浙江信航支付49%股权将再次降价拍卖

Core Viewpoint - The auction of a 49% stake in Zhejiang Xinhang Payment Co., Ltd. by Aerospace Communication Holdings Group Co., Ltd. reflects ongoing challenges in the payment industry, particularly regarding the valuation and desirability of minority stakes in a competitive market [1][2][3] Group 1: Auction Details - Aerospace Communication announced the auction of its 49% stake in Zhejiang Xinhang Payment, with a starting price of 37.6 million yuan and a deposit of 7 million yuan [1] - The auction is part of a public disposal arrangement approved by the Hangzhou Intermediate Court under a restructuring plan [1] - Zhejiang Xinhang Payment holds a payment license valid until June 26, 2027, covering internet payment, prepaid card issuance, and cross-border payment services [1] Group 2: Historical Context - The 49% stake has been unsuccessfully offered for sale multiple times, starting with a listing price of 202.7 million yuan in 2016, which saw no buyers [2] - In 2024, the stake was listed again at a reduced price of 51.1 million yuan, but still found no buyers; the price has since dropped to 37.6 million yuan [2] - The stake was first auctioned in July 2025 with a starting price of 46.5 million yuan but failed to attract bidders [2] Group 3: Market Analysis - The repeated price reductions indicate a lack of interest in the minority stake, primarily due to its limited control value compared to the previously sold 51% stake [2] - The payment industry is now in a phase of stock competition, with the value of payment licenses shifting from mere possession to actual business value and profitability [3] - Zhejiang Xinhang Payment's business is closely tied to its parent company, PingPong, limiting its independent operational value and reducing the incentive for external buyers [3]