Core Viewpoint - Lakala Payment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the exclusive sponsor [1] Company Summary - Lakala Payment Co., Ltd. is seeking to go public by submitting its application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for this listing is CITIC Securities International [1]

Group 1 - Lakala Payment Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities International as the exclusive sponsor [1] - As of October 17, 2025, a total of 276 companies have submitted IPO materials to the Hong Kong Stock Exchange, marking a historical high [1]

Core Viewpoint - Lakala Payment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] Group 1 - The company is seeking to go public through the Hong Kong Stock Exchange [1]

关于 2025 年中期权益分派实施公告 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、股东大会审议通过权益分派方案等情况 拉卡拉支付股份有限公司 证券代码：300773 证券简称：拉卡拉 公告编号：2025-063 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.400000 元；持股 1 个月以上至 1 年（含 1 年）的，每 10 股补缴税款 0.200000 元；持股超过 1 年的，不需补缴税款。】 公司回购账户共计 58 股，该部分已回购的股份不享有参与本次利润分配的权利。 三、股权登记日与除权除息日 1．拉卡拉支付股份有限公司（以下简称"公司"或"本公司"）2025 年中期权益分派 方案已获 2025 年 9 月 19 日召开的 2025 年第一次临时股东大会审议通过，股东大会决议公 告于 2025 年 9 月 19 日刊登在中国证监会创业板指定信息披露网站。公司 2025 年中期利润 分配方案为：以 788,082,442 股（公司总股本 788,082,500 股扣 ...

Market Overview - The diversified financial sector experienced a decline of 2.68% on October 17, with Hainan Huate leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable gainers included *ST Rindong, which rose by 4.38% to a closing price of 6.91, and Bohai Leasing, which increased by 1.78% to 3.44 [1] - Hainan Huate saw the largest decline, dropping 6.96% to a closing price of 7.09, with a trading volume of 3.57 million shares and a transaction value of 2.50 billion [2] - Other significant decliners included Sichuan Shuangma (-5.82%), State Grid Yingda (-4.77%), and Sinopec Capital (-4.72%) [2] Capital Flow - The diversified financial sector saw a net outflow of 666 million from institutional investors, while retail investors contributed a net inflow of 602 million [2] - The table of capital flow indicates that Bohai Leasing had a net inflow of 85.51 million from institutional investors, while it faced a net outflow of 21.25 million from speculative funds [3] - The overall trend shows a mixed capital flow, with institutional investors withdrawing while retail investors remained active in the market [3]

Group 1 - The core point of the news is that Lakala's stock price has been declining, with a drop of 2.78% on October 17, reaching 23.08 CNY per share, and a total market capitalization of 18.189 billion CNY [1] - Lakala has experienced a cumulative decline of 5.29% over the past three days, indicating a negative trend in its stock performance [1] - The company, established on January 6, 2005, specializes in providing payment services for small and micro enterprises and personal payment services, with its main business revenue entirely derived from payment services [1] Group 2 - According to fund holdings, Guoshou Anbao Fund has a significant position in Lakala, with its Guoshou Anbao Chuang Selected 88 ETF holding 87,200 shares, accounting for 2.25% of the fund's net value, making it the second-largest holding [2] - The fund has incurred a floating loss of approximately 57,600 CNY today and a total floating loss of 112,500 CNY during the three-day decline [2] - The Guoshou Anbao Chuang Selected 88 ETF was established on March 4, 2020, with a current size of 130 million CNY and has achieved a year-to-date return of 22.71% [2] Group 3 - The fund managers of Guoshou Anbao Chuang Selected 88 ETF are Li Kang and Su Tianxing, with Li having a tenure of 10 years and 215 days, managing assets totaling 7.118 billion CNY [3] - Li's best fund return during his tenure is 41.78%, while the worst return is -48.35% [3] - Su has a tenure of 4 years and 232 days, managing assets of 3.303 billion CNY, with a best return of 29.96% and a worst return of -1.08% [3]

Core Viewpoint - The People's Bank of China has approved the reduction of Lakala's registered capital, reflecting ongoing adjustments in the company's stock structure and performance challenges in the payment industry [2][3]. Group 1: Company Actions - Lakala has reduced its registered capital from RMB 78,808.25 million to RMB 77,666.4942 million due to the cancellation of 11.4175 million restricted stocks as part of its second stock incentive plan [2]. - This marks the second time in a year that Lakala has conducted a cancellation-based repurchase, totaling approximately 23.355 million shares over two years, which is 2.92% of the total shares before cancellation [2][3]. Group 2: Industry Context - The overall bank card acquiring market is contracting, leading to performance pressures on industry players, including Lakala, which reported a revenue decline of 11.1% year-on-year to RMB 2.65 billion and a net profit drop of 45.33% to RMB 230 million in the first half of 2025 [4]. - The total payment transaction amount decreased by 9.2% year-on-year, while cross-border payment transaction amounts and customer numbers grew by 73.5% and 70.4%, respectively [4]. Group 3: Shareholder Actions - Major shareholders of Lakala have been reducing their stakes, with Lenovo Holdings having sold over 23.64 million shares, and the former third-largest shareholder, Sun Haoran, having completed a cash-out plan of approximately RMB 493 million [4][5]. - Lakala's stock price has been under pressure, reaching a low of RMB 23.68, indicating a challenging market environment [5]. Group 4: Future Plans - Lakala has announced plans for an overseas share issuance (H-shares) aimed at advancing its international development strategy and establishing a platform for international capital operations [5].

Core Viewpoint - Lakala's stock price has experienced fluctuations, with a year-to-date increase of 32.91% but a recent decline of 3.88% over the last five trading days, indicating potential volatility in investor sentiment [1]. Financial Performance - For the first half of 2025, Lakala reported a revenue of 2.652 billion yuan, a year-on-year decrease of 11.12%, and a net profit attributable to shareholders of 229 million yuan, down 45.33% compared to the previous year [2]. - Since its A-share listing, Lakala has distributed a total of 2.458 billion yuan in dividends, with 878 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of Lakala's shareholders reached 141,200, an increase of 114.48% from the previous period, while the average number of circulating shares per person decreased by 53.37% to 5,199 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 5.6398 million shares, an increase of 523,800 shares from the previous period [3].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Lakala Payment Co., Ltd.* 拉卡拉支付股份有限公司 （「本公司」） （於中華人民共和國境內註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的保薦人、保薦人兼整體協調人、顧問或承銷團 成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修 ...

Core Insights - The payment industry is undergoing significant changes with increased capital injections and frequent executive changes, indicating a shift towards compliance and governance [1][2][3] Group 1: Capital Increases - Several payment institutions, including YS Payment and Vipshop Payment, have received approval for capital increases, with YS Payment's registered capital rising to 310 million RMB and Vipshop Payment to 200 million RMB [1] - The trend of capital increases is part of a broader movement among payment institutions to strengthen their capital base in response to regulatory requirements and to prepare for future business expansions, particularly in high-compliance areas like cross-border payments and supply chain finance [3] Group 2: Executive Changes - There has been a notable turnover in executive positions across various payment institutions, including changes in directors and financial officers, reflecting a need for improved governance structures [1][2] - The regulatory environment, particularly the implementation of the Non-Bank Payment Institution Supervision Regulations, has heightened the requirements for executive qualifications, emphasizing the need for compliance and professional expertise [2][3] Group 3: Industry Trends - The payment industry is transitioning from a phase of rapid expansion to one focused on compliance and quality development, with a clear emphasis on governance optimization [3] - The recent cancellation of payment licenses for institutions like Fujian Yikatong highlights the ongoing consolidation in the industry, where weaker players are being eliminated due to operational challenges and regulatory pressures [3] Group 4: Strategic Focus - Payment institutions are encouraged to prioritize compliance while enhancing their technological capabilities to deliver innovative and high-quality payment products and services to merchants and consumers [4]