Lakala(SZ:300773) Zhong Guo Jing Ying Bao·2025-10-17 06:52Core 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].