Core Insights - Internet platforms are increasingly acquiring third-party payment licenses to meet regulatory compliance and reduce transaction costs, which are essential for their business model development [1][6][7] Group 1: Recent Acquisitions - Xiaohongshu has fully acquired Dongfang Payment, which holds a payment business license valid until May 2026 [2][3] - Tongcheng Group acquired 100% of Xinsheng Payment for approximately 300 million yuan, with the registration capital increasing from 100 million to 330 million yuan [2][3] - 58.com purchased 70% of Shengya Yunding Payment for 23.85 million yuan, with the remaining 30% already pledged to a subsidiary [3] - Douyin acquired 100% of Lian Dong You Shi E-commerce for nearly 1.4 billion yuan, complementing its existing payment capabilities [4] Group 2: Regulatory and Compliance Factors - The acquisition of payment licenses is driven by the need for compliance with regulations, especially after the implementation of the "one control, one participation" principle [6][7] - Platforms face risks if they rely on third-party payment processors, as it may lead to compliance issues and loss of business insights [6][7] - The new regulations require that new shareholders have good financial status and no significant legal violations in the past three years [5] Group 3: Strategic Implications - Acquiring payment licenses allows platforms to create a closed-loop ecosystem for transactions, data, and funds, enhancing their operational efficiency [6][7] - Payment capabilities are becoming a core infrastructure for platforms, facilitating the integration of e-commerce and financial services [7][8] - Platforms are expected to develop their own payment systems, enhance user engagement, and potentially integrate credit services into their offerings [8]