Core Viewpoint - Lakala is facing significant operational challenges and is exploring a secondary listing in Hong Kong while accelerating the application of digital currency in cross-border scenarios to enhance its international competitiveness [1][8]. Group 1: Company Background - Founded in 2005 by Sun Taoran, Lakala was a pioneer in the domestic third-party payment sector, starting with card terminals in convenience stores and expanding to a global cross-border payment network covering over 100 countries [1]. - At its peak, Lakala achieved an annual net profit exceeding 1 billion yuan [1]. Group 2: Business Challenges - Lakala is currently experiencing a decline in both revenue and net profit, with a further drop in Q1 2024 [1][6]. - The company has faced increased competition and regulatory scrutiny, particularly from major players like Alipay and WeChat Pay, which have adopted a "card-binding" model for cashless payments [5]. Group 3: Strategic Initiatives - In response to operational pressures, Lakala is pursuing a strategy that integrates "payment + SaaS + AI" and is expanding its cross-border payment services [7]. - The company reported a year-on-year increase of 76% in the number of cross-border merchants and an 85% rise in cross-border payment transaction volume [7]. Group 4: Financial Performance - In Q1 2025, Lakala's revenue decreased by 13.02% to 1.3 billion yuan, while net profit fell by 51.71% to 101 million yuan, with a non-recurring net profit decline of 62.97% [6].

Core Viewpoint - Lakala is planning to issue H-shares and list on the Hong Kong Stock Exchange, which has led to a significant increase in its stock price, but the company faces challenges such as declining revenue and compliance risks [1][3][11]. Company Overview - Lakala Payment Co., Ltd. was established in 2005 and became the first digital payment company listed on the A-share market in April 2019 [4]. - The company holds a payment license issued by the central bank and operates various payment services [4]. Recent Developments - Lakala announced its plan for overseas share issuance and listing on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries [3][4]. - Following the announcement, Lakala's stock price surged, with a peak increase of 16.16% on June 17, but later experienced a decline of 6.28% by June 19 [3]. Financial Performance - In Q1, Lakala reported a revenue of 1.299 billion yuan, a year-on-year decrease of 13.01%, and a net profit of 101 million yuan, down 51.71% [11]. - For the full year 2024, the company expects a revenue of 5.759 billion yuan, a decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% [11]. - The company’s cross-border payment transaction volume reached 49.2 billion yuan in 2024, a year-on-year increase of 14% [4]. Market Position and Challenges - Lakala's cross-border payment transactions accounted for only about 1.2% of its total payment transaction volume of 4.22 trillion yuan last year, indicating limited contribution to overall performance [4]. - The company faces intense competition from major players like PingPong, Alipay, and WeChat Pay, which dominate the market [4][11]. - Lakala's efforts to transition from traditional payment services to comprehensive financial technology services have encountered significant challenges [11]. Compliance and Governance Issues - Lakala has been reducing its registered capital, with a decrease from 788.08 million yuan to 776.66 million yuan in April 2023, marking the second reduction this year [7]. - The company has faced multiple compliance issues, including fines for regulatory violations, which could pose challenges for its future listing in Hong Kong [9][11]. - The company’s major shareholder has been frequently reducing their stake, raising concerns about governance and stability [8][9]. Shareholder Structure - The largest shareholder of Lakala is Legend Holdings, holding 26.54% of shares, followed by Chairman Sun Taoran with 7.01% [5].

Core Viewpoint - Lakala (300773) announced that shareholder Sun Haoran has released a total of 9.12 million shares from pledge, which accounts for 61.83% of his holdings and 1.16% of the company's total share capital [1] Summary by Relevant Sections - **Shareholder Pledge Release** - Sun Haoran's release of 9.12 million shares from pledge occurred in multiple transactions: - 4.9 million shares released on August 9, 2023 - 210,000 shares released on January 31, 2024 - 140,000 shares released on February 2, 2024 - 630,000 shares released on February 5, 2024 - 3.24 million shares released on March 11, 2024 - The release does not involve any restrictions on share sales or freezing of shares [1]

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：2025-034 关于股东股份解除质押的公告 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、 误导性陈述或重大遗漏。 公司近日接到公司股东孙浩然先生通知，获悉其所持有的公司股份办理了解除质押手 续，具体事项如下： 一、股东股份解除质押情况 | 名 | | | （股） | （股） | 比例 | 比例 | 已质 | | 未质 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | | | | | | | 押股 | 占已 | 押股 | 占未 | | | | | | | | | 份限 | 质押 | 份限 | 质押 | | | | | | | | | 售和 | 股份 | 售和 | 股份 | | | | | | | | | 冻结 | 比例 | 冻结 | 比例 | | | | | | | | | 数量 | | 数量 | | | 孙 | | | | | | | | | | | | 陶 | 55,252,800 | 7.01% ...

证券代码：300773 证券简称：拉卡拉 公告编号：2025-035 拉卡拉支付股份有限公司 关于 持股 5%以上股东及一致行动人权益变动触及 1%整数倍的公告 | 合 计 | 4,521,800 0.57 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 通过证券交易所的集中交易 ☑ 协议转让 □ | | | | | | | | | 通过证券交易所的大宗交易  间接方式转让 □ | | | | | | | | 本次权益变动方式（可多 | 国有股行政划转或变更 □ 执行法院裁定 □ | | | | | | | | 选） | 取得上市公司发行的新股 □ 继承 □ | | | | | | | | | 赠与 □ 表决权让渡 □ | | | | | | | | | 其他 □（请注明） | | | | | | | | 3. 本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 | | | | | | | | | 股份性质 | 本次变动前持有股份 本次变动后持有股份 占总股本比例 占总股本比例 股数(股) 股数(股) | | ...

Market Overview - On June 18, the Shanghai Composite Index rose by 0.04%, the Shenzhen Component Index increased by 0.24%, the ChiNext Index went up by 0.23%, and the CSI 300 Index gained 0.12% [1] - Among the tradable A-shares, 1,813 stocks rose, accounting for 33.54%, while 3,479 stocks declined [1] Capital Flow - The main capital experienced a net outflow of 17.787 billion yuan, marking five consecutive trading days of net outflows [1] - The ChiNext saw a net outflow of 7.021 billion yuan, while the STAR Market had a net outflow of 378 million yuan; however, the CSI 300 constituents had a net inflow of 1.425 billion yuan [1] Industry Performance - Out of the 28 first-level industries classified by Shenwan, 9 industries saw gains, with the electronics and communication sectors leading with increases of 1.50% and 1.39%, respectively [1] - The sectors with the largest declines were beauty care and real estate, which fell by 1.73% and 1.35%, respectively [1] Industry Capital Inflow and Outflow - The electronics industry had the highest net capital inflow of 4.346 billion yuan, with a daily increase of 1.50% [1] - The banking sector also saw a net inflow of 1.314 billion yuan, with a daily increase of 0.92% [1] - Conversely, the pharmaceutical and biological industry experienced the largest net outflow of 3.729 billion yuan, declining by 0.85% [1] - Other sectors with significant net outflows included the computer industry, which saw a net outflow of 3.030 billion yuan, and non-bank financials, basic chemicals, and non-ferrous metals [1] Individual Stock Performance - A total of 1,750 stocks had net capital inflows, with 515 stocks seeing inflows exceeding 10 million yuan; 52 stocks had inflows over 100 million yuan [2] - The stock with the highest net inflow was Huadian Technology, which rose by 10.00% with a net inflow of 718 million yuan [2] - Other notable inflows included Zhongchao Holdings and Bank of China, with net inflows of 624 million yuan and 465 million yuan, respectively [2] - Stocks with net outflows exceeding 100 million yuan included Lakala, Rongfa Nuclear Power, and Dongfang Caifu, with outflows of 826 million yuan, 735 million yuan, and 415 million yuan, respectively [2]

Company Dynamics - Lakala announced plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to advance its international development strategy and enhance its global competitiveness [2] - The details of this plan are yet to be determined and will require approval from the board, shareholders, and relevant regulatory bodies [2] Company Background - Lakala was established in 2005 and obtained a payment business license from the People's Bank of China in 2011, becoming the first third-party payment company listed on the A-share market in 2019 [3][4] - The company has evolved through various phases, expanding its services from credit card repayments to a comprehensive range of financial services, and has focused on empowering small and micro businesses through SaaS platforms [3][4] Financial Performance - After its listing in 2019, Lakala's revenue grew from 48.99 billion yuan to 65.96 billion yuan from 2019 to 2021, with net profit increasing from 8.06 billion yuan to 10.83 billion yuan [4] - In 2022, Lakala faced significant challenges, reporting a revenue decline of 18.65% to 53.66 billion yuan and a net loss of 14.37 billion yuan, primarily due to the "jump code" incident [5] - In 2023, the company achieved double-digit revenue growth and returned to profitability, but overall performance has not yet recovered to 2021 levels [5] - For 2024, Lakala reported a revenue of 57.59 billion yuan, a decrease of 2.96%, and a net profit of 3.51 billion yuan, down 23.26% [5] - In Q1 2025, revenue was 12.99 billion yuan, a decrease of 13.01%, with net profit down 51.71% to 1.01 billion yuan, although cross-border merchant scale and transaction amounts saw significant growth [5] Strategic Outlook - Lakala's move to target the Hong Kong market aims to provide short-term funding and brand effects, but the company still faces challenges in overcoming business bottlenecks and enhancing core competitiveness [5]

Core Viewpoint - Lakala Payment Co., Ltd. has experienced significant stock price fluctuations, with a cumulative increase of over 30% in three consecutive trading days, prompting an announcement regarding abnormal trading activity [1] Group 1: Company Announcements - Lakala is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its international competitiveness and facilitate the application of digital currency in cross-border scenarios [2] - The company has been actively communicating with intermediaries regarding the H-share listing, with specific details yet to be finalized [2] - The third-largest shareholder, Sun Haoran, is planning to reduce his holdings by up to 2.45% of the total share capital within a specified timeframe [2] Group 2: Financial Performance - Lakala's financial performance has shown significant volatility, with a decline in both revenue and net profit reported in the 2024 annual report [4] - For 2024, the company reported revenue of 5.759 billion yuan, a year-on-year decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% year-on-year [4] - The first quarter of 2025 continued this downward trend, with revenue of 1.299 billion yuan, a year-on-year decline of 13.01%, and a net profit of 101 million yuan, a substantial drop of 51.71% year-on-year [4] Group 3: Regulatory Issues - Lakala has faced multiple fines due to compliance issues, including a warning and a fine of 4.06 million yuan from the People's Bank of China for various violations [4] - In 2024, the Chengdu branch was penalized for failing to provide accurate inspection materials and was fined 3.2 million yuan [4] - Additional fines were imposed for violations related to foreign exchange regulations, totaling 139,100 yuan [4]

Core Viewpoint - Lakala is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to advance its international development strategy and enhance its competitiveness in the digital currency space [1][6]. Group 1: Company Strategy and Developments - Lakala's stock price surged by 16.16% following the announcement, with a net inflow of 1.94 billion yuan on June 17 [1]. - The company is the first third-party payment company listed on A-shares and is making a third attempt to enter the capital market with an "A+H" strategy [1][2]. - Prior to the Hong Kong listing, Lakala proactively divested some non-core businesses, similar to its actions before its A-share listing in 2019 [1][2]. - In January, Lakala disposed of its entire stake in Baotou Rural Commercial Bank for zero yuan, estimating a fair value change loss of approximately 135 million yuan [2]. Group 2: Financial Performance - In 2024, Lakala reported a revenue of 5.759 billion yuan, a year-on-year decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% due to losses from equity disposals [7]. - For Q1 2025, the company recorded a revenue of 1.299 billion yuan, a decline of 13.01%, and a net profit of 101 million yuan, down 51.71%, attributed to seasonal factors and overall industry pressure [7]. Group 3: Market Position and Control - Lakala has no controlling shareholder or actual controller, with Lenovo Holdings being the largest shareholder at 26.54% [3][5]. - The company emphasizes its stable governance structure, asserting that the lack of a controlling party will not adversely affect its operations [3]. Group 4: Market Speculation and Digital Currency - The announcement regarding the acceleration of digital currency applications in cross-border scenarios has led to market speculation about Lakala's potential involvement in stablecoins [1][6]. - Despite receiving numerous inquiries about stablecoins, Lakala has remained silent on the matter, although it has previously engaged in initiatives related to central bank digital currency (CBDC) [6].

Group 1 - The core viewpoint of the news highlights a significant outflow of capital from the pharmaceutical sector, exceeding 3.1 billion yuan, while other sectors like defense, banking, and electronics saw inflows [1][2]. - The defense and military sector led the capital inflow with 1.574 billion yuan, followed by the banking sector with 972 million yuan and the electronics sector with 682 million yuan [2]. - The pharmaceutical sector experienced the largest capital outflow, with a net outflow of 3.114 billion yuan, followed by the computer sector with 3.048 billion yuan and the machinery equipment sector with 2.052 billion yuan [2]. Group 2 - The top ten stocks with the highest net inflow included Zhongchao Holdings, which saw an inflow of 566 million yuan, and Jiangxi Zhaojin with 304 million yuan [3]. - The stocks with the highest net outflow were led by Rongfa Nuclear Power, which had an outflow of 584 million yuan, followed by Lakala with 491 million yuan [4]. - The net inflow rates for the top stocks varied, with Zhongchao Holdings at 35.85% and Rongfa Nuclear Power at -19.07% [3][4].