Core Viewpoint - The new regulations on supply chain finance in China aim to enhance the protection of small and medium-sized enterprises (SMEs) and improve the overall health of the supply chain finance ecosystem, effective from June 15, 2025 [1][2]. Summary by Relevant Sections Regulatory Changes - The People's Bank of China, along with several regulatory bodies, has issued new guidelines that officially include accounts receivable electronic vouchers into the regulatory framework, which is expected to foster industry development and innovation [2][3]. - The new regulations signal a shift towards "de-financialization" of supply chain finance platforms, emphasizing their role as information platforms rather than credit platforms, which will promote healthier development of third-party platforms [2][3]. Risk Management - The new regulations introduce a comprehensive credit risk management system, including monitoring of all debts of core enterprises and addressing risks associated with bill circulation [3][4]. - The regulations replace the previous cash flow indicators with a focus on the financial condition of enterprises as a risk warning metric, aiming to create a more robust credit risk prevention framework [3][4]. Payment Practices - The regulations address the issue of delayed payments to SMEs by core enterprises, mandating timely payments and prohibiting unreasonable payment terms or the abuse of non-cash payment methods to extend payment periods [5][6]. - The maximum payment period for accounts receivable electronic vouchers is set at six months, with a maximum of one year [5][6]. Fee Structures - The new guidelines regulate the charging practices of core enterprises and supply chain information service providers, ensuring that fees related to accounts receivable confirmation are reasonable and transparent [6][7]. - Core enterprises are prohibited from charging SMEs under the guise of accounts receivable confirmation and must clearly define and publicize their service fee standards [6][7].

Group 1 - The core viewpoint of the article emphasizes the importance of regulatory measures to prevent risks and promote high-quality development in the capital market, as outlined in the new "National Nine Articles" [2] - The article discusses the need for a comprehensive approach to address compliance risks faced by listed companies, focusing on operational compliance, duty compliance, service compliance, and regulatory procedures [2] - The article is part of a series aimed at creating a compliance map for listed companies, specifically addressing operational compliance [2] Group 2 - Supply chain finance is defined as a financial innovation that integrates the flow of funds, goods, and information along the supply chain, aimed at alleviating financing pressure on small and medium-sized enterprises while enhancing overall operational efficiency [3][4] - The development of supply chain finance is currently in a strengthening phase, with significant policy support aimed at achieving comprehensive financial service coverage for key enterprises by the end of 2025 [5] - The article outlines three main models of supply chain finance: seller financing, buyer financing, and their respective sub-models [6][7][9] Group 3 - Supply chain finance presents risks for listed companies, particularly external risks such as legal and credit risks, which can arise from fraudulent activities or the creditworthiness of upstream and downstream enterprises [10][12] - Internal risks include operational and compliance risks, where companies must ensure strict internal controls to avoid becoming complicit in fraudulent activities [14][15] - The article provides examples of past incidents where companies faced significant legal and financial repercussions due to failures in managing supply chain finance risks [11][13] Group 4 - To mitigate risks associated with supply chain finance, listed companies should enhance external risk prevention measures, including credit assessments of involved enterprises and monitoring of logistics and warehousing [16] - Establishing internal risk response mechanisms is crucial, emphasizing the need for a strong compliance culture and adherence to regulatory trends to avoid potential legal issues [18]

Core Viewpoint - The article emphasizes the transformative role of Zhongqi Yunlian in supply chain finance, highlighting its significant achievements and the broader implications for the digital economy in China [1][3][4]. Company Overview - Zhongqi Yunlian is the largest independent digital financial platform in China, with over 20 trillion yuan in secured receivables, nearly 1 billion yuan in revenue, and a net profit margin of 15.9% [1]. - The company has established a digital network covering 98% of China's regional administrative areas, addressing the financing challenges faced by small and medium-sized enterprises (SMEs) [1][4]. Business Model and Services - The company operates on an independent platform model, facilitating financial transactions among various stakeholders in the supply chain, leveraging the credit of core enterprises to enhance cash flow for suppliers [3][4]. - Zhongqi Yunlian's services are primarily delivered through its "Yunxin" platform, which connects over 6,600 core enterprises and 546,413 chain enterprises, as well as 3,574 financial institutions [6][8]. Financial Performance - The company's revenue has shown steady growth, with figures of 652 million yuan in 2022, 879 million yuan in 2023, and projected 991 million yuan in 2024, alongside corresponding gross profits [7]. - In 2024, Zhongqi Yunlian achieved a net profit of approximately 157 million yuan, with a net profit margin of nearly 16% [7]. Market Position and Growth - Zhongqi Yunlian has become the first independent digital receivables platform in China to exceed 1 trillion yuan in secured receivables by May 2023, reaching 2 trillion yuan by January 2024 [4][5]. - The company holds a market share of 14.2% in secured receivables and 15.0% in financing volume for 2024, making it the largest independent digital receivables platform in China [5][6]. Industry Trends - The supply chain finance industry in China is experiencing robust growth, with a market size of approximately 41.3 trillion yuan in 2023, reflecting a year-on-year increase of 11.9% and a compound annual growth rate of 20.88% over the past five years [4][10]. - The industry is expected to exceed 60 trillion yuan by 2027, with a projected annual growth rate of 10.3% [10]. Technological Impact - Advances in technology, including big data, artificial intelligence, and blockchain, are driving the evolution of supply chain finance, enabling better connectivity between enterprises and financial institutions [9]. - Zhongqi Yunlian is leveraging these technologies to enhance its service offerings and improve the efficiency of financial transactions within the supply chain [9].

Core Viewpoint - Zhongqi Yunlian Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after an initial submission in October 2023. The company focuses on supply chain financial services and has experienced growth in recent years, although it faces significant cash flow challenges [1][2][24]. Company Overview - Zhongqi Yunlian is an independent digital financial platform established in May 2015, focusing on rights confirmation and factoring services. It serves core enterprises, chain enterprises, and financial institutions [2][6]. - The company is headquartered in Tianjin and has undergone multiple changes in its shareholding structure, becoming a joint-stock company in September 2023. It currently has no controlling shareholder [7][8]. Business Model and Services - The company operates three main business segments: rights confirmation and factoring, scenario digital business, and other ecological businesses. The rights confirmation and factoring segment is the primary source of revenue, accounting for over 90% of total income [11][14]. - The user base of the Yunlian platform has grown significantly, with 230,400 users in 2022, 372,900 in 2023, and a projected 556,600 by the end of 2024 [9]. Financial Performance - Revenue for the years 2022, 2023, and 2024 is reported at RMB 652 million, RMB 879 million, and RMB 991 million, respectively. The net profit for the same years is RMB 45.7 million, RMB 151.9 million, and RMB 157.5 million [17][18]. - The gross profit margin has improved from 87.7% in 2022 to 95.9% in 2024, primarily due to a reduction in factoring service scale and increased operational efficiency [19]. Cash Flow Situation - The company experienced a significant cash outflow of over RMB 1.3 billion in 2022, with cash and cash equivalents projected to be only RMB 120 million by the end of 2024. This situation raises concerns about the company's ability to sustain operations [20][21][24]. Industry Landscape - The demand for supply chain financial services is high, particularly for small and micro enterprises facing challenges in obtaining financing due to lack of collateral and low credit ratings. Zhongqi Yunlian aims to alleviate these issues through its digital financial services [22]. - The market for digital financial platforms in China is expected to grow significantly, with cumulative financing amounts projected to reach RMB 169.7 trillion by 2024, growing at a compound annual growth rate (CAGR) of 11.9% from 2020 to 2024 [22][23].

Core Viewpoint - The company, Zhongqi Yunlian, established in 2015, operates primarily in three business segments: rights confirmation and factoring, scenario digital business, and other ecological businesses, with the rights confirmation and factoring business being the main source of revenue and profit [2][3]. Business Overview - As of December 31, 2022, 2023, and 2024, the number of users on the Yunlian platform was 230,400, 372,900, and 556,600 respectively, covering 98% of China's municipalities and prefecture-level cities [2]. - The company reported revenues of RMB 652.67 million, RMB 879.65 million, and RMB 991.01 million for the years 2022, 2023, and 2024, with gross profits of RMB 571.74 million, RMB 821.28 million, and RMB 949.98 million [3][5]. Revenue Composition - The revenue from cloud credit services significantly increased, accounting for 79.1%, 85%, and 88.5% of total revenue during the reporting period [6]. - The factoring service revenue showed a notable decline, contributing only 11.6%, 6.2%, and 2.1% to total revenue over the same period, down from 34.2% in 2020 [8][9]. Shareholder Dynamics - The company has experienced a trend of shareholder exits since 2019, with several state-owned enterprises and financial institutions divesting their stakes [10][11]. - As of the latest date, the top three shareholders are Yunding Assets, Tianjin Economic Development Zone State Investment, and Huayu Guochuang Fund, holding 23.11%, 20.73%, and 10.31% respectively [12]. Market Position and Competition - Banks are the primary clients of Zhongqi Yunlian, but there is a growing trend of banks entering the supply chain finance sector, potentially transforming former partners into competitors [13].

二是要求供应链核心企业及时支付中小企业款项。合理共担供应链融资成本，不得利用优势地位拖欠中 小企业账款或不当增加中小企业应收账款，不得要求中小企业接受不合理的付款期限，不得滥用非现金 支付方式变相延长付款期限。 三是强化对中小企业的金融支持。要求相关主体不得强制链上企业与特定融资方以高于合理市场利率的 水平获取融资服务，提升应收账款融资质效。同时鼓励商业银行发展多样化的供应链金融模式，积极探 索供应链脱核模式，支持供应链企业尤其是中小企业开展信用贷款及基于订单、存货、仓单等动产和权 利的质押融资业务。 四是规范各类主体对链上企业的收费行为。要求供应链核心企业不得以应收账款确权有关名义对链上企 业收费或获取不当费用返还；供应链信息服务机构应合理制定服务收费标准、明确收费对象，并将收费 标准公示或与相关方进行协议约定。 《通知》特别强化了对中小企业的保障。为切实保障中小企业参与应收账款电子凭证等供应链金融业务 的合法权益，《通知》提出了四方面要求。 一是发展供应链金融应完整、准确、全面贯彻新发展理念，深刻把握金融工作的政治性、人民性，以服 务实体经济、服务社会民生、服务国家战略为出发点，以维护市场公平有序为立足点 ...

一是发展供应链金融应完整、准确、全面贯彻新发展理念，深刻把握金融工作的政治性、人民性，以服 务实体经济、服务社会民生、服务国家战略为出发点，以维护市场公平有序为立足点，促进降低产业链 供应链整体融资成本，实现上下游企业互利共赢发展。 二是要求供应链核心企业及时支付中小企业款项，合理共担供应链融资成本，不得利用优势地位拖欠中 小企业账款或不当增加中小企业应收账款，不得要求中小企业接受不合理的付款期限，不得滥用非现金 支付方式变相延长付款期限。明确应收账款电子凭证付款期限原则上应在6个月以内，最长不超过1年。 问：《通知》对中小企业的权益保障体现在哪些方面？ 答：为切实保障中小企业参与应收账款电子凭证等供应链金融业务的合法权益，《通知》要求： 六部门：明确应收账款电子凭证付款期限原则上应在6个月以内 最长不超过1年 智通财经4月30日电，近日，中国人民银行联合金融监管总局、最高人民法院、国家发展改革委、商务 部、市场监管总局印发《关于规范供应链金融业务 引导供应链信息服务机构更好服务中小企业融资有 关事宜的通知》，自2025年6月15日起施行。中国人民银行有关负责人就《通知》回答了记者提问。 三是强化对中小企业的 ...