Chinese lifestyle platform Xiaohongshu, also known as Rednote, has obtained a payment license by fully acquiring Oriental Electronic Payment, with its subsidiary Ningzhi Information Technology (Shanghai) becoming the sole shareholder after six previous owners exited.
Oriental Electronic Payment, licensed by the People’s Bank of China, operates stored-value accounts and cross-border payments. Its registered capital will increase from RMB 121.3 million to RMB 200 million (about $28 million), a move aligned with regulatory requirements for payment license renewal, as China tightens new license issuance and platforms turn to acquisitions for compliance. [Jiemian News, in Chinese]
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