Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. (Fuyou Payment) has submitted its IPO application to the Hong Kong Stock Exchange for the third time, reflecting its long-standing ambition to go public despite facing significant challenges and declining financial performance [1][2][6]. Company Overview - Fuyou Payment was established in 2011 and obtained a payment business license in the same year, engaging in various payment services including card acquiring and internet payment [3]. - The company has attempted to go public multiple times, with its first A-share IPO plan initiated in 2015, but it has faced repeated failures, including three terminated advisory agreements with different securities firms [3][4][5][6]. Financial Performance - Fuyou Payment's net profit attributable to shareholders has decreased from 149 million yuan in 2021 to 84 million yuan in 2024, a decline of 43.43% [1][8]. - The company's revenue has shown some growth, with figures of 11.02 billion yuan in 2021, 11.42 billion yuan in 2022, 15.06 billion yuan in 2023, and 16.34 billion yuan in 2024, reflecting a growth rate of 3.63%, 31.87%, and 8.50% respectively [8]. - The company has a high dependency on its digital payment services, which accounted for over 92% of its revenue from 2022 to 2024, with a notable decline in gross margins [9]. Market Position - The third-party payment industry in China is dominated by major players like Alipay, WeChat, and China UnionPay, which collectively hold approximately 75.6% of the market share in the digital payment service sector [10]. - Fuyou Payment's market share is only 0.8%, achieved through aggressive pricing strategies that have impacted its profitability [10]. Dividend Policy - Fuyou Payment has been criticized for its substantial cash dividends, totaling 365 million yuan from 2021 to 2025, which represents about 91% of its net profit during the same period [12][13]. - The company's dividend strategy has raised concerns about its intentions to raise capital through an IPO while simultaneously distributing large amounts of cash to shareholders [11][14]. Regulatory and Compliance Issues - Fuyou Payment has faced multiple regulatory penalties, totaling nearly 7 million yuan from 2021 to 2024, for various compliance violations, including unauthorized foreign exchange operations and failure to meet customer identification requirements [16][17]. - The company has also been involved in legal disputes related to its past partnerships with P2P platforms, indicating potential ongoing risks [17].
富友支付10年6战IPO夹缝求生 净利缩水清仓式分红3.65亿罚单缠身
Chang Jiang Shang Bao·2025-06-08 23:09