Core Viewpoint - The lending industry is undergoing a significant reshuffle due to regulatory requirements, with a new list management system set to be implemented by October 1, 2025, mandating banks to manage their partnerships with lending platforms and credit enhancement service providers [1][4]. Group 1: Regulatory Changes - As of May 13, several financial institutions, including Guangzhou Bank and Chengde Bank, have begun to publish their lists of lending partners, primarily featuring leading lending platforms [1][2]. - The list management system provides clear guidelines for financial institutions, enabling them to select partners that meet regulatory standards and their own risk preferences, leading to increased industry concentration and compliance [1][4]. Group 2: Impact on Lending Institutions - The published lists include various types of institutions, such as credit enhancement agencies, fintech companies providing risk control solutions, licensed financial institutions participating in lending, and internet platforms offering payment channels [3]. - The implementation of the list management system is expected to filter out non-compliant or low-capacity institutions, thereby enhancing consumer protection and ensuring that licensed institutions have better safeguards for their rights and collaborations [4][5]. Group 3: Challenges for Smaller Institutions - Smaller lending institutions that operate with interest rates between 24% and 36% face significant challenges, as their actual rates may exceed the 24% legal limit when additional fees are included, making it difficult for them to be included in bank partnership lists [6]. - The loss of funding due to exclusion from bank partnerships could lead to a rapid decline in transaction volumes for these smaller institutions, which previously relied on external funding to expand their asset scales [6]. Group 4: Resilience of Leading Platforms - Leading lending platforms are less affected due to their own capital and compliance advantages, allowing them to directly serve high-quality clients with annualized rates below 24% [7]. - These platforms can still generate revenue through referral fees for clients with rates between 24% and 36%, although they may experience some impact on their referral business [7].