Oabay
Definitive (DA signed)Financials · Trade credit / supply-chain finance SaaS (China) · Shenzhen, China
- What it is
- B2B fintech SaaS + factoring-derived services in mainland China: digitize corporate trade credit, run supply-chain-finance workflows for core enterprises and their SME suppliers, and package receivables into credit assets for banks/financial institutions; monetized via cloud service fees - magnitudes undisclosed pending the F-4.
- What it’s doing now
- Merging with Bayview Acquisition Corp (BAYA) — definitive (da signed), announced Jun 7, 2024.
- What you should know
- Data is still being assembled for this company — what is shown below is everything we have verified so far.
The business, per its filings
SEC primaryOabay Inc. (Cayman holdco; operations 'through its wholly owned subsidiary in mainland China'; website lists HQ at Excellence Qianhai One, Nanshan, Shenzhen) provides 'trade credit digital transformation solutions' - supply chain finance cloud services (originating/optimizing credit assets within supply chains for financial institutions) and trade credit management cloud services - built on 10+ years of accounts-receivable factoring and SME credit digitalization experience; the PR calls it 'a pioneer in the Chinese trade credit technology solutions industry'. Its Bayview Acquisition Corp merger (signed 2024-06-07: $300M all-stock consideration in Oabay Holding Company PubCo shares, implied initial EV ~$393M) is now 26 months old with NO F-4 ever filed, three merger-agreement amendments (June 2024, [2025], Jan 2026), repeated Nasdaq deficiency notices against the SPAC (8-K item 3.01 filings Feb/Mar/Apr/Jul 2026), serial trust-extension votes and sponsor loans (item 2.03 filings roughly monthly through Aug 2026), and a closing deadline pushed to December 2026. Revenue-generating (the earnout is calibrated on consolidated revenue of RMB 436M FY2024 / RMB 583M FY2025, i.e. a real ~$60-80M-revenue-scale business) but no financial statements exist on the SEC record.
Source: 8-K, accession 0001493152-24-023717 · as of Jun 7, 2024 · extraction confidence: medium
What the company says about itself
Web research — not auditedoabay.com presents a Chinese-language 'business credit digitalization solutions provider' with two cloud product lines, a compliance/integrity page, and a Shenzhen HQ; no customers, metrics, team or financials disclosed. ICP license 粤ICP备2021127617号.
- Markets:
- Core-enterprise supply chains; SME suppliers; financial institutions; HR/staffing finance ('modern human resources financial services')
- Products:
- 产业金融云 (Industrial/Supply-chain Finance Cloud); 信用管理云 (Credit Management Cloud); core-enterprise financial services; HR finance services
- Customers:
- None named on site
None direct, but note the PR frames a '10+ years operating history' pioneer while the website's ICP registration dates to 2021 and discloses no history; the F-4, when filed, should reconcile corporate history and the Wenzhou-vs-Shenzhen operating footprint.
Source: https://www.oabay.com/ · captured Aug 15, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Oabay is merging with Bayview Acquisition Corp (BAYA), a $60M SPAC currently marked Deal announced.
| Headline equity value | — |
Structure per SEC accession(s) 0001493152-24-023717. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| 9959.HK | LINKLOGIS-W | — | — | — | Linklogis is the listed Chinese supply-chain-finance technology pure-play - the same product category (digitizing core-enterprise receivables into credit assets for banks); HKD quote so multiples auto-skipped.more ▾less ▴ |
| WFC | Wells Fargo & Co | $288.2B | — | — | Operational comp: Banks (NEC); mega-cap ($288.2bn); shares credit, trade, finance, financial, institutions, accounts with the target's own description; forward EV/Sales 7.9x.more ▾less ▴ |
| QFIN | Qfin Holdings, Inc. | $1.5B | — | — | Qifu Technology - scaled US-listed Chinese credit-tech platform connecting borrowers with financial institutions; the credit-facilitation economics benchmark.more ▾less ▴ |
| FCBC | First Community Bankshares Inc | $600M | — | — | Operational comp: Corporate Banks; small-cap ($600m); shares credit, loans, but, wholly, subsidiary, owned with the target's own description; forward EV/Sales 4.3x.more ▾less ▴ |
| FINV | FinVolution Group | $1.0B | — | — | FinVolution - US-listed Chinese fintech credit platform; a liquidity-and-multiple anchor for China credit-tech risk. |
| SFBC | Sound Financial Bancorp Inc | $112M | — | — | Operational comp: Banks (NEC); micro-cap ($112m); shares credit, now, accounts, receivable, loans, wholly with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| XYF | X Financial | $209M | — | — | X Financial - small-cap US-listed Chinese fintech; represents the valuation discount applied to sub-scale Chinese credit businesses on US exchanges. |
| PBFS | Pioneer Bancorp Inc | $338M | — | — | Operational comp: Banks (NEC); small-cap ($338m); shares pioneer, originating, financial, wholly, loans, owned with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| 6069.HK | SY HOLDINGS | — | — | — | Sheng Ye Capital - HK-listed SME supply-chain factoring specialist, the balance-sheet version of Oabay's factoring-rooted model; HKD quote so multiples auto-skipped.more ▾less ▴ |
| EWBC | East West Bancorp, Inc. | $15.5B | — | — | Operational comp: Banks (NEC); large-cap ($15.5bn); shares credit, trade, finance, loans, financial, subsidiary with the target's own description; forward EV/Sales 6.0x.more ▾less ▴ |
| SHBI | Shore Bancshares Inc | $591M | — | — | Operational comp: Banks (NEC); small-cap ($591m); shares credit, receivable, accounts, loans, financial, wholly with the target's own description; forward EV/Sales 3.9x.more ▾less ▴ |
| OSBC | Old Second Bancorp, Inc | $1.0B | — | — | Operational comp: Corporate Banks; small-cap ($1.0bn); shares old, credit, now, loans, accounts, trust with the target's own description; forward EV/Sales 4.5x.more ▾less ▴ |
| MCHB | Mechanics Bancorp | $3.4B | — | — | Operational comp: Banks (NEC); mid-cap ($3.4bn); shares credit, trade, receivable, trust, real, loans with the target's own description; forward EV/Sales 4.0x.more ▾less ▴ |
| BKU | BankUnited, Inc. | $3.3B | — | — | Operational comp: Banks (NEC); mid-cap ($3.3bn); shares credit, trade, finance, loans, institutions, real with the target's own description; forward EV/Sales 4.9x.more ▾less ▴ |
| RNST | Renasant Corp | $3.3B | — | — | Operational comp: Banks (NEC); mid-cap ($3.3bn); shares factoring, financial, trust, loans, accounts, all with the target's own description; forward EV/Sales 4.2x.more ▾less ▴ |
| TFIN | Triumph Financial, Inc. | $1.5B | — | — | Operational comp: Corporate Banks; small-cap ($1.5bn); shares factoring, calls, financial, wholly, industry, subsidiary with the target's own description; forward EV/Sales 4.0x.more ▾less ▴ |
| BY | Byline Bancorp Inc | $1.3B | — | — | Operational comp: Corporate Banks; small-cap ($1.3bn); shares sponsor, website, finance, subsidiary, financial, wholly with the target's own description; forward EV/Sales 4.9x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Oabay going public?
Oabay has a signed merger with the SPAC Bayview Acquisition Corp (BAYA), announced Jun 7, 2024. Deal status: Definitive (DA signed).
Does Oabay have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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