Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][10]. Core Insights - The company is the largest independent digital payment solution provider in China, offering digital payment and value-added services to global traders. It has obtained 65 licenses globally, covering key markets including mainland China, Hong Kong, Singapore, the US, the UK, Thailand, Luxembourg, and Indonesia [6][18]. - The digital payment market is rapidly growing due to globalization and the trend of cross-border e-commerce, with a compound annual growth rate (CAGR) of 13.7% for China's cross-border e-commerce imports and exports from 2020 to 2024 [6][42]. - The company's revenue primarily comes from global payment services, with cross-border payment contributing about 60% of its income. The fee rates for cross-border payments are expected to remain stable, while domestic payment rates are lower due to competition [6][9]. - The company has seen significant growth in its value-added services, which include digital marketing and operational support, with revenue from digital marketing rapidly increasing from 3.76 million in 2021 to 79.08 million in 2023 [6][50]. - The strategic sale of shares in a joint venture has positively impacted the company's performance, with a reported gain of approximately 2 billion RMB in the first half of 2025 [6][34]. Summary by Sections Company Overview - The company was established in 2009 and has focused on digital payment services, obtaining various licenses to expand its global footprint. It has a strong management team with extensive experience in finance and technology [18][24]. Market Performance - As of October 10, 2025, the company's closing price was HKD 8.67, with a market capitalization of approximately HKD 9.69 billion. The asset-liability ratio stands at 86.32% [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1.7 billion, 2.2 billion, and 2.7 billion RMB, with corresponding growth rates of 29.3%, 29.6%, and 22.7% [9][12]. - The net profit for 2025 is projected to be 1.456 billion RMB, with a significant increase from previous years [9][12]. Competitive Landscape - The cross-border payment industry is characterized by a few dominant players, with the company being the only Chinese firm holding payment licenses in all US states. The competitive landscape includes companies like Payoneer and Airwallex, each with unique strengths [53][57]. Strategic Developments - The company has received a VATP license in Hong Kong, which is expected to enhance its business capabilities in virtual asset trading and improve cross-border payment efficiency [9][10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 連連數字科技股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02598 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 457,068,764 | RMB | | 1 RMB | | 457,068,764 | | 增加 / 減少 (-) | | | 1,307,363 | | | RMB | | 1,307,363 | | 本月底結存 | | | 458,376,127 | RMB | | 1 RMB | | 458,376,127 | | 2. 股份分類 | ...

每经AI快讯，连连数字(02598.HK)涨超4%，截至发稿，涨4.43%，报9.43港元，成交额3892.37万港元。 ...

连连数字(02598)涨超4%，截至发稿，涨4.43%，报9.43港元，成交额3892.37万港元。 消息面上，连连数字公布，公司可根据公司股东于2025年6月6日(星期五)举行的公司股东周年大会上授 予董事的购回授权，根据市况不时于公开市场以不超过每股10.22港元的价格购回公司在香港联合交易 所有限公司主板上市的已发行普通股。根据购回授权，公司获准购回的H股数目上限为41,789,776股H 股，占2024年度股东周年大会当日已发行H股总数(不包括库存股)的10%。股份购回计划将以公司的内 部资源拨付。 ...

消息面上，连连数字公布，公司可根据公司股东于2025年6月6日(星期五)举行的公司股东周年大会上授 予董事的购回授权，根据市况不时于公开市场以不超过每股10.22港元的价格购回公司在香港联合交易 所有限公司主板上市的已发行普通股。根据购回授权，公司获准购回的H股数目上限为41,789,776股H 股，占2024年度股东周年大会当日已发行H股总数(不包括库存股)的10%。股份购回计划将以公司的内 部资源拨付。 智通财经APP获悉，连连数字(02598)涨超4%，截至发稿，涨4.43%，报9.43港元，成交额3892.37万港 元。 ...

Major Events - Chery Automobile (09973) has received a subscription rate of 308.18 times for its Hong Kong public offering [1] - Sinopec Oilfield Services (01033) has officially signed a contract for the second phase of the Ratawi oil field and inter-well pipeline project in Iraq [1] - Heng Rui Medicine (01276) has signed a licensing agreement for the Trastuzumab project with Glenmark Specialty [1] - AsiaInfo Technologies (01675) has signed a cooperation contract with Alibaba Cloud for a capability center [1] - Baidu Biotechnology-B (02315) has received approval from the Shanghai Stock Exchange's Science and Technology Innovation Board for its A-share issuance [1] Financial Data - Chow Tai Fook Enterprises (00659) reported a 3.73% year-on-year increase in net profit attributable to shareholders, reaching HKD 2.162 billion, with a final dividend of HKD 0.35 per share [1] - Nine Dragons Paper (02689) reported a 135.4% year-on-year increase in profit attributable to equity holders, amounting to approximately HKD 1.767 billion [1] - Datang New Energy Group (00559) announced an annual profit of HKD 33.614 million, marking a return to profitability [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 858,000 shares at a cost of approximately HKD 550 million on September 24 [1] - Anta Sports (02020) spent HKD 188 million to repurchase 2.003 million shares on September 24 [1] - Midea Group (00300) repurchased 1.3541 million A-shares for approximately HKD 99.9934 million on September 24 [1] - Lianlian Digital (02598) plans to repurchase H-shares in the open market [1] - Giant Bio (02367) saw its controlling shareholder increase holdings by 2.0066 million shares [1] - New天绿色能源 (00956) received an increase of 1 million H-shares from its shareholder, Great Wall Life Insurance [1]

董事会经审慎评估认为，公司当前股价水准未能充分反映公司的内在价值及发展前景。基于对行业发展 趋势的深度研判及公司中长期增长潜力的充分信心，董事会相信适时实施股份购回计划将为公司带来裨 益及为股东创造价值，符合公司及股东整体最佳利益。董事会认为，公司现有财务资源足以支持股份购 回同时维持稳健的财务状况，以继续发展本公司的业务。董事会将继续关注市况，适时并根据股份购回 计划于公开市场购回H股。公司随后将注销已购回H股或将其持作库存股份，惟视乎购回相关时间的市 况及其资金管理需求而定。 格隆汇9月24日丨连连数字(02598.HK)公告，公司可根据公司股东于2025年6月6日(星期五)举行的公司 股东周年大会上授予董事的购回授权，根据市况不时于公开市场以不超过每股10.22港元的价格购回公 司在香港联合交易所有限公司主板上市的已发行普通股。根据购回授权，公司获准购回的H股数目上限 为41,789,776股H股，占2024年度股东周年大会当日已发行H股总数(不包括库存股)的10%。股份购回计 划将以公司的内部资源拨付。 ...

公司随后将注销已购回H股或将其持作库存股份，惟视乎购回相关时间的市况及其资金管理需求而定。 董事会经审慎评估认为，公司当前股价水准未能充分反映公司的内在价值及发展前景。基于对行业发展 趋势的深度研判及公司中长期增长潜力的充分信心，董事会相信适时实施股份购回计划将为公司带来裨 益及为股东创造价值，符合公司及股东整体最佳利益。董事会认为，公司现有财务资源足以支持股份购 回同时维持稳健的财务状况，以继续发展本公司的业务。董事会将继续关注市况，适时并根据股份购回 计划于公开市场购回H股。 连连数字(02598)公布，公司可根据公司股东于2025年6月6日(星期五)举行的公司股东周年大会上授予董 事的购回授权，根据市况不时于公开市场以不超过每股10.22港元的价格购回公司在香港联合交易所有 限公司主板上市的已发行普通股。根据购回授权，公司获准购回的H股数目上限为41,789,776股H股，占 2024年度股东週年大会当日已发行H股总数(不包括库存股)的10%。股份购回计划将以公司的内部资源 拨付。 ...

公司随后将注销已购回H股或将其持作库存股份，惟视乎购回相关时间的市况及其资金管理需求而定。 智通财经APP讯，连连数字(02598)公布，公司可根据公司股东于2025年6月6日(星期五)举行的公司股东 周年大会上授予董事的购回授权，根据市况不时于公开市场以不超过每股10.22港元的价格购回公司在 香港联合交易所有限公司主板上市的已发行普通股。根据购回授权，公司获准购回的H股数目上限为 41,789,776股H股，占2024年度股东週年大会当日已发行H股总数(不包括库存股)的10%。股份购回计划 将以公司的内部资源拨付。 董事会经审慎评估认为，公司当前股价水准未能充分反映公司的内在价值及发展前景。基于对行业发展 趋势的深度研判及公司中长期增长潜力的充分信心，董事会相信适时实施股份购回计划将为公司带来裨 益及为股东创造价值，符合公司及股东整体最佳利益。董事会认为，公司现有财务资源足以支持股份购 回同时维持稳健的财务状况，以继续发展本公司的业务。董事会将继续关注市况，适时并根据股份购回 计划于公开市场购回H股。 ...

董事會經審慎評估認為，本公司當前股價水準未能充分反映本公司的內在價值及 發展前景。基於對行業發展趨勢的深度研判及本公司中長期增長潛力的充分信 心，董事會相信適時實施股份購回計劃將為本公司帶來裨益及為股東創造價值， 符合本公司及股東整體最佳利益。董事會認為，本公司現有財務資源足以支持股 份購回同時維持穩健的財務狀況，以繼續發展本公司的業務。董事會將繼續關注 市況，適時並根據股份購回計劃於公開市場購回H股。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Lianlian DigiTech Co., Ltd. 連連數字科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2598） 自願公告 根據一般授權從市場購回H股之意向 本公告乃由連連數字科技股份有限公司（「本公司」）自願作出。 本公司董事（「董事」）會（「董事會」）謹此宣佈，本公司可根據本公司股東（「股 東」）於2025年6月6日（星期五）舉行的本公司股東週年大會（「2024 ...