According to the Hong Kong Stock Exchange's announcement on October 17, Lakala Payment Co., Ltd. (stock code: 300773.SZ) has submitted its listing application to the main board of the HKEX, with CITIC Jiantou International serving as the exclusive sponsor. As stated in its prospectus, Lakala is a leading digital payment and digital business solutions provider in Asia. The company leverages technologies such as big data, blockchain, and artificial intelligence, combined with years of industry insights to establish a comprehensive digital operating service system. Lakala has become an essential partner for small and medium-sized enterprises (SMEs) and industry clients worldwide, helping them achieve commercial success. The company holds a prominent position and brand advantage in China's digital payment market. According to Frost & Sullivan, the total payment amount in China's digital payment market will reach approximately CNY 331.7 trillion by 2024, with independent digital payment service providers accounting for CNY 45.7 trillion. By 2024, Lakala's total payment volume is expected to exceed CNY 4.0 trillion, capturing a 9.4% market share among independent digital payment service providers, positioning it as the leader in this niche. The primary service targets are SMEs and industry clients, for whom the company provides a one-stop payment solution covering online, offline, domestic, and cross-border transactions through its self-developed technology system. This assists clients in securely, efficiently, and easily managing diverse payment needs across various business scenarios, payment methods, and transaction currencies. The company is also actively promoting innovative applications of digital currency and facilitating clients' full-chain digital operations through comprehensive digital business solutions. As the globalization of clients has deepened in recent years, Lakala continues to expand its service scope, establishing a global operational framework to support clients' international business. By utilizing multi-track compliant settlement, vertical SaaS capabilities, overseas bank card and cross-border networks, along with data-driven risk and operation management, Lakala has quickly evolved into a leading digital payment and end-to-end digital solution provider in Asia. Service providers in the digital payment market are divided into two categories: independent and non-independent digital payment service providers. Independent digital payment service providers are those not owned or controlled by financial institutions and do not rely heavily on affiliated entities (such as major e-commerce platforms or social media platforms) for business contributions. By 2024, Lakala has ranked first among independent digital payment and end-to-end digital solution providers in Asia by total payment amount, with a market share of 1.1%. In 2024, independent digital payment service providers will contribute a total payment amount of CNY 45.7 trillion to the digital payment market in China. By total payment volume, the company is the largest independent digital payment service provider in China for 2024, holding a market share of 9.4%. The independent niche market remains fragmented, and Lakala's leading position is reflected in its extensive channel connectivity, compliant settlement services, vertical SaaS capabilities, and nationwide merchant network. By total payment volume, it is also the largest independent digital payment service provider in China's comprehensive acquiring market for 2024, with a market share of 11.7%, and the largest independent digital payment service provider in the QR code-based acquiring market, with a market share of 9.3%. In terms of performance, the company achieved revenues of approximately CNY 5.361 billion, CNY 5.928 billion, CNY 5.754 billion, and CNY 2.647 billion for the six months ended June 30th in 2022, 2023, 2024, and 2025, respectively; during the same periods, the corresponding profits were approximately CNY -1.438 billion, CNY 0.457 billion, CNY 0.351 billion, and CNY 0.229 billion.
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