11月，东方电子支付有限公司（下称"东方支付"）完成股权变更。东方支付原先6位股东全部退出，小 红书科技有限公司全资控股的宁智信息科技（上海）有限公司成为其唯一控股股东。这意味着小红书正 式通过收购方式获得一张支付牌照。 在此不久前，58同城通过旗下公司以2385万元的价格，收购圣亚云鼎支付有限公司的80%股权；同程集 团关联企业艺龙网以约3亿元收购新生支付100%股权。 这让某家支付机构运营总监许云鹏相当振奋——因为他看到手里的支付牌照也有了"套现空间"。 这些二线互联网企业之所以纷纷收购支付牌照，一方面是随着业务持续发展，他们对自主支付提出更迫 切的需求。通过收购支付牌照，他们既可以摆脱对外部支付渠道的依赖，显著降低支付通道费率，另一 方面也能在更多业务场景嵌入自主支付能力，提升用户消费行为与商户服务优化的数据分析能力，实现 更好的业务闭环。 另一个驱动二线互联网企业纷纷收购支付牌照的重要因素，是去年5 月实施的《非银行支付机构监督管 理条例》（下称《管理条例》）明确了持牌经营的门槛和规则，并封堵代持等合规漏洞，叠加数据安全 法对支付数据本地化的要求，令他们纷纷决定收购支付牌照。 二线互联网企业的算盘 过 ...

Core Insights - The recent trend of internet platforms acquiring payment licenses is intensifying, with companies like Xiaohongshu, Tongcheng, and 58.com making significant moves in this space [1][2][3] - Following these acquisitions, compliance challenges are emerging, particularly as many acquired entities face operational weaknesses and increased scrutiny from regulators [1][6] Group 1: Acquisition Activities - Xiaohongshu's subsidiary Ningzhi Technology has fully acquired Dongfang Payment, a licensed payment institution since 2011, with a license valid until May 2026 [2] - Tongcheng Group's subsidiary, Yilong, acquired 100% of Xinsheng Payment for approximately 300 million yuan, increasing its registered capital to 330 million yuan [2] - 58.com purchased 70% of Shengya Yunding Payment for 23.85 million yuan, achieving full control through prior share pledges [2] - Douyin and Kuaishou have also made earlier acquisitions, with Douyin significantly increasing its registered capital from 150 million yuan to 3.15 billion yuan [2] Group 2: Capital Increases - Douyin Payment increased its capital by 3 billion yuan earlier this year, while Tencent's Tenpay raised its capital to 22.3 billion yuan [3] - JD's online banking service also raised its registered capital to 1.5 billion yuan, and Vipshop Payment increased its capital from 100 million yuan to 200 million yuan [3] Group 3: Strategic Importance of Payment Licenses - Internet platforms are increasingly viewing payment licenses as essential strategic assets rather than optional [4] - The growing complexity of business models necessitates a self-owned payment system to maintain transaction stability and compliance [4][5] - The new regulatory framework starting in 2024 emphasizes the need for platforms to hold licenses directly, reducing reliance on third-party payment processors [4] Group 4: Compliance Challenges - The central bank has tightened the review process for payment license renewals, with several institutions facing challenges due to historical weaknesses and insufficient technical investment [6][7] - In 2023, the central bank has already canceled 7 payment licenses, indicating a stricter regulatory environment [6] - The need for robust compliance measures across various operational aspects is emphasized, including customer identity verification and transaction monitoring [7]

Core Viewpoint - Major internet companies are actively acquiring payment licenses as the third-party payment market faces critical challenges, particularly with upcoming license renewals and regulatory changes [2][4][14]. Group 1: Company Actions - Xiaohongshu has acquired 100% of Dongfang Electronic Payment Co., Ltd. through its subsidiary, completing a capital increase [1][7]. - Tongcheng Travel and 58.com have also acquired payment licenses through affiliated companies [2]. - Tongcheng Yilong spent 300 million to acquire Xinxing Payment, a fully qualified payment institution [8]. Group 2: Market Context - The third-party payment market is at a pivotal moment, with many institutions facing license renewals by May 2026, and new regulations set to take effect in 2024 [2][4]. - The new regulations will require a minimum registered capital of 100 million yuan and establish dynamic net asset requirements linked to reserve fund sizes [4]. Group 3: Industry Challenges - Domestic third-party payment institutions face intense competition and low fee rates compared to overseas markets, leading to financial strain for smaller players [5]. - As of November 2025, 107 payment licenses have been canceled, a nearly 40% reduction from peak levels [6]. Group 4: Importance of Payment Licenses - Payment licenses are becoming essential for internet platforms to accelerate commercialization and enhance customer experience [9][12]. - Companies like Douyin and Pinduoduo have previously secured payment licenses to stabilize and expand their business operations [12][15]. Group 5: Future Trends - The trend of "buy now, pay later" is emerging as a key competitive factor in the local lifestyle market, indicating the growing importance of payment solutions [13][14]. - Major internet companies are increasing their capital investments in payment entities to support their growth strategies [15].

Core Insights - The acquisition of a third-party payment license by Xiaohongshu has sparked significant industry discussion, indicating a strategic shift towards building a sustainable business ecosystem [1][2] - The trend of acquiring payment licenses is not unique to Xiaohongshu, as other platforms like 58.com, Kuaishou, and Douyin are also pursuing similar strategies, while Bilibili's attempts have failed [1][5] Company Summary - Xiaohongshu's acquisition of Dongfang Payment involved a total investment exceeding 200 million yuan, including a capital increase of 78.7 million yuan after the acquisition [3][4] - Dongfang Payment's financial performance is poor, with projected revenues of only 8.88 million yuan in 2024 and a net loss of 8 million yuan, highlighting the challenges Xiaohongshu faces despite acquiring the license [4][5] - The payment license is crucial for Xiaohongshu to enhance its e-commerce operations, potentially saving 240 million yuan annually in transaction fees and allowing for better data integration across its platform [5][14] Industry Trends - The payment license acquisition trend reflects a broader industry shift, with a significant reduction in the number of licensed payment institutions, down to 164 from a peak of over 300 [14][15] - Regulatory changes have increased the barriers to entry, making the acquisition of existing licenses the primary method for companies to gain payment capabilities [14][15] - Major players like Douyin and Kuaishou are also actively enhancing their payment capabilities, with Douyin's registered capital increasing from 150 million yuan to 3.15 billion yuan, indicating a strong commitment to compliance and growth [11][12] Regulatory Environment - The regulatory framework requires that any changes in major shareholders or actual controllers of payment institutions must be approved by the People's Bank of China, which adds complexity to the acquisition process [2][4] - Compliance with capital requirements and operational independence from parent companies is essential for newly acquired payment institutions to avoid regulatory scrutiny [16]

Core Insights - The acquisition of a third-party payment license by Xiaohongshu has sparked significant industry discussion, indicating a strategic shift towards building a sustainable business ecosystem [1][3] - The payment license has become a critical strategic asset for internet platforms, with several companies like 58.com, Kuaishou, and Douyin also pursuing similar acquisitions [1][3] - Xiaohongshu's acquisition involved a total investment exceeding 200 million yuan, with the company restructuring and increasing the registered capital of the acquired entity, Dongfang Payment [3][4] Company Summary - Xiaohongshu's acquisition of Dongfang Payment was completed on November 3, with the company becoming the sole controlling shareholder after a significant restructuring [3] - The total investment for the payment license acquisition and subsequent capital increase reached over 200 million yuan, with the registered capital of Dongfang Payment rising from 121.3 million yuan to 200 million yuan [4] - Despite the acquisition, Dongfang Payment reported poor financial performance, with revenues of only 8.88 million yuan in 2024 and a net loss of 8 million yuan [5] Industry Trends - The payment license has transitioned from an optional asset to a necessary strategic component for companies aiming to establish a long-term business model [1][20] - The number of existing licensed payment institutions has decreased significantly, with 107 licenses revoked as of October 2025, highlighting the increasing regulatory challenges [20][21] - Major players in the industry are rapidly increasing their capital to meet compliance requirements, while smaller institutions are exiting the market due to stringent regulations [20][21]

Core Viewpoint - The online travel agency (OTA) platform Tongcheng Travel's subsidiary, Yilong Network, is acquiring 100% of the shares of Newborn Payment to obtain a payment license, aiming to leverage opportunities in the Hainan Free Trade Port and enhance digital upgrades in cultural tourism consumption [1][2]. Group 1: Acquisition Details - Yilong Network confirmed the acquisition of Newborn Payment, which is the only licensed payment institution in Hainan, providing a strategic advantage in accessing favorable policies [1][2]. - Newborn Payment, established in 2008 with a registered capital of 100 million RMB, holds a full payment license and has successfully renewed it twice [1][2]. - The acquisition is expected to facilitate deep integration of payment functions with the main business, enhancing user experience [2]. Group 2: Business Implications - Newborn Payment's license includes internet payment, card acquiring, prepaid card issuance, and cross-border RMB payment, with potential for future cross-border currency exchange qualifications [2]. - The acquisition aligns with industry trends where major internet platforms like JD, Meituan, and ByteDance have pursued payment licenses through acquisitions [2][3]. - The payment license will enable Yilong Network to issue various gift cards and prepaid products more compliantly and conveniently [2].

Group 1 - The core point of the news is that Tongcheng Group's subsidiary, Yilong Network Information Technology, has acquired 100% of Newborn Payment for approximately 300 million yuan, allowing the company to enter the payment sector indirectly through the acquisition of a payment license [1] - The acquisition is expected to benefit the company by leveraging opportunities in the Hainan Free Trade Port, focusing on cross-border trade and cultural tourism consumption, and aiding the digital upgrade of tourism consumption scenarios [1] - Newborn Payment, established in early 2008 and under HNA Group, is one of the first third-party payment companies in China to obtain a full payment license, with its license valid until May 2026 [1] Group 2 - After acquiring Newborn Payment, Tongcheng Travel can reduce payment costs and create synergies with its main business, which includes accommodation booking and transportation ticketing services [2] - The value of payment licenses has been increasing, with companies like JD.com, Meituan, and ByteDance acquiring licenses through similar means, while competitors like Ctrip have developed their own payment solutions [2] Group 3 - In the first half of 2025, Tongcheng Travel reported revenue of 9.05 billion yuan, a year-on-year increase of 11.5%, with adjusted EBITDA of 2.34 billion yuan, up 35.2%, and adjusted net profit of 1.56 billion yuan, an increase of 28.6% [3] - Revenue from transportation ticketing for the same period was 3.88 billion yuan, growing by 11.6%, while accommodation booking revenue reached 2.56 billion yuan, up 18.8% [3]

Group 1 - Tongcheng Group's subsidiary, Yilong Network, has acquired 100% equity of Newborn Payment for approximately 300 million yuan [1][2] - This acquisition allows Tongcheng Group to indirectly obtain a payment license and officially enter the payment sector [2][3] - Newborn Payment is one of the first third-party payment institutions to receive a payment business license from the People's Bank of China and is the only licensed payment entity in Hainan Province [3][4] Group 2 - The acquisition is expected to leverage opportunities from the development of Hainan Free Trade Port, enhancing cross-border trade and cultural tourism consumption [2][7] - Newborn Payment's business scope includes internet payment, prepaid card issuance, and acceptance, as well as cross-border RMB payment capabilities [4][7] - The recent changes in corporate structure indicate a shift towards aligning with Tongcheng Group's strategic interests, with new management closely linked to the group [5][6] Group 3 - The payment industry is entering a phase where acquiring licenses through acquisition is becoming a common strategy due to regulatory constraints [7][8] - Having a payment license will enable the platform to reduce costs associated with external partnerships and enhance user experience through integrated services [8]

Core Viewpoint - Tongcheng Group's acquisition of 100% equity in Newborn Payment marks its entry into the payment sector, allowing it to indirectly obtain a payment license and leverage opportunities in cross-border trade and digital tourism consumption [2][3]. Summary by Sections - **Acquisition Details** - Tongcheng Group's subsidiary, Yilong Network, acquired Newborn Payment for approximately 300 million yuan [2]. - Newborn Payment is one of the first third-party payment institutions to receive a payment business license from the People's Bank of China and is currently the only licensed payment institution in Hainan Province [5]. - **Business Opportunities** - The acquisition positions Tongcheng Group to benefit from the development opportunities presented by the Hainan Free Trade Port, particularly in cross-border commerce and digital upgrades in tourism consumption [3][8]. - Newborn Payment's business scope includes internet payment, prepaid card issuance, and cross-border RMB payment, with potential for future expansion into cross-border RMB exchange [8]. - **Management Changes** - Recent changes in management at Newborn Payment include the appointment of new executives closely associated with Tongcheng Group, indicating a strategic alignment post-acquisition [6][5]. - **Industry Context** - The payment industry is transitioning into a phase where acquiring licenses through acquisition is becoming a common strategy due to regulatory constraints on new licenses [8]. - Having a payment license allows platforms to reduce costs associated with external partnerships and enhances user experience through integrated payment solutions [9].

Core Viewpoint - The online travel agency (OTA) platform Tongcheng Travel's subsidiary, Yilong Network, is acquiring 100% of the shares of Newborn Payment to obtain a payment license, aiming to leverage opportunities in the Hainan Free Trade Port and enhance digital upgrades in cultural and tourism consumption [2][3]. Group 1: Acquisition Details - Yilong Network confirmed the acquisition of Newborn Payment, which is the only licensed payment institution in Hainan, providing a strategic advantage to access favorable policies in the Free Trade Port [2][3]. - Newborn Payment, established in 2008 with a registered capital of 100 million RMB, is one of the first third-party payment companies to obtain a full payment business license from the People's Bank of China [2][3]. Group 2: Business Capabilities - Newborn Payment holds comprehensive payment qualifications, including internet payment, bank card acquiring, prepaid card issuance, and cross-border RMB payment, with potential for future cross-border RMB exchange qualifications [3]. - The acquisition is expected to enhance the synergy between payment functions and the main business, providing users with a smoother and safer payment experience [3]. Group 3: Market Context - The competition for payment licenses has intensified among major internet platforms, with companies like JD.com, Meituan, and ByteDance acquiring payment licenses through similar means [3]. - Ctrip, another major OTA, acquired a licensed payment institution in 2020, indicating a trend among OTAs to integrate payment capabilities into their services [4].