At present, more than 20 provinces and cities across the country, including Shanghai, Zhejiang, Hunan, Hebei, Jinan, Guangdong, Shenzhen, Zhengzhou, Jining, Nanyang, Weifang, Anhui, Kunming, Nanchong, etc., have popularized the use of electronic signatures in public resource trading business, promoting the application of "electronic guarantee services, digital identity authentication, online stamping of bidding documents, encrypted bidding of bidding documents, expert online evaluation, electronic signing of transaction contracts, and online signing of bidding contracts".

Realize online transactions of public resources throughout the entire process, allowing enterprises to complete transactions at a lower cost and with greater efficiency, thereby improving resource allocation and circulation efficiency.

# What is public resource trading?

Public resource trading refers to the behavior of determining the winner through competition in accordance with the law for resources owned or managed by state organs, institutions, group organizations, state-owned and state-controlled enterprises, and authorized organizations at all levels, which have public and public welfare nature. This mainly includes "engineering project bidding, government procurement, state-owned land property rights bidding and auction, judicial auction, public hospital drug procurement, and mining rights trading." Such transactions have an annual transaction volume of tens of thousands of times, with transaction amounts reaching tens of billions. Under the huge transaction volume, they face various difficulties such as large signing volumes of transaction documents, high costs, and frequent business trips. In April 2022, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a Unified National Market" were released, further clarifying the work goals of "accelerating the electronicization of the entire process of public resource trading, breaking down regional barriers to public resource trading, and deepening the electronicization of the entire process of bidding and tendering". Promoting the application of paperless signature technologies such as electronic signatures, realizing online transactions of public resources, and further reducing transaction costs has been a key focus of public resource trading reform in recent years. The electronic signature of the contract lock supports docking with public resource trading platforms and electronic guarantee systems in various regions, helping to improve the services required for "identity authentication of both parties, electronic signing of transaction documents and materials, and preservation of signed data evidence" in the online trading process of public resources. It forms an integrated closed loop of "information release, online bidding of enterprises, expert non face to face evaluation, online bidding, electronic signing, and electronic guarantee services" in public resource trading, and connects the last mile of online trading of public resources.

(Integrated application solution for electronic signatures in public resource transactions)

        After the release of bidding information in the past, bidding companies stamped everywhere, prepared materials and bids, and conducted on-site information filing and bidding. Before the bid opening, bidding companies must make at least 5-6 trips to the trading center.

During the signing phase, both parties involved in the transaction are far apart, making it inconvenient to travel back and forth, and the cost of signing the contract for express delivery is high, with a long cycle and difficult risk control.

During the evaluation stage, experts must go to the site for evaluation, which incurs high travel expenses.

The bidder needs to travel back and forth between the bank and the trading center multiple times to handle guarantee registration, and there are many material procedures involved.

Online trading platforms lack support for electronic signature functions, and various paper materials for signatures and seals need to be collected and organized offline, making archiving difficult and easy to lose.

        Now

Both parties to the transaction only need to log in to the public resource trading system to publish bidding, auction and other transaction information online, encrypt bidding and signing online, and complete a transaction docking within half an hour without meeting in person.

Bidders can log in to the electronic letter of guarantee system to initiate a letter of guarantee application, which will be approved and stamped online. The OFD format electronic letter of guarantee document can be obtained within a few minutes.

Experts use online facial recognition to authenticate their identities and conduct remote evaluations without meeting in person, ensuring their participation and the credibility of the evaluation results.

All kinds of electronic materials with online signatures and seals are automatically returned to the trading system for archiving, without the need for manual intervention.

Application scenarios

Assist in online transactions of public resources throughout the entire process

Scenario 1: Online production of bidding documents and encrypted bidding by enterprises

Large scale bidding documents are stamped online, automatically encrypted for bidding, and opened online. In recent years, the State Council has repeatedly emphasized the need to vigorously promote the electronic reform of the entire bidding process. The application of paperless signature technologies such as electronic signatures can effectively solve the problems of cumbersome, slow, and difficult offline stamping of large documents such as bidding documents, and is a key link in achieving full online transactions for public resources.

> >> The contract lock electronic signature system can be integrated to embed electronic signature applications into the enterprise bidding process, providing various signing services such as "electronic templates, online approval and stamping, saddle seal signing, and bid encryption" for the production of enterprise bids. In addition, the contract lock can support online stamping of large-scale bid documents up to 1G.

Enterprises participating in bidding can log in to the trading system to view bidding information, and at the same time, authenticate their identity online, quickly create PDF bid documents stamped with electronic seals, and bid remotely, saving the trouble of manual page flipping and stamping of bids and on-site bidding, and improving transaction efficiency.

For example:

• One click application of bidding document templates: With the help of electronic bidding document templates, bidding companies can choose template styles, apply with one click, and quickly edit bidding documents as needed.

(Convenient online bidding document production)

• Online approval and stamping of bidding documents: After the online draft of the bidding documents is reviewed and approved, the official seal and saddle seal can be signed online with just one click. The signing work that used to take a few hours now only takes a few minutes.

• Automatic encryption of bidding documents and online bidding: The signed electronic bidding documents can be encrypted with one click through the contract lock platform for online bidding, ensuring standardized transmission of bidding documents and preventing information leakage.

(Automatic encryption of bidding documents, one click bidding)

• Centralized decryption of bidding documents and online bid opening: encrypted bidding documents are centrally decrypted through the client during the bid opening stage, with unified online bid opening and no human intervention throughout the process, ensuring standardized bidding.

(Unified decryption and opening of bids online)

[Click to view]: Detailed application scenarios of electronic signatures in online bidding.

Scenario 2: Online listing and auction of public resources

Online bidding and delisting, one click signing of bidding and purchase and sales contracts

According to regulations, public resource transactions can be conducted not only through bidding but also through "auction, bidding, listing, etc.". Through the application of electronic contracts, after successful delisting and bidding, enterprises can directly sign contracts with one click, saving the trouble of offline communication and signing, ensuring transaction autonomy and reducing manual intervention.

>> &The contract lock electronic signature system provides electronic signing services for the listing and auction of resources such as land and mineral rights by connecting to the trading platform. After online delisting and bidding, enterprises can log in to the contract lock electronic signing page with a single click to sign electronic bidding contracts and purchase and sales contracts, ensuring that transactions are carried out independently, conveniently and standardly throughout the process.

(Online delisting)

(Signing bidding and purchase and sales contracts on mobile devices)

Scenario 3: Quick authentication of the true identity of suppliers

Ensuring the credibility of the identity information of both parties in the transaction and improving the quality of bidding

Verifying the identity of suppliers is the key to ensuring the quality of bidding and the foundation for establishing a compliant trading environment. In the past, before bidding, companies had to bring a large amount of materials to the trading center for filing, which not only made it troublesome for companies to run errands back and forth, but also resulted in a heavy workload for the trading center's daily review.

>> &The contract lock can be integrated to provide supplier identity authentication and verification services for public resource trading platforms. Suppliers can log in to the trading system to complete identity authentication online, preventing impersonation and participation in bidding. At the same time, during the signing of bidding documents and transaction contracts, the system automatically opens identity verification to ensure that the bidder signs, guarantees the validity of the bidding documents, and ensures the security of the bidding process.

(Enter supplier information - One click notification for identity authentication)

[Click to view]: Supplier identity authentication and verification scheme in bidding business.

Scenario 4: Online signing of electronic letter of guarantee

7 * 24-hour online signing, making enterprise bidding more worry free

In the public resource bidding business of various organizations such as state-owned enterprises, hospitals, universities, and central enterprises, bidding enterprises must pay a "deposit" or obtain a letter of guarantee from financial institutions such as banks and guarantee companies as a bid guarantee before they can bid.

Paper letter of guarantee is obtained through mortgage, with signatures and seals from guarantee institutions, banks, and other financial organizations. During the processing, bidding enterprises need to travel back and forth between banks and guarantee institutions multiple times, which not only takes a long time to process, but also makes it difficult to prevent the risk of forging guarantee letters caused by the carrot seal.

>> &The electronic signature of the contract lock supports the integration of an electronic guarantee system and the connection to a public resource trading platform, providing bidding enterprises with a 24/7 "online second release" service for electronic guarantees. Bidders can apply online anytime and anywhere, and banks and financing guarantee institutions can approve and stamp online in a timely manner, efficiently generate electronic guarantees, release the pressure of bidding enterprise guarantee processing, and reduce transaction thresholds.

[Click to view] Detailed scenario plan for online signing of electronic guarantees.

Scenario 5: Experts remotely evaluate bids without meeting in person

Facial recognition verifies identity information to ensure the credibility of the evaluation results

In the expert evaluation stage, in order to ensure the fairness of the evaluation, random selection of experts is generally used for evaluation. How to ensure that the actual evaluation experts are consistent with the selected expert information is an important foundation for standardized evaluation.

>> &The electronic signature of the contract lock can provide identity authentication and electronic signature services for evaluation experts in public resource bidding. Experts do not need to be present and can obtain evaluation tasks by logging into the trading system and scanning the code on their mobile phones. The facial recognition technology of the contract lock helps to determine the true identity of the expert, ensuring that the expert evaluates the bid themselves and that the evaluation results are authoritative and credible.

(Bid evaluation system obtains evaluation tasks)

(Authentication identity - Online signing)

Scenario 6: Online signing of transaction contract

Both parties to the transaction do not need to be present or in person, sign the contract online in seconds

After the bid is awarded, both parties must sign the transaction contract and determine the transaction result. In the past, the responsible persons of both parties in the transaction could only choose to sign in person at the trading center or sign offline through express delivery, which consumed a lot of costs, had low signing efficiency, and had slow progress in resource docking.

> >> Contract locks can provide convenient electronic contract signing services for public resource transactions. Both parties can complete contract signing through real name authentication and mobile devices, optimizing signing efficiency and improving resource docking efficiency.

Popularity

More than 20 provinces and cities across the country have popularized the application of