We also built Wish to empower merchants around the world. We continue to expand our merchant base around the world. Over 90% of our user activity and purchases occur on our mobile app. & &# Logistics & • Shipping Logistics. 8226; User-Generated Content: Our platform offers mostly unbranded goods today. We provide a mix of marketplace services to merchants. Still other laws dictate when and how sales or other taxes must be collected. We may be required to comply with the terms of these collective bargaining agreements. A reduction in advertising spend by merchants could harm our business. This is a relatively new business initiative for us. We may not achieve or maintain profitability in the future. We are subject to payment-related risks. Our refund policies may adversely affect our results of operations. We face risks relating to the inventory we purchase ourselves. We may be the target of this type of litigation in the future. Other countries have indicated they may take similar actions. Most of our merchants, and some of our operations, are located in China. Our operations in China are governed by PRC laws and regulations. Beginning in 2021, the UK is now a "third country" under the GDPR. Any of these results could harm our business. Declines in the price of Class A common stock could subject us to litigation.
