拟赴港二次上市，新国都面临两大“绊脚石”

Core Viewpoint - The company Shenzhen Xinguodu Co., Ltd. (New Guodu) has submitted a prospectus to the Hong Kong Stock Exchange for an H-share IPO, aiming to accelerate overseas business expansion and establish an international capital operation platform [1][3]. Financial Performance - New Guodu has experienced a continuous decline in performance, with 2024 revenue at 3.148 billion yuan, down 17.20% year-on-year, and net profit at 234 million yuan, down 68.98% year-on-year [4]. - The significant drop in net profit for 2024 is attributed to tax adjustments affecting the subsidiary Jialian Payment, with an estimated impact of 325 million yuan on net profit [5]. - In the first half of 2025, revenue and net profit continued to decline, with revenue at 1.527 billion yuan, down 3.17% year-on-year, and net profit at 275 million yuan, down 38.61% year-on-year [5]. - The third-quarter report for 2025 showed revenue of 2.343 billion yuan, down 4.15% year-on-year, but net profit increased by 37.1% due to significant contributions from non-recurring gains [6]. Regulatory Challenges - Jialian Payment, the subsidiary of New Guodu, has faced multiple penalties for compliance issues, which pose a significant obstacle to the IPO process [7][8]. - The company has been penalized for various violations, including failure to comply with customer identity verification and improper management of merchant accounts [7][8]. - New Guodu's compliance system is under scrutiny, raising questions about its ability to meet both domestic and international regulatory standards [9]. Market Conditions - The payment industry is currently facing stringent regulations, declining fee rates, and intensified competition, which are impacting New Guodu's core business growth [6][9]. - The company's efforts to expand into new areas such as cross-border payments and value-added services have not yet yielded significant results, leading to concerns about the sustainability of any potential recovery in performance [6][9]. Strategic Considerations - The IPO in Hong Kong is seen as a critical step for New Guodu's global strategy, but it must overcome challenges related to performance, corporate governance, and regulatory compliance [10]. - There is a need for the company to optimize its revenue structure and enhance transparency in its operations to address market concerns and meet regulatory requirements [10].