TENCENT(US:TCEHY) Bei Jing Shang Bao·2025-10-22 15:38Core Insights - The third-party payment industry in 2025 is undergoing a significant transformation characterized by a "capital race," with major players like Tenpay and Douyin Pay increasing their registered capital significantly, while smaller institutions are exiting the market due to insufficient capital and business pressure [1][6] Capital Increase Trends - The payment industry has shown a clear trend of "leading by the head and tiered differentiation" in capital increases, with notable examples including the increase of registered capital for Wangyin Online to 1.5 billion RMB and other institutions like Yisheng Payment and Vipshop Payment also raising their capital [3][4] - Tencent's Tenpay has seen the most significant capital increase, from 1 billion RMB in April 2024 to 15.3 billion RMB in June 2025, maintaining its position as the industry leader in capital strength [3][4] Regulatory Impact - The implementation of the "Non-Bank Payment Institutions Supervision Management Regulations" has been a direct driver of the current capital increase wave, establishing a minimum registered capital requirement and linking net assets to reserve fund scales [4][7] - The capital scale is directly related to the business limits, reserve fund management costs, and customer trust, with increased capital enhancing risk resistance and laying the groundwork for future business expansion [5][7] Market Dynamics - The number of licensed payment institutions has decreased to 164, with 107 licenses revoked, primarily affecting smaller institutions that struggle to meet capital requirements [6][8] - The industry is shifting from a phase of scale expansion to one focused on capital and quality development, with larger institutions strengthening compliance and technology capabilities while smaller ones exit the market [6][8] Future Outlook - The ongoing capital increase trend is expected to continue, driven by internal growth needs and intensified competition in the third-party payment market, which will enhance overall capital strength and promote investment in market services and technology [8][9] - The industry is likely to see a restructuring where larger institutions leverage their capital advantages to transform into comprehensive financial technology service providers, while smaller institutions focus on niche markets to avoid homogenized competition [9]