Pinduoduo obtains third-party payment license by acquiring Fufeitong

Pinduoduo has completed the acquisition of digital payment company Fufeitong.
Fufeitong has recently updated its shareholder information. On January 23, 2020, Shanghai Yiyi Information Technology Co., Ltd. subscribed for a capital contribution of 60.8399 million yuan, thereby obtaining a 50.01% stake in Fufeitong, becoming a major shareholder of the company.

Pinduoduo has completed the acquisition of digital payment company Fufeitong.

Fufeitong has recently updated its shareholder information. On January 23, 2020, Shanghai Yiyi Information Technology Co., Ltd. subscribed for a capital contribution of 60.8399 million yuan, thereby obtaining a 50.01% stake in Fufeitong, becoming a major shareholder of the company.

Established in 2003, Fufeitong has obtained third-party payment licenses in 2011, one of the firsts to do so (the others are Alipay and Tenpay). Its business scope covers online payment, mobile payment, etc. Fufeitong has become a third-party payment company with a full license.

The actual shareholder behind Shanghai Yiyi Information Technology Co Ltd, the acquirer, is Shenzhen Qizhen Technology Co Ltd. Chen Lei, co-founder and CTO of Pinduoduo is the supervisor of the company. Huang Zheng, CEO and co-founder of the e-commerce company is also a board member. With the controlling stake in Fufeitong, Pinduoduo turns an e-tailer with a digital payment license.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/06/pinduoduo-obtains-third-party-payment-license-by-acquiring-fufeitong/.

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