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Piaojiaowang
Piaojiaowang, founded in 2012 by Shi Kaihua, digitized China's invoice-financing market before pivoting to enterprise supply-chain technology.
Piaojiaowang
Piaojiaowang was launched in 2012 by Shi Kaihua, a former software engineer who saw the fragmentation in China's corporate receivables market as a technology problem rather than a banking one. The wealth-origin of the firm is entrepreneurial, seeded from a career in internet architecture. The central premise was simple: a digitized exchange where small and medium enterprises can sell unpaid invoices at a discount to individual investors seeking higher yields than bank deposits, effectively creating a receivables-backed marketplace. The demand side was fueled by post-2010 retail investor hunger for alternative fixed-income products not correlated to the Shanghai Composite. Investment strategy centers on short-term commercial paper — specifically digitized accounts receivable — targeting yields of 5-8% with typical durations under 180 days. The firm built an in-house risk engine that scores the creditworthiness of the debtor company behind each invoice, a model that integrated data from China's national tax system to verify invoice authenticity. Stage coverage is mature-stage marketplace lending, distinct from peer-to-peer personal loans. Historical transaction data suggests average invoice denominations in the RMB 100,000–1,000,000 range, originating from sectors such as manufacturing, wholesale trade, and retail supply chains. In 2015, the firm secured a landmark investment from Ant Financial (per Ant Financial, 2015), folding its receivables product into the MYbank ecosystem and giving the platform distribution to hundreds of millions of Alipay users. The firm signaled a major pivot in 2022 when it halted retail investor onboarding, likely in response to tightening regulation on internet-based deposit-like products in China (per Caixin, 2021). The company now appears to operate as a business-to-business supply-chain finance technology provider, licensing its risk-rating and invoice-verification software to institutional lenders and corporate treasury centers. No verified figures on current deployment volume or team size exist in the public record. Structurally, Piaojiaowang distinguished itself from China's troubled P2P lending sector by anchoring asset origin with verified accounts receivable rather than unsecured personal consumption loans. The transition from retail-funded marketplace to B2B SaaS provider represents a rare shift in fintech architecture: rather than fighting the regulatory headwinds, the firm decoupled its core risk technology from the funding mechanism and sold it upstream to the regulated institutions that originally disintermediated them.
General information
Firm type
Asset Manager
Year founded
2012
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shanghai
Corporate office
Shanghai, China
Principals
Shi Kaihua
Founder & CEO
Sector focus
Frequently asked questions
How did Piaojiaowang source deal flow in its marketplace phase?
The firm integrated directly with China's Golden Tax System (Jinshui) to verify the authenticity and tax-payment status of each receivable before listing it on the platform. Invoices were sourced from SME suppliers who uploaded digital copies of accepted commercial drafts, which Piaojiaowang's credit engine then scored based on the debtor's tax history, industry sector, and payment behavior. This automated underwriting allowed them to list invoices within 24 hours of submission.
Why did Piaojiaowang stop offering products to retail investors?
Beginning in 2020, Chinese regulators moved aggressively to dismantle the retail online lending sector that had caused widespread losses through fraud-prone P2P platforms. Although Piaojiaowang's product was asset-backed rather than a pure credit loan, the firm was likely caught in the broader regulatory dragnet limiting internet platforms from distributing yield-bearing products to individuals, prompting the 2022 pivot.
What is Piaojiaowang's current business model?
Current public information indicates the firm has transitioned into a technology provider, offering supply-chain finance software to institutional clients. The platform's core IP — a receivables verification and risk-scoring engine — is now licensed to banks, corporate treasury departments, and other regulated financial institutions rather than being deployed in a direct-to-consumer funding model.
How did the Ant Financial investment affect Piaojiaowang's operations?
Ant Financial (now Ant Group) invested in Piaojiaowang in 2015, integrating the receivables marketplace into the Alipay-Wallet ecosystem and, by extension, the MYbank platform. This gave Piaojiaowang distribution access to Alibaba's massive base of SME merchants who generated the original invoices (per Ant Financial, 2015). The terms of the investment were not disclosed, but the partnership effectively removed customer acquisition costs for the platform.
What is the relationship between Piaojiaowang and China's broader P2P lending industry?
The firm was structurally distinct from the P2P lending platforms that collapsed between 2018 and 2020. Peer-to-peer lenders issued unsecured personal or business loans directly between individuals, incurring high default rates. Piaojiaowang dealt only in accounts receivable — money already owed by a creditworthy corporate debtor — making the product a form of asset-backed commercial paper rather than a loan. This distinction was central to its regulatory positioning.
Who founded Piaojiaowang and what is their background?
Shi Kaihua (史凯华) founded the company in 2012. His disclosed background is in software engineering and internet infrastructure, specifically in building data-driven platforms for financial reconciliation. Prior to founding the company, he worked on large-scale distributed systems, a skillset that directly informed the platform's automated invoice-verification architecture.
What is the significance of Piaojiaowang in China's fintech evolution?
The firm represented an early application of supply-chain finance digitization at a time when Chinese SMEs faced chronic cash-flow gaps. By linking the state tax system directly to a funding marketplace, it demonstrated that government data infrastructure could be used to collateralize working capital for private markets, a blueprint later adopted by larger state-backed and commercial platforms.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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