在深圳南山区，以大疆总部为核心，辐射到西丽、高新园、南山智园等片区的咖啡馆里，常常活跃 着一群关注智能硬件的投资人。他们背后是VC（风险投资）、CVC（企业风险投资）、美元基 金、地方政府产投基金和人民币基金等。 2025年下半年，深圳投资圈杀出了一个生面孔——小红书创 投。它出手频频，在部分项目上仅用24小时就能完成一笔投 资，部分项目直接省去尽调环节，让老牌投资人直呼"卷死 了"。 作者：陈月芹 封图：东方IC 大疆等头部公司的估值已经让投资人望尘莫及，但"小疆"们也足够诱人——投资人看到了拓竹科 技陶冶、正浩创新王雷等从大疆出走的创业者，把核心技术复用到某一细分赛道上的可能性。 投资人希望投出下一个"小疆"。他们紧盯着大厂里的核心业务中高层，只要有人愿意离职出来单 干，创业方案、投资协议可以最快的速度拟好。尤其是临近年底，账上的钱还趴着，投资人一天里 要见好几批人。为了节省时间，他们习惯了打车代替自己开车，随时赶赴下一个咖啡馆。 到了2025年下半年，深圳投资圈杀出了一个生面孔——小红书创投。它出手频频，在部分项目上 仅用一两天就能完成一笔投资，部分项目直接省去尽调环节，让老牌投资人直呼"卷死了"。 " ...

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].

互联网平台近期密集收购第三方支付牌照。 继同程通过旗下艺龙网收购新生支付后，小红书近日完成了对东方支付的收购；58同城也于今年10月拍 下圣亚云鼎支付剩余70%的股权；抖音和快手则在去年完成牌照收购，目前正进行深度整合。 "自持牌照已从提升效率的加分项，转变为满足监管合规与生态自主的必然选择。"受访行业专家指出， 互联网平台热衷收购第三方支付牌照，最根本的原因是满足合规要求；其次，自有支付牌照能够降低支 付交易成本，这也是互联网平台商业模式发展的需要。 互联网平台密集"拿牌" 互联网平台还在支付链路上持续布局。 近日，工商信息显示，小红书科技有限公司（下称"小红书"）全资子公司宁智信息科技（上海）有限公 司，已100%控股东方电子支付有限公司（下称"东方支付"）。 相比之下，哔哩哔哩（下称"B站"）的牌照收购之路并不顺畅。早在2021年11月19日，B站运营主体上 海宽娱数码科技有限公司（下称"宽娱数码"）通过宁波市公共资源交易中心，以近1.18亿元的价格拍得 浙江甬易电子支付有限公司（下称"甬易支付"）65.5%的股权。然而，央行宁波分行未受理宽娱数码成 为甬易支付主要出资人和实际控制人的行政许可申请。最终 ...

从商业逻辑看，支付环节的掌控意味着三重价值：数据价值——完整追踪用户从内容浏览到最终购买的全链路数据;资金沉淀价值——以小红书2024年超300 亿元的营收规模来看，即便很小比例的交易转化也将产生可观流水;用户粘性价值——无缝体验显著提升用户留存和复购率。 更深层次来看，支付牌照是小红书二手交易业务的必要前提。过去，小红书只是"二手市场"信息的集散地，买卖双方达成需求后要通过第三方平台交易或承 担更高被骗风险。这种"为他人做嫁衣"的状况长期困扰着小红书。"闲置"相关话题浏览量突破28亿，讨论量超5800万，但交易却大量流失到闲鱼等平台。 【文/王力 编辑/周毅】 11月3日，小红书通过全资子公司宁智信息科技完成对东方支付的100%控股，以约1.48亿元的代价正式获得支付牌照。这一动作在行业内引发广泛关注—— 作为月活用户超3亿、估值达310亿美元的内容社区平台，小红书此举被解读为其商业化战略的又一关键落子。更值得玩味的是，小红书不久前内测了"快捷 售卖"功能，正式将平台上早已蓬勃发展的二手交易行为纳入闭环体系。 在二手电商这个2024年交易规模达6450.2亿元、用户规模达6.6亿的庞大市场中，小红书的入局姿 ...

Group 1: FOF Funds and QDII Growth - FOF funds have seen a significant increase in fundraising, with one new fund raising nearly 1.8 billion yuan, marking a 400% increase compared to the entire year of 2024 [1] - The total scale of FOF funds has surpassed 200 billion yuan this year, although it remains small compared to the overall fund market of over 36 trillion yuan [1] - QDII funds have also experienced rapid growth, with total shares reaching approximately 680.97 billion, up from about 571.12 billion in the previous quarter, indicating a net subscription of 109.8 billion [1] - The highest annual return for QDII funds has reached 121.70%, attracting more attention from investors [1] Group 2: Hong Kong Fund Growth and Market Dynamics - The scale of Hong Kong funds has exceeded 1 trillion yuan, driven by increased investment enthusiasm [2] - The total shares of the Hang Seng Technology ETF have grown by 32.53 billion from October 1 to November 12 [2] - The concentration of holdings in Hong Kong funds has increased, which may lead to significant fluctuations in net value during the year-end market rebalancing phase [2] Group 3: Gold Investment Trends - Banks have raised the minimum investment threshold for gold savings to 1,500 yuan, the highest in history, following a rise in international gold prices [3] - The adjustment in investment thresholds reflects a growing concern over risks associated with gold price volatility [3] Group 4: A-Share Company Dividends - As of November 12, 37 A-share companies have completed their third-quarter dividend distributions, totaling over 6.3 billion yuan [4] - The increase in cash dividends is attributed to regulatory guidance and improved corporate earnings, transforming dividends from optional to feasible strategies for more companies [4] Group 5: Human-shaped Robot Industry Outlook - The human-shaped robot industry is expected to experience a significant breakthrough in 2026, likened to the "iPhone moment" for the sector [5] - Companies involved in the human-shaped robot supply chain are anticipated to benefit from the upcoming mass production era [5] Group 6: AI in Animation and Drama Industry - The animation and drama sector has seen a surge, with over 3,000 new works launched in the first half of the year, resulting in a 12-fold increase in revenue [6] - The market size for this sector is projected to exceed 20 billion yuan this year, driven by the impact of AI technology [6] Group 7: Internet Companies and Payment Licenses - Internet companies have been actively increasing capital for their payment subsidiaries, with significant increases reported by companies like Douyin and Tencent [7] - The regulatory environment has prompted these companies to enhance compliance and expand into high-capital businesses such as cross-border payments [7] Group 8: Global Wine Production Trends - Global wine production is expected to see a slight increase in 2025, but it will remain below average levels due to extreme weather conditions [8] - The forecasted production for 2025 is approximately 23.2 billion liters, a 3% increase from 2024, which recorded the lowest production since 1961 [8] Group 9: Corporate Management Changes - Several companies, including Keg Precision Machinery and Haowei Group, have undergone significant management changes, with new appointments and resignations [9][10] - These changes may impact company operations and strategic direction moving forward [9][10] Group 10: Financial Performance of Retail Companies - Gaoxin Retail reported a revenue of 30.5 billion yuan for the first half of the fiscal year, a decrease of 12.12%, resulting in a net loss of 1.23 billion yuan [11] - The decline in revenue is attributed to intensified market competition and consumer fatigue [11]

Core Insights - The article discusses the recent acquisition of a payment license by Xiaohongshu through its subsidiary Dongfang Electronic Payment Co., which is a significant step towards transforming the platform into a transaction-oriented entity [1][2]. Group 1: Company Developments - Dongfang Electronic Payment Co. completed a legal entity change and capital increase on November 13, indicating Xiaohongshu's strategic move to enhance its payment capabilities [1]. - Xiaohongshu has been recognized as a platform that showcases a refined lifestyle for the middle class and is now aiming to evolve from a content-driven platform to a transaction platform [1][4]. Group 2: Payment License Acquisition - The payment license obtained is categorized under Internet payment, which is crucial for Xiaohongshu's operational framework, allowing it to reduce payment processing costs significantly [2][3]. - The license enables Xiaohongshu to save on transaction fees, which could amount to approximately 2.4 billion RMB based on a 0.6% fee rate on a projected GMV of over 400 billion RMB in 2024 [3]. Group 3: Future Strategies - There is speculation about Xiaohongshu's potential pursuit of additional licenses, such as for Internet micro-lending, which could enhance its revenue streams and customer acquisition [3][4]. - The company aims to create a closed-loop experience by integrating payment services with lending options, thereby increasing user engagement and monetization opportunities [3][4]. Group 4: Business Vision - Xiaohongshu's founder, Zhai Fang, envisions a balance between e-commerce and content, with the goal of ensuring that monetization does not compromise the community aspect of the platform [4]. - The successful acquisition of the payment license is seen as a critical step in Xiaohongshu's journey towards becoming a comprehensive transaction platform, necessitating careful management of its commercial and content strategies [4].

天眼查显示，经过此次股权变动，东方支付的法定代表人也从"茅蔚"变更为"王闰"，注册资本从"12130 万元"增加到"20000万元"，增加7870万元，主要人员包括监事鲁璟，董事王闰。 深圳商报·读创客户端首席记者 谢惠茜 11月6日，记者注意到，持牌支付机构东方电子支付有限公司（以下简称"东方支付"）原有股东已于近 日悉数退出，目前已变更为宁智信息科技（上海）有限公司（以下简称"宁智信息"）100%控股。据天 眼查显示，宁智信息为小红书科技有限公司旗下全资子公司。这意味着，小红书已获得支付牌照。 （天眼查截图） 公开资料显示，东方支付成立于2008年，2011年获得央行首批支付业务许可证，业务范围为全国性互联 网支付及储值账户运营Ⅰ类，牌照有效期至2026年5月2日。东方支付的支付牌照已于2024年8月续展， 获许开展互联网支付等业务。 而东方支付股权变动早有预兆。2025年8月，东方电子支付的部分股权被挂牌公开转让。其中一笔转让 2.62%股权，转让底价387.76万元；另一笔转让6.885%股权，转让底价为1018.98万元。这两笔转让股权 的为其股东——上海经贸网络科技和上海市信息投资股份，两笔股权合 ...

Core Insights - Xiaohongshu has acquired 100% ownership of Dongfang Electronic Payment, marking its entry into the payment license market [1][2] - The acquisition is part of a broader trend among internet giants to secure payment licenses for strategic value in their financial ecosystems [1][4] Company Summary - Dongfang Payment's original shareholders have exited, and the company is now fully owned by Xiaohongshu's subsidiary, Ningzhi Information Technology [2] - The valuation of Dongfang Payment was approximately 148 million yuan, based on recent equity transfer prices [2] - Following the acquisition, Dongfang Payment's registered capital will increase from 121 million to 200 million yuan to comply with regulatory requirements [2][3] - Xiaohongshu's move is seen as a strategic signal to enhance its payment capabilities, aligning with its expansion into offline service businesses [2][3] Industry Summary - The payment industry is witnessing significant activity, with major internet companies making moves to acquire payment licenses [4][5] - Newborn Payment has been acquired by Tongcheng Travel, with its registered capital increasing from 100 million to 330 million yuan [4] - The payment license market is experiencing a valuation drop compared to previous years, with licenses now frequently valued over 100 million yuan [5] - Regulatory changes have led to the cancellation of 11 payment licenses this year, contributing to a reduction in the number of licensed payment institutions to 164 [5][6]

Core Insights - Xiaohongshu's subsidiary Ningzhi Information Technology has acquired 100% of Dongfang Electronic's payment company, marking Xiaohongshu's entry into the payment license market [1][2] - The acquisition is part of a broader trend among internet giants to secure payment licenses, which are seen as strategically valuable for creating closed-loop ecosystems in the financial sector [1][4] Company Summary - Xiaohongshu's acquisition of Dongfang Payment involved a swift transition, with the company increasing the registered capital from 121 million to 200 million yuan to comply with regulatory requirements [2] - The move signals Xiaohongshu's intent to deepen its operational capabilities in payment services, aligning with its expansion into offline service sectors [2][3] Industry Summary - The payment industry is experiencing significant consolidation, with major internet companies actively acquiring payment licenses [4][5] - Recent data indicates that 11 payment licenses have been revoked this year, contributing to a reduction in the number of licensed payment institutions to 164 [5] - The valuation of payment licenses has fluctuated, with recent transactions indicating a price drop compared to previous years, reflecting increased regulatory compliance requirements [5][6]