Frontend: React 18 + TypeScript + Vite + shadcn/ui + Tailwind CSS + Tanstack Table + Recharts + dnd-kit · Backend: Go 1.23 + go-zero v1.6 + PostgreSQL 15 + Redis 7 + Kafka + etcd · Deployment: Docker + K8s (Alibaba Cloud / Tencent Cloud Hong Kong region) · Monitoring: Prometheus + Grafana + Jaeger.