过去一年新兴市场飞速蓬勃发展。从用户侧来看，疫情驱动用户行为产生了巨大

Emerging markets have grown rapidly over the past year. From the user side, the epidemic has driven huge changes in user behavior, and it can be clearly felt that the changes in emerging markets have brought about a <br><br>gradual increase in user stickiness, which is happiness. Why does it hurt? We found that the traffic supply is not enough, and the demand of users is growing too fast. Now, from the perspective of succession, a new supply-side reform is urgently needed. <br><br>On the industry side, in the past year, we have perceived a very large bubble in emerging markets, which is a symbol of prosperity. Like e-commerce platforms in Southeast Asia, some emerging unicorn companies have soared to companies with a market value of tens of billions of dollars. This is joy. But the traffic on the other side is not enough to sell, and the demand from advertisers is extremely strong, which is also painful. <br>So it's been a "painful and happy year" that for us breeds new opportunities for the next year.

Emerging markets have boomed in the past year. From the user side, the epidemic has driven great changes in user behavior, and it can be clearly felt that the changes in emerging markets have brought about user stickiness<br>Gradually enhance, this is happiness. Why does it hurt? We found that the flow supply is insufficient and the demand of users is growing too fast. Now, from the perspective of undertaking, there is an urgent need for a new supply side reform.<br>On the side of the industry, in the past year, we have seen that the emerging market has a very big bubble. This is a symbol of prosperity. Like Southeast Asia's e-commerce platform, some new unicorns have surged to the company of ten billion dollar market value. This is happiness. But the traffic on the other side is not enough to sell, and the demand of advertisers is extremely strong, which is also painful.<br>Therefore, this is a "painful and happy year", which breeds new opportunities for us in the next year.

Emerging markets have developed rapidly in the past year. From the user side, the epidemic has driven great changes in user behavior, and it is obvious that the changes in emerging markets will bring about user stickiness. Step by step, this is happiness. Why does it hurt? We find that the flow supply is not enough, and the demand of users is growing too fast. Now, from the perspective of undertaking, a new supply-side reform is urgently needed. On the industrial side, in the past year, we have felt that there is a very big bubble in emerging markets, which is a symbol of prosperity. Like the e-commerce platform in Southeast Asia, some emerging unicorn companies have soared to companies with a market value of tens of billions of dollars, which is happiness. But the traffic on the other side is not enough to sell, but the demand of advertisers is extremely strong, which is also painful. Therefore, this is a "painful and happy year", which is pregnant with new opportunities for us in the next year.