走进连连数字：以合规和技术构筑全球竞争力的数字支付企业

Core Viewpoint - The rapid development of digital technology has significantly transformed the payment industry, with Lianlian Digital Technology Co., Ltd. emerging as a key player in cross-border payments, set to be listed on the Hong Kong Stock Exchange in 2024 as the "first stock of cross-border payments" [1][2]. Group 1: Company Development and Business Model - Lianlian Digital was founded in 2004 in Hangzhou, China, coinciding with the tenth anniversary of the internet's entry into China, and developed the first online mobile top-up system in China [2]. - The company officially established in 2009 and obtained a payment license from the central bank in 2011, focusing on the B2B market as the C-end mobile payment market became saturated [2]. - By 2015, Lianlian began to expand into cross-border payments, capitalizing on the growth of cross-border e-commerce and related policies, leading to a dual market strategy of domestic and global operations [2]. Group 2: Business Segments and Services - Lianlian Digital's business is divided into three segments: international business, domestic business, and clearing services, with a focus on providing digital payment solutions for cross-border e-commerce [3]. - The company offers two main categories of services: digital payment services (including collection, payment, and virtual cards) and value-added services (such as digital marketing and software development) [3]. Group 3: Financial Performance - From 2022 to 2024, global payment business accounted for over 60% of Lianlian's revenue, with total payment volume (TPV) growing by 63.1% year-on-year to 281.5 billion yuan in 2024 [4]. Group 4: Global License and Compliance - Lianlian Digital has established a global network of 66 payment licenses, including licenses from the People's Bank of China, Hong Kong, the U.S., and Singapore, which are essential for its international operations [11][10]. - The company is the only Chinese digital payment provider to hold money transfer licenses in all U.S. states, and it has also obtained the first foreign-owned payment license in Thailand [11][10]. Group 5: Localization and Talent Strategy - Lianlian Digital employs local staff in its overseas branches to enhance operational efficiency and compliance with local regulations, reflecting its commitment to understanding local cultures and legal frameworks [15]. - The company has a diverse management team, including foreign executives and local hires, which aids in navigating the complexities of international markets [15]. Group 6: Technological Innovation - Lianlian Digital views itself as a digital technology company, investing over one-third of its workforce in R&D, with a 19% increase in R&D spending to 319 million yuan in 2024 [17]. - The company is exploring advanced technologies such as Web3 and AI to enhance payment efficiency and security [23].