ResearchIndustry2026-10-05
Warehouse-receipt pledge at T+3 to T+0 frees CNY 100.5m of working capital on 50kt of NR
Once bonded digital warehouse receipts link to the CICC platform, pledge funding drops from T+3 to T+0. At today's NR price of CNY 20,095/t, a 50kt receipt is worth about CNY 100.5m that a bank can release on the spot, lifting working-capital turnover from 9x to above 10x — fast resale no longer stuck in inventory.