Recently, a stock auction announcement showed that 65.5% of the state-owned equity of Zhejiang Yongyi Electronic Payment Co., Ltd. (hereinafter referred to as "Yongyi Payment") has been auctioned off, and the buyer is Zhejiang Jinkai Technology Co., Ltd.
This also means that Bilibili officially bid farewell to Yongyi Payment - in 2021, Bilibili won the controlling stake in the payment license for 117.9655 million yuan, but the equity was listed again this year, causing a change in the transaction.
Industry insiders have stated that the "Implementation Rules for the Supervision and Administration of Non bank Payment Institutions" (hereinafter referred to as the "Implementation Rules") recently issued by the People's Bank of China have many regulations for shareholders of non bank payment institutions, industry norms, and accelerated clearance.
After several auctions
The auction of equity in Yongyi Pay has been full of twists and turns.
In November 2021, Ningbo Public Resources Trading Center disclosed a transaction announcement, in which 65.5% of the state-owned equity paid by Yongyi was sold at the price of 117965500 yuan. The buyer was Shanghai Kuanyu Digital Technology Co., Ltd., which was the main operating company of the Internet platform "B Station".
In February 2024, Yongyi Pay's 65.5% state-owned equity reappeared in the auction market. At that time, the person in charge of Yongyi Payment responded to a reporter from a securities firm in China, stating that the re listing was due to "the original agreement being overdue, and according to the procedures, it was necessary to re list." Some industry insiders speculated that according to the "Non bank Payment Regulations" implemented at that time, the threshold for non bank payment institution shareholders was raised, which led to the failure of the joint venture between Bilibili and Yongyi Payment.
In June, the equity was auctioned twice on the Ningbo Public Resource Trading Electronic Service System, with an assessed price and starting price of 118.27335 million yuan. Compared to the price purchased by Bilibili three years ago, the equity price has increased by approximately 310000 yuan.
The auction announcement shows that Yongyi paid 65.5% of the state-owned equity for a final transaction price of 118.27335 million yuan, which is the same as the starting price. The buyer is Zhejiang Jinkai Technology Co., Ltd. Based on this equity calculation, Yongyi Pay's current net worth is 181 million yuan.
According to the official website of the People's Bank of China, Yongyi Payment is a licensed non bank payment institution, and its license business type is Internet payment. It was approved for the first time in June 2012 and subsequently renewed. At present, the validity period of Yongyi Payment's license is until June 2027.
Who will receive the payment from Yongyi Pay?
According to the auction announcement, Yongyi paid 65.5% of the state-owned equity, and the ultimate buyer was Zhejiang Jinkai Technology Co., Ltd.
According to Tianyancha information, the controlling shareholder of Zhejiang Jinkai Technology Co., Ltd. is Zhejiang Zhengkai Investment Group Co., Ltd., with a shareholding ratio of 51%. Both are members of Zhejiang Zhengkai Group. Zhejiang Zhengkai Group was established in 1997 and is engaged in the business service industry. Over the years, it has been deeply involved in the two major fields of PET materials and textile production. The group also owns an A-share listed company - Wankai New Materials.
Industry insiders speculate that the high price acquisition of the payment license may be related to Zhejiang Zhengkai Group's cross-border e-commerce business. At the cross-border e-commerce service event held in Hangzhou last year, the relevant person in charge of the digital marketing department of Zhejiang Zhengkai Group once said: "cross-border e-commerce is the 'big strategy' personally grasped by the chairman. As a global textile manufacturer, we began to build independent stations and explore European and American markets." Obtaining an Internet payment license is an important part of building independent stations and developing markets for cross-border e-commerce.
The non bank payment industry itself has been gradually 'clearing' in recent years, and the rest are well-developed institutions, "said Wang Pengbo, a senior analyst at Broadcom Consulting, to a reporter from China Securities. At the same time, he stated that the "Detailed Rules for the Implementation of the Regulations on the Supervision and Administration of Non bank Payment Institutions" recently issued and implemented by the central bank have further regulated the controlling shareholders of non bank payment institutions.
Regulatory authorities place greater emphasis on the successor's ability to continue operating and control payment scenarios, and the successor must also have a willingness to continue operating, "said Wang Pengbo. According to the" Implementation Rules, "the main shareholders and actual controllers of newly acquired payment institutions promise not to change within three years, and if the applicant has not opened for business for more than six months from the date of obtaining the business license, they must provide valid reasons and relevant information, which are all related to this requirement.
"In the future, the value of non bank payment institutions may also rise by leaps and bounds." Wang Pengbo predicted that, with the strengthening of supervision, the access threshold of non bank payment institutions will rise, and few new institutions have entered in recent years. Therefore, the value of payment licenses, especially those covering Internet payment, bank card acquisition and other businesses, may further increase.