Recently, Lakala Payment Co.,Ltd. (SZ300773) announced the completion of a shareholder reduction plan. Third-largest shareholder Sun Haoran reduced his stake by 2.45% through centralized bidding and block trading, cashing out approximately 493 million yuan. Following the completion of this reduction, he no longer holds any shares in Lakala Payment Co.,Ltd.
In the first half of this year, Lakala Payment Co.,Ltd. recorded operating revenue of 2.65 billion yuan, down 11% year-over-year; net profit attributable to shareholders reached 230 million yuan, declining 45% year-over-year; non-GAAP net profit attributable to shareholders decreased 65% year-over-year but increased 3% quarter-over-quarter to 150 million yuan. The company stated in its financial report that the revenue decline was mainly affected by the overall bank card acquiring market, with total payment transaction volume decreasing 9.2% year-over-year. The reduction in non-GAAP net profit attributable to shareholders was due to declining operating revenue and certain rigid operational costs.
**Sun Haoran Completely Exits Lakala Shares, Major Shareholder Lenovo Holdings Also Plans Reduction**
Lakala Payment Co.,Ltd. was established in 2005, obtained the Payment Business License from the People's Bank of China in the first batch in 2011, and was listed on the Shenzhen Stock Exchange on April 25, 2019. According to shareholder information disclosed in Lakala's 2024 annual report, the top three shareholders are Lenovo Holdings, Sun Taoran, and Sun Haoran, holding 26.14%, 6.91%, and 2.41% respectively.
On May 20 this year, Lakala Payment Co.,Ltd. disclosed a pre-announcement regarding a partial shareholder reduction plan. Shareholder Sun Haoran planned to reduce his holdings by no more than 19,270,852 shares through centralized bidding and block trading, representing no more than 2.45% of the company's total share capital after excluding repurchased shares. The announcement indicated that Sun Haoran's shares originated from shares obtained before the initial public offering and shares obtained from capital reserve conversions, with the reduction motivated by personal funding needs.
Recently, Lakala Payment Co.,Ltd. received a notification letter from Sun Haoran regarding his share reduction. As of the announcement date of September 2, Sun Haoran's reduction plan had been fully implemented. Specifically, he reduced 7,880,800 shares through centralized bidding transactions (1% stake) at an average price of 28.7 yuan per share, and reduced 11,390,052 shares through block trading (1.45% stake) at an average price of 23.4 yuan per share. According to calculations, Sun Haoran's total cash-out amount reached approximately 493 million yuan, and he no longer holds any company shares after the completion of the reduction.
Additionally, two months ago, Lakala Payment Co.,Ltd. disclosed major shareholder Lenovo Holdings' share reduction plan. According to a July 1 announcement, due to its own business arrangements and needs, Lenovo Holdings will reduce 7,880,800 shares and 15,761,600 shares respectively through centralized bidding and block trading, representing no more than 1% and 2% of the company's total share capital after excluding repurchased shares.
**Acquiring Revenue Declines, Cross-Border Payment Grows 73.5% Year-over-Year**
Lakala Payment Co.,Ltd.'s main business consists of two major categories: digital payment services and technology services. Digital payment services include domestic payment services, cross-border payment services, and payment service operations, from which the company derives payment processing fees and service fee income. Technology services mainly involve providing fintech and "payment+" industry digital solutions to small and micro merchants, industry clients, and financial institutions.
In digital payment services, revenue reached 2.36 billion yuan, down 10.3% year-over-year, mainly due to the overall impact on the bank card acquiring market. The company's payment transaction volume in the first half reached 1.96 trillion yuan, declining 9.2% year-over-year, with bank card transaction volume of 1.30 trillion yuan (down 12.2% year-over-year) and QR code transaction volume of 0.66 trillion yuan (down 2.6% year-over-year).
With the continued advancement of Chinese enterprises' globalization wave, payment overseas expansion has become an important trend, and multiple third-party payment companies previously focused on domestic business have begun actively expanding into overseas markets. In the first half, Lakala Payment Co.,Ltd. seized the historic opportunity of continuously improving trade liberalization within the RCEP (Regional Comprehensive Economic Partnership) region, continuing to expand localized collection services in Belt and Road Initiative emerging markets. Beyond Southeast Asia and African markets, the company added local currency collection capabilities in Brazil, Mexico, and other Americas regions, further consolidating its service advantages in multi-currency localized collection. During the reporting period, Lakala Payment Co.,Ltd. served over 160,000 clients, up 70.4% year-over-year, with cross-border payment transaction volume reaching 37.1 billion yuan, up 73.5% year-over-year.
In technology services, revenue reached 140 million yuan, down 17.5% year-over-year, mainly due to the company's proactive contraction of supply chain finance business leading to a 29.7% year-over-year decline in fintech business revenue. Lakala Payment Co.,Ltd. stated that Tiancai Shanglong, in which the company invested, achieved revenue of 180 million yuan in the first half and began being included in consolidated statements from June, which will bring significant incremental revenue to the company's technology business in the second half.
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