香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 自願公告 業務更新 收購TCSP持牌公司及推出FOPAY新功能 本公告由經緯天地控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願發佈，以向本 公司股東及潛在投資者提供有關本集團的最新業務發展情況。 茲提述本公司日期為2025年5月28日、2025年7月21日及2025年7月31日之公告，內容有關發 展支付服務及金融科技業務分部，包括（其中包括）於2025年7月21日發佈首款移動應用程式 「Fopay」（「Fopay」），該應用程式旨在提供一站式支付（包括穩定幣加密支付）科技平台。 董事（「董事」）會（「董事會」）欣然宣佈，於2025年9月30日，本集團已完成向多名個人（不屬本公 司關連人士（定義見香港聯合交易所有限公司證券上市規則（「上市規則」））的獨立第三方）收購 （「收購事項」）Hwabao Trust Limited（「目標公司」）全部已發行股本的80%。目標公司為一間根 據香港法例註 ...

Core Viewpoint - The acquisition of the MSO license by the company's wholly-owned subsidiary, GuoDian Huitong (Hong Kong) Co., Ltd., marks a significant advancement in the company's cross-border payment business, enhancing its global service and fintech capabilities [1] Group 1: License Acquisition - GuoDian Huitong (Hong Kong) Co., Ltd. has obtained the MSO license from Hong Kong Customs, valid from October 13, 2025, to October 26, 2027 [1] - This license enables the company to conduct compliant cross-border fund settlement and foreign exchange services [1] Group 2: Strategic Implications - The license acquisition aligns with the company's overall strategic planning and enhances its capabilities in the cross-border payment sector [1] - The company plans to develop a one-stop payment settlement solution and strengthen collaboration with China International Capital Corporation (CICC) to establish "domestic + overseas" fund channels [1] Group 3: Financial Impact - The new business is not expected to have a significant impact on the company's performance in the short term [1]

Core Viewpoint - Lakala has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor [1] Group 1: Company Overview - Lakala utilizes technologies such as big data, blockchain, and artificial intelligence to provide a wide range of digital operation services for small and medium-sized merchants and industry clients [1] - The company offers payment solutions that cover online, offline, domestic, and international transactions, and is actively promoting the innovative application of digital currency and the full-chain digital operation for its clients [1] Group 2: Market Position - According to Frost & Sullivan, Lakala holds a market share of 9.4% among independent digital payment service providers in China for the year 2024, ranking first [1] - Lakala is also the leading independent digital payment and end-to-end digital solution provider in Asia, with a market share of 1.1% in 2024 [1]

Core Viewpoint - Lakala Payment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Overview - Lakala is a leading digital payment and digital business solutions provider in Asia, leveraging technologies such as big data, blockchain, and artificial intelligence to create a comprehensive digital operation service system for small and medium-sized merchants and industry clients [3][4] - The company holds a prominent market position in China's digital payment sector, with a projected total payment volume of approximately RMB 331.7 trillion by 2024, of which independent digital payment service providers will account for RMB 45.7 trillion [3] Market Position - By 2024, Lakala is expected to achieve a total payment volume exceeding RMB 4 trillion, capturing a market share of 9.4% among independent digital payment service providers, ranking first in this segment [3][4] - The company is also the largest independent digital payment service provider in China's comprehensive acquiring market, with a market share of 11.7%, and in the QR code acquiring market, with a market share of 9.3% [4] Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.36 billion, RMB 5.93 billion, RMB 5.75 billion, and RMB 2.65 billion respectively, with net profits of approximately -RMB 1.44 billion, RMB 457 million, RMB 351 million, and RMB 229 million [6][7]

Core Insights - The "Su Super" league has transcended the sports arena, evolving into a city-wide consumption phenomenon, with ticket signing rates averaging below 7% and as low as 3.3% for some matches, indicating a significant impact on local consumer behavior [2] City Performance - Wuxi has emerged as a standout performer in the "Su Super" league, achieving an entity commercial vitality index of 87.4, the highest since 2025, and ranking 9th nationally, showcasing its transformation into a commercial powerhouse [3][5] Consumption Growth Drivers - The core driver of consumption growth in cities participating in the "Su Super" league is robust consumer demand, with Wuxi's offline consumer vitality index at 85.1, ranking 3rd among all cities, indicating strong holiday spending and diverse regional appeal [7][9] Economic Activation - The "Su Super" league has significantly activated the night economy, with cities like Yancheng and Nanjing experiencing notable increases in consumption, particularly around event venues, highlighting the economic benefits of sporting events [11][14] Consumption Patterns - The increase in consumption is characterized by a higher average spending per transaction, particularly in food and beverage categories associated with the events, such as beer and barbecue, indicating a shift in consumer behavior towards higher-value purchases [11][12] Tourism and Hospitality Impact - The league has also positively influenced tourism, with hotels and popular attractions in Wuxi seeing a slight uptick in consumption on event days, suggesting that sporting events are becoming key drivers for local tourism and short-term getaways [12][13] Overall Economic Impact - Overall consumption has increased by 40%, with night-time spending rising by over 45%, demonstrating the league's role in enhancing the vibrancy of urban life and commercial activity [14][17] Future Outlook - The "Su Super" league's success lies in its ability to connect with local communities, transforming into a public event that fosters economic growth and cultural engagement, with ongoing monitoring of consumption trends expected to continue [17]

Core Insights - PayPal's AI strategy represents not only a technological upgrade but also an inclusive industrial empowerment, enhancing efficiency and enabling small and medium-sized enterprises (SMEs) to gain a competitive edge in the AI era [2][13] - The company is undergoing a profound transformation from a "digital wallet" to a comprehensive intelligent business platform [3][13] Group 1: Cross-Border E-commerce Trends - Chinese cross-border e-commerce trade volume is 21% higher than the global average, with nearly 30% of global cross-border online shopping transactions occurring through China [5] - In the first half of 2025, China's cross-border e-commerce imports and exports reached approximately 1.32 trillion yuan, a year-on-year increase of 5.7%, with exports accounting for about 1.03 trillion yuan, growing by 4.7% [4] - Despite external uncertainties, Chinese merchants have demonstrated resilience and adaptability, showcasing their ability to innovate and respond to challenges [4][5] Group 2: AI Empowerment for Merchants - AI is significantly reshaping the cross-border e-commerce landscape, enabling merchants to better understand and meet changing consumer demands through personalized services [8][9] - 69% of B2C e-commerce business leaders are increasing investments in personalized services to enhance user engagement, which relies heavily on deep data analysis that AI excels at [8][9] - PayPal's AI-driven products, such as Fastlane by PayPal, have improved customer experience and increased checkout conversion rates by 7.5% [10] Group 3: Transition to Brand-Centric Models - Many Chinese merchants are shifting from a price-centric competition model to a brand-centric approach, focusing on creating unique value propositions and building brand loyalty [6][7] - This transition is challenging due to unfamiliarity with overseas markets and the need to navigate cultural differences and consumer preferences [6][7] Group 4: AI Native Organization - PayPal is committed to becoming an AI Native organization, empowering all employees with AI tools to enhance their daily work [15][16] - The company has established a robust learning mechanism to encourage employees to engage with new technologies, including regular AI learning sessions and global hackathons [18][19] Group 5: Collaboration with External Developers - PayPal has opened its AI toolkit and API interfaces to external developers, encouraging them to create customized solutions for SMEs, thus broadening the scope of innovation [19][20] - This strategy aims to address the diverse and dispersed needs of SMEs, leveraging external innovation to enhance technological accessibility [20]

Core Insights - The increasing penetration of digital payments has made aggregation payment a fundamental infrastructure for commercial transactions, but some service providers are neglecting the importance of regulatory compliance, leading to significant operational risks and barriers to market access [1][2] Regulatory Compliance - Aggregation payment service providers must complete registration to operate legally, as per the "Administrative Measures for Payment Business of Non-Bank Payment Institutions" and local financial regulations [1] - Non-compliant entities face three major risks: administrative penalties ranging from 100,000 to 1 million yuan, business disruptions due to inability to partner with licensed payment institutions, and credit sanctions affecting future financing and qualifications [1] Market Operations - Non-compliance can trigger a chain reaction of operational crises, including loss of partnerships with major clients like state-owned enterprises, potential delays in fund settlement, and damage to brand reputation due to negative publicity [1][2] - Major app stores have made compliance a prerequisite for app listing, leading to three restrictions for non-compliant applications: rejection of new app submissions, mandatory removal of existing non-compliant apps, and functional limitations affecting user experience [2] Support Services - Companies like Shandong Hanglvtong Electronic Technology Group provide comprehensive management services to help payment service providers navigate the complex registration process, ensuring compliance and facilitating efficient market access [2][3] - The importance of compliance is emphasized as a survival baseline for the aggregation payment industry, with a call for service providers to leverage professional support to achieve rapid compliance transformation [3]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com BVNK于2021年成立，总部位于伦敦，专注为企业提供稳定币支付、跨国结算及资金管理解决方 案。花旗集团旗下风投部门Citi Ventures日前向BVNK注资。BVNK联合创始人Chris Harmse日前接受 《CNBC》访问时未透露花旗投资额，但表示估值在上一轮融资时已披露达7.5亿美元。 据财富，加密货币交易所Coinbase与支付系统营运商万事达卡(Mastercard)，拟竞购稳定币新创公司 BVNK，交易估值约介乎15亿至25亿美元。Coinbase暂在竞购中处于领先位置。如果落实交易，这将成 为迄今最大规模稳定币公司收购个案，亦反映稳定币已进入金融主流之一。 （责任编辑：刘静 HZ010） CNBC引述Visa数据显示，过去12个月稳定币交易额接近9万亿美元，而Coinmarketcap数据则指， 目前所有稳定币的估值超过3000亿美元。 ...

（原标题：迪拜环球港务集团与PayPal签署谅解备忘录） 阿通社10月3日消息，迪拜环球港务集团（DP World）与全球知名电商支付平台PayPal签署了一份 谅解备忘录，计划合作开展一项开创性的数字支付计划，以简化并加速跨境贸易支付流程。根据协议， 该举措有望将跨境交易用时从传统的最长一周缩短至几分钟。 ...

Core Thesis - PayPal Holdings, Inc. is experiencing a bullish sentiment driven by share buybacks and a reduction in share count, enhancing shareholder value and ownership per share [1][6]. Share Count and Market Capitalization - PayPal's share count has decreased by approximately 13% from 1.098 billion shares in 2023 to 955 million shares in 2025, coinciding with a share price increase from $60 to $67.66, resulting in a market capitalization of $64.61 billion compared to $65.88 billion in 2023 [2]. Shareholder Value Enhancement - The reduction in shares means each dollar invested now represents a larger ownership stake, creating more value per share. PayPal repurchased 41 million shares at an average cost of $72.42, yielding 3.7% relative to the total company [3][4]. Efficiency of Buyback Program - The same number of shares repurchased in 2025 at a similar price generated a 4.3% yield due to the smaller share base, indicating a compounding benefit from the buyback strategy. Lower stock-based compensation (SBC) has also contributed, decreasing from $768 million in 2022 to $573 million in 2025 [4][5]. Long-term Strategy and Monitoring - If the current strategy of buybacks and reduced dilution continues, it could lead to improved returns for investors without increasing overall buyback spending. Monitoring the execution of this strategy will be crucial for long-term shareholder value creation [5]. Hedge Fund Interest - PayPal is not among the 30 most popular stocks among hedge funds, with 89 hedge fund portfolios holding PYPL at the end of Q2, down from 92 in the previous quarter [7].