It is one step closer to completely stripping the securities business. On February 21, Hualin securities announced that it planned to acquire 100% equity of Beijing Wenxing Online Technology Co., Ltd. (hereinafter referred to as "Wenxing online") controlled by Jiangsu today's headlines Information Technology Co., Ltd. (hereinafter referred to as "Jiangsu today's headlines") for 20 million yuan. In this regard, the market is not surprised. As early as September 2021, there was news that the company planned to sell its securities business and made it clear that it would not engage in securities business in the future. In addition, according to relevant sources of Xinhua Finance and economics, in addition to dolphin stock app and Wenxing online, other entities of the company's securities business are also in contact with potential traders or in the process of internal shutdown. Radar finance and economics noted that behind the active strategic contraction, the road of financial securities is not easy for large manufacturers. Both Alibaba, jd.com and Baidu have tried to get involved in the securities business, but there has been no news since. Analysts believe that with the tightening of supervision, the difficulty of Internet capital engaging in heavy asset financial licensing business will continue to rise. Securities jump into bytes "abandoned children" From the perspective of public information, it has been frequently laid out in the securities field before. In 2017, we registered and established Wenxing online and incubated Na mg stock app. According to Qimai data, since May 2018, the download volume of Na mg shares began to increase and once became the preferred app for some investors. Perhaps seeing the prospect of the stock business, he acquired Beijing jinmeilin Investment Consulting Co., Ltd. in 2018 to provide stock consulting and recommendation services for Na mg stock. The company has the qualification of securities investment and consulting, which is also within the scope of this sale. In 2019, Zhang Yiming even personally renamed the sodium magnesium stock dolphin stock, and subsequently derived dolphin wealth, simulated stock speculation and other financial products. However, limited to the license issue, dolphin stock has always been a technical platform based on headline machine learning model to quantify stock big data and provide users with stock market and massive data analysis. Users cannot trade on it. In April 2020, it was reported that dolphin shares could open an account and many securities companies had settled in, but it was soon denied by the Chinese side. "Dolphin stock only provides technical services such as information release and link jump, and the displayed pages are provided by securities companies. Relevant account opening and trading functions need to jump to the service pages provided by securities companies." It is worth mentioning that since then, dolphin stocks have hardly heard any news in the market. Only in September 2021, when it was reported that the company would sell its securities business, it was reported that it had "been online for four years and currently had 133900 daily active users". "The traffic advantage of byte beat in the securities business is overestimated," some analysts pointed out. However, according to a person close to the company, the company has not had much determination and budget to invest in this product. From the financial indicators of Wenxing online disclosed by Hualin securities in the past two years, we can also see the malaise of the parent company of dolphin stock. According to the data, by the end of 2021, the total assets of Wenxing online were 9.4108 million yuan, the total liabilities were 88.9295 million yuan, the net assets were -79.5187 million yuan, and the net loss of the company during the year was 1.6428 million yuan. In January 2022, Wenxing online still had a net loss of 444700 yuan. In order to clear up the relevant debts, Jiangsu made headlines today to increase the capital of Wenxing online before the sale. Tianyan check shows that a week ago, the registered capital of Wenxing online rose from 10 million to 20 million. In addition, Beijing future vision technology Co., Ltd. (hereinafter referred to as "vision technology"), a subsidiary of the original Star online, was transferred to Jiangsu today headlines company. Horizon technology is the main body of the "rest assured loan" app of byte's loan assistance product. It is speculated that byte beat did not package and sell the loan assistance business at the same time. In addition to dolphin stocks, the securities business of byte beat also includes squirrel securities and Star Securities of Hong Kong and US stocks. The former is a securities investment consultant and asset management company registered with the securities and Futures Commission in Hong Kong in 2020, and the former has obtained the basic business license of securities investment consultant and futures management company. Star Securities was renamed from Asia Pacific Securities, a local securities firm in Hong Kong established in 1996. It just completed its acquisition in 2021. But judging from the current situation, stripping these services is only a matter of time for byte beating. Why spend Hualin securities? According to latepost, the sale of securities business began in the first half of 2021. It has communicated with CICC, CITIC, Fosun Group, niuguwang and Dongfang wealth successively, of which two companies have given letters of intent. In this context, the dolphin stock was eventually pocketed by Hualin securities. Some people in the industry believe that this may be related to the more prominent technology and financial transformation strategy of the latter in the industry since 2021. As a "top performer" among domestic small and medium-sized securities companies, Hualin securities was listed on the Shenzhen Stock Exchange in early 2019. In April 2021, Lin Li, chairman of Hualin securities, publicly mentioned that he had hired internationally renowned consulting institutions to start the strategic transformation of science and technology finance. To this end, during the year, the company abolished 25 branches, the most among the listed securities companies in 2021, and introduced Zhao Weixing with internet financial technology and banking background as CEO and chairman of the Executive Committee. Statistics show that Zhao Weixing has successively participated in the preparation for the establishment of Zhejiang e-commerce bank and served as the founding president of Xinwang bank. Before coming to Hualin securities, he was the vice president of Xiaomi Finance (Tianxing digital section). According to the financial report, in the first three quarters of 2021, the business and management fees of Hualin securities increased by 32.52% year-on-year, of which the operation fee of electronic equipment reached 106 million yuan, a significant increase from 31.82 million yuan in 2020. Over the same period, the investment in information technology of Hualin securities increased by about 160 million yuan compared with the same period in 2020, of which the investment in information technology in the third quarter of 2021 alone reached 94.91 million yuan. Hualin Securities said that the relevant phenomenon was caused by the substantial increase in information technology related expenses year-on-year in order to better promote the strategic transformation of science and technology finance, and continuously increase the investment in information technology and the introduction of scientific and technological talents. Or it is the urgent pursuit of technological and financial transformation that makes Hualin securities choose premium acquisition. According to the asset appraisal report issued by Kaiyuan Asset Appraisal Co., Ltd., the total equity of shareholders determined by the cost method (asset-based method) is 20.7673 million yuan, which is 47.95% higher than the book value of owner's (shareholder's) equity. Relevant people from Hualin Securities said that the dolphin stock app was acquired because it has a high matching degree with the ideal stock market software of Hualin securities. The purchase on behalf of construction can improve the speed of the implementation of Hualin science and technology transformation strategy. "As of September 2021, the number of users of dolphin stock securities app platform is 12.46 million, and the number of monthly live users is about 320000," the source said It is understood that after winning the dolphin stock app, Hualin securities will also iteratively upgrade it, and the new app is expected to be officially launched in April. In addition, according to media reports, in addition to equity acquisition, the comprehensive cooperation amount between Hualin securities and byte beat may exceed 500 million yuan, covering software purchase, technical services, commercial advertising and other fields. It is worth mentioning that in December 2021, it was reported that Hualin securities would acquire the securities sector of an Internet giant, and the stock of Hualin securities once rose by more than 42% in four days. However, since then, Hualin securities has refuted the rumor, saying that the company did not acquire the securities sector of an Internet giant, nor did it plan the acquisition. After giving up the securities business, the financial landscape is still huge Radar financial combing found that in terms of time, compared with Tencent, jd.com, Alibaba, etc., the layout of byte beating in financial business is relatively late, but the progress is very rapid. At the beginning of 2018, the company officially separated the financial business into a business branch, and invited Gu Wendong, then deputy general manager of Yixin big data innovation center, to build the foundation of the financial business with his help. In June of the same year, through wholly-owned Huaxia insurance brokerage Co., Ltd., byte beat won its first financial license and began to enter the field of insurance brokerage. A month later, the consumer credit product "assured borrowing" was launched in the headlines today. After joining the main China finance small loan in March 2020, it cut into the field of joint lending from the platform of pure diversion for the capital side of financial institutions. Referring to Ali's playing in the financial field, the byte beating in the tremble has measured the "rest assured flowers", on-line "Dou staging", and also established the "tiktok factoring" (guarantee agent), and marched toward To B. In August 2020, the byte beating fully purchased the third party payment agency, the public and the Yi Bao, and got the coveted payment license, laying the foundation for the Spring Festival evening robbing in the red envelope activities, and announced that the next city in the financial license field would be announced again. The tiktok was also awarded the following three major targets. So far, it has taken three years to obtain four licenses of insurance brokerage, securities investment adviser (Kim Merrill Lynch Investment Adviser), online small loan and payment, and has quietly woven its own financial business territory. Especially after obtaining the payment license, the market thinks that it will be more conducive to byte beating, embedding payment business in the traffic scenario, creating tiktok and other business to the financial closed-loop, and then improving the user stickiness of the jitter and other products. In addition, there is also a discussion about the byte beating in the industry, which is planning the credit service business. An insider who is close to the byte beating said that the business or the word "letter" will match Alipay's "sesame credit" or "WeChat payment points". However, the message was later rejected by the byte side. Under the high pressure of supervision, the financial dream of big companies ends in securities In fact, in addition to byte beating, major manufacturers such as Alibaba, meituan, jd.com and Tencent all have multiple financial licenses, and regard this part of business as an important part of the company's overall strategy. Among them, Alibaba and JD also tried to separate their financial businesses and list them independently. But no matter which company, it is powerless to set foot in the securities field. Taking Alibaba as an example, Ma Yun once took a stake in Ruidong group through Yunfeng fund in 2015 (later renamed Yunfeng Finance); In February 2016, Ruidong group announced that it had established Yunfeng securities in partnership with giant investment and Jiangsu Yuyue technology. It is headquartered in Shanghai and has a registered capital of 1 billion yuan. Ruidong finance holds 43% of the shares. On April 22, 2016, the CSRC once accepted the application for the establishment of Yunfeng securities and made corrections six days later. However, since then, there has been no progress on the matter. Almost at the same time of establishing Yunfeng securities, ant financial service also said in its official wechat that it would reach capital level cooperation with deppon securities of Fosun Group, and is waiting for the approval of regulatory authorities. However, in May 2017, the acquisition failed. Baidu has also tried this. In February 2015, baidu announced the opening of the public beta of "Baidu stock connect" app. Jin Yu, then vice president of Baidu's strategy, said, "Baidu's big data and technological advantages have provided strong support for us to enter the Internet securities industry. Compared with traditional stock software, 'Baidu stock connect' has effectively solved the most basic and urgent problem of 'information asymmetry' for investors for the first time." But in 2017, the Internet