Policy and Regulation - The issuance of the "Document No. 77" by six ministries on April 30, 2025, clarifies the status of accounts receivable electronic vouchers and emphasizes a review and risk control system based on real trade, promoting the development of decoupled supply chain finance [10][11] - The regulatory environment for the commercial factoring industry remains stringent, focusing on issues such as ABS business and fictitious accounts receivable [12][21] - The "Implementation Plan for High-Quality Development of Inclusive Finance in the Banking and Insurance Industries" highlights supply chain finance as a key vehicle for reducing financing costs for small and micro enterprises [23] Market and Development - The commercial factoring industry is experiencing a wave of capital increases and credit ratings, with over 30 companies increasing their registered capital in the first half of 2025 [2][26] - ByteDance's subsidiary, Zhitiao Factoring, significantly increased its registered capital from 1 billion to 1.6 billion, marking a 60% increase [30] - Numerous state-owned enterprises are establishing industry-finance technology companies to accelerate the digital transformation of industrial finance [31] Scene and Product - Decoupled supply chain finance is gaining traction, with financial institutions focusing on transaction platforms, including the launch of supply chain financial services by major platforms like the National Grain Trading Center [3][36] - Financial institutions are innovating product offerings, such as the "Cloud Number-Order Financing" by Postal Savings Bank, which aims to assist small and micro enterprises in overcoming financing challenges [42][45] - The expansion of supply chain bill business is supported by policy and institutional improvements, with an expectation of a reduction in the number of core enterprise platforms as collaboration with independent platforms becomes a trend [3][8]