Core Viewpoint - The automotive industry is shifting away from the "chain" settlement method, which has been a long-standing practice, towards more direct payment methods such as wire transfers and commercial acceptance bills, aiming to shorten the payment cycle for suppliers [3][5]. Group 1: Changes in Settlement Methods - Several automotive companies, including BYD and Great Wall Motors, are transitioning from the "chain" settlement method to a combination of wire transfers and commercial acceptance bills, which significantly reduces the payment cycle from over three months to around 60 days [3][5]. - Some suppliers have reported receiving their first wire transfer under the new 60-day payment term, indicating a positive shift in cash flow management [3]. - However, not all suppliers have experienced this change, with some still using the "chain" method, leading to dissatisfaction among those who have not yet received updates on their payment terms [5]. Group 2: Supplier Perspectives - Suppliers have expressed a preference for cash settlements over commercial acceptance bills, viewing the latter as a mere change in form rather than substance, although commercial acceptance bills offer legal protection and transparency [4]. - There are concerns among suppliers regarding the slow pace of change in settlement methods, with some suppliers feeling frustrated about the lack of uniformity in payment practices across different automotive companies [5]. Group 3: Regulatory Context - The implementation of the "Regulations on Payment of Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized enterprises within 60 days of delivery, prohibiting the forced acceptance of non-cash payment methods that could extend payment periods [6]. - A coalition of 17 major automotive companies has committed to adhering to the 60-day payment term, although there are still concerns about the consistency and transparency of the payment process [6].

Core Viewpoint - The "chain" settlement method that has troubled suppliers for a long time is expected to phase out as automotive companies shift towards cash and electronic transfer methods, aiming to shorten the payment cycle for suppliers [2][3]. Group 1: Changes in Settlement Methods - Automotive companies are gradually moving away from the "chain" settlement method, such as BYD's "Di Chain" and Great Wall's "Great Wall Chain," towards a combination of electronic transfers and commercial acceptance bills [2][3]. - Some suppliers have already received payments via electronic transfers after the adjustment of the payment period to 60 days, which previously required over three months for the "chain" method [2]. - While some suppliers have transitioned to commercial acceptance bills, others still maintain the "chain" settlement method, indicating a mixed response to the changes [2][3]. Group 2: Industry Regulations and Responses - The "60-day payment period" policy, effective from June, mandates large enterprises to pay small and medium-sized enterprises within 60 days of delivery, prohibiting forced acceptance of non-cash payment methods [4]. - A commitment was made by 17 major automotive companies to ensure payment to suppliers does not exceed 60 days, although the settlement methods have not uniformly shifted to cash or electronic transfers [4]. - The Ministry of Industry and Information Technology has opened a platform for complaints regarding the adherence of key automotive companies to the payment cycle commitments, addressing concerns from small and medium enterprises [4].

Core Viewpoint - The rapid development of supply chain financial platforms among central enterprises, local state-owned enterprises, and large private enterprises is driving the growth of electronic receivable vouchers in various industries [1] Group 1: Automotive Industry - Major automotive companies such as SAIC, Geely, Great Wall, Chery, BYD, and Dongfeng have established their own supply chain financial platforms and electronic receivable vouchers [1] - Examples of these platforms include SAIC's Sike and Rong e Rong, Geely's Jitongbao, Great Wall's Great Wall Chain, BYD's DChain, Chery's Baoxiang, and Dongfeng's Dongxin [1] Group 2: Other Industries - Leading companies in construction, steel, home appliances, and consumer electronics also possess supply chain financial platforms [1] - Notable examples include China Construction's Cloud Certificate, Xiaomi's Tianxing Liangpiao, TCL's Jindan, Midea Group's Quanlianrong, and SF Holding's Fengdan [1] Group 3: Market Statistics - According to Yunqu Shuke Industrial Digital Asset Research Institute, there are over 500 supply chain information service platforms in China, with an annual cumulative certification issuance scale between 4 trillion to 5 trillion [1]