Core Viewpoint - Guangdong Yutongbao E-commerce Co., Ltd. is seeking to transfer 100% of its equity at a base price of 35.6 million yuan, amid a tightening regulatory environment in the payment industry that has led to a significant reduction in the number of payment licenses available [2][6]. Company Summary - Yutongbao was established on December 4, 2012, with a registered capital of 49 million yuan. It obtained its payment business license from the People's Bank of China on March 26, 2015, allowing it to operate prepaid card issuance and acceptance within Guangdong Province [2][3]. - The company has faced financial challenges, reporting no revenue in 2023 and a net loss of 360,100 yuan, while its total assets were 62.82 million yuan and total liabilities were 31.44 million yuan [4][5]. - As of May 31, 2024, Yutongbao reported a revenue of 105,300 yuan, with both gross profit and net profit at 845,500 yuan. However, its total assets decreased to 41.23 million yuan, and total liabilities rose to 900,920 yuan [4][5]. Industry Summary - The implementation of the "Non-bank Payment Institution Supervision and Management Regulations" has led to an accelerated consolidation in the payment industry, with 101 payment licenses being revoked as of May 29, leaving only 170 licenses in the market [6][10]. - The new regulations have raised the minimum registered capital requirement for payment institutions to 100 million yuan, which has resulted in many smaller institutions being unable to comply and choosing to exit the market, thereby increasing the value of existing licenses [10][11]. - The trend of major internet companies acquiring payment institutions to obtain licenses has become more pronounced since the central bank halted the issuance of new payment licenses in 2016, making existing licenses highly sought after [10][11].