Core Viewpoint - The implementation of the new regulations on internet lending, particularly the "Assisted Lending New Regulations," has led to a significant and collective withdrawal of banks from partnerships with assisted lending platforms, impacting the overall lending landscape in the industry [1][2][5]. Group 1: Impact on Banks - Many banks, particularly small and medium-sized ones, have ceased cooperation with assisted lending platforms, reflecting a broader industry trend following the new regulations [2][3]. - The new regulations have resulted in a cautious approach to retail loans, with banks now selecting assisted lending platforms based on stricter criteria, leading to a reduction in the number of partnerships [2][3]. - The regulations have caused a sharp decline in the lending capacity of banks that heavily relied on assisted lending models, creating a challenging environment for these institutions [3][6]. Group 2: Effects on Assisted Lending Platforms - The new regulations are considered "disruptive" for assisted lending platforms, with significant operational impacts, including a reported net loss of approximately 684 million yuan for Shuhe Technology in Q4 2025 [5][6]. - The valuation of Shuhe Technology has decreased by 73.45%, highlighting the financial strain caused by the new regulations [6]. - Other companies, such as Jia Yin Technology, have also reported mixed financial results, indicating a decline in transaction volumes and revenues due to the regulatory changes [6][7]. Group 3: Industry Adaptation - Leading platforms have proactively adjusted their operations in anticipation of the new regulations, optimizing risk management systems and modifying borrower contracts [7]. - Despite some new loans still exceeding a 24% interest rate, the proportion of such loans has decreased significantly, indicating a shift in lending practices [7]. - The decision to shed high-interest clients may negatively impact short-term profits for these platforms, which will be reflected in their upcoming financial reports [7].