6.7M Data Transformed into Assets

As the accounting of data assets moves into the practical stage, the exploration of local state-owned assets based on the characteristics of their own platform data is accelerating.

Recently, Nanjing Jianye State-owned Assets Operation Group Co., Ltd. (hereinafter referred to as "Jianye State-owned Assets Group") has passed the record review for its "Smart Parking Analysis Data," with 6.7 million data entries "transforming" into data products and being newly listed on the Nanjing Public Resources Trading Center "shelf," achieving a breakthrough from "0" to "1" in the national smart park parking data asset accounting.

The person in charge of Jianye State-owned Assets Group said in an interview with a reporter: "By trying to account for the parking data assets of its subsidiary property companies, the group has preliminarily formed a standardized, replicable, and promotable model for data asset research and development and accounting. At present, the group is actively planning further research and development, trading, and transfer of parking data products, hoping to go deep, solid, and thorough, and transform parking data into tangible solutions. Other data still needs to be fully assessed and demonstrated before focusing on areas with high technological maturity and clear market demand."

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How to achieve the transition from "0" to "1"?

In recent years, many urban investment or state-owned companies have set their sights on a new business, that is, integrating local resources to create smart park parking. As accounting for data assets has become a new business for local state-owned assets, accounting for parking data assets has also become a new business that many urban investment or state-owned companies are considering.

In terms of developing the digital economy, Nanjing Jianye District previously chose to focus on financial technology, data elements, and other seven sub-tracks to make key efforts, cultivating and strengthening the core industries of the digital economy. As an important comprehensive state-owned asset platform in Jianye District, Jianye State-owned Assets Group has tried to explore the accounting of data assets first.

The data newly listed by Jianye State-owned Assets Group on the Nanjing Public Resources Trading Center includes 6.7 million parking data from five smart parks. There is a considerable amount of work in investigating such a large scale of data.

The person in charge of Jianye State-owned Assets Group told the reporter: "The group has a wealth of data resources, such as park parking management data, park leasing data, asset management data, financial risk management data, etc. Among them, parking management data has clear boundaries, massive volume, cost that can be summarized, and benefits that can be assessed and predicted, so we choose to innovate and try. In specific work, data service providers take the lead in standardizing the completion of data cleaning and analysis, compliance assessment, registration and rights confirmation, and form corresponding data analysis reports, legal compliance review reports, valuation reports, etc., ultimately completing the registration of data products and the accounting of data assets."

As a data service provider, Kaixin Technology Co., Ltd., a subsidiary of Jianye State-owned Assets Group (hereinafter referred to as "Kaixin Technology"), provided data processing, analysis, evaluation, and product design services for this accounting work.

The person in charge of Kaixin Technology told the reporter that the original data scale of this accounting reached more than 6.7 million entries, with a large amount of information and messy items. In the first step of resource utilization, the company used big data platforms and technology to clean and process data, delete invalid data, summarize effective items, and organize them into structured data sets. In terms of security, to protect user privacy, sensitive information was "desensitized," and the processed data only retains user ID information, thereby ensuring that valuable insights can be obtained while analyzing and using data, and user privacy and security can be maintained.Assessing and reporting on the aforementioned processes also pose significant talent challenges. A person in charge of Jianye State-owned Assets Group said, "During the process of entering the table, we first need to overcome the shortage of professional talent. It is necessary to establish a composite team that is proficient in data analysis and mining, good at evaluation and prediction, and familiar with legal and financial regulations."

In addition, it is necessary to break through the difficulties in professionalism. The person in charge of Jianye State-owned Assets Group further revealed, "The method system has not yet taken shape. We have gradually built a whole chain of work methods covering data collection, processing, evaluation, and entry into the table, breaking through links and optimizing processes. There are also many technical difficulties, such as the precise definition of data boundaries, efficient cleaning, compliant rights confirmation, and cost calculation. Through this exploration, the group has also accumulated experience in data processing, compliance, evaluation, and other aspects."

The reporter noticed that, in addition to Jianye State-owned Assets Group, the industry generally pays more attention to transportation-related information or scenarios. A person in charge of KX Technology told the reporter that there are many needs in transportation scenarios, including parking management, alleviating traffic congestion, intelligent traffic management, improving traffic safety, and optimizing public transportation services. In the future, data products based on transportation information may also play an important role in scenarios such as autonomous driving, vehicle-road collaboration, and smart logistics.

However, the person in charge of KX Technology also mentioned that the entry of data assets into the table is still in the initial stage, and there are still pain points to be solved. "At present, the definition of data property rights is vague, and the responsibility boundaries of some public data, enterprise data, and personal information are unclear. The value of data assets is currently difficult to measure objectively and fairly. At the same time, the efficiency of data product application needs to be improved, and the lack of relevant systems and technical support needs to be gradually resolved."

At present, with the emergence of more and more cases of data assets entering the table, the "productization" competition of data assets entering the table is also gradually emerging.

The reporter found that the developed data products are also in high demand, becoming the target of third-party advertising companies and a new profit point. It is understood that after the data products were registered and shelved, Jianye State-owned Assets Group received inquiries from insurance companies, 4S stores, used car dealers, advertising companies, and other institutions. "At present, it is still in the early contact stage. How much revenue can be brought in the future indeed needs time to 'blossom and bear fruit'. We will continue to promote and look forward to the full release of greater practical value of data." The person in charge of Jianye State-owned Assets Group said.

Solving key points such as security and capitalization

In the interview, many state-owned assets personnel participating in the entry of data assets into the table said that in addition to the selection of a large amount of data, which is the first problem to be solved, security and capitalization are also important issues to consider.

"In the future, from the perspective of data service providers, we will further increase R&D investment in key technical fields such as privacy computing, AI, and cloud computing, develop advanced data governance tools and platforms, and use technical means to improve the security and privacy protection level of data assets. At the same time, we will also actively participate in the construction of the data element market, explore the service model of 'finance + technology + industry', build a digital asset service ecosystem, and achieve deep integration with the industry." The person in charge of KX Technology said.

Regarding how to solve the security problem, the person in charge said, "After strictly standardizing the completion of data cleaning and analysis, KX Technology, as the leading party, connects with law firms, accounting firms, asset appraisal institutions, and other third-party professional service organizations to review whether the data involves personal privacy information, confidential business information, etc. Finally, it successfully passes the record review and obtains the data product registration certificate for 'smart parking analysis data'."As the leading coordinator, KaiXin Technology deeply understands the data needs and application scenarios of enterprises, providing customized data solutions and services. At the same time, it has also established an information channel for financial institutions, matching suitable accounting firms, law firms, and other third-party cooperative organizations based on the needs of enterprises and industry experience, ultimately completing the accounting and valuation of data assets through multi-party collaboration. "This is an innovative attempt and exploration with strategic significance for the forward layout of data elements," said the person in charge of KaiXin Technology.

Regarding the next financing plan, the person in charge of Jianye State-owned Assets Group said, "The accounting of data assets is an innovative attempt and exploration, which has strategic significance for the forward layout of data elements. In the future, we will pay more attention to the transaction, circulation, and transfer of data products. When conditions are ripe, we may try to issue securities to the capital market, but we will not regard it as a main financing channel."

According to the disclosure, although the business of data asset accounting is not the main business of Jianye State-owned Assets Group, it has become an innovative exploration to better serve urban construction, park operation, and financial risk management. From the perspective of the group, KaiXin Technology, as a data service provider, provides enterprises with comprehensive services such as data asset accounting, which is a specialization and supplement to the group's data business.

"At present, Jianye District is accelerating the cultivation of the data industry ecosystem and forming a data industry aggregation effect, aiming to create a highland for data elements in the Yangtze River Delta. As a state-owned enterprise of the district, we will also work with KaiXin Technology to improve the data governance system, cultivate digital talents, and unblock internal data bottlenecks within the group, exploring the establishment of 'data elements ×' scenario reserves, so as to give full play to the multiplier effect of data elements within the system and promote regional industry and economic development," said the person in charge of Jianye State-owned Assets Group.