这笔发行已经成功完成，并且得到了多家国际知名长线基金和多策略基金的参与，认购倍 数超数倍。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，移卡（9923.HK）于1月7日发布公告称，建议发行及配售1915万股股份，以向 外部投资者筹集资金，发展集团的海外及人工智能业务。 据 「IPO早知道」了解 ， 这 笔发行已经成功完成，并且得到了多家国际知名长线基金和多策略基 金的参与，认购倍数超数倍。 根据公告披露，此次认购款项净额约40%用于扩展集团于亚洲各业务分部的海外版图，40%用于投 资研发，包括在专有软件中使用人工智能，以加强集团商业数字化生态系统的竞争力，20%用于营 运资金及一般公司用途。 另外，移卡还通过旗下的富匙科技扩大了服务范围，共同推广数字商户解决方案， 截至目前，客户 包括星巴克、无印良品、必胜客、New Balance及Levi's、KOI、Mr.Coconut等200多个全球和区 域品牌客户，涵盖新加坡、印尼、越南及马来西亚等东南亚地区，门店数量超过20,000家。 值得注意的是，富匙科技透露即将于东南亚地区推出针对餐饮行业的AI ...

Financial Data and Key Metrics Changes - Total revenue for 2023 reached RMB 5.1 billion, representing a year-on-year increase of 15.6% [26] - Gross profit decreased by 28.4% year-on-year to RMB 738 million, with a gross profit margin declining from 30.2% to 18.7% [26][27] - Adjusted EBITDA grew by 160.6% year-on-year to RMB 556 million, primarily due to increased GPV and fee rates in one-stop payment services [27][44] Business Line Data and Key Metrics Changes - One-stop payment services achieved a GPV growth of 29.2% year-on-year, reaching RMB 2.9 trillion, with 9.2 million active merchants, a 13.3% increase [16][17] - In-store e-commerce services saw a GMV increase of 30% to surpass RMB 4.3 billion, with gross profit margin improving to 80.3% [19][20] - Merchant solutions revenue rose by 17.2% in 2023 to RMB 363 million, with active merchants exceeding 1.6 million, a 30.8% increase [21][22] Market Data and Key Metrics Changes - The company expanded its international presence, serving over 5,000 merchants in Singapore, including well-known brands like Rolex and Starbucks [10][58] - The company established Epay Singapore and Epay America to facilitate global expansion and cross-border transactions [9][19] Company Strategy and Development Direction - The company focuses on increasing commercialization efforts, maintaining compliance, and growing market share through SaaS digital solutions and digital marketing [6][7] - The strategy includes enhancing digital marketing capabilities and integrating payment solutions to strengthen merchant relationships [20][21] - The company aims to expand its overseas market presence, particularly in Southeast Asia and North America, while exploring new fintech opportunities [51][58] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of small and medium-sized offline merchants as a key driver of growth amid China's economic recovery [5][13] - The company is optimistic about leveraging AI technology to enhance operational efficiency and reduce costs, with a focus on future revenue generation [12][41] - Management expressed confidence in achieving breakeven in 2024 through improved fee structures and increased merchant penetration [36][61] Other Important Information - The company scored 54 in S&P Global ESG ratings and A- in corporate sustainability indices, reflecting its commitment to ESG initiatives [24][52] - The establishment of an ESG committee aims to oversee the company's sustainability efforts and support small merchants [24][54] Q&A Session Summary Question: Details on in-store e-commerce and traffic digital marketing strategy - The company has repositioned itself as an all-traffic merchant service provider, enabling merchants to operate across multiple platforms and enhancing digital marketing capabilities [32][34] Question: Impact of AI technology on business operations - AI technology has improved coding efficiency and content generation, with over 50% of in-store e-commerce content now generated by AI [40][41] Question: Growth drivers of the payment business and competitive advantage - The growth in GPV is driven by targeting small merchants in resilient industries, expanding distribution channels, and increasing monetization through improved fee rates [49][51]

Financial Data and Key Metrics Changes - The company reported a total revenue of RMB 62 billion for the first half of 2023, representing a year-on-year increase of 25.6% [23] - Adjusted EBITDA increased by 317% year-on-year to RMB 291 million, reflecting significant operational efficiency improvements [24][26] - Net loss narrowed by 83.8% year-on-year to RMB 25.9 million in the first half of 2023 [16] Business Line Data and Key Metrics Changes - Payment services experienced a 33.5% increase in Gross Transaction Value (GTV) and a 44.3% increase in revenue year-on-year [12] - The number of active payment service merchants grew to over 9 million, a record high [12] - In-store e-commerce GMV exceeded RMB 2.4 billion, with a gross profit margin increase to 76.9% from 57.1% year-on-year [15] Market Data and Key Metrics Changes - The local lifestyle service market in China is expected to reach RMB 35 trillion by 2025, with an online penetration rate of 30.8% [19] - The company has expanded its geographic coverage and established teams in markets such as Singapore and Indonesia [9] Company Strategy and Development Direction - The company is focusing on profitability while expanding its co-op model and traffic platform partnerships [19] - The strategy includes leveraging AI-driven tools for content generation and enhancing merchant services [18] - The company aims to solidify its competitive edge by supporting digital currency payments and exploring international markets [14] Management's Comments on Operating Environment and Future Outlook - Management noted a strong recovery in offline consumption, particularly in catering services, which is expected to drive GPV growth [32] - The competitive landscape is intensifying, but the company believes it can maintain strong growth due to its market position and innovative strategies [44] - Management expressed confidence in achieving monthly breakeven and sustainable growth in the in-store e-commerce segment [59] Other Important Information - The company has been recognized in S&P's 2023 Sustainability Yearbook, highlighting its commitment to ESG [21] - The co-op model has accounted for nearly half of the total GMV, demonstrating a successful asset-light strategy [48] Q&A Session Summary Question: Insights on summer holiday consumption changes and category performance - Management observed healthy month-over-month growth in offline consumption, particularly in catering services, benefiting overall GPV growth [32] Question: Competition in the in-store e-commerce business - Management highlighted the introduction of the co-op model as a strategy to expand market share in lower-tier cities, leveraging local resources [35] Question: Midterm growth rate of payment volume - Management expressed confidence in maintaining strong growth in the payment space, driven by offline consumption recovery and market penetration in lower-tier cities [44] Question: GMV contribution from the co-op model and take rate balance - Management indicated that the co-op model contributes close to 50% of total GMV, with expectations for take rates to stabilize in the coming years [50] Question: Recent developments in OSCP - Management reported smooth operations in the OSCP business, with ongoing development of acquiring, remittance, and online payment products [55] Question: Breakeven visibility in the second half of 2023 - Management is close to achieving monthly breakeven in the in-store e-commerce segment and anticipates positive trends with city licenses being issued [61]