Core Viewpoint - Lakala (300773.SZ) has authorized its management to dispose of its publicly traded stock assets under long-term equity investments based on market conditions and company operations [1] Group 1 - The board of directors has approved a proposal to authorize the management to sell long-term equity investments in listed companies [1] - The authorization includes flexibility in choosing the method, timing, price, and quantity of the asset disposal [1]

Core Viewpoint - Lakala (300773.SZ) has authorized its management to dispose of its long-term equity investments in publicly traded stocks based on market conditions and company operations [1] Summary by Categories - **Company Decision** - The board of directors has approved a proposal to authorize the management to sell publicly traded stock assets under long-term equity investments [1] - The authorization includes flexibility in choosing the transaction methods, timing, pricing, and quantity of the assets to be sold [1]

证券代码：300773 证券简称：拉卡拉 公告编号：2025-067 拉卡拉支付股份有限公司 关于部分限制性股票回购注销完成及库存股注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假 记载、误导性陈述或者重大遗漏。 特别提示： 1、拉卡拉支付股份有限公司（以下简称"公司"）本次回购注销的第一类限制性股票数量为 1,141.75万股，占本次回购注销前公司总股本的1.448770%，回购金额为89,855,725.00元；本次注销回 购专用证券账户的库存股为58股，占本次注销前公司总股本的0.000007%； 2、本次回购注销完成后，公司股份总数由78,808.25万股变更为77,666.49万股，注册资本由人民 币78,808.25万元变更为77,666.49万元。 公司于2025年4月24日召开的第四届董事会第五次会议、第四届监事会第二次会议以及 于2025年5月16日召开的2024年年度股东大会分别审议通过了《关于回购注销第二期限制性 股票激励计划部分限制性股票的议案》《关于注销公司回购专用证券账户股份的议案》，同 意公司回购注销已获授但尚未解除限售的限制性股票共计1,14 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2025-068 拉卡拉支付股份有限公司 第四届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 拉卡拉支付股份有限公司（以下简称"公司"）于 2025 年 11 月 4 日以邮件 方式发出第四届董事会第十次会议通知，经全体董事确认，一致同意 2025 年 11 月 5 日公司以通讯方式召开会议。会议由董事长孙陶然先生主持。会议应出席的 董事 8 人，实际出席会议的董事 8 人。会议的召集和召开程序符合《中华人民共 和国公司法》（以下简称"《公司法》"）和《拉卡拉支付股份有限公司章程》 （以下简称"《公司章程》"）等的规定。 1 拉卡拉支付股份有限公司董事会 （一）通过《关于审议授权处置公司资产的议案》 董事会同意：授权管理层根据公司经营与市场状况，择机出售长期股权投资 项下的已流通的上市公司股票资产，授权范围包括但不限于交易方式、时机、价 格、数量等的选择和确定。本次授权有效期为董事会审议通过之日起至董事会对 上述事项作出新的决议为止。 表决结果：全部董事表决 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2025-069 为优化公司资产结构，提高资产运营效率，公司于 2025 年 11 月 5 日召开了 第四届董事会第十次会议审议通过了《关于审议授权处置公司资产的议案》，授 权管理层根据公司经营与市场状况，择机出售长期股权投资项下的已流通的上市 公司股票资产，授权范围包括但不限于交易方式、时机、价格、数量等的选择和 确定。本次授权有效期为董事会审议通过之日起至董事会对上述事项作出新的决 议为止。 根据《深圳证券交易所创业板股票上市规则》及《公司章程》的相关规定， 如后续相关交易超过董事会决策权限，公司将另行召开股东会进行审议。本次处 置资产事项不构成关联交易，亦不构成重大资产重组。 本次授权不存在损害公司及全体股东特别是中小股东利益的情形。本次拟处 置资产的投资收益受成交数量及市场价格影响，存在不确定性，公司将根据《企 业会计准则》等有关规定进行会计处理，实际影响以注册会计师审计后的财务数 据为准。 特此公告。 拉卡拉支付股份有限公司董事会 2025 年 11 月 6 日 1 拉卡拉支付股份有限公司 关于授权处置公司资产的公告 本公司及董事会全体成员保证信息 ...

Group 1 - The core inquiry from investors pertains to the company's involvement in quantum technology, particularly in relation to its applications in financial technology and encryption, as highlighted in the national development strategy for the 14th Five-Year Plan [2] - The company, Lakala (300773.SZ), responded on November 7, indicating that it currently has no involvement or technical reserves in quantum technology [2]

Core Viewpoint - Lakala is seeking to list on the Hong Kong Stock Exchange to enhance its international development strategy and strengthen its global competitiveness, despite facing challenges such as declining performance and compliance issues [1][5]. Group 1: IPO and Strategic Goals - Lakala has submitted an application for a main board listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" share listing structure [1]. - The funds raised from the IPO will primarily be used for license expansion, overseas market growth, technology enhancement, and strategic investments [1]. Group 2: Shareholder Actions - Founder Sun Haoran has completed a share reduction plan, selling a total of 1.927 million shares for approximately 500 million yuan [2]. - Lenovo Holdings, the largest shareholder, plans to reduce its stake by up to 23.64 million shares over three months, continuing a trend of share reductions since Lakala's listing [4]. Group 3: Market Position and Financial Performance - In 2024, China's digital payment market is projected to reach approximately 331.7 trillion yuan, with Lakala holding a 9.4% market share among independent digital payment service providers [3]. - Lakala's revenue has fluctuated significantly, with a decline in net profit from -1.438 billion yuan in 2022 to 351 million yuan in 2024, reflecting ongoing challenges in the digital payment sector [5][6]. Group 4: Operational Challenges - The company reported a 7.32% year-on-year decline in revenue for the third quarter, attributed to a decrease in digital payment income and overall pressure on card payments [5][6]. - The total transaction volume for Lakala's domestic and cross-border payment services reached 2.99 trillion yuan in the first three quarters, with a notable increase in cross-border payments [7]. Group 5: Compliance and Industry Outlook - Lakala has faced multiple compliance issues since its listing, with fines exceeding 16 million yuan due to inadequate customer due diligence and transaction management [8]. - The company is attempting to transition from traditional payment services to comprehensive fintech solutions, but the effectiveness of this strategy remains to be seen [9].

Core Viewpoint - Lakala's stock price has experienced a decline recently, with a year-to-date increase of 34.05% but a drop of 5.92% in the last five trading days [1] Company Overview - Lakala Payment Co., Ltd. is based in Beijing and was established on January 6, 2005, with its IPO on April 25, 2019. The company primarily provides payment services to small and micro enterprises and personal payment services, with 100% of its revenue coming from payment business [1][2] - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period, with an average of 7,038 circulating shares per shareholder, an increase of 35.37% [2] Financial Performance - For the period from January to September 2025, Lakala reported operating revenue of 4.07 billion yuan, a year-on-year decrease of 7.33%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% year-on-year [2] - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the fourth largest circulating shareholder is Huabao Zhongzheng Financial Technology Theme ETF, holding 9.2318 million shares, an increase of 4.4612 million shares from the previous period. The sixth largest is Hong Kong Central Clearing Limited, holding 7.4764 million shares, an increase of 1.8367 million shares [3]

Core Viewpoint - Lakala Payment Co., Ltd. has submitted its application for a secondary listing on the Hong Kong Stock Exchange, marking its pursuit of an "A+H" listing amid ongoing compliance issues and declining profits [1][2]. Group 1: Compliance Issues - Lakala has faced multiple compliance problems since its IPO in 2019, including illegal data practices by its subsidiary, Koala Credit, which led to significant penalties and the eventual cancellation of its credit business license [3]. - In 2023, Lakala was involved in a "code jumping" scandal, resulting in a need to refund approximately 1.378 billion yuan and incurring fines for failing to meet customer identity verification obligations [3][4]. - The company has been penalized multiple times by the People's Bank of China for various violations, including a fine of 4.06 million yuan in September 2024 for not adhering to merchant real-name registration requirements [3][4]. Group 2: Financial Performance - Lakala's net profit has been under pressure, with figures showing a decline from 10.83 billion yuan in 2021 to a projected 3.51 billion yuan in 2024 [2]. - The company's revenue for Q3 2023 was 4.07 billion yuan, a year-on-year decrease of 7.33%, while the net profit for the same period fell by 33.9% to 339 million yuan [2]. - The revenue from digital business solutions has been declining, with figures of 2.85 billion yuan in 2022 dropping to 1.31 billion yuan in the first half of 2025, indicating a downward trend in this segment [5]. Group 3: Strategic Direction - Lakala is attempting to transition from traditional payment services to comprehensive fintech solutions, positioning itself as a leading provider of digital payment services and business solutions in Asia [5]. - The company’s revenue composition shows that digital payment services have consistently accounted for over 80% of total revenue, while other segments like terminal sales and factoring services have seen a decline [6].

Core Viewpoint - Lakala is seeking to list its shares on the Hong Kong Stock Exchange, aiming for an "A+H" share structure, amidst challenges of declining revenue and net profit, as well as shareholder reductions, while focusing on international expansion and a "Payment+" transformation strategy [4][22]. Company Background - Lakala, originally founded as QianKun Times in January 2005, transitioned to its current brand in 2009 and became a public company in 2019. It has established itself as a leading independent digital payment service provider in China, primarily serving small and medium-sized merchants [5][6]. Revenue Challenges - Despite leading market share, Lakala has faced significant revenue fluctuations, with a reported revenue of RMB 59.28 billion in 2023, a slight decrease to RMB 57.54 billion in 2024, and a further decline of 11.2% in the first half of 2024 [7][8]. The company reported a total revenue of RMB 40.7 billion for the first three quarters of 2024, down 7.33% year-on-year [8]. Profitability Analysis - Lakala's net profit has shown considerable volatility, with figures of -RMB 14.38 billion in 2022, RMB 4.57 billion in 2023, and RMB 3.51 billion in 2024. The first half of 2024 saw a 45% decline in net profit compared to the previous year [13][18]. The decline is attributed to reduced revenue from its core digital payment services due to changing customer payment habits and stricter merchant entry standards [13][22]. Margin Insights - The overall gross margin improved from 22.8% in 2022 to 29.9% in 2024, with digital payment services' gross margin rising from 20.2% to 27.2% during the same period. However, the gross profit for the first half of 2024 decreased by 32.6% year-on-year [9][10]. Shareholder Dynamics - Lakala has experienced significant shareholder reductions, with major shareholders like Lenovo Holdings and Sun Haoran reducing their stakes in the company. This has raised concerns about the company's financial stability [21][22]. Regulatory Environment - The implementation of the "Non-Bank Payment Institutions Supervision and Management Regulations" in May 2024 has increased compliance pressures, potentially leading to higher operational costs and stricter business limitations [22][23]. Strategic Focus - Lakala is focusing on international expansion and platform-based operations, planning to use the funds raised from the Hong Kong listing to enhance its overseas market presence and technological capabilities. The company reported a 70.4% year-on-year increase in cross-border payment business clients [23][25]. Industry Trends - The payment industry is shifting towards platform-based solutions, with a growing emphasis on cross-border payments and integrated service offerings. Lakala aims to adapt to these trends to remain competitive in a rapidly evolving market [25].