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Core Insights - Xiaohongshu has officially entered the payment industry by acquiring 100% of Dongfang Electronic Payment Co., Ltd. and increasing its registered capital to 200 million yuan, thus completing a critical piece of its e-commerce ecosystem [1][4][5] Group 1: Acquisition Details - The acquisition cost is estimated at approximately 148 million yuan based on previous equity transfer prices [4][5] - Xiaohongshu's subsidiary, Ningzhi Information Technology (Shanghai) Co., Ltd., now holds 100% of Dongfang Payment, which has undergone significant capital and management changes [4][5] - The registered capital of Dongfang Payment has increased from 121.3 million yuan to 200 million yuan, with an additional investment of 7.87 million yuan [5] Group 2: Strategic Implications - The acquisition allows Xiaohongshu to reduce reliance on external payment channels, thereby lowering transaction costs and enhancing data control [6][7] - Analysts believe that the move is essential for Xiaohongshu to meet regulatory requirements and to strengthen its financial infrastructure [6][7] - The company aims to create a closed-loop ecosystem integrating content, transactions, and payments, which could save 200 to 300 million yuan in costs based on projected GMV for 2024 [6][7] Group 3: Financial Performance of Dongfang Payment - Dongfang Payment has faced financial difficulties, with projected revenues of 8.88 million yuan and a net loss of 8 million yuan for 2024 [8] - The company’s total assets are reported at 132 million yuan, with equity of 93 million yuan [8] - Analysts suggest that Xiaohongshu can leverage its platform to improve Dongfang Payment's profitability by integrating high-frequency transaction scenarios [8] Group 4: Industry Impact - Xiaohongshu's entry into the payment sector may not disrupt the dominance of Alipay and WeChat Pay but could stimulate competition among smaller payment institutions [10] - The acquisition highlights a trend of integrating "scenes + licenses," as internet platforms seek to enhance their payment capabilities through acquisitions [10] - Future strategies may include expanding into cross-border e-commerce and differentiating Xiaohongshu's offerings in the competitive landscape [10]