富友支付，再度递表香港联交所，收入依赖单一业务

Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its fourth attempt to go public in Hong Kong after previous applications in 2024 and 2025 failed to materialize [1][5]. Company Overview - Fuyou Payment, established in 2011, is a versatile digital payment technology platform in China, providing multi-channel payment services and value-added services across various business scenarios [3][5]. - The company has previously sought to list on the A-share market but faced challenges, including regulatory scrutiny and the termination of advisory agreements with brokers [5]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first ten months of 2025 were RMB 1.142 billion, RMB 1.506 billion, RMB 1.634 billion, and RMB 1.307 billion, respectively [8][9]. - The income from merchant acquiring services consistently accounted for over 80% of total revenue, with specific figures of RMB 931 million, RMB 1.290 billion, RMB 1.342 billion, and RMB 1.096 billion for the same periods [9][10]. Market Position - In 2024, the total payment volume (TPV) of China's digital payment service market was RMB 268.6 trillion, with Fuyou Payment holding an 0.8% market share, ranking eighth among comprehensive digital payment service providers [11]. - As an independent provider, Fuyou Payment ranked fourth in the market with a 4.5% share based on TPV [11]. Competitive Landscape - The payment industry is characterized by high competition and regulatory pressures, with existing and new competitors continuously enhancing their services [12]. - Fuyou Payment operates in a highly regulated environment, holding multiple payment licenses, including those for prepaid cards, internet payments, and cross-border payments [12].