富友支付第四次递表港交所 11年7次冲击IPO

Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. has submitted its fourth listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a licensed third-party payment institution in China's digital payment market [1][2]. Company Overview - Fuyou Payment was established in 2011 and holds five types of licenses, including prepaid cards, internet payment, bank card acquiring, fund payment, and cross-border payment, making it one of the few fully licensed third-party payment institutions in the industry [1]. - The company ranks eighth among comprehensive digital payment service providers in China with a market share of approximately 0.8% and fourth among independent comprehensive digital payment service providers with a market share of about 4.5% [1]. Market Context - According to Frost & Sullivan, the total TPV (Total Payment Volume) of China's comprehensive digital payment service market is projected to reach RMB 268.6 trillion in 2024, with the top ten comprehensive digital payment institutions accounting for around 82.0% of the total market share [1]. - Fuyou Payment holds the first position in the aggregation acquiring market by transaction volume, with a market share of approximately 15.1% [1]. Financial Performance - The revenue figures for Fuyou Payment from 2022 to the first ten months of 2025 are as follows: RMB 1.142 billion, RMB 1.5 billion, RMB 1.634 billion, and RMB 1.307 billion, respectively [2]. - Profit figures for the same periods are RMB 71.17 million, RMB 92.98 million, RMB 84.33 million, and RMB 109 million, respectively [2]. - The merchant acquiring business has consistently been the primary revenue source, contributing over 80% of total revenue for several years [2]. - The gross margins for comprehensive digital payment services during this period were 25.6%, 22.1%, 22.2%, and 22.0%, while digital commercial solutions had gross margins of 84.4%, 76.5%, 75.2%, and 70.1% [2]. Listing Process - The submission of the listing application is just the initial step, with subsequent requirements including passing the Hong Kong Stock Exchange hearing and completing the overseas issuance listing filing with the regulatory authority [2].