来源：子弹财经 自2024年从A股转战港股的数字支付平台富友支付，在今年1月18日向港交所递交招股书——这是其第 四次递表港交所，联席保荐人为中信证券、申万宏源香港。 富友支付（即上海富友支付服务股份有限公司）成立于2011年7月底，总部位于上海，是一家全能型数 字化支付科技平台。 根据弗若斯特沙利文报告，截至2024年末，富友支付在中国综合数字支付服务提供商中排名第八位，市 场份额为0.8%。 截至2025年10月末，富友支付的营业收入达到13.07亿元，同比下滑2.9%；经调整净利润为1.25亿元， 同比增长52.44%。 股权复杂且无实控人 从富友支付屡次申请上市的历程不难看出，其急于登陆资本市场的决心。 2024年4月，富友支付首次提交港交所IPO申请，因在6个月内未完成聆讯或上市导致招股书失效，随后 两次递表皆因失效而告一段落，2026年1月18日是其第四次递表。 事实上，富友支付母公司富友集团在2015年末就已开展A股上市辅导，此后分别于2018年5月、2021年9 月再次进行上市辅导，但最终均以失败告终。可见，富友系已走过十年的IPO历程。 富友支付的成长历程，离不开创始人陈建的战略布局。 此外 ...

Group 1 - The core point of the article is that Fuioupay is making its fourth attempt to list on the Hong Kong Stock Exchange, facing challenges related to compliance issues and significant dividend payouts [2][3][8] - Fuioupay has a history of failed listing attempts, with its first application submitted in April 2024, followed by three subsequent applications that also failed [2][3] - The company has been planning for an IPO for over ten years, having signed various advisory agreements with different securities firms since 2015 [2] Group 2 - Fuioupay is a comprehensive digital payment technology platform established in July 2011, recognized as a pilot provider of multi-channel digital payment and digital business solutions in China [4] - The company has developed a wide range of payment services, including commercial payments, financial payments, and cross-border digital payment services, connecting with major card organizations and banks globally [4] - In 2024, the total payment volume (TPV) of China's digital payment service market was 268.6 trillion yuan, with Fuioupay holding a market share of 0.8% among comprehensive digital payment service providers [5] Group 3 - Fuioupay's financial performance shows revenue growth but fluctuating profits, with revenues of 1.142 billion yuan in 2022, 1.506 billion yuan in 2023, and 1.634 billion yuan in 2024, while net profits were 71.17 million yuan, 92.98 million yuan, and 84.43 million yuan respectively [5] - The company's gross profit margins have declined from 28.4% in 2022 to 25.8% in the first ten months of 2025 [5] - The company has incurred significant costs, with sales and distribution expenses, R&D expenses, and administrative expenses totaling over 1 billion yuan in recent years [6] Group 4 - Fuioupay has distributed a total of 365 million yuan in dividends from 2021 to 2025, which exceeds its net profits during the same period, raising questions about the necessity of its IPO [7][10] - The company has faced multiple compliance issues, including fines totaling 6.66 million yuan for various violations, which may hinder its IPO prospects [12][14] - Consumer complaints against Fuioupay have been significant, with over 1,700 complaints reported, primarily concerning unauthorized charges and refund difficulties [15]

Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. has submitted its fourth listing application to the Hong Kong Stock Exchange, facing challenges in its long journey to go public, including high reliance on acquiring business, slowing growth, and regulatory pressures [3][27]. Group 1: Business Overview - Fuyou Payment, established in 2011, holds various payment licenses, making it one of the few fully licensed third-party payment institutions in the industry [4][28]. - The company ranks eighth among comprehensive digital payment service providers in China with a market share of 0.8% based on 2024's Total Payment Volume (TPV) [4][28]. - Fuyou Payment's core business includes comprehensive digital payment services and digital business solutions, with merchant acquiring services contributing significantly to its revenue [8][30]. Group 2: Financial Performance - Revenue increased from 1.142 billion yuan in 2022 to 1.634 billion yuan in 2024, but the growth rate has significantly slowed, dropping from 31.87% in 2023 to 8.50% in 2024 [6][30]. - Net profit fluctuated, with a decrease from 93 million yuan in 2023 to 84 million yuan in 2024, despite a significant increase to 109 million yuan in the first ten months of 2025 [8][30]. - The gross profit margin has been declining, attributed to increased commission costs in the domestic payment service sector and reduced service fees in cross-border digital payment services [8][30]. Group 3: Dividend Policy and Financial Health - Fuyou Payment has distributed a total of 365 million yuan in dividends over five years, raising concerns about its financial strategy given its high debt ratio of 86.88% [12][36]. - As of October 2025, the company had cash and cash equivalents of only 317 million yuan against total assets of 5.338 billion yuan and total liabilities of 4.64 billion yuan [14][38]. Group 4: Regulatory and Compliance Issues - The company has faced four administrative penalties totaling approximately 6.9 million yuan since 2021 for non-compliance with regulations [16][40]. - Fuyou Payment has been involved in 47 P2P-related lawsuits, with most resolved favorably for the company, but it still faces ongoing regulatory scrutiny [17][41]. - Customer complaints have surged, with 1,739 complaints reported on a consumer complaint platform, highlighting issues with unauthorized deductions [18][41].

来源：中国经营报 记者 许璐、李晖 近日，上海富友支付服务股份有限公司（以下简称"富友支付"）第四次向港交所主板递交上市申请。 根据弗若斯特沙利文的资料，2024年中国综合数字支付服务市场的总TPV为人民币268.6万亿元，前十 大综合数字支付机构合共占总市场份额的约82.0%。按2024年的TPV计，我们在中国综合数字支付服务 提供商中排名第八，市场份额约为0.8%；在独立综合数字支付服务提供商中排名第四，市场份额约 4.5%；按2024年交易笔数计，其在聚合收单市场排名第一，市场份额约15.1%。 富友支付成立于2011年，并在同年获取央行颁发的《支付业务许可证》，拥有预付卡、互联网支付、银 行卡收单、基金支付及跨境支付五类牌照，是行业内少数拥有全牌照的机构第三方支付机构之一。 根据弗若斯特沙利文的资料，2024年中国综合数字支付服务市场的总TPV为人民币268.6万亿元，前十 大综合数字支付机构合共占总市场份额的约82.0%。按2024年的TPV计，我们在中国综合数字支付服务 提供商中排名第八，市场份额约为0.8%；在独立综合数字支付服务提供商中排名第四，市场份额约 4.5%；按2024年交易笔数计，其 ...

Core Viewpoint - Compliance issues are the most significant obstacle for Fuyou Payment's listing journey, reflecting systemic internal control vulnerabilities and becoming a core concern for the Hong Kong Stock Exchange's review [3][10]. Compliance Issues - Fuyou Payment has faced numerous penalties over the past decade, indicating serious compliance failures across its operations, including payment business norms and customer identity verification [3][10]. - The company was ordered to exit payment business in seven provinces due to a serious violation in 2014, significantly reducing its operational scope [4][11]. - In 2023, Fuyou Payment was fined 4.55 million yuan for failing to fulfill customer identity verification obligations, and in 2024, it faced additional penalties for foreign exchange violations [4][11]. Business Structure and Growth Challenges - Over 80% of Fuyou Payment's revenue relies on traditional merchant acquiring services, which are highly homogeneous and face intense competition, leading to high commission costs [4][11]. - The company's domestic payment business gross margin has been declining year by year, adversely affecting overall profitability [4][11]. - The cross-border payment business has shrunk by over 30% in three years, and the anticipated growth from digital commercial solutions has not materialized [5][12]. Financial Position and Market Environment - Fuyou Payment holds only over 300 million yuan in cash and equivalents, highlighting a significant funding gap for technological upgrades and market expansion [5][13]. - The pressure from early investors seeking returns and the challenging external environment add uncertainty to Fuyou Payment's listing prospects [5][13]. - The Hong Kong market's scrutiny of financial firms has shifted towards evaluating compliance sustainability, business innovation, and growth potential, making it difficult for Fuyou Payment to gain approval [5][13]. Listing History and Future Prospects - Fuyou Payment has attempted to list multiple times, with three failed attempts in A-shares and three in Hong Kong, primarily due to unresolved compliance and performance issues [6][14]. - To succeed in its listing, Fuyou Payment must address three core issues: improving compliance, reducing reliance on traditional services, and optimizing profit structure [6][14]. - Current conditions suggest that these challenges are unlikely to be resolved in the short term, making future listing attempts potentially futile [7][14].

Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its fourth attempt to go public in Hong Kong after previous applications in 2024 and 2025 failed to materialize [1][5]. Company Overview - Fuyou Payment, established in 2011, is a versatile digital payment technology platform in China, providing multi-channel payment services and value-added services across various business scenarios [3][5]. - The company has previously sought to list on the A-share market but faced challenges, including regulatory scrutiny and the termination of advisory agreements with brokers [5]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first ten months of 2025 were RMB 1.142 billion, RMB 1.506 billion, RMB 1.634 billion, and RMB 1.307 billion, respectively [8][9]. - The income from merchant acquiring services consistently accounted for over 80% of total revenue, with specific figures of RMB 931 million, RMB 1.290 billion, RMB 1.342 billion, and RMB 1.096 billion for the same periods [9][10]. Market Position - In 2024, the total payment volume (TPV) of China's digital payment service market was RMB 268.6 trillion, with Fuyou Payment holding an 0.8% market share, ranking eighth among comprehensive digital payment service providers [11]. - As an independent provider, Fuyou Payment ranked fourth in the market with a 4.5% share based on TPV [11]. Competitive Landscape - The payment industry is characterized by high competition and regulatory pressures, with existing and new competitors continuously enhancing their services [12]. - Fuyou Payment operates in a highly regulated environment, holding multiple payment licenses, including those for prepaid cards, internet payments, and cross-border payments [12].

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].

Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing with the sponsorship of Shenwan Hongyuan and CITIC Securities [1] Group 1: Company Overview - The company is a versatile digital payment technology platform in China, empowering clients of various sizes and industries with multi-channel payment services and management and other value-added services [1] - A significant portion of the company's revenue during the historical performance period came from acquiring services, while its digital business solutions are experiencing rapid growth [1] Group 2: Market Position - According to the projected total payment volume (TPV) for 2024, the company ranks eighth among comprehensive digital payment service providers in China, with a market share of 0.8% [1] - As an independent comprehensive digital payment service provider, the company is projected to rank fourth in China by TPV in 2024, holding a market share of 4.5% [1]

Core Viewpoint - Company Fuyou Payment has submitted its third IPO application to the Hong Kong Stock Exchange after previous attempts failed, highlighting ongoing challenges in profitability and compliance issues in its pursuit of capital market entry [2][3][6]. Group 1: Company Background - Fuyou Payment, established in 2011 and headquartered in Shanghai, holds various payment licenses in mainland China, Hong Kong, and the United States, focusing on commercial, financial, and cross-border digital payment services [6]. - The company has processed over 545 billion payment transactions, with a total payment volume (TPV) of 15.1 trillion RMB as of the end of 2024 [10]. Group 2: IPO Attempts - Fuyou Payment has previously attempted to list on the A-share market in 2018 and 2021 but was unable to proceed, leading to the termination of related agreements [6]. - After shifting focus to the Hong Kong market, the company submitted its IPO applications on April 30 and November 8, 2024, both of which ultimately expired [6]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 1.142 billion RMB, 1.506 billion RMB, and 1.634 billion RMB, respectively, reflecting a compound annual growth rate of 19.6% [8]. - However, net profits for the same years were 71.17 million RMB, 92.98 million RMB, and 84.43 million RMB, indicating a decline in profit for 2024 compared to the previous year [8]. Group 4: Market Position - In 2024, Fuyou Payment ranked eighth among independent digital payment service providers in China, holding a market share of 0.8%, with no change in market share from 2023 [10]. - The overall digital payment service market in China is projected to reach a TPV of 268.6 trillion RMB in 2024, with the top three non-independent providers holding a combined market share of 75.6% [8][10]. Group 5: Compliance Challenges - Fuyou Payment has faced multiple regulatory penalties since its inception, including significant fines for compliance violations related to payment services and foreign exchange regulations [12]. - The company has been under pressure to enhance compliance and improve service quality to navigate the competitive landscape and regulatory environment [13].

Core Viewpoint - The company, Shanghai Fuyou Payment Service Co., Ltd., has submitted its listing application to the Hong Kong Stock Exchange for the third time after its previous applications expired, indicating ongoing challenges in its IPO journey [1][2]. Group 1: Listing Progress - Fuyou Payment's IPO process has faced delays, with its initial application submitted in April 2024 and subsequent expirations in October 2024 and May 2025 [1]. - The company has stated that the expiration of its prospectus does not hinder its overall IPO progress, as it is a routine procedure to ensure updated information disclosure [1]. Group 2: Financial Performance - Fuyou Payment's revenue for 2022, 2023, and 2024 was approximately 1.14 billion, 1.50 billion, and 1.63 billion RMB respectively, while net profits for the same years were 71.17 million, 92.98 million, and 84.43 million RMB [2][3]. - The company's gross profit margin decreased from 28.4% in 2022 to 25.2% in 2023, with a slight recovery to 25.9% in 2024 [2]. Group 3: Industry Challenges - The payment industry is experiencing intense competition, leading to reduced service fees and increased commission costs, which negatively impact net profits [2][4]. - Fuyou Payment has faced regulatory penalties annually since 2014, which may complicate its compliance efforts as it seeks to go public [4]. Group 4: Future Strategies - The company plans to adjust its business strategy to mitigate the impact of high commission rates on its gross margin, focusing on developing high-margin digital business solutions [4]. - There is a need for Fuyou Payment to enhance compliance measures and invest in technology to innovate payment products and services, particularly in high-value areas like cross-border payments and SaaS solutions [4].