排名前十、全牌照到手，富友支付为何在IPO门外徘徊了11年？

Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. has submitted its fourth listing application to the Hong Kong Stock Exchange, aiming to capitalize on the growing digital payment market in China [1][3]. Company Overview - Fuyou Payment was established in 2011 and obtained a payment business license from the central bank in the same year, holding five types of licenses: 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][3]. Market Position - 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 collectively holding about 82.0% of the market share [1][3]. - Fuyou Payment 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][3]. - In terms of transaction volume, Fuyou Payment ranks first in the aggregation acquiring market with a market share of approximately 15.1% [1][3]. Financial Performance - The company's revenue for the years 2022 to 2024 and the first ten months of 2025 is reported as follows: RMB 1.142 billion, RMB 1.5 billion, RMB 1.634 billion, and RMB 1.307 billion, respectively [2][4]. - Profits for the same periods are reported as RMB 71.17 million, RMB 92.98 million, RMB 84.33 million, and RMB 109 million, respectively [2][4]. - Merchant acquiring business constitutes the majority of Fuyou Payment's revenue, maintaining an income share of over 80% for several years [2][4]. - The gross margins for comprehensive digital payment services during the same periods are 25.6%, 22.1%, 22.2%, and 22.0%, while for digital commercial solutions, the gross margins are 84.4%, 76.5%, 75.2%, and 70.1% [2][4]. Listing Process - The submission of the listing application is only the initial step; Fuyou Payment must pass the Hong Kong Stock Exchange hearing and complete the overseas issuance listing filing with the regulatory authority to successfully list [2][4].