Summary of BILL Holdings FY Conference Call Company Overview - **Company**: BILL Holdings (NYSE:BILL) - **Industry**: FinTech Key Points and Arguments Leadership and Background - Rohini Jain, the new CFO, has a strong background in finance, having worked at GE, eBay, Walmart, and PayPal, which provides her with a deep understanding of the FinTech landscape [1][2] Revenue Growth and Targets - BILL aims to return to a core revenue growth of 20% after reporting 14% growth in the last quarter [3] - The company is focused on driving both growth and profitability, emphasizing that growth is the easiest way to enhance profitability [4] Strategic Initiatives for Growth - Key initiatives include: - SPP (Supplier Payments Plus) and embedded partnerships - Integration of AI components to enhance customer value - Targeting higher revenue per user (RPU) by moving upmarket [5] - The company is also focused on sustainable revenue sources to enhance shareholder value [5] Macro Environment and SMB Trends - The macroeconomic environment has shown signs of stabilization, with SMB spending becoming more stable after a decline from pandemic highs [6] - Different industries are experiencing varying growth rates, with a focus on discretionary versus necessary spending [7] Pricing Strategy - BILL has not raised prices in the last three years but is now looking to align pricing with the value delivered to customers [7][8] - A strategic pricing review is underway to optimize pricing structures and bundle products effectively [8] Customer Acquisition and Market Strategy - The company signed over 4,000 new clients in the previous quarter, but the focus is shifting towards acquiring high-value customers rather than just increasing unit numbers [15] - The go-to-market strategy has evolved from a reactive approach to a more proactive one, targeting mid-market customers who drive higher transaction volumes [11][12] Emerging Products and Payment Take Rates - The emerging portfolio, including products like Instant Pay and Working Capital, is growing at a rate of 40% year-over-year [20] - The ad valorem take rate is expected to expand by 0.4 basis points this year, with a focus on diversifying revenue sources [19][21] Cash Treasury and AI Integration - BILL has launched a cash account treasury capability, allowing businesses to earn interest on their operating cash accounts [33][34] - AI agents are being developed to enhance customer experience and operational efficiency, with plans for monetization through pricing adjustments and pay-per-use models [35][36][37] Cost Management and Profitability - The company is focused on optimizing its operating cost structure while driving revenue growth [39] - A consulting firm has been engaged to assess cost structures and identify opportunities for streamlining operations [39] Future Outlook and Analyst Day - BILL is preparing for an analyst day in the first half of 2026 to discuss long-term strategies, financial models, and growth metrics [41][42] - The management team is committed to driving shareholder value and will consider strategic opportunities as they arise [40] Conclusion - BILL Holdings is strategically positioned to enhance its growth trajectory through a combination of pricing optimization, product innovation, and a focus on high-value customer segments while navigating the macroeconomic landscape. The upcoming analyst day is expected to provide further insights into the company's long-term vision and financial health.

截至发稿，海联金汇市值为102亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） 每经AI快讯，海联金汇（SZ 002537，收盘价：8.72元）11月18日晚间发布公告称，公司第六届第一次 董事会临时会议于2025年11月18日以现场结合通讯方式召开。会议审议了《关于选举公司第六届董事会 专门委员会成员的议案》等文件。 2025年1至6月份，海联金汇的营业收入构成为：工业占比76.36%，金融科技服务占比23.64%。 ...

度小满贴息活动从启动之初便精准锚定用户需求，9月1日活动首期上线时，面向老客户推出最高1%利 率贴息券，覆盖单笔5万元及以内消费额度，不收取任何服务费。10月二期活动进一步升级，已参与用 户可再次享受优惠，叠加效应让政策红利持续放大。 双"11"期间，度小满"国补贴息"活动持续加码，面向特邀客户推出了专项福利，主要包括"领贴息 券"与"传账单得免息"两项举措。 自9月消费贷"国补"政策落地以来，度小满同步推出的"响应国补加码贴息"活动已上线两月。截至10月 末，该活动覆盖超百万用户，减免利息4.2亿元，实打实的优惠力度与便捷服务体验获得了用户好评。 一位安徽阜阳的度小满用户是二手3C产品的销售商，9月份正是他的用款高峰期，领到1%的贴息券后， 他发现比以往参加的活动更省钱，刚好能为9月~11月的销售旺季缓解资金周转的压力。 在提升用户体验方面，为了让有需要的用户更快更好的用上贴息券，度小满依托AI风控系统与数智化 流程，实现贴息券精准匹配与快速审批。刘先生开口腔诊所，平常需要很多资金进行原材料备货。刘先 生表示之前听说过消费贴息，但觉得申请麻烦，而度小满直接发活动通知，领取后即可借款，操作简单 还确实享受到了 ...

自2024年参与Ensemble项目沙盒以来，蚂蚁国际通过自主研发的下一代企业财资管理平台Whale"鲸"， 与渣打银行、汇丰银行合作推进"流动性管理"主题的两大用例。 智通财经APP获悉，蚂蚁国际宣布正式加入香港金管局Ensemble项目的架构工作小组，持续推动香港通 证化生态系统更广阔发展。作为工作小组中的金融科技企业成员，蚂蚁国际将与香港金管局及业界领先 伙伴深化合作，深入参与制定行业标准，并加速通证化市场发展。 香港金管局日前宣布推出EnsembleTX标志Ensemble项目迈入新阶段，将推动项目从沙盒实验阶段迈向 试点环境的真实市场应用。通过EnsembleTX平台，蚂蚁国际将持续拓展与银行及其他参与企业合作， 推动通证化技术在实时全球流动性管理领域的实际应用。日前，蚂蚁国际经已率先通过EnsembleTX互 通平台支持完成首笔港元跨行转帐，成为EnsembleTX平台上的首笔实时交易。 ...

Core Insights - UBS Group and Ant International have formed a strategic partnership to explore blockchain-based tokenized currency innovations for global payment settlement and liquidity management [1] - The memorandum of understanding (MoU) was signed at UBS's flagship office in Singapore [1] Group 1: Strategic Collaboration - Ant International will utilize UBS Digital Cash, a blockchain payment platform set to pilot in 2024, to enhance its global treasury management [1] - The collaboration aims to improve settlement efficiency, transparency, and security in financial transactions [1] Group 2: Technological Integration - UBS will leverage its expertise to optimize cross-border payment solutions for its clients [1] - Both companies will co-develop innovative solutions in the tokenized currency space, integrating Ant's proprietary blockchain real-time cross-border fund management platform, Whale [1] Group 3: Operational Enhancements - The co-created solutions aim to facilitate real-time multi-currency fund transfers among Ant International's entities, overcoming traditional payment cut-off time limitations [1] - The initiative is expected to enhance the transparency and flexibility of global liquidity management [1]

Core Viewpoint - 恒月控股 is expanding its business in Asia, particularly in South Korea, by investing in the Asia Strategy Partners LLC fund, which will enhance its strategic position in the Korean market through partnerships with innovative fintech platforms [1][2] Group 1: Investment Details - The company announced that Moon Investment Korea Limited subscribed for approximately 2.97% of the Asia Strategy Partners LLC fund for an amount of $1.2 million (approximately HKD 9.384 million) [1] - Following this, on November 17, 2025, the subscriber agreed to further invest $1.7547 million (approximately HKD 13.686 million) for an additional 4.22% stake in the fund [1] Group 2: Strategic Rationale - The investment is aimed at leveraging South Korea's advanced digital economy, cashless payment systems, and robust fintech infrastructure to introduce and develop innovative payment products, such as prepaid Bitcoin cards [1] - The company expects that this investment will enhance collaboration, operational synergies, and accelerate the integration of Bitplanet's technological capabilities and customer network, thereby solidifying its strategic position in the Korean market [2] - The partnership with Bitplanet, which provides comprehensive security software and IT solutions, is anticipated to create potential collaboration opportunities for the company's prepaid product business [2]

（原标题：联易融科技-W(09959.HK)连续45日回购，累计斥资3.00亿港元） | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.11.17 | 265.00 | 2.830 | 2.720 | 740.16 | | 2025.11.14 | 83.00 | 2.900 | 2.870 | 239.61 | | 2025.11.13 | 79.00 | 3.070 | 3.030 | 240.96 | | 2025.11.12 | 120.80 | 3.160 | 3.070 | 378.94 | | 2025.11.11 | 237.00 | 3.290 | 3.090 | 742.44 | | 2025.11.10 | 231.00 | 3.260 | 3.160 | 743.21 | | 2025.11.07 | 239.00 | 3.160 | 3.040 | 742.47 | | 2025.11.06 | 238.00 | 3. ...

Group 1 - The company, Hengyue Holdings, announced a further investment of approximately USD 1.75 million (around HKD 13.686 million) in the Asia Strategy Partners LLC fund, acquiring an additional 4.22% stake [1] - The investment is part of the company's strategy to expand its business in Asia, particularly in South Korea, which has a developed digital economy and advanced fintech infrastructure [1] - The fund's investment in Bitplanet, which provides comprehensive security software and IT solutions, positions the company strategically to enter the South Korean market [1] Group 2 - The company expects that the investment will enhance collaboration, operational synergies, and accelerate the integration of Bitplanet's technological capabilities and customer network [2] - This move is anticipated to solidify the company's strategic position in the South Korean market and facilitate business expansion [2] - The partnership with Bitplanet is seen as a potential collaboration for the company's prepaid product business, leveraging Bitplanet's relationships with its business partners [2]

Core Viewpoint - Financial One's privatization plan has been approved by the Grand Court, with expected effectiveness on November 19, 2023, following the necessary conditions being met or waived [1] Group 1: Privatization Details - Financial One and Platinum Limited announced the approval of the privatization plan on November 14, 2023 [1] - The Hong Kong Stock Exchange has approved the delisting of the company's shares effective from November 21, 2023, at 4 PM [1] - The American Depositary Shares (ADS) are expected to be permanently suspended from trading on the New York Stock Exchange on November 21, 2023, with delisting anticipated on December 1, 2023 [1] Group 2: Financial One Overview - Financial One is a financial technology service provider under Ping An Group, established in 2015 [1] - The company was listed on the New York Stock Exchange in December 2019, becoming the first financial technology stock to disclose the VIE structure [1] - In July 2022, Financial One achieved a "dual primary listing" on the Hong Kong Stock Exchange, marking it as the first financial technology Chinese concept stock to do so [1]

Core Viewpoint - OneConnect Financial Technology, known as the "first fintech stock," is set to delist following a privatization plan approved by the Grand Court of the Cayman Islands [1][3]. Group 1: Privatization and Delisting - On November 14, the Grand Court approved the privatization proposal by Platinum YU Limited, a wholly-owned subsidiary of Ping An Insurance, which will lead to the delisting of OneConnect from the Hong Kong Stock Exchange and the New York Stock Exchange [1][3]. - The delisting from the Hong Kong Stock Exchange is scheduled to take effect on November 21, while the American Depositary Shares (ADS) will be permanently suspended on the same date, with the final delisting expected by December 1 [1][3]. - The privatization offer includes a purchase price of HKD 2.068 per share (approximately USD 7.976 per ADS), providing a significant premium to recent market prices [3][4]. Group 2: Financial Performance - For the first half of 2025, OneConnect reported revenue from continuing operations of RMB 801 million, with a gross margin of 26.1% [3]. - The company experienced a 16.6% year-on-year increase in revenue from operational support services, totaling RMB 309 million, driven by increased transaction volumes in insurance solutions [3]. - However, the company reported a loss attributable to shareholders of RMB 78.5 million, a decline of 156.4% year-on-year [3]. Group 3: Company Background - OneConnect Financial Technology was established in 2015 and is a fintech service provider under Ping An Group, focusing on digital solutions for financial institutions [1]. - The company went public on the New York Stock Exchange in December 2019 and later achieved a dual primary listing on the Hong Kong Stock Exchange in July 2022 [2].