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Core Insights - Xiaohongshu has acquired a payment license through its wholly-owned subsidiary, Ningzhi Information Technology (Shanghai) Co., Ltd, which now holds 100% of the shares in Dongfang Electronic Payment Co., Ltd [1] Company Summary - Dongfang Electronic Payment Co., Ltd underwent a business change, with all original shareholders exiting and Xiaohongshu's subsidiary becoming the sole shareholder [1] - The company was established in 2008 with a registered capital of 200 million yuan, and its business scope includes non-bank payment services, communication equipment sales, and retail of computer software and hardware [1] - The company is a third-party payment institution approved by the People's Bank of China, initially licensed for internet payment services, and will transition to Class I business for stored value account operations starting August 2024 [1]