Lakala(SZ:300773) 凤凰网财经·2025-10-30 07:36Core Viewpoint - The article discusses the challenges faced by Lakala, a prominent player in the digital payment industry, as it prepares for its IPO in Hong Kong amidst declining performance, compliance issues, and significant shareholder exits [1][2][3]. Group 1: Performance Decline - Lakala's revenue and net profit have shown a downward trend, with revenues of 5.361 billion RMB in 2022, 5.928 billion RMB in 2023, and a projected 5.754 billion RMB in 2024, while net profits were -1.438 billion RMB, 0.457 billion RMB, and 0.351 billion RMB respectively [4][6]. - In the first three quarters of 2025, Lakala reported a revenue of 4.068 billion RMB, a year-on-year decrease of 7.32%, and a net profit of 0.339 billion RMB, down 33.9% year-on-year [6][11]. - The company attributes its revenue decline to pressure on its card payment business, with digital payment revenue decreasing by 7.63% [6][11]. Group 2: Shareholder Exits - The article highlights significant shareholder exits, including the complete divestment of the founder's brother, Sun Haoran, who has sold shares worth 493 million RMB [16][20]. - Lenovo Holdings, the largest shareholder, has also reduced its stake from 26.54% to 23.54%, cashing out approximately 580 million RMB [20][23]. Group 3: Compliance Issues - Lakala faces a severe compliance crisis, with over 100,000 complaints on the Black Cat Complaint platform regarding service issues and unauthorized charges [26][27]. - The company has been fined multiple times for regulatory violations, including a fine of 2.5 million RMB for various infractions related to payment processing and customer due diligence [36][38]. - The cumulative fines from 2022 to mid-2025 amount to 16.76 million RMB, indicating significant operational challenges [38]. Group 4: Future Outlook - Lakala is attempting to pivot towards cross-border payments, which saw a 77.56% increase to 60.2 billion RMB in the first three quarters of 2025, but this still represents less than 2% of its total payment volume [11][12]. - The company acknowledges potential liquidity risks and challenges in maintaining profitability, raising concerns about its financial health as it seeks to expand through its IPO [11][12].