Douyin plans to acquire Hailian Jinhui’s payment license for over 750 million yuan

Hailian Jinhui announced that it plans to transfer its payment institution (Union Advantage E-Commerce Co., Ltd.) to the parent company of the Douyin payment licensee (Wuhan Hezhong Yibao Technology Co., Ltd.). The transaction price is the benchmark. The transfer consideration is 750 million yuan plus the net assets on the delivery date.

After completing the transaction, the payment institution will be merged with Yibao. The above-mentioned transactions and mergers are subject to the approval of the central bank. After the completion of this transaction, Douyin Pay will supplement the bank card acquiring business license.

The person in charge of Douyin Payment responded to the Science and Technology Innovation Daily and stated that the transaction is to support offline transaction scenarios such as life services.

Inquiries on this site found that Wuhan Hezhong Yibao Technology Co., Ltd. was established in 2012. In 2014, it obtained the "Payment Business License" issued by the People's Bank of China and became a licensed Internet payment enterprise. It is a Hubei Province The first licensed Internet payment company. The company is the first licensed Internet payment company in Hubei Province and has become a licensed Internet payment company.

In August 2020, ByteDance, the parent company of Douyin, acquired Wuhan Hezhong Yibao Technology Co., Ltd. After obtaining a payment license, Douyin Pay was officially launched on January 19, 2021, entering the public eye. The main functions include recharge, withdrawal, transfer and inquiry, etc.

▲ Certificate of Wuhan Hezhong Yibao Technology Co., Ltd. provided by Douyin Payment official website

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