投诉10万+、亲兄弟减持，“支付第一股”拉卡拉再启IPO

Core Viewpoint - The article highlights the challenges faced by Lakala as it prepares for its Hong Kong listing, including declining performance, shareholder sell-offs, and high dividend payouts that raise concerns about financial sustainability [3][7][13]. Group 1: Company Overview - Lakala, founded in 2004, initially focused on offline payment solutions and has evolved into a digital payment and commercial service provider, achieving profitability in 2015 [6]. - The company became the "first third-party payment stock" in A-shares in 2019, shifting its strategy to a dual-driven model focusing on payment services and digital commercial solutions [6][9]. Group 2: Financial Performance - Lakala's revenue for 2022, 2023, and 2024 is projected to be 5.36 billion, 5.93 billion, and 5.75 billion RMB respectively, with over 85% of revenue coming from digital payment services [9][11]. - The company has seen a decline in net profit, with a projected drop of 23.19% in 2024 to approximately 351 million RMB, and a further decrease of 45.35% in the first half of 2025 [11][12]. Group 3: Shareholder Actions - Significant shareholder actions include the exit of co-founder Sun Haoran, who cashed out nearly 500 million RMB, and Lenovo Holdings reducing its stake from 31.38% to 23.54% [14][15]. - Lakala has maintained high dividend payouts, distributing approximately 720 million RMB in 2024 and 158 million RMB in the first half of 2025, raising concerns about capital management [15][16]. Group 4: Market Position and Competition - Lakala holds a 9.4% market share in the independent third-party payment sector, but faces intense competition from major players like Alipay and WeChat, which dominate over 90% of the overall payment market [9][17]. - The company aims to expand into cross-border payments and enterprise-level digital services, but these segments currently contribute less than 2% to total payment volume [9][11]. Group 5: Regulatory and Operational Challenges - Lakala has faced regulatory scrutiny, receiving multiple fines in 2024 for compliance issues, and has over 100,000 complaints on consumer platforms, impacting its brand reputation [19][20][23]. - The company is transitioning from a family-controlled governance structure to a more professional management approach, but concerns remain about the stability of its core team and long-term growth prospects [23][24].