Three days of daily limit, "Xinchen Technology" relies on the bank's major customer development blockchain

Editor's Note: Starting from April 3, Odaily Planet Daily launched the “Direct Strike Chain Enterprise” column for the recently announced domestic blockchain information service filing project, and the first batch of 197 documented blockchain information technologies. Interpretation.

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Xinchen Technology (300542.SZ) opened its daily limit on April 1st, which is the third daily limit of Xinchen Technology since March 26. On March 30th, the first batch of 197 blockchain information service names and filing numbers of the national network letter office development cloth.

As a blockchain concept stock, Xinchen Technology mentioned in the third quarter of 2016 that it is conducting blockchain technology research. According to the Odaily Planet Daily, Xinchen Technology's business applications in the blockchain are mainly the L/C business system, Forfeiting business and BaaS platform.

2017 online letter of credit business system

The 2017 semi-annual report disclosed that the domestic letter of credit business system based on blockchain technology was launched on the bank.

A letter of credit refers to a written certificate issued by the bank to the exporter (seller) at the request of the importer (buyer) to guarantee the payment of the payment. According to reports, traditional domestic letter of credit transactions must go through a number of banks and courier service providers, such as the issuing bank, the advising bank, the delivery bank, and the negotiating bank. Each institution completes its records in its own accounting system, and the information between the institutions is isolated. , opaque, document processing has many problems such as verification of authenticity, low efficiency, easy delay, and easy loss.

Through the decentralization, openness, and non-tamperability of the blockchain, the security of the letter of credit business can be improved. Establish a letter of credit system based on blockchain technology, connect banks and buyers and sellers into a network, so that the process of issuing, notifying, paying, accepting, and paying is more transparent and traceable, and all nodes (including buyers and sellers) can see The process and main information of the entire letter of credit business.

Shen Rujun, deputy governor of the Bank of Communications, said that domestic letter of credit, bills and supply chain finance will become a breakthrough in the application of blockchain technology in the banking and financial sector. In July 2017, CITIC Bank launched a domestic letter of credit information transmission system based on blockchain. It is the first time that the domestic banking industry has applied blockchain technology in the field of letter of credit settlement. Compared with the disclosure time of Xinchen Technology, it can be seen that Xinchen has a very early layout in this field.

Launched Forfeiting business in 2018

After the letter of credit, Xinchen Technology began to develop the Forfeiting business based on blockchain technology. The business was applied on September 30, 2018, and completed the first chain of business between a large state-owned bank and a joint-stock bank.

The Forfaiting business is a trade finance business product closely related to export trade, that is, a bank or other financial institution buys out accounts receivable from exporters due to export goods or services without recourse. In the traditional trading method, the problem of price matching and asset transfer is out of line, the traditional information publishing channel is easy to cause distortion of transaction information, and the multi-agent transaction standard is not uniform, which has long plagued the banking industry.

It is understood that the blockchain technology is combined with the business application system to realize the release of the Forfeiting announcement information, and the information content includes information such as the basic elements of the letter of credit and the contact information of the seller. Each Forfeiting transaction can track and trace incoming and outgoing message information and block information on the alliance chain.

BaaS platform and continuous enhanced blockchain layout

In addition to research and development related applications, Xinchen Technology also launched its own BaaS platform. According to the 2018 annual report, the company continues to strengthen the blockchain layout.

The BaaS platform refers to embedding the blockchain framework into the cloud computing platform to provide developers with the underlying platform of the blockchain. The concept of BaaS originated from Microsoft and IBM. Subsequently, the global technology giants were laid out one after another.

In terms of investment in research, the latest annual report shows that the company's research and development expenses in 2018 increased by 42.60% compared with 2017. The fee is used for R&D investment in the blockchain field, and continues to follow the relevant mainstream blockchain platform with its open source community version, research on consensus algorithms, encryption algorithms and cross-chain technologies, and promote new technologies such as blockchain. application.

In addition, Xinchen Technology also lays out a blockchain through strategic investment. In December 2018, Xinchen Technology invested in Beijing Ruzhi Technology Co., Ltd., which established the traceability of the automotive supply chain through big data and blockchain.

Bank-based customer composition

Xinchen Technology Co., Ltd. was established in 1998. On March 30, Xinchen Technology disclosed its annual report for 2018. During the reporting period, the company achieved operating income of 819 million yuan, a year-on-year increase of 35.08%; the net profit attributable to the parent company was 38.368 million. Yuan, a year-on-year increase of 34.55%; the company's business mainly includes system integration (constituting the main 57.29%), software development (constituting the main 29.25%), professional technical services (constituting the main 11.36%) and others.

It is understood that Xinchen Technology mainly provides software development services such as data exchange, channel integration, payment settlement, intermediary business, and transaction banking to provide customers with solutions and services covering system integration such as IT infrastructure. The main customers are commercial banks, including CITIC Bank, Postal Savings Bank, Taiping Insurance, China Everbright Bank, China Exim Bank, and China National Debt. According to the annual report disclosure data, the bank customer's revenue was 521 million yuan, accounting for 63.65% of the total revenue.

According to the financial report, the total sales of the top five customers of Xinchen Technology accounted for 56.01% of the main business income, which also reflects that the financial IT business customers are relatively stable, but they also have excessive risk of dependence.

The blockchain with little impact on the company's total revenue

A large number of stable bank customers directly affected the blockchain layout of Xinchen Technology. It is not difficult to find out that whether it is a letter of credit or Forfeiting, it is based on banking business.

However, where the blockchain technology is specifically applied, only “a bank” is mentioned in the public information, and no specific bank is disclosed. Regarding the income brought by the blockchain, it is rarely mentioned. In the early 2018, in the only information, only the announcement of the blockchain-related contract orders signed by the company as of January 11, 2018 was mentioned. About 4 million yuan. On January 12 and 19, 2018, the company again announced that it expects that the revenue of the company's blockchain-related business will have little impact on the company's total operating revenue in the future.

Xinchen Technology currently has 8 subsidiaries and 1 branch. In 2019, Xinchen Technology participated in Beijing Qinglin Software Technology Co., Ltd., which has experience in the research and development of big data visualization related products in public security, political and legal industries, and the construction of public security big data. In October 2018, a 51% stake in Beijing Ruidexin Information Technology Co., Ltd., a total solution provider for ICT (Information and Communication Technology) services, was acquired in cash.

In the company strategy of the new year, it mentioned the two market areas of “financial technology” and “military and civilian integration” that will focus on the core. The annual report pointed out that the military industry is expected to become a new business growth point for the company.

Text | 遂心

Produced | Odaily Planet Daily (ID: o-daily)

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