Yonyou

YU Chunling, ZHAO Ziqian Version Date: 2022-11-30

Product No.: TU0148

Yonyou: Entering the Enterprise Cloud

Service Market
“Platforms and business ecologies are the new market trends. In the era of digitalization
and intelligent business, all enterprises will eventually go this way. Future competitions will
not just take place in the end-market, but between different business ecologies.”

——WANG Wenjing, Yonyou’s Chairman and CEO

at the 2021 Yonyou Ecosystem Conference

Wang Wenjing founded Yonyou Software Co., Ltd. (the former name of Yonyou Network
Technology Co Ltd., hereinafter referred to as “Yonyou”) from scratch in 1988. By the year
2022, it had been in the management software industry for over 30 years. Compared by experts
to “riding on the cattle’s back”, the existing players in the management software industry in
early days had learned how to stay in rhythm on their selected path and concurrently observe
the way forward. 1 For decades, the ICT (information and communications technology)
industry in general had witnessed several new tides of new technologies that forced out any
competitors lagging behind.

The term “cloud computing” had become a buzzword in China’s software industry by 2006.
Yonyou, ranking top in China's ERP (enterprise resource planning) industry for years, had not
been among the first group of companies to explore cloud computing. Globally, international
vendors held different attitudes toward the adoption of cloud computing at that time. Things
changed completely over roughly ten years. By 2022, Yonyou had transformed into a world
leading cloud-based enterprise service provider, competing internationally in building a strong
business ecology, and domestically with local players in terms of transformation speed.

Commenting on his company’s transformation into a cloud computing service provider,

Wang recalled his childhood as a cowherd, when “Riding on the cattle’s back was a unique and
challenging experience.”

This case was prepared by YU Chunling, ZHAO Ziqian of Tsinghua University School of Economics
and Management as the basis for class discussion rather than to illustrate either effective or ineffective
administrative situation.
Copyright © Tsinghua University School of Economics and Management. No part of this publication
may be duplicated, transmitted, or used in any form or by any means without the permission of Tsinghua
University School of Economics and Management.

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 Yonyou

Yonyou 1.0 to 3.0

Yonyou 1.0: Financial Software Provider

In 1988, Wang worked under the State Council to promote computerized accounting
among various government affiliates. He was in charge of software development and
government adoption. In two years, the accounting work of China’s central government entered
a new era from manual book-keeping to computer-based book-keeping, because of Wang’s
outstanding performance.

At that time, Beijing’s Zhongguancun Science Park was established. Later known as
“China's Silicon Valley”, it was China’s first national-level high-tech industrial development
zone and its first national independent innovation demonstration zone. Wang was excited about
the news. Knowing he could not go further in the commercialization of the financial software
market as a government official, Wang decided to quit his job and venture into the business
world with his university classmate Su Qiqiang.

Initially, China’s “Silicon Valley” was a single street of computer hardware vendors.
Wang’s software business was out of the mainstream. In the early 1990’s, selling software
licenses was extremely challenging in the Chinese market. Two years after its inception, Yonyou,
known as UFIDA (meaning user’s friend, fidelity to user) experienced a sudden success as its
UFO financial reporting software became a hit and was dubbed as “China’s No.1 Financial
Sheet”. By 1991, Yonyou had risen to the top spot in China’s domestic financial software
industry. 2

Yonyou 2.0: Financial Software Vendor

A few years later, the market need for comprehensive management software was growing
fast, giving rise to a much larger market space, the ERP (Enterprise Resource Planning)
software market. By 1996, Yonyou was trying to tap into the ERP market. Later, Yonyou
expanded the concept of ERP software to include management functions in areas such as supply
chains, human resources, collaborative offices, customer relationship management, and
business intelligence.

Since the logic behind ERP and related software originated from the West, and
international vendors had also invested heavily to educate the Chinese market, the high-end
market in China had long been occupied by the German company SAP and the U.S. company
Oracle. To penetrate the high-end market, Wang overrode all objections and insisted on pouring
2/3 of Yongyou’s research and development (R&D) resources into its new NC product line. It
took five years for NC to break even and start to see rapid growth.

As a local vendor, Yonyou better understood Chinese culture and its implications in the
management context. Yonyou touted this as a competitive advantage and inscribed its customer-
orientation in its Chinese brand name “User’s Friend”. Therefore, Yonyou’s business model
featured the three prongs of business consultation (pre-sales service), software solutions

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 Yonyou

(product), and implementation (after-sales service). Priced much higher than other product lines,
NC secured its competitive advantage through direct sales, customization and original provider
service. It has built over 100 outlets across China over the years. With NC, Yonyou was able to
directly compete with international vendors in the domestic market. By contrast, international
vendors typically adopted a different business model by outsourcing the consultation and
implementation sectors to service providers, such as the U.S. company Accenture.

Yonyou gained a strong foothold in the domestic market through its service-heavy model.
In 2002, it overtook international vendors and ranked first in China's ERP market.

Yonyou 3.0: Cloud Service and Software Provider

Due to the 2008 global financial crisis and the rapid expansion of the management software
industry, Yonyou encountered a severe decline. Its high labor costs became a heavy burden,
which warned Wang that risks were building up. As the Chinese saying goes, “the key to success
can also turn into one’s failure”. By 2010 Wang was eager to find an solution. He knew if
Yonyou moved upstream to only focus on technology development and knowledge creation, he
would have to cultivate sufficient service providers to fill the vacuum left behind.

Viewing cloud computing as a possible direction of the management software industry

(later referred to as the enterprise service industry in China), Wang became an early starter. He
took several pilot actions such as establishing a research center and releasing a phased strategy
regarding entrance into the cloud business. In December 2010, Yonyou released an “S+S
(Software + cloud Service)” strategy, highlighting the cloud-based model, and stressing its
differences from the traditional industry term SaaS (Software as a Service). He said that “Cloud
computing will be the opportunity for Chinese management software enterprises to leapfrog
global competitors and become a new world-class IT service provider.”

However, the market in 2010 was not mature enough to receive cloud-based service.
Yonyou needed to strike a balance between the current business model and the cloud model so
as to stabilize financial performance. Since 2012, Yonyou had been actively developing
downstream industry clusters by building partnerships with service providers, so that it could
focus on creating the best cloud product that fits the needs of the new era.

In 2012, Yonyou released its first cloud platform to test the waters. 3 In 2015, Yonyou
Software Co., Ltd. (the listed entity) officially changed its name to Yonyou Network
Technology Co., Ltd. To demonstrate its strong determination to transform into a dot-com
company and to embrace the cloud model. In 2016, Yonyou announced its entry into Strategy
Version 3.0, and in the next year unveiled its full set of services on the cloud, replacing its
original software products. From 2018 to 2021, the revenue contribution of cloud services had
increased from 27 percent to 55 percent. After 2021, Yonyou was proud to officially call itself
a veritable cloud service company.

During this period, Yonyou transformed its business model from SaaS to PaaS (Platform
as a Service). Key to the success of the platform model was its requirement of building a

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 Yonyou

business ecology in which various partners would build their own businesses. Realizing this,
Yonyou upgraded its proprietary development platform, UAP (unified application platform),
originally built for NC, to iUAP and opened it to ISVs (independent software vendors) to boost
their development efficiency. These ISVs could offer a wider range of software products from
which users could choose.

In August 2020, Yonyou released its platform-level product, BIP (Business Innovation
Platform), initializing the second stage of Yonyou 3.0. BIP marked a complete change of
business model from offering software products to cloud-based service. Yonyou formed
strategic alliances with IaaS providers (Infrastructure as a Service, or “hardware” that offers
computing power) and summoned various software product or service providers to join BIP and
co-build the new ecology. These partners included ISVs, innovative software developers,
product/service distributors, consulting and implementation service providers, and providers of
business solutions, data and financial services (Exhibit 1).

As Wang saw it, Yonyou’s voyage from phase 1.0 to 3.0 represented its consistent ambition
to support the growth of Chinese enterprises. With the first corporate value of being the “user’s
friend”, Yonyou continued to break boundaries as it went from only servicing the financial
department to servicing all enterprise functions all-roundedly, and then to servicing the whole
value chain of all industries. After 34 years of entrepreneurship, Wang’s expectations of Yonyou
grew bigger. He commented, “When we were doing financial software, we had no idea about
western products. Relying on our understanding of customer needs, we became a market leader
in China. When we started with the second generation of products, ERP, we made it to the
global top 10, and to No.1 in the Asia-Pacific area. Now we have the third generation of
products, and have set a new goal, which is to become a world leading service provider. With
everything we do, we bear this in mind.”

Industry Overview
Dawn of Cloud Computing

The ERP industry had undergone profound changes globally and domestically since its
emergence. According to the observations of Gartner, Inc., the pioneer of the ERP industry,
cloud-based ERP solutions had become the main advancement direction of the original ERP
software industry. 4 An industry research institution in China, CCID Consulting, indicated that
the outbreak of the COVID-19 pandemic in early 2020 prompted a large number of Chinese
enterprises to realize the urgency of transforming to online. They needed digital tools to
improve management efficiency and control corresponding risks. 5

Cloud services usually took three forms. Public cloud based on third-party infrastructure
was usually adopted by small and medium-sized companies on a subscription basis. Private
clouds installed on privately-owned infrastructure were highly expensive, therefore they
became the preference of large enterprises that were very concerned about data safety. The third
form was hybrid deployment of both public and private clouds based on different business needs.

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 Yonyou

The overall scale of the global public cloud service market maintained a relatively high
growth rate, reaching 24.1 percent in 2020, with the U.S. occuping 60 percent of the global
market share, followed by the Western European market, which accounted for about 20 percent.
With a market share of 6.2 percent in 2020, China was the third largest regional market in the
world and was advancing at a growth rate of 50 percent, much faster than the global average. 6

The management software industry was a mature market, but it was showing a slight lack
of momentum. Taking just the enterprise application (EA) software market for instance, the
global market size exceeded $200 billion in 2020. Its product mix included ERP, customer
relations management, financial management, human resources management, business
intelligence, supply chain management, enterprise assets management, and office automation,
with the first two accounting for over 50 percent of the overall global market.

The World’s Leading Players

The global management industry was striding towards cloud-oriented transformation.

Leading players competed in building their own platform capabilities. As pointed out by IDC,
an industry research institute, unique characteristics of major ecosystems would eventually take
form, because competition would grow more intense, forcing the major players to differentiate
their strategies. 7

According to data released by CCID, another industry research institute, SAP continued
to occupy the top position in the global management software industry. Ninety-two percent of
Forbes Global Top 2000 companies were SAP customers. SAP realized its growth through
continuously acquiring market leaders that offered services in the field of digital transformation
in different market segments. SAP’s 2020 revenue was around $36 billion. 8

Microsoft ranked No.2 with its EA software revenue in 2020 reaching $33.5 billion.
Seamless collaboration between different Microsoft products was an advantage. The third place
was occupied by Salesforce. The majority of its 2020 revenue, which was $21.3 billion, came
from its SaaS products. Oracle, a U.S.-based competitor showed sluggishness in its growth
momentum. Yonyou was the only China-based EA software supplier in 2020’s global top ten
list. Rooted in the China market, it reported revenue of $1.3 billion in 2020. 9

The SaaS Market

Cloud service and SaaS were two naturally compatible concepts. SaaS came out first but
flourished later thanks to cloud computing. In the era of application software, the idea of SaaS
was to replace selling products (software), a one-time business, with selling service, a long-
term business. SaaS offered more user-friendly solutions on the cloud servers offered by the
service provider. This relieved users from software installation, upgrading and maintenance.

According to IDC’s predictions at the end of 2020, the future trend of the Chinese market
would feature co-existence of standardized SaaS applications (for small and medium-sized
users) and customized service on SaaS platforms (for large companies). Key capabilities

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 Yonyou

required on the platform might include allowing for customers to build their own capabilities
on the platform, conduct simple software development customized to their own needs, and
select modulized services as needed. It also noted that the EA segment would continue to be
the main driving force of the whole SaaS market. 10

The SaaS market was a rather complicated one. Market needs varied greatly among large,
middle and small-sized companies, among different industries, and among different company
functions. The market was so large and complex that no single player could be able to service
all market needs. Manufacturing was the single largest market segment. In many vertical
industries, a lot of SaaS startups emerged, a new force that collectively carved out considerable
market share and tended to make the market more fragmented.

The China Market

At the beginning of the 21st century, when ERP software prevailed, the Chinese market
was highly concentrated. SAP and Oracle dominated the high-end market. Domestic players
like Yonyou and Kindee shared the remaining market segments. By 2020, the local vendors’
market position was basically on a par with international vendors. The structure of China's
software ERP market was: Yonyou (22.5%), SAP (22.2%), Kingdee (9.4%) and Oracle (8.6%).
The structure of China’s cloud ERP market was Yonyou (34.1%), Kingdee (22.6%), SAP
(17.5%) and Oracle (5.7%). 11

The global COVID-19 pandemic unexpectedly accelerated China’s digital transformation

process in nearly all respects. When making decisions about digitalization, enterprises gave
priority to cloud deployment. In the meantime, the Chinese government issued policies that
encouraged state-owned companies to adopt domestic software. 12 The booming China market
and enterprise users’ desire to quickly realize digitalization and try out new business models
provided domestic enterprise providers with great opportunites and challenges.

Reinventing Yonyou
New Market Insights

From 1.0 to 3.0, Yonyou kept reinventing itself to cater to ever-changing market needs.
The launch of YonBIP marked Yonyou’s transformation from a typical software company to a
provider of enterprise services.

Yonyou's leaders understood clearly that the key appeal to customers in the new era had
shifted from the need for higher efficiency and lower cost to an ability to constantly chase
business growth in the digital era. Simply put, they became innovation-driven instead of
process-driven. In the past, the need for process control surpassed other aspects, resulting in
very complicated procedures and high cost in software purchasing, staff training and
implementation. But these tools could only ensure higher efficiency in highly rigid work
procedures and offered little value in enabling companies to show agility in responding to the
new, volatile competitive environment. Therefore, Yonyou believed that what customers needed

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was less costly put-and-play capabilities to make their innovative business ideas come true.

Self-Disruption

Based on the new market insight, Yonyou decided to disrupt its past business model and
reinvent its offerings to cater to new customer needs. Many things had to change: from
Yonyou’s old position as a service provider to an innovation platform, from creating software
products to developing cloud service, and from offering tools to exporting industry experience.
From 2012 to 2016, Yonyou’s organization changed dramatically to support the new strategy.
In the company’s organizational structure, YonBIP emerged in a cental position.

YonBIP

Facing increasing demand for business innovation, Wang knew YonBIP would not just be
a single software product, but an infrastructure product that could bring together extensive
technology providers to offer tools, resources, knowledge and data to customers of various
industries and management fields. Collectively, customers would be equipped with the
capabilities and industry experience needed to outperform others in the digital era. It was no
longer proper to define Yonyou as a competitor in the management software industry.

As an infrastructure, YonBIP needed to be sufficiently sophisticated and versatile so that

it was able to carry a spectrum of services and an immense number of end-user visits. It also
needed to be a collaborative and open platform where services are compatible and data streams
are interconnected.

Returning to Product

Yonyou’s past success highly depended on human service. Its long-term customers mainly
included large-size groups, especially state-owned ones, which particularly recognized
Yonyou’s direct-operated service. Eighty percent of Chinese companies in the Forbes Global
Top 500 list were Yonyou customers. It also serviced 65 percent of China’s Top 500 companies,
65 percent of state-owned-enterprises (affiliated to the central government), 80 percent of
customers in the military and defense sector, and 75 percent of customers in the energy sector.

Focusing on the cloud strategy meant a complete mindset transition from selling products
to the logic of the Internet platform business, which was to establish and solidify its position by
attracting both supply and demand to create large transaction volume, and then constantly
reinvent the platform with rounds and rounds of iterations. Yonyou realized it needed to focus
its strength on the platform and soon decided that providing human service was a distraction.
Therefore, Yonyou tried to cultivate partner capabilities and outsource human service as much
as possible. Wang commented, “The whole industry is advancing toward platform integration.
Yonyou has built a business ecology that accommodates over 2,000 ISVs, 600 professional
service partners, 70 strategic partners, and over 10,000 other partners. Together, we have created
21,000 applications for customers to choose from.”

Saying goodbye to the core competence in the past was not an easy decision. But in fact,
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 Yonyou

cloud computing was a pervasive industry trend that all players could see with crystal clarity.
Two issues were critical to the decision. One was whether the timing was right. The other was
that the platform needed constant upgrading based on vast usage and a robust feedback loop.

Channel Reform

In the past, Yonyou had cooperated with service partners to distribute its standardized
products and satisfy the needs of micro business owners, mainly in product training and system
maintenance. For large customers, Yonyou adopted direct sales and customized service. For
example, it conducted pre-sale consultation, customized development, and implementation by
its own team.

This channel strategy was reversed with YonBIP. For micro-businesses, Yonyou offered
subscription-based service. For high-end customers, due to the complexity of business scenarios
and high data safety requirements, Yonyou kept offering business solutions and customized
development via human service.

Yonyou opened its customer base to service partners like Accenture, a world-renowned
consulting company. Their professional staff were certified to service Yonyou’s customers.
Yonyou internalized all maintenance for the public cloud as it was the foundation of platform
operations. As for private cloud maintenance service, Yonyou chose an outsourcing strategy
because it was labor-intensive and offered no value to the platform.

Financial Challenges

In the past, the revenue model from one big customer was usually a lump sum of millions
of RMB and a continuous maintenance fee. In contrast, the annual subscription fee that could
be collected from a YonBIP customer could be merely one tenth of that. Customer relations
changed drastically as a result. Yonyou needed to make more efforts in customer retention so
that it could collect fees years after year. The change heavily impacted both Yonyou and its
customers. From the perspective of customers, business innovations could take place much
faster than before at a largely reduced cost. But for Yonyou, a public company, the strategic
decision posed great financial risks during its transitional years. Yonyou’s staff were also faced
with great challenges as the new direction changed their work priorities and performance
appraisal methods.

Revenue from customized service and cloud service represented the present and the future,
respectively. Like a cowherd, Yonyou needed to grasp the rhythm. Difficult questions were
raised day by day by frontier staff as they needed to face the decision to remmend products or
services to customers. Yonyou realized it had to develop 10 times the size of its old customer
base. Otherwise it might receive harsh criticism from the capital market. In addition, team
morale would be negatively affected because they did more work and earned less salary. Yonyou
exercised a double-bonus plan for frontier staff to boost their spirits. The result was that
Yonyou's overall revenue continued to grow in 2021, with revenue from cloud service
accounting for 55 percent.

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 Yonyou

Building an Ecology
The transition from software to cloud service was compared by industry experts to Ice Age
hunters entering into the agrarian age 13, where the entire civilization came to rely on a stable
source of food. The clash of civilizations could cause the turning of eras. Within the ICT
industry, Yonyou believed, players that stood at the top were those who set the rules and
standards for other players around the world, such as Gartner, which was generally considered
as the pioneer in the ERP field. Followers had to adopt the same software standards to develop
new applications that were highly compatible with the established standard system. Globally
speaking, China was one of the late boomers in terms of ERP adoption. The Chinese ERP
industry represented a large portion of the global market, but Chinese ERP software providers
had to follow western standards.

With the advent of cloud computing, the software architecture and the underlying logic
went through extensive changes. Industry players embraced the new technology one after
another. By becoming an early mover, Yonyou tried to make a breakthrough from its existing
market to the premium market, to overthrow the previous market structure, and to find
opportunities to make striking achievements such as establishing itself as a genuine market
leader in China and the world. Yonyou had confidence that with the great growth potential of
the China market and Yonyou’s customer foundation, YonBIP would eventually become a
powerful platform where ISVs servicing various industries gathered, lived, and prospered.

To take on the role of industry leader, Yonyou felt obliged to continuously invest in YonBIP.
Consequently, in early 2022, Yonyou set the following five strategic tasks: ecology building,
product upgrading, market expansion, M&A, and capability improvement. The cultural theme
was to gather great minds and integrate new forces into the ecology. In addition, a new idea was
brought up, the Yonyou Partner Network (YPN), to facilitate partnership not just with Yonyou
but between independent Yonyou partners, so as to weave a comprehensive service network
where customers could find the exact help they needed. This form of value creation was the
ultimate goal of Yonyou’s ecology strategy. Wang pointed out that the fast growth of China’s
digital economy posed high challenges for services providers and forced them to learn how to
cooperate.

Yonyou upgraded its partnership plans in five respects (Exhibit 2) and saw great results.
By mid-2022, YonBIP had over 2,000 ISVs, which represented more than 1 million individual
software developers. There were also over 300 profssional service partners, 70 strategic partners,
180 technolgy platform partners and 3,000 channel and services partners. YonStore, YonBIP’s
product and service base, attracted 10,000 partners offering 21,000 products.

Apart from integrating partner capabilities into YonBIP, Yonyou also endeavored to
increase the platform’s underlying flexibility to help it fit into all kinds of business scenarios.
In terms of reverse integration (integrating into customer businesses), Yonyou’s proprietary
PaaS platform iUAP was designed to be a versatile base where key customers could build their
own business platform and actively bring in their industrial chain partners. The chain effect

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 Yonyou

would benefit Yonyou greatly if Yonyou could win the hearts of industry leaders.

Looking into the Future

With the rise of the new tide of technology, the global competitive landscape underwent a
major reshuffle. New rules and standards came one after another. SAP upgraded its original
Cloud Platform and launched BTP (business technology platform) in 2021. It provided a base
for all SAP services and set standards for followers. Gartner also launched its EBC (enterprise
business capacity) platform. Chinese competitors Kindee and Inspur Group adopted EBC.

Yonyou’s management understood that it would be difficult to stand out in the global
market if it could not win the battle in China. The Chinese government showed strong support
for local software companies by supporting SOEs to convert to local software and giving tax
preferiential policies to local software providers. 14 What’s more, China’s concern over data
safety and network security gave Yonyou opportunity to seize new customers in the IT industry
as well as in the web-based platform economy.

The cost for Yonyou to transform its business model was remarkably high. Between 2019
and 2022, the company’s revenue did not grow because of heavy R&D investment and
increased sales expenses (Exhibit 3). The revenue from public cloud services still had a long
way to go before it was able to support such high costs. A key financial indicator of Yonyou’s
progression into a service-based business model was ARR, namely, annual recurring revenue,
which was not high by comparison with other domestic players. Domestically and
internationally, Yonyou realized it was fighting an uphill battle on two fronts, front and back.

Apart from being the user’s friend, Yonyou’s other two core values were continuous
innovation and perserverance in professionalism. Being a seasoned entrepreneurer, Wang was
not afraid of change. He commented, “The pressure mainly comes from the need for constant
product innovation. This is the natural consequence of changing customer needs. There’s
nothing special about the challenges ahead. We only need to keep focusing on one thing, that is
to provide the best product and service for our customers. This guides our future path. If we
hold on to this, we’ll eventually see growth.”

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Exhibit 1: YonBIP's Ten Service Fields

Source: Yonyou.

Exhibit 2: Yonyou's 2022 Plan to Build Business Ecology

1. Cooperate with ISVs to expand industry-specific service capabilities, especially assisting

customers in digital transformation;

2. Collaborate with external service teams in fields of consulting, implementation and

customer development, so as to enlarge their overall service capacity;

3. Build close partnership with strategic partners in cloud computing infrastructure, telecom
operators and banks, and integrate their service into YonBIP;

4. Accelerate the training of digital talents through tight cooperation with educational and
training institutions;

5. Attract more independent developers and consulting specialist to satisfy highly

customized needs.

Source: Yonyou.

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 Yonyou

Exhibit 3: Yonyou’s Major Financial Indicators from 2017 to 2021

In millions of RMB

2017 2018 2019 2020 2021

Operating Income 6,344 7,703 8,512 8,528 8,932
Net Profit 389 612 1,181 985 708
Net Profit after Deducting Non-
293 532 678 906 405
Recurring Gains and Losses

Source: Yonyou Network.

Endnotes

1
“Fortune Insight: Wang Wenjing Riding on the Cattle's Back”, July 30, 2002, access
ed September 1, 2022, https://business.sohu.com/78/32/article202383278.shtml.
2
Zhang Jingbo, “The King of the Industry Behind 4.46 Million Enterprises”, Decembe
r 7, 2018, accessed September 1, 2022, https://www.163.com/dy/article/E2DNEFQD0518
SM1R.html.
3
“The Power of Aggregation: Yonyou Cloud Platform Conference and Yonyou Brand
New Logo Press Conference”, April 23, 201212, accessed September 1, 2022, https://t
opics.gmw.cn/node_25904.htm.
4
Dixie John, Denis Torii, Paul Scheck, John Van Decker, “Market Guide for Service-
Centric Cloud ERP Solution,” Gartner. Inc., October 6, 2021.
5
Wang Yunhou at CCID Consulting, “2020-2021 Annual Research Report on China E
nterprise-Level Application Software Market”, June 1, 2021, accessed September 1, 20
22, http://www.mtx.cn/#/report?id=684669.
6
Wenting Xu, “China Enterprise Application Software (EA) SaaS Market Tracking Re
search Report 2020H2”, IDC.com, March 2022, accessed September 23, 2022, https://w
ww.idc.com/getdoc.jsp?containerId=CHC47427221.
7
Ibid.
8
Op.Cit. Endnote 5.
9
Ibid.
10
Op.Cit. Endnote 6.
11
Op.Cit. Endnote 5.
12
Policy: What are the Implications of the Government-Issued Documents about Clou
d, Digitalization and Intelligence? October 24, 2020, accessed September 1, 2022, http
s://www.163.com/dy/article/FOJI2BGU0538AUYG.html.
13
Liu Jingjing, “Interview: From Hunting to Farming, Entering into the Cloud Era”, S
eptember 13, 2017, accessed September 23, 2022, http://www.vsharing.com/k/vertical/20
17-9/721877.html.
14
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