Chinese social media and e-commerce platform Xiaohongshu has gained full ownership of Dongfang Electronic Payment Co., Ltd., according to corporate database Tianyancha.

The acquisition was completed through Xiaohongshu’s subsidiary, Ningzhi Information Technology, giving the company control of a licensed payment institution.

The People’s Bank of China shows that Dongfang Payment’s license was renewed in August 2024, authorizing it to offer internet payment and other financial services, marking a strategic step for Xiaohongshu’s expansion into fintech.