Core Insights - 联易融 has established a strategic partnership with XRPL to deploy its global digital supply chain finance application on the XRP Ledger mainnet, aiming for large-scale implementation [1] - The collaboration signifies联易融's integration into the global decentralized finance ecosystem and highlights its ongoing innovation in cross-border trade finance [1] - Future explorations will include deeper cooperation in stablecoins and supply chain finance innovations, focusing on RWA asset trading and the integration of blockchain and AI in global trade finance [1] Company Overview - 联易融 aims to empower supply chain finance through technology, aspiring to become a leading global digital solution provider [2] - Since 2019, the company has expanded its cross-border operations, serving 27 countries and regions, with a projected cross-border asset handling of 20.7 billion in 2024 [2] - 联易融 has established partnerships and joint ventures, including a digital bank in Singapore and a blockchain-driven trade finance platform with Standard Chartered Bank [2][3] Industry Context - XRPL was launched in 2012 to create a more efficient and sustainable value transfer system compared to Bitcoin, supported by global partners [2] - The industry is witnessing significant developments in asset tokenization, with联易融 playing a key role in projects like Project Dynamo and the issuance of the first trade asset-backed tokenized product [2] - The establishment of SuperFi Labs by联易融 aims to innovate in DeFi, focusing on RWA products and decentralized finance development [3]

Core Insights - The report from CCID Consulting focuses on the financing difficulties faced by startups in China, analyzing their characteristics, current financing landscape, causes of difficulties, and policy recommendations. Group 1: Startup Characteristics and Internal Financing Challenges - Startups exhibit five core characteristics: lack of collateral due to light asset operations, unstable business models leading to income fluctuations, absence of long-term credit records, high operational risks with low risk tolerance, and insufficient cash flow requiring long-term funding [1][10][11]. - These characteristics lead to four major financing challenges: traditional financing channels are generally inaccessible due to high thresholds; financing costs are high, resulting in equity dilution and high-interest debt; short financing cycles do not match the long-term funding needs of startups; and startups are vulnerable to market cycle fluctuations and policy adjustments, as seen in the significant decline in financing scale from 2021 to 2023 due to global venture capital tightening [1][13][15]. Group 2: Current Financing Market Status and Structural Changes - The current financing landscape for startups shows five trends: the primary market experienced a peak in 2021 followed by a decline over two consecutive years; investment is shifting towards later stages, with early-stage investments decreasing; VC/PE investment enthusiasm has waned, while government-guided funds are gaining influence but face efficiency issues; bank loans for small and micro enterprises are increasing, yet the approval rate for startup loans is only 22.8%; and while the Sci-Tech Innovation Board and Beijing Stock Exchange have expanded, most listed companies are mature, with only 15.6% being under five years old [2][20][21][22]. Group 3: Multi-Dimensional Causes of Financing Difficulties - From the investor's perspective, state-owned investment institutions are constrained by asset assessment mechanisms, leading to low risk tolerance and administrative decision-making, resulting in insufficient participation in early-stage projects; private and foreign institutions tend to rely on benchmarking, underestimating local innovations, and face blind spots in hard technology investments, causing an imbalance in resource allocation [3][26][28]. - From the internal perspective of startups, conflicts between technology confidentiality and capital transparency lead to information governance imbalances, with some companies resorting to financial fraud to meet capital expectations, exacerbating market trust crises; founders' concerns over control lead to distorted financing strategies, threatening the survival of the enterprise [3][31][35]. Group 4: Systematic Policy Recommendations - The report proposes three major reform directions: reforming the state-owned investment mechanism to enhance risk tolerance and support capabilities for startups; establishing a credit financing system for technology-based enterprises by integrating innovation data and improving risk guarantee models; and promoting supply chain financial innovations to strengthen financing capabilities within the industry chain [4][8][9].

Group 1 - The visit by the China Enterprise Financial Management Association to Deep Technology Group highlighted the importance of digital technology application and platform construction in the financial sector [1][3] - The discussions focused on topics such as supply chain financial innovation, intelligent platform development, and the empowerment of the real economy through financial technology [1][3] - The Chairman of Deep Technology Group shared insights on the company's core sectors, strategic planning, and operational development, praising the association's role in promoting intelligent development in China [3] Group 2 - The association's honorary chairman expressed high expectations for deepening cooperation and praised the strategic model of Deep Technology Group, which focuses on integrated development [3] - The association's vice president shared insights on the exploration and practice of promoting intelligent development, emphasizing the need for member sharing, case presentations, and channel cooperation [3] - The exchange underscored the willingness of both parties to enhance communication and collaboration, aiming to establish a long-term cooperation mechanism to support the development of millions of small and micro enterprises [3]