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Core Viewpoint - Xiaohongshu has acquired a payment license through the acquisition of Dongfang Electronic Payment Co., Ltd., which will support its e-commerce ecosystem development [2][5][7]. Group 1: Payment License Acquisition - Dongfang Electronic Payment Co., Ltd. underwent a series of business changes, with Ningzhi Information Technology (Shanghai) Co., Ltd. becoming the sole shareholder, indicating Xiaohongshu's acquisition of the payment license [5]. - The payment institution was originally granted a "Payment Business License" by the People's Bank of China in May 2011, which was renewed in August 2024, allowing it to conduct internet payment services [7]. Group 2: E-commerce Strategy - Xiaohongshu has accelerated its e-commerce strategy in 2023, establishing a "Big Business Sector" to integrate its commercialization and e-commerce teams [9]. - The launch of the "Million Commission-Free Plan" aims to lower entry barriers for small and medium-sized businesses, alleviating their operational pressures [10]. - A significant update in August 2023 placed the "Market" entry in a primary position in the app's bottom navigation, enhancing transaction efficiency [10]. Group 3: Financial Performance and Market Position - In 2024, Xiaohongshu's revenue is projected to exceed 30 billion yuan, with advertising revenue reaching 21.6 billion yuan, a 48% year-on-year increase [10]. - The platform's valuation increased by 19% within three months, reaching 31 billion USD by September 2025 [10].