Group 1 - The company Lakala (300773.SZ) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange as part of its international development strategy [2] - The company aims to enhance its competitiveness in the international market by promoting the application of digital currency in cross-border scenarios [2] - Currently, the company is in discussions with intermediaries regarding the specifics of the H-share listing, which is a complex and systematic process [2] Group 2 - Lakala was established in 2005 and became a leading third-party payment institution in China after obtaining a payment business license from the People's Bank of China in 2011 [3] - The company provides comprehensive digital business solutions for merchants, enterprises, and financial institutions, focusing on various sectors such as dining, retail, automotive, and tourism [3] - Lakala is deepening its "Payment+" strategy and integrating AI into its business to support high-quality development of the real economy [3] Group 3 - In 2024, Lakala reported a revenue of 5.759 billion yuan, a year-on-year decrease of 2.96%, and a net profit attributable to shareholders of 351 million yuan, down 23.26% [4] - In the first quarter of 2025, the company's revenue was 1.299 billion yuan, a year-on-year decrease of 13.01%, with a net profit of 101 million yuan, down 51.71% [4] - Lakala has no controlling shareholder or actual controller, with Lenovo Holdings being the largest shareholder, holding a 26.14% stake, which may provide support and potential synergies for the company [4]

Core Viewpoint - Lenovo Holdings plans to reduce its stake in Lakala by no more than 3% of the total share capital, which currently stands at 26.54% [1][2] Group 1: Shareholding Changes - Lenovo Holdings intends to reduce its stake through a centralized bidding method, limiting the reduction to 1% of the total share capital within three months starting from July 23, 2025 [1] - Additionally, Lenovo will utilize block trading to reduce its stake by up to 2% of the total share capital during the same period [1] - Another significant shareholder, Sun Haoran, plans to reduce his holdings of 19.27 million shares, representing 2.45% of the total share capital, with a maximum reduction of the same number of shares [3][4] Group 2: Company Background and Developments - Lakala, founded by Sun Taoran and others, is one of China's earliest third-party payment companies, having been established in 2005 [2] - Lenovo Holdings invested in Lakala in 2008, marking a collaboration between industry and finance [2] - Lakala became the largest offline financial service provider in China by 2009 and obtained a payment license from the central bank in 2011, leading to rapid business growth [2] - Recently, Lakala announced plans to accelerate the application of digital currency in cross-border scenarios, coinciding with the expansion of the digital yuan pilot [2] - On June 16, Lakala revealed plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to promote its international strategy and enhance the application of digital currency [2]

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].

公司动态 6月16日，拉卡拉公告称，公司正在筹划境外发行股份（H股）并在香港联合交易所有限公司上市，以推进国际化发展战略，构建国内国际双循环格局，打 造国际资本运作平台，加快数字货币在跨境场景的应用，进一步提升公司国际竞争力。相关细节尚未确定，后续进展情况将及时履行信息披露义务。该事项 需提交公司董事会和股东大会审议，并经相关监管机构批准、备案和审核。 据拉卡拉官网资料显示，拉卡拉成立于2005年，于2011年首批获得中国人民银行颁发的《支付业务许可证》，2019年4月25日于深交所上市，成为A股第三 方支付第一股。 2005年-2011年，拉卡拉提供信用卡还款、便民缴费等服务，为个人和企业用户提供包括支付等多项业务在内的综合性金融服务。随着交易量的不断提升， 拉卡拉的业务规模逐渐扩大，并有了上市的计划。2011年-2015年，2011年拉卡拉获得了第一批央行支付牌照，开始全面进入收单市场，帮助商户收款。 2015年-2018年，3.0时代，拥抱移动互联网，推出智能pos等智能终端，帮助商户做生意。 2019年4月，拉卡拉在深交所上市，进入资本市场，成为国内首家登上A股的支付机构。上市首日，拉卡拉开盘价39. ...

Core Viewpoint - Lakala Payment Co., Ltd. has experienced significant stock price fluctuations, with a cumulative increase of over 30% in three consecutive trading days, prompting an announcement regarding abnormal trading activity [1] Group 1: Company Announcements - Lakala is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its international competitiveness and facilitate the application of digital currency in cross-border scenarios [2] - The company has been actively communicating with intermediaries regarding the H-share listing, with specific details yet to be finalized [2] - The third-largest shareholder, Sun Haoran, is planning to reduce his holdings by up to 2.45% of the total share capital within a specified timeframe [2] Group 2: Financial Performance - Lakala's financial performance has shown significant volatility, with a decline in both revenue and net profit reported in the 2024 annual report [4] - For 2024, the company reported revenue of 5.759 billion yuan, a year-on-year decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% year-on-year [4] - The first quarter of 2025 continued this downward trend, with revenue of 1.299 billion yuan, a year-on-year decline of 13.01%, and a net profit of 101 million yuan, a substantial drop of 51.71% year-on-year [4] Group 3: Regulatory Issues - Lakala has faced multiple fines due to compliance issues, including a warning and a fine of 4.06 million yuan from the People's Bank of China for various violations [4] - In 2024, the Chengdu branch was penalized for failing to provide accurate inspection materials and was fined 3.2 million yuan [4] - Additional fines were imposed for violations related to foreign exchange regulations, totaling 139,100 yuan [4]

Core Viewpoint - Lakala announced plans to list on the Hong Kong Stock Exchange, resulting in a 16.16% surge in its stock price on June 17, 2025, with a closing price of 31.70 yuan per share and a total market capitalization of 24.982 billion yuan [2][5]. Group 1: Listing Announcement - On June 16, 2025, Lakala disclosed its intention to pursue a listing on the Hong Kong Stock Exchange, with details still under discussion with intermediary institutions [2]. - Following a significant stock price increase over three consecutive trading days, Lakala issued an announcement regarding abnormal trading activity, confirming the ongoing discussions about the listing [2][3]. Group 2: Business Performance - For Q1 2025, Lakala reported a payment transaction volume of 982 billion yuan, a year-on-year decrease of 10.51%, with operating revenue of 1.299 billion yuan, down 3.01%, and a net profit attributable to shareholders of 101 million yuan, a decline of 51.71% [4]. - The 2024 annual report indicated that Lakala achieved operating revenue of 5.759 billion yuan, a decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% [4]. Group 3: Capital Reduction - Lakala has undergone two capital reductions in 2025, with registered capital decreasing from 800 million yuan to 788 million yuan on January 22, and further reduced to 776 million yuan on May 16 [4]. Group 4: Strategic Intent - The company aims to enhance its international competitiveness and support its international development strategy by listing in Hong Kong, which is part of its efforts to build a dual circulation pattern and promote the application of digital currency in cross-border scenarios [3].

Core Viewpoint - Lakala announced plans to list on the Hong Kong Stock Exchange, resulting in a significant stock price increase of 16.16% on June 17, 2025, with a closing price of 31.70 yuan per share and a total market capitalization of 24.982 billion yuan [2][4]. Group 1: Listing Announcement - On June 16, 2025, Lakala disclosed its intention to pursue a listing on the Hong Kong Stock Exchange, although specific details are still under discussion with intermediary institutions [2][4]. - The company stated that the listing process requires approval from its board of directors, shareholders, the People's Bank of China, the China Securities Regulatory Commission, and the Hong Kong Stock Exchange, indicating significant uncertainty regarding the final approval [4]. Group 2: Financial Performance - For Q1 2025, Lakala reported a payment transaction amount of 982 billion yuan, a year-on-year decrease of 10.51%. Revenue was 1.299 billion yuan, down 3.01%, and net profit attributable to shareholders was 101 million yuan, a decline of 51.71% [6]. - The 2024 annual report indicated that the company achieved revenue of 5.759 billion yuan, a decrease of 2.96%, and a net profit of 351 million yuan, down 23.26% [6]. Group 3: Capital Reduction - Lakala has undergone two capital reductions in 2025, with registered capital decreasing from 800 million yuan to 788 million yuan on January 22, and further reduced to 776 million yuan on May 16 [7].