Sentage Holdings is a Cayman Islands holding company that operates through VIE-structured entities in China. After discontinuing its loan repayment and loan recommendation businesses in 2024, Sentage now operates a single business: prepaid payment network services in China, run through its VIE entity Qingdao Buytop. The core product is a multipurpose prepaid card that consumers load with value and spend at a network of merchant partners across different industries. Sentage's direct customers are merchants, not consumers — merchants pay to join the platform and accept the prepaid cards through their existing payment terminals. Sentage generates revenue in two ways: a one-time technology consulting and setup fee charged to new merchants, and ongoing per-transaction fees on card spending. In practice, nearly all of Sentage's revenue comes from the upfront technology consulting fees. Sentage holds a PBOC-issued third-party payment license, which is required to issue multipurpose prepaid cards usable across unrelated merchants — Sentage argues this license is difficult to obtain and represents a key differentiator. Operations are currently limited to Qingdao City, Shandong Province, and Sentage has only one active merchant customer. Revenue has been minimal and declining, and Sentage has generated net losses far exceeding its revenues each year.