LIANLIAN (02598) has announced that its wholly-owned subsidiary, Lianlian Yintong Electronic Payment Co., Ltd., which holds a payment business license issued by the People's Bank of China, has formally requested a temporary halt to the review process for renewing its long-term valid payment business permit.

According to the company's statement, the application was submitted to the Zhejiang Provincial Branch of the People's Bank of China, citing Article 24, Item 5 of the Administrative Licensing Implementation Measures. This move leverages a procedural right explicitly granted to payment institutions under the same regulatory framework.

During this suspension period, all payment operations across the group will continue to function normally, ensuring that client funds remain secure and services are unaffected. The company anticipates that this temporary pause will not lead to any significant adverse impact on its overall business operations or financial standing.

Looking ahead, LIANLIAN plans to proactively reapply to resume the examination process for the renewal of its long-term payment business license at the earliest opportunity.