Economic Information Daily News Agency reported on the 30th that Haolian Jin Hui (Shen: 002537) announced today it has received from Tianjin Tongrong a "Letter on Termination of Equity Transfer Agreement," stating that, through friendly consultation between both parties, the acquisition of Lian Dong You Shi—a payment license subsidiary under Haolian Jin Hui—by Tianjin Tongrong has been terminated. Public information shows that Tianjin Tongrong is a company within the Douyin group. At the end of August this year, Lian Dong You Shi's payment license renewal was suspended due to circumstances stipulated in Article 24 of the "Administrative Licensing Implementation Measures of the People's Bank of China." However, suspension of renewal does not equate to denial of renewal.

    Haolian Jin Hui is currently up 0.18%, trading at 5.66 yuan.

    In April 2024, Haolian Jin Hui announced plans to transfer Lian Dong You Shi to the parent company of Douyin's payment license entity (Wuhan Hezhong Yibao Technology Co., Ltd.), with the transaction price set at a base transfer consideration of 750 million yuan and net assets as of the settlement date. At the time, a responsible person from Douyin Pay responded that the transaction was intended to support offline transaction scenarios such as lifestyle services.

    It is understood that Lian Dong Pay holds two types of business qualifications: Stored Value Account Operation Class I and Payment Transaction Processing Class I. The Payment Transaction Processing Class I qualification was adjusted from the original bank card acquiring qualification, which is precisely the type of business missing for Douyin Pay. If the transaction had been successfully completed, Douyin Pay would have obtained the bank card acquiring business license, thereby supporting offline transaction scenarios such as Douyin Lifestyle Services. (wn)