拉卡拉赴港IPO之路遭遇股东接连减持

Core Viewpoint - The recent shareholding changes in Lakala, particularly the reduction of Lenovo's stake, are significant as the company prepares for an H-share IPO in Hong Kong, aiming to enhance its international strategy and capitalize on the growing interest in stablecoins [1][3]. Group 1: Shareholding Changes - Lenovo's stake in Lakala has decreased from 26.54% to 23.54%, maintaining its position as the largest institutional shareholder [1][2]. - Since Lakala's A-share listing in April 2019, Lenovo's shareholding has consistently declined from 31.38% prior to the IPO to 28.24% [2]. - Other significant shareholders include individual investor Sun Taoran, holding 6.91%, and Sun Haoran, who plans to reduce his stake by up to 1,927,090 shares, representing 2.45% of the total share capital [2]. Group 2: IPO Plans and Market Strategy - Lakala announced plans for an H-share IPO on June 16, aiming to advance its international strategy and enhance the application of digital currency in cross-border scenarios [3]. - The reduction in Lenovo's stake may be a strategic move to avoid regulatory scrutiny regarding single shareholder dominance and to create more space for share allocation during the H-share issuance [3]. - Analysts suggest that the shareholder reductions are not directly linked to the H-share IPO but may reflect concerns about Lakala's future growth potential and recent performance [3][4]. Group 3: Financial Performance and Market Sentiment - Lakala's financial performance has shown a decline, with Q1 2025 revenue at 1.299 billion yuan, down 13.01% year-over-year, and net profit down 51.71% to 101 million yuan [4]. - The company's stock price has been buoyed by the hype around stablecoins, reaching 32.39 yuan per share as of June 27, but the ongoing shareholder reductions may negatively impact investor confidence [4][5]. - Analysts emphasize the need for Lakala to diversify its revenue streams and strengthen its core business to improve market perception and support its IPO ambitions [5].