Core Viewpoint - The article discusses the withdrawal difficulties faced by investors in the "Liuke Yunbang" and "Xiaogu Fengshou" apps, both operated by the Mengda Group, highlighting a potential financial crisis within the company and investor concerns regarding the safety of their funds [1][2][3]. Group 1: Withdrawal Issues - Since November 2025, investors have reported difficulties in withdrawing funds from the "Liuke Yunbang" app, with many unable to access their money despite multiple attempts [2][4]. - The withdrawal issues began after the National Day holiday in 2025, initially affecting large withdrawals before escalating to all amounts being stuck in the platform [2][4]. - The Mengda Group has proposed a repayment plan that categorizes unpaid amounts into four tiers, with varying repayment timelines and conditions, including equity conversion for larger investments [3][8]. Group 2: Company Background - "Liuke Yunbang" was launched in 2021 and is operated by Dongguan Mengda Data Technology Co., Ltd., part of the Mengda Group, which has received investments from notable institutions [3][4]. - The Mengda Group also operates other platforms, including "Xiaogu Fengshou," which entered the liquor industry in 2023, promising fixed annual returns and claiming bank supervision of funds [3][4]. Group 3: Investor Reactions - Over 3,000 investors are reportedly involved, with total funds exceeding several billion yuan, leading to widespread panic and distrust in the company's assurances [4][6]. - Many investors have expressed their frustrations online, with some filing police reports against the Mengda Group for suspected contract fraud [4][6]. - The company's communication regarding the crisis has been met with skepticism, as investors doubt the feasibility of the proposed repayment plan and the company's ability to fulfill its commitments [4][19]. Group 4: Operational Challenges - The company cited external events and economic downturns as contributing factors to its liquidity issues, including a protective freeze on bank accounts due to investigations into money laundering [7][8]. - The Mengda Group has acknowledged losses due to overdue payments from client companies, many of which are small and medium-sized enterprises facing operational difficulties [7][8]. - Despite the crisis, the company claims that other business segments remain operational, although investor confidence has significantly waned [7][8].

经济观察报 记者 蔡越坤 "转出申请成功，请等待银行处理。"2025年10月24日上午11点，来自西安的卢先生通过"六客云帮"APP 提交了一笔五万多元的货款提现申请，页面立即弹出一句提示。 按照卢先生的过往经验，这笔提现申请经平台后台人工审核后即可到账。然而，时间一天天过去，直到 2025年11月19日，这笔钱依然未见踪影。对卢先生来说，他辛苦赚来的工资被锁在了屏幕另一端。 卢先生的遭遇并非个例。不少投资者反映，国庆节后，"六客云帮"的提现通道就开始出现异常。起初只 是限制大额提现，小额仍可勉强到账；但自2025年10月20日起，情况进一步恶化，无论提现金额大小， 资金均被"卡"在平台中，无法转出。 公开资料显示，"六客云帮"上线于2021年，运营主体为东莞市盟大数据科技有限公司，隶属于盟大集 团。官网介绍称，盟大集团旗下拥有环球塑化、大易有塑、盟大企业购、小谷丰收等多个数字科技服务 平台，该公司曾获粤科金融、启赋资本、深创投等多家知名机构的多轮投资。2023年，盟大集团推 出"小谷丰收"平台，切入白酒产业链，提供原酒预订、封坛等投资模式，承诺每年固定收益，并称资金 由银行监管。 2025年11月以来，不仅 ...

Core Insights - The introduction of new regulations in supply chain finance is reshaping the roles and responsibilities of core enterprises, requiring them to adopt an ecological mindset to remain competitive [2][15] - Financial institutions are transitioning from passive risk control to proactive restructuring, focusing on technology, data, and product innovation to build a new risk control system [2][18] - Supply chain financial information service providers are returning to their core business, promoting more standardized practices in supply chain finance [2][23] Market Growth - China's supply chain finance market is projected to grow from 25.2 trillion yuan in 2020 to 41.8 trillion yuan by 2024, with a compound annual growth rate of 13.5% [2] - The total amount of basic assets, including accounts receivable, prepayments, and inventory, is expected to increase from 75.9 trillion yuan in 2020 to 107.6 trillion yuan by 2024, reflecting a 9.1% compound annual growth rate [2] Regulatory Environment - The recent regulations aim to optimize the financing environment for small and medium-sized enterprises (SMEs) and enhance the standardization of supply chain finance [6][8] - A series of policies have been introduced since 2020 to promote the orderly development of supply chain finance, with the latest regulation issued in April 2025 [7][8] Key Drivers of Change - The new regulations focus on three main areas: assisting SMEs with funding challenges, promoting data-driven credit systems, and establishing self-regulatory mechanisms to enhance risk control [12][9] - The shift from core enterprise credit to real transaction data as the basis for trust in supply chain finance is a significant transformation [15][16] Innovations and Upgrades - Supply chain finance is experiencing four major upgrades: optimization of market structure, efficiency improvements through technology, deeper integration of green finance, and enhanced risk control capabilities [13][14] - Innovations in financing tools, risk control methods, and green finance are emerging, with a focus on expanding the range of financing products available [14][26] Role of Financial Institutions - Financial institutions are actively reconstructing their risk control systems by leveraging technology, data sharing, product innovation, and insurance integration [18][20] - The use of blockchain, AI, and big data is becoming essential for enhancing transparency and efficiency in supply chain finance [21][22] Transformation of Information Service Providers - Supply chain financial information service providers are evolving to focus on data aggregation and compliance, moving away from financial functions [24][25] - The competitive landscape is shifting towards a model driven by technology and compliance, leading to increased market concentration [24][27]

Company Dynamics - 联易融科技 reported 3Q25 operational data showing a 30% increase in the number of core enterprise/financial institution partners to 2,798 and a 40% increase in revenue-generating clients to 1,346, with a client retention rate of 99% [1] - Total asset processing scale for 1-3Q25 increased by 28% year-on-year to 336.2 billion, with 3Q25 transaction volume up 30% year-on-year and 28% quarter-on-quarter to 132.6 billion, marking a record high for the first three quarters [1] Business Performance - Direct financing business saw a 44% year-on-year increase in transaction volume for 1-3Q25 to 252.3 billion, with 3Q25 transaction volume up 54% year-on-year and 17% quarter-on-quarter, driven by efficient customer acquisition and innovative financial solutions [1] - Asset securitization business experienced a 3% year-on-year decline in transaction volume for 1-3Q25 to 77 billion, but 3Q25 showed a 77% quarter-on-quarter increase to 37.5 billion, indicating improvement in the ABS cloud under deepening penetration in the infrastructure sector [1] Strategic Developments - Cross-border cloud transaction volume decreased by 5% year-on-year to 6.8 billion for 1-3Q25, with a significant drop of 33% year-on-year and 22% quarter-on-quarter in 3Q25, but the company is optimistic about future growth from its international strategy [2] - The company successfully won a bid for a large central enterprise's Web3.0 supply chain finance platform project, indicating potential breakthroughs in the Web3.0 trade finance sector [2] - The company is actively repurchasing shares, reflecting its commitment to shareholder returns and management's confidence in future development [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the company currently trading at 0.9x and 0.8x P/B for 2025 and 2026 respectively [2] - The target price has been raised by 77% to 3.6 HKD, corresponding to 1.1x and 1.0x P/B for 2025 and 2026, with an upside potential of 12.2%, while maintaining an outperform rating [2]

Core Insights - Home Depot Supply Chain Investment Limited announced the launch of its online supply chain finance platform in Q4 2025, aimed at providing financing solutions for Chinese manufacturing enterprises through a digital financial technology approach [1] Group 1: Platform Features - The platform integrates order flow, logistics, capital flow, and information flow, utilizing an innovative model of "order as credit, data as asset" [1] - It offers four financial service tools: Order Finance, Export Factoring, Receivable Advance, and Duty Bond Loans, targeting the financing challenges faced by small and medium-sized manufacturing enterprises [3] Group 2: Digital Infrastructure - The platform employs blockchain, big data risk control, and AI smart contract technologies to achieve full-process visualization management from production to payment [5] - Key functionalities include real-time credit assessment, rapid financing approval within three days, automated risk monitoring, and connections to low-interest funding channels [5] Group 3: Policy Alignment - The platform aligns with China's "14th Five-Year" supply chain development strategy, focusing on digital currency pilot projects and cross-border financial innovation policies [6] - Plans include collaboration with local governments to establish supply chain financial service centers, creating a mechanism that combines policy subsidies, data credit, and funding matchmaking [6] Group 4: Ecosystem Integration - The platform connects manufacturing, logistics, settlement, and sales, covering the entire supply chain from China to Southeast Asia and global markets [8] - It enhances funding turnover efficiency by automating financing applications and establishing data links with logistics partners, ensuring clear and controllable payment paths [8]

Core Insights - The article discusses how blockchain technology is fundamentally changing the landscape of supply chain finance, particularly for small and medium-sized enterprises (SMEs) facing challenges in obtaining financing due to information asymmetry and slow capital flow [1][14]. Group 1: Blockchain Technology and Supply Chain Finance - Blockchain technology is breaking down information barriers, allowing for credible data flow among participants in the supply chain, thus enhancing trust and transparency [1]. - The distributed ledger feature of blockchain enables the creation of a data-sharing platform where all transaction data, logistics information, and capital flow are recorded immutably [1]. Group 2: Smart Contracts and Financing Efficiency - The implementation of smart contracts has automated the financing process, significantly reducing approval times; for instance, a manufacturing company reduced its financing cycle from 15 working days to just 3 days [2]. Group 3: Data Assetization and Credit Assessment - The company innovatively transforms operational and transaction data into assessable credit assets, creating a more accurate credit profile for SMEs, which addresses the shortcomings of traditional credit assessment methods [3]. Group 4: Innovative Financing Models - The "asset rights acquisition" model allows companies to digitize and leverage various assets such as accounts receivable and inventory as financing tools, enhancing liquidity and providing reliable risk control for financial institutions [7]. Group 5: Practical Outcomes and Industry Impact - The blockchain transformation has led to improved collaboration among core enterprises and their partners, resulting in a 30% reduction in average financing costs and over a 25% increase in capital turnover rates for participating companies [8]. Group 6: Promoting Digital Transformation - The blockchain solution not only addresses financing challenges but also encourages SMEs to enhance their data management systems, thereby promoting overall management improvement within the industry [9]. Group 7: Future Outlook - As the digital economy evolves, the value of data assets will be further unlocked, and the company aims to deepen the application of blockchain in supply chain finance, providing more efficient financing services to SMEs [10].

Core Viewpoint - Blockchain technology is increasingly penetrating the real economy, potentially leading to unprecedented business transformations [1] Group 1: Blockchain in Supply Chain and Finance - Blockchain enables traceability in supply chains, allowing consumers to access detailed information about products, such as their origin and processing history [3] - In supply chain finance, blockchain addresses information asymmetry, facilitating transparent and traceable transactions that enhance financing opportunities for small and medium-sized enterprises [3] Group 2: Collaborative Ecosystem Development - The construction of a blockchain-based digital commerce ecosystem involves collaboration among governments, enterprises, and technology providers, with local governments promoting blockchain industry development [4] - Leading enterprises are forming industry alliances, while technology companies provide foundational support for blockchain applications [4] Group 3: Efficiency Gains in Trade - A blockchain-based cross-border trade service platform in the Yangtze River Delta has significantly reduced customs clearance time from several days to just a few hours, lowering operational costs for businesses [6] Group 4: Challenges in Integration - Despite the promising outlook, challenges such as lack of unified technical standards, fragmented application scenarios, and insufficient talent remain significant barriers to deep integration of blockchain with the real economy [7] - Real-world applications, such as agricultural traceability, face difficulties due to limited information technology capabilities among farmers, highlighting the need for technology to align closely with industry realities [7] Group 5: Future Outlook - While blockchain is not a panacea, its absence could hinder future developments; the maturation of the blockchain-based digital commerce ecosystem may lead to innovative combinations like "blockchain + agriculture" and "blockchain + logistics" [9] - The direction is clear: technology must serve the real economy and create tangible value [9]

Core Insights - Guangdong Shangzaitong Technology Co., Ltd. has completed a Series B financing round of 280 million RMB, led by Panshi International Investment, to strengthen its market position in the supply chain fintech sector [1][2] - The company focuses on using big data, artificial intelligence, and blockchain technology to provide supply chain financial services, addressing the financing challenges faced by small and micro enterprises [1][2] Company Overview - Shangzaitong aims to solve accounts receivable financing issues for small and micro enterprises within the supply chain through a digital platform that connects core enterprise credit with financing needs [1] - The company has developed an intelligent risk control system and credit assessment model to verify transaction authenticity and assess credit risk, thereby reducing financing risks [1] Financial Performance - The company has served over 100 small and micro enterprises, facilitating a cumulative financing scale of 50 billion RMB [1] Investment Insights - Panshi International views the supply chain fintech sector as a promising area for growth, highlighting Shangzaitong's innovative approach to transforming traditional supply chain financial services [1] - Following the financing, Shangzaitong plans to focus on enhancing core technologies such as AI algorithms and blockchain, expanding into verticals like manufacturing, trade, and construction, and deepening collaborations with financial institutions and logistics platforms [1][2]

Core Insights - The establishment of the "Guan Zhi Lian" supply chain financial service platform has effectively addressed the financing difficulties faced by small and medium-sized enterprises (SMEs) in the steel processing industry in Guan County, Liaocheng [1][2] Group 1: Financing Challenges - The steel processing industry in Guan County has over 180 enterprises with an annual procurement capacity of 11 million tons, valued at approximately 50 billion yuan [2] - A financing gap of about 10 billion yuan has been traditionally addressed through a "pallet model," resulting in comprehensive costs exceeding 11%, which hampers enterprise growth and industrial upgrading [2] Group 2: Platform Innovation - The "Guan Zhi Lian" platform, launched on July 11, 2024, is the first county-level industrial cluster financial service platform in China, utilizing big data, IoT, and blockchain technologies to provide innovative financial solutions [2][3] - The platform operates under a "government-led, state-owned enterprise-operated" model, ensuring policy resource allocation and public trust, which helps convert inventory into bank-recognized collateral [3] Group 3: Financing Products - The platform offers two core financing products: inventory financing and prepayment financing, which help alleviate the financing difficulties of SMEs in key industrial chains [3] - Inventory financing allows enterprises to unlock funds tied up in stock, while prepayment financing enables companies to pay only 20% of the deposit, with banks covering the remaining 80%, thus facilitating "leveraged procurement" [3] Group 4: Risk Management - A robust risk prevention system has been established, including a digital supervision mechanism that utilizes IoT and AI for real-time monitoring of financial and inventory risks [4] - A rapid response mechanism ensures that financing needs are addressed promptly, with a "537" response time framework [4] - A risk warning mechanism is in place to manage abnormal situations effectively, ensuring the safety of goods and funds [4] Group 5: Platform Impact - Since its inception, the "Guan Zhi Lian" platform has admitted seven banks and registered 140 enterprises, with a total financing intention of approximately 9.2 billion yuan and successful loans amounting to 1.21 billion yuan [5] - The platform has saved enterprises over 70 million yuan in financing costs, reducing average financing costs by more than 6 percentage points [5] Group 6: Recognition and Replication - The platform's innovative practices have garnered attention and recognition, with successful experiences being reported in various media and financial conferences [6] - The "Guan Zhi Lian" model has been adopted by other regions, such as "Xin Yu Lian" in Henan and "E Lian Rong He" in Hefei, achieving over 5 billion yuan in loans [6]

Core Insights - The challenges faced by small and medium-sized enterprises (SMEs) include long payment terms, financing difficulties, and tight cash flow, which are significant barriers to their development [1][2] - Supply chain finance is emerging as an innovative solution to enhance capital flow within the supply chain, addressing the limitations of traditional financing methods [2][3] Industry Overview - Traditional financial services often fail to provide timely and flexible funding support to SMEs, leading to operational constraints and missed market opportunities [2] - The reliance of commercial banks on core enterprises in supply chain finance creates challenges such as difficulty in accounts receivable verification and risk control [2] Company Innovations - Liu Liu Cang Group has developed a supply chain finance solution centered on the industrial chain, integrating various flows (commercial, logistics, information, and capital) to facilitate efficient capital circulation [3][4] - The company offers a comprehensive suite of financial services, including credit enhancement, financing, guarantees, settlement, and accounts receivable management, tailored to the needs of SMEs [3][4] Technological Advancements - Liu Liu Cang Group utilizes blockchain technology for real-time monitoring and analysis of transaction data, ensuring the authenticity of trade backgrounds and traceability of accounts receivable [4][6] - The integration of big data, blockchain, and IoT technologies enables the company to break down information silos, enhancing the efficiency and accuracy of financial services [6][7] Market Impact - Liu Liu Cang Group's supply chain finance has evolved beyond mere financing tools, becoming a core driver of industrial upgrading and facilitating a low-cost financing environment for SMEs [6][9] - The company has established a vast supply chain finance ecosystem through partnerships with banks, financial institutions, and logistics companies, promoting resource sharing and collaborative advantages [6][7] Strategic Vision - The approach of Liu Liu Cang Group emphasizes responsible financial innovation, ensuring that core enterprises do not shift financial pressures onto weaker supply chain partners [7][9] - The company positions itself as a partner for SMEs, promoting a collaborative ecosystem that enhances efficiency and shared growth opportunities [9]