Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. (Fuyou Payment) has submitted its fourth listing application to the Hong Kong Stock Exchange, with CITIC Securities and Shenwan Hongyuan Hong Kong as joint sponsors. The company ranks eighth among comprehensive digital payment service providers in China by TPV in 2024, with a market share of 0.8% [1]. Company Overview - Fuyou Payment is a versatile digital payment technology platform in China, providing multi-channel payment services and management solutions across various commercial scenarios for clients of different sizes and industries [2]. - The company has established a mature digital payment technology platform driven by real market demand and technological capabilities, enhancing the efficiency and security of financial transactions [2]. - Fuyou Payment is recognized for its competitive market position and is one of the early companies authorized to conduct cross-border foreign exchange payment services [2]. Business Model and Services - The company offers secure, convenient, and efficient multi-channel payment solutions, covering various fields such as commercial payments, financial payments, and cross-border digital payment services [3]. - Fuyou Payment has built a comprehensive service and partner network, connecting with major card organizations and domestic clearing institutions, enabling a robust payment infrastructure [3]. Financial Performance - Fuyou Payment processed a total TPV of RMB 16.34 trillion and over 67.9 billion payment transactions since its establishment until October 31, 2025. It ranks first among independent comprehensive digital payment service providers in China by transaction volume in 2024 [4]. - The company served approximately 6.2 million clients across various industries, including retail, catering, and finance, as of October 31, 2025 [4]. Revenue and Profitability - The company reported revenues of approximately RMB 1.142 billion, RMB 1.505 billion, RMB 1.634 billion, and RMB 1.307 billion for the fiscal years 2022, 2023, 2024, and the ten months ending October 31, 2025, respectively [5]. - Gross profits for the same periods were approximately RMB 324.69 million, RMB 380.04 million, RMB 423.45 million, and RMB 351.68 million, with corresponding gross profit margins of 28.4%, 25.2%, 25.9%, and 25.8% [6][7]. - The net profit for the fiscal years 2022, 2023, 2024, and the ten months ending October 31, 2025, was RMB 71.17 million, RMB 92.98 million, RMB 84.33 million, and RMB 108.92 million, respectively [8]. Industry Overview - The Chinese payment industry has experienced rapid growth driven by economic expansion, with the TPV of the payment market expected to grow from RMB 40.29 trillion in 2019 to RMB 57.75 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 7.5% [10]. - The comprehensive digital payment market in China is projected to grow from RMB 15.01 trillion in 2019 to RMB 26.86 trillion in 2024, with a CAGR of 12.3% [15]. - The increasing adoption of digital payment tools and the integration of various payment scenarios are expected to further drive market growth [15].

Company Overview - Fuyou Payment is a versatile digital payment technology platform in China, providing multi-channel payment services and management solutions across various business scenarios [2][3] - The company has established a mature digital payment technology platform that enhances the efficiency and security of financial transactions [2] - Fuyou Payment is recognized as a leading provider of multi-channel digital payment and digital business solutions in China, being one of the early companies authorized to conduct cross-border foreign exchange payment services [2][3] Market Position - According to Frost & Sullivan, Fuyou Payment ranks eighth among comprehensive digital payment service providers in China by Total Payment Volume (TPV) in 2024, with a market share of 0.8% [1] - The company ranks first among independent comprehensive digital payment service providers in China by transaction volume processed in 2024 [4] Financial Performance - The company reported revenues of approximately RMB 1.142 billion, RMB 1.505 billion, RMB 1.634 billion, and RMB 1.307 billion for the fiscal years 2022, 2023, 2024, and the ten months ending October 31, 2025, respectively [5] - Gross profit for the same periods was approximately RMB 324.7 million, RMB 380.0 million, RMB 423.5 million, and RMB 351.7 million, with corresponding gross profit margins of 28.4%, 25.2%, 25.9%, and 25.8% [6][9] - The net profit for the fiscal years 2022, 2023, 2024, and the ten months ending October 31, 2025, was RMB 71.2 million, RMB 92.9 million, RMB 84.3 million, and RMB 108.9 million, respectively [8] Industry Overview - The Chinese payment industry has experienced rapid growth driven by economic expansion, with the TPV of the payment market expected to increase from RMB 40.29 trillion in 2019 to RMB 57.75 trillion in 2024, representing a compound annual growth rate (CAGR) of 7.5% [10] - The comprehensive digital payment market in China is projected to grow from RMB 150.1 trillion in 2019 to RMB 268.6 trillion in 2024, with a CAGR of 12.3% [12][14] - The transaction volume in the acquiring market is expected to rise from 387.4 billion transactions in 2019 to 890.9 billion transactions in 2024, with a CAGR of 18.1% [17]