Core Viewpoint - Lakala is planning to issue H-shares and list on the Hong Kong Stock Exchange, which has led to a significant increase in its stock price, but the company faces challenges such as declining revenue and compliance risks [1][3][11]. Company Overview - Lakala Payment Co., Ltd. was established in 2005 and became the first digital payment company listed on the A-share market in April 2019 [4]. - The company holds a payment license issued by the central bank and operates various payment services [4]. Recent Developments - Lakala announced its plan for overseas share issuance and listing on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries [3][4]. - Following the announcement, Lakala's stock price surged, with a peak increase of 16.16% on June 17, but later experienced a decline of 6.28% by June 19 [3]. Financial Performance - In Q1, Lakala reported a revenue of 1.299 billion yuan, a year-on-year decrease of 13.01%, and a net profit of 101 million yuan, down 51.71% [11]. - For the full year 2024, the company expects a revenue of 5.759 billion yuan, a decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% [11]. - The company’s cross-border payment transaction volume reached 49.2 billion yuan in 2024, a year-on-year increase of 14% [4]. Market Position and Challenges - Lakala's cross-border payment transactions accounted for only about 1.2% of its total payment transaction volume of 4.22 trillion yuan last year, indicating limited contribution to overall performance [4]. - The company faces intense competition from major players like PingPong, Alipay, and WeChat Pay, which dominate the market [4][11]. - Lakala's efforts to transition from traditional payment services to comprehensive financial technology services have encountered significant challenges [11]. Compliance and Governance Issues - Lakala has been reducing its registered capital, with a decrease from 788.08 million yuan to 776.66 million yuan in April 2023, marking the second reduction this year [7]. - The company has faced multiple compliance issues, including fines for regulatory violations, which could pose challenges for its future listing in Hong Kong [9][11]. - The company’s major shareholder has been frequently reducing their stake, raising concerns about governance and stability [8][9]. Shareholder Structure - The largest shareholder of Lakala is Legend Holdings, holding 26.54% of shares, followed by Chairman Sun Taoran with 7.01% [5].

同时，"市民贷"这一重磅创新成果的取得，也与南海农商银行一直以来高度重视金融科技研发应用、持 续奋进数智化转型的发展战略密不可分。 笃力数智赋能，强化精准对接，全面优化服务效能 据了解，早在2023年，南海农商银行便在该行高质量发展战略规划中明确提出，遵循"数实一体、数业 一体、数科一体、数用一体"原则，全力打造高质量发展数智体系，实现数智服务、数智管理、数智风 控、数智决策，坚持推进打造"现代精品数智农村商业银行"。在这一战略推动下，该行在奋进数字化转 型的路上步履不停，创新不止。 6月18日，2025中国国际金融展在上海世博展览馆盛大启幕。作为中国金融科技领域规模最大、最具影 响力的年度盛会之一，本届展会汇聚了全国顶尖金融机构、科技企业和最新创新成果，吸引了全球业界 的关注。 作为扎根粤港澳大湾区核心腹地、锐意创新的地方金融主力军，南海农商银行携其在科技金融、绿色金 融、普惠金融、养老金融与数字金融等金融"五篇大文章"创新实践成果重磅亮相本届金融展，重点展现 了其区域金融数智化转型奋进征程与阶段成果，生动诠释了区域中小金融机构聚力服务实体经济、坚定 助力金融强国建设的实践探索。该行与广东省农村信用社联合社 ...

首次覆盖: 困境反转初显，AI 调解多元解纷正放量 金桥信息(603918) ——金桥信息（603918.SH）首次覆盖报告 本报告导读： 公司作为国内数字化科技的行业领先者，前瞻性布局法律金融科技板块，随着基本 盘业务反弹+AI 调解提效+多元解纷放量+法院合作深化，未来业绩增速有望超预期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 932 | 699 | 941 | 1,153 | 1,377 | | (+/-)% | 7.9% | -25.0% | 34.6% | 22.5% | 19.4% | | 净利润（归母） | 26 | -61 | 26 | 99 | 169 | | (+/-)% | 42.8% | -337.5% | 142.9% | 279.2% | 70.7% | | 每股净收益（元） | 0.07 | -0.17 | 0.07 | 0.27 | 0.46 | | 净资产收益率(%) | ...

齐鲁晚报·齐鲁壹点 王赟 在金融科技浪潮下，AI赋能、数智化转型成为展区高频词。本届中国国际金融展上，蚂蚁集团展示了 最新智能交互式风控系统和AI金融服务等，6月19日，蚂蚁消金首席风险官林嘉南还做了分享——如何 将大模型技术应用在交互式智能风控领域。作为上海展区金融科技企业，奇富科技现场展示信贷超级智 能体模块，此智能体由端到端授信决策智能体、小微企业信用评估、AI合规助手、AI决策助手、AI审 批官等多模块构成，实现业务专家级的智能决策表现。 自1993年首次举办以来，中国国际金融展今年已是第31届，也是观察中国金融业改革与开放的重要窗 口，这一展会长期扎根北京，仅在2015年"南下"上海。十年后，中国国际金融展再度回归上海，包括渣 数据显示，科创板上海累计首发募资额和总市值保持全国第一，上海私募股权、创业投资管理人数量、 管理基金数量、管理基金规模均居全国前列。 吴清还提到，和十年前相比，市值超千亿的A股上市公司中，科技企业占比从12%提升至27%。 6月18日，国家金融监督管理总局、上海市人民政府印发《关于支持上海国际金融中心建设行动方 案》，《方案》明确，推动保险机构进一步集聚上海，对在沪机构授权等 ...

作为上海媒体融合发展的标志性项目，经过十多年发展，界面智通财经已成为具有全国影响力的财经媒 体和金融信息服务商，影响力和传播力在国内同行中居于领先地位。界面智通财经的原创内容、数据资 源及技术能力，将为新一代资管服务平台提供重要支撑。 上海报业集团党委书记、社长李芸表示，新一代资管服务平台既是上海科技赋能金融的标杆项目，也是 助力中国资管行业自主走向世界的关键抓手。通过本次战略投资，界面智通财经将进一步强化在科技金 融和金融信息服务领域的布局，提升影响力和服务力。 界面智通财经参建新一代资管平台 构建综合性金融信息服务体系 智通财经6月19日电，界面智通财经构建综合性金融信息服务体系再度迈出坚实一步。上海国智技术有 限公司今天揭牌，该公司由国泰海通、浦发银行等多家头部金融企业和界面智通财经以及2家科技公司 共同发起成立，将打造具有国际竞争力的中国新一代资管服务平台，助力上海建设全球资管中心。 据悉，新一代资管服务平台建成后，将是集技术、数据、运营为一体的全市场资管服务平台，覆盖投资 研究、组合管理、指令管理、交易执行、合规风控、实时投资账簿等资管全业务领域流程。（记者 毛 明江 黄心怡） ...

智通财经APP获悉，渣打香港兼大中华及北亚区行政总裁禤惠仪出席"2025陆家嘴论坛"期间表示，全球 资金正重新配置，随着中国经济在全球的影响力愈来愈高，无论海外资金在中国资产的配置，或中国资 金在海外资产的配置，都有着很大的提升空间。她指，当前国际供应链及贸易布局急速转型，而沪港作 为世界领先的国际金融中心，可以更好地携手帮助新质生产力企业拓展海外市场，融入全球产业链，实 现技术与资本的双向流动。 禤惠仪称，宏观趋势正逐渐发生变化，供应链的加速重，产业结构发生调整，贸易和资金流走向改变， 区域性的贸易往来大幅提升，也推动了更多的南南合作。5月份举办的"东盟-中国-海合会峰会"，进一 步推动了跨区域、跨发展阶段的开放合作；避险情绪下对货币多元化的需求增加，对于人民币在交易结 算、投资及对冲方面的需求都在显著提高；金融科技发展：资产数字化加速，同时创造新的贸易和支付 系统，以及运作模式。 她表示，在这些趋势下，金融的角色成为推动供应链创新、促进产业升级的关键。同时，新质生产力作 为中国高质量发展的核心动能，需要更高效、更精准，以及更具系统性的金融体系来加大支持。通过股 权投资、风险资本和绿色债券等方式，金融机构能 ...

行业背景：跨境金融合规化与中小微企业需求的共振 小商品城（600415.SH）近期宣布拟通过全资子公司浙江迅弛数字科技在香港设立两家全资子公司，并 申请香港TCSP（信托或公司服务提供者）牌照。 战略意图：从支付工具到综合金融服务的跃迁 小商品城旗下的"义支付"（Yiwu Pay）已具备跨境支付基础（2024年跨境收款超40亿美元，同比增长 233%），但传统支付业务利润率有限。通过TCSP牌照，公司可拓展信托、公司秘书服务、资金托管等 高端业务，将"义支付"从支付工具升级为"支付+金融解决方案"的综合平台，提升服务附加值。 香港作为国际金融中心，其成熟的监管体系、资本流动自由度及离岸人民币业务优势，是小商品城拓展 全球化业务的关键跳板。设立子公司后，公司将利用香港的金融资源，为义乌市场及全球中小微企业提 供跨境贸易金融一体化服务（如担保支付、定制化理财），并探索离岸家族信托、稳定币等创新业务。 小商品城拥有全球最大的小商品贸易网络（覆盖230多个国家，2024年义乌进出口总额6689亿元），天 然具备高频跨境结算需求。通过TCSP牌照，公司可将实体贸易场景与金融服务深度融合，解决中小微 企业融资难、交易信任 ...

Core Insights - Standard Chartered Bank's executive director highlighted four macro changes observed in international finance, including supply chain enhancements, global capital reallocation, increased risk aversion, and advancements in financial technology [1] Group 1: Macro Changes - Supply chains are accelerating and adjusting, leading to significant increases in regional trade and changes in trade and capital flows [1] - Global capital is being reallocated, with substantial potential for both overseas funds investing in Chinese assets and Chinese capital investing in overseas assets [1] - There is a notable increase in risk aversion, reflected in the demand for currency diversification and the need for the renminbi in transaction settlements and investment hedging [1] - Financial technology is creating new trade payment systems and operational models [1] Group 2: Financial Sector Role - Financial institutions are becoming key drivers of supply chain innovation and industrial upgrades, providing funding support to startups and technology projects through equity investments, venture capital, and green bonds [1]

Group 1 - The article discusses the development characteristics of global fixed income platforms over the past decade, emphasizing that the evolution of electronic trading platforms impacts liquidity discovery, trading behavior, and regulatory approaches in the fixed income market [1] - Electronic trading in the bond market has rapidly evolved since the late 1990s, becoming the mainstream trading method, with platforms transitioning from offline processes to self-structured online trading workflows [1] Group 2 - Over the past decade, electronic platforms have expanded their business scope, leading to the integration of various sub-markets to enhance liquidity and diversify investment products [2] - Major acquisitions include CME's purchase of NEX Group in 2018 and ICE's acquisition of TMC Bonds, which have transformed them into comprehensive trading service providers [2][3] - Data services have become a significant revenue source for trading platforms, with many focusing on index services that combine data and bond trading [3] Group 3 - The implementation of MiFID II has increased the demand for transaction reporting services, prompting platforms like Bloomberg and MarketAxess to expand their reporting capabilities through acquisitions [4] - The electronicization of the issuance market remains underdeveloped compared to the secondary market, indicating future growth potential for service providers [5] Group 4 - The trend in the fixed income market shows a contraction of single-dealer platforms and an expansion of multi-dealer platforms, with many single-dealer platforms closing down [6][7] - Multi-dealer platforms are favored due to their ability to provide liquidity from multiple sources, which is crucial for bond investors [7] Group 5 - Global trading platforms are increasingly attractive to investors, with emerging market bonds yielding higher returns than developed market counterparts, leading to a preference for platforms that offer a wide range of tradable assets [8][11] - The dominance of platforms like Bloomberg, MarketAxess, and Tradeweb among EMEA-based institutions highlights the trend towards global trading solutions [8][11] Group 6 - Control over data rights is critical for trading platforms' success, with comprehensive platforms like Bloomberg leveraging proprietary data to enhance their competitive edge [12][13] - The integration of multiple functionalities, such as communication tools and transaction cost analysis, makes platforms more appealing compared to those with limited capabilities [14] Group 7 - Trading platforms are increasingly focusing on technological advancements and geographic expansion, with significant investments in fintech and acquisitions to enhance their service offerings [19][20] - New entrants in the market are targeting niche areas, such as data sharing networks and user-friendly technology solutions, to meet the evolving demands of asset management firms [21][22][23] Group 8 - The article suggests that domestic trading platforms can learn from international trends by focusing on core asset classes to attract participants and enhance service offerings [25] - Emphasizing data rights and technological integration will be essential for platforms to remain competitive in a rapidly evolving market [27]

Group 1: Market Overview - The Federal Reserve has maintained interest rates between 4.25% and 4.5% for the fourth consecutive time since January, with potential rate cuts expected later this year, which is seen as a slight positive for global markets [3] - U.S. stock indices showed mixed reactions, with the Nasdaq slightly up while the Dow and S&P 500 experienced minor declines, impacting the sentiment of Chinese concept stocks, which mostly fell, including JD.com and iQIYI, both down over 2% [3] - Geopolitical tensions in the Middle East, particularly between Israel and Iran, have led to rising international oil prices, with WTI crude reaching $74.84 and Brent crude at $76.70, presenting opportunities for A-share oil and gas sectors [3] Group 2: Policy and Technical Analysis - The Lujiazui Forum has indicated favorable signals for financial technology and brokerage sectors through discussions on digital RMB cross-border payments and optimization of the Sci-Tech Innovation Board, although market reactions have been muted as investors await concrete policy implementations [3] - The Shanghai Composite Index is currently fluctuating between 3378 and 3403 points, with a critical level at 3393 points; a significant increase in trading volume could lead to a breakout above 3400 points [4] - Recent trading volume has been weak, with a net outflow of 3.8 billion from northbound funds and 22.45 billion from domestic institutional investors, indicating a cautious market sentiment [4] Group 3: Investment Strategy - The market is expected to continue in a volatile state on June 19, with a breakthrough above 3400 points reliant on both policy support and increased trading volume [5] - It is suggested to maintain a 30% position to capitalize on structural opportunities, focusing on technology and energy sectors, while adjusting positions based on the Federal Reserve's future decisions [5]