The recent light asset management model has once again raised concerns. In our opinion, there are four key factors influencing the successful transformation of asset-light economy. First, the asset-light model requires a lot of profit margin. Second, the transformation of light assets is not just an adjustment of the asset level, but also a system-level and structural-level transformation. Third, the light asset model has a great dependence on the market environment. Fourth, unless there is a strong direct financing capability, there is huge possibility to encounter major problems in China.