Coupang's Strategic Expansion into Taiwan: A Catalyst for Growth and Reduced VolatilityWe see a significant growth opportunity in Taiwan eCommerce: Despite similar GDP per capita, and half the population compared to Korea, Taiwan's eCommerce market size is one seventh of Korea, reflecting still low penetration among consumers (14% online penetration according to Taiwan's MOEA). While there are many factors, we see the absence of a dominant platform to drive industry growth as a key reason, and believe Coupang's push could be the catalyst which sparks mass adoption. Assuming Taiwan can grow to be a US$50bn market over the next five years, Coupang's Taiwan business would emerge as an invaluable growth engine. What was the case for Korea? Referencing historical financials, we note Coupang booked peak losses in 2018, four years after Rocket was launched in Korea.