收购后合规压力增加。 近期，互联网平台收购支付牌照持续升温。继同程通过旗下艺龙网收购新生支付后，小红书完成了对东 方电子支付有限公司（下称"东方支付"）的控股；58同城在今年10月拍下圣亚云鼎支付剩余70%股权； 抖音和快手也已在去年分别完成支付牌照的收购并加速整合。与此同时，多家头部平台旗下支付机构同 步启动增资、扩容动作，反映互联网巨头对支付业务的战略投入正在进入新一轮高潮。 然而，收购之后的挑战也随之而来。在支付牌照集中进入续展周期的背景下，不少被收购机构面临经营 基础薄弱、要素达标不足等问题，续牌的不确定性上升。今年以来，央行已注销7张支付牌照，支付行 业的"长期有效"不再等同于"永久有效"，行业合规要求整体趋严。 互联网平台加速支付牌照收购 近日，工商信息显示，小红书全资子公司宁智科技已100%控股东方支付。据悉，后者是央行2011年首 批发放的《支付业务许可证》持证机构，具备互联网支付资质，业务类型为"储值账户运营Ⅰ类"，牌照 有效期至2026年5月。 在此之前，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，随后将注册资本增至3.3亿 元。据央行备案信息，新生支付获批业务覆盖全国互联网 ...

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].