近二十年来，互联网的应用不断增多，数字经济快速发展，人们的生活方式也因此发生了很多改变。其中，支付方式的巨大变化是不可 忽视的。以手机充值为例，大约在2005年时，许多人拥有了功能较简单的手机，当时的人们有时会在街边的报刊店中用现金买定额电话 卡为手机话费充值。伴随着智能手机和互联网支付的普及，现在只要在手机屏幕上轻轻一点，话费就能马上到账。 数字技术的发展给支付行业带来的影响不只体现在话费充值方式上。当前，人们跨境买卖商品时的支付与收款也能简单、快速地实现。 支付行业的变化是数字技术快速发展的一个重要体现。连连数字科技股份有限公司（下称"连连数字"）就是支付相关行业中的一家企 业。2024年，企业在香港交易所主板挂牌上市，被人们称为"跨境支付第一股"。 连连数字的业务发展趋势与它所处行业的变化息息相关。2004年，连连诞生于浙江杭州，这一年是互联网正式进入中国十周年，互联网 产业迎来新一轮发展。乘着互联网产业发展东风，如前文所述，在当时充值并不算便利的背景下，连连自主研发了中国第一代手机话费 在线充值系统——空中充值，解决了消费者手机充值不便和充值卡面值限制的问题。2009年，连连数字正式成立。随后，201 ...

Core Insights - The core viewpoint of the articles highlights the recognition of Lakala as a leading player in the digital payment sector, reaffirming its strong market position and commitment to innovation and compliance in operations [1][2]. Group 1: Company Recognition - Lakala has been ranked 74th in the "Top 100 Chinese Internet Enterprises Comprehensive Strength Index (2025)" released by the China Internet Association, marking its seventh consecutive year in the top 100 [1]. - The evaluation criteria for the top 100 include seven dimensions: scale strength, profitability, innovation capability, growth capability, risk control capability, social responsibility, and corporate credit, reflecting the overall development status of Chinese internet enterprises [1]. Group 2: Business Strategy - In 2025, Lakala aims to promote digital payment, share digital technology, and realize data value, focusing on strengthening its core payment business [2]. - The company is accelerating the integration of payment services with SaaS and AI, systematically promoting AI applications in merchant services, enterprise operations, and risk control [2]. - Lakala is building a digital service system centered on "Payment + SaaS + AI," enhancing merchant service efficiency and resilience, and supporting the digital upgrade of the real economy [2].

由三亚市人民政府主办，《财经》杂志、财经网、《财经智库》、三亚中央商务区管理局、三亚经济研 究院承办的"三亚·财经国际论坛暨第五届三亚财富管理大会"12月27日在海南三亚举行，主题为"海南自 贸港未来定位及三亚新机遇"。 12月27日，杭州乒乓智能技术有限公司（PingPong）合伙人罗永龙在大会上表示，海南需从当前的"通 道经济"转向可持续的"枢纽经济"，其关键在于优化"软环境"与能留住人才的产业生态构建。 罗永龙指出，PingPong致力于以数字支付为底座服务中国企业出海，并通过全球的合规牌照网络，以及 与百余家全球头部银行的链接，为中国企业出海提供端到端的支付解决方案。他谈到，海南的吸引力在 于其独特的EF账户体系，能为经常项目项下，特别是货物贸易带来全球资金归集与分发的便利。 罗永龙认为，海南自贸港不必简单复制长三角、珠三角的产业带模式，而可凭借其独特的"第五航 权"、"第七航权"及港口条件，发展高效跨境电商模式。他举例指出，海南的热带农产品(000061)出口、 乐城国际医疗先行区的进口医药产品发展潜力巨大，以及通过游客流量转化电商复购流量，均是特色产 业机遇。 他强调，所有金融皆需为实体服务，海南 ...

Core Insights - The company reported a revenue of HKD 369 million for the six months ending September 30, 2025, representing a year-on-year increase of 36.12% [1] - The company experienced a loss attributable to shareholders of HKD 14.177 million, a shift from a profit of HKD 1.972 million in the same period last year, resulting in a basic loss per share of HKD 0.123 [1] Revenue Contributions - The revenue from the entity and digital banking business increased by approximately HKD 83.3 million to about HKD 90.1 million, primarily due to the consolidation of Ant Bank (Macau) into the group's financial statements for the entire six-month period [1] - Interest income from personal and corporate customer loans, interbank deposits, and financial notes issued by the Monetary Authority of Macau contributed approximately HKD 70.8 million, along with service fees and commission income of about HKD 19.3 million [1] - The net interest income generated from the entity and digital banking business was approximately HKD 20 million during the six-month period [1] Digital Payment and Related Services - Revenue from digital payment and related services, including local consumer services and payment hardware supply, increased by approximately HKD 10.1 million to about HKD 148 million, driven by an increase in inbound travelers to Macau and promotional activities [2] - The growth in marketing technology services in Macau also contributed to the revenue increase during the six-month period [2] Lottery Business - Revenue from the lottery business increased by approximately HKD 4.6 million to about HKD 131 million, mainly due to the resumption of instant ticket supply by the Chinese lottery regulatory authority [2] - This led to an increase of approximately HKD 7.2 million in revenue from offline lottery agency services and other comprehensive services [2]

Core Viewpoint - Lianlian Digital (02598.HK) announced a series of senior management appointments, including the upcoming resignation of CEO Xin Jie in March 2026, who will continue as an advisor, while founder Zhang Zhengyu will take over as CEO [1][2] Management Changes - Xin Jie will resign as CEO in March 2026 for personal reasons but will remain as an advisor for ecosystem and capital operations [1] - Zhang Zhengyu, the current chairman and founder, will officially assume the CEO role in March 2026 [1] - The company has introduced a co-president system, appointing Shen Enguang and Sun Dali as co-presidents starting November 11, 2025 [2] Strategic Focus - Zhang Zhengyu will lead the company into a new phase of global digital payments driven by advanced technologies such as AI and blockchain [2] - Shen Enguang will focus on global business expansion, while Sun Dali will enhance domestic market capabilities [2] Company Background and Performance - Lianlian Digital was established in 2009 and obtained a payment license from the central bank in 2011, offering services in over 100 countries and supporting transactions in more than 130 currencies [3] - The company holds 66 payment licenses globally and a virtual asset trading platform license from the Hong Kong Securities and Futures Commission [3] - In 2024, Lianlian Digital reported a total payment volume (TPV) of 3.30 trillion RMB, a year-on-year increase of 64.7%, with total revenue of 1.315 billion RMB, up 27.9%, and adjusted net profit improving from a loss of 403 million RMB to a profit of 78.7 million RMB [3]

Core Viewpoint - Lakala is seeking to list on the Hong Kong Stock Exchange to enhance its international development strategy and strengthen its global competitiveness, despite facing challenges such as declining performance and compliance issues [1][5]. Group 1: IPO and Strategic Goals - Lakala has submitted an application for a main board listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" share listing structure [1]. - The funds raised from the IPO will primarily be used for license expansion, overseas market growth, technology enhancement, and strategic investments [1]. Group 2: Shareholder Actions - Founder Sun Haoran has completed a share reduction plan, selling a total of 1.927 million shares for approximately 500 million yuan [2]. - Lenovo Holdings, the largest shareholder, plans to reduce its stake by up to 23.64 million shares over three months, continuing a trend of share reductions since Lakala's listing [4]. Group 3: Market Position and Financial Performance - In 2024, China's digital payment market is projected to reach approximately 331.7 trillion yuan, with Lakala holding a 9.4% market share among independent digital payment service providers [3]. - Lakala's revenue has fluctuated significantly, with a decline in net profit from -1.438 billion yuan in 2022 to 351 million yuan in 2024, reflecting ongoing challenges in the digital payment sector [5][6]. Group 4: Operational Challenges - The company reported a 7.32% year-on-year decline in revenue for the third quarter, attributed to a decrease in digital payment income and overall pressure on card payments [5][6]. - The total transaction volume for Lakala's domestic and cross-border payment services reached 2.99 trillion yuan in the first three quarters, with a notable increase in cross-border payments [7]. Group 5: Compliance and Industry Outlook - Lakala has faced multiple compliance issues since its listing, with fines exceeding 16 million yuan due to inadequate customer due diligence and transaction management [8]. - The company is attempting to transition from traditional payment services to comprehensive fintech solutions, but the effectiveness of this strategy remains to be seen [9].

Core Viewpoint - Lakala Payment Co., Ltd. has submitted its application for a secondary listing on the Hong Kong Stock Exchange, marking its pursuit of an "A+H" listing amid ongoing compliance issues and declining profits [1][2]. Group 1: Compliance Issues - Lakala has faced multiple compliance problems since its IPO in 2019, including illegal data practices by its subsidiary, Koala Credit, which led to significant penalties and the eventual cancellation of its credit business license [3]. - In 2023, Lakala was involved in a "code jumping" scandal, resulting in a need to refund approximately 1.378 billion yuan and incurring fines for failing to meet customer identity verification obligations [3][4]. - The company has been penalized multiple times by the People's Bank of China for various violations, including a fine of 4.06 million yuan in September 2024 for not adhering to merchant real-name registration requirements [3][4]. Group 2: Financial Performance - Lakala's net profit has been under pressure, with figures showing a decline from 10.83 billion yuan in 2021 to a projected 3.51 billion yuan in 2024 [2]. - The company's revenue for Q3 2023 was 4.07 billion yuan, a year-on-year decrease of 7.33%, while the net profit for the same period fell by 33.9% to 339 million yuan [2]. - The revenue from digital business solutions has been declining, with figures of 2.85 billion yuan in 2022 dropping to 1.31 billion yuan in the first half of 2025, indicating a downward trend in this segment [5]. Group 3: Strategic Direction - Lakala is attempting to transition from traditional payment services to comprehensive fintech solutions, positioning itself as a leading provider of digital payment services and business solutions in Asia [5]. - The company’s revenue composition shows that digital payment services have consistently accounted for over 80% of total revenue, while other segments like terminal sales and factoring services have seen a decline [6].

Core Viewpoint - Lakala is seeking to list its shares on the Hong Kong Stock Exchange, aiming for an "A+H" share structure, amidst challenges of declining revenue and net profit, as well as shareholder reductions, while focusing on international expansion and a "Payment+" transformation strategy [4][22]. Company Background - Lakala, originally founded as QianKun Times in January 2005, transitioned to its current brand in 2009 and became a public company in 2019. It has established itself as a leading independent digital payment service provider in China, primarily serving small and medium-sized merchants [5][6]. Revenue Challenges - Despite leading market share, Lakala has faced significant revenue fluctuations, with a reported revenue of RMB 59.28 billion in 2023, a slight decrease to RMB 57.54 billion in 2024, and a further decline of 11.2% in the first half of 2024 [7][8]. The company reported a total revenue of RMB 40.7 billion for the first three quarters of 2024, down 7.33% year-on-year [8]. Profitability Analysis - Lakala's net profit has shown considerable volatility, with figures of -RMB 14.38 billion in 2022, RMB 4.57 billion in 2023, and RMB 3.51 billion in 2024. The first half of 2024 saw a 45% decline in net profit compared to the previous year [13][18]. The decline is attributed to reduced revenue from its core digital payment services due to changing customer payment habits and stricter merchant entry standards [13][22]. Margin Insights - The overall gross margin improved from 22.8% in 2022 to 29.9% in 2024, with digital payment services' gross margin rising from 20.2% to 27.2% during the same period. However, the gross profit for the first half of 2024 decreased by 32.6% year-on-year [9][10]. Shareholder Dynamics - Lakala has experienced significant shareholder reductions, with major shareholders like Lenovo Holdings and Sun Haoran reducing their stakes in the company. This has raised concerns about the company's financial stability [21][22]. Regulatory Environment - The implementation of the "Non-Bank Payment Institutions Supervision and Management Regulations" in May 2024 has increased compliance pressures, potentially leading to higher operational costs and stricter business limitations [22][23]. Strategic Focus - Lakala is focusing on international expansion and platform-based operations, planning to use the funds raised from the Hong Kong listing to enhance its overseas market presence and technological capabilities. The company reported a 70.4% year-on-year increase in cross-border payment business clients [23][25]. Industry Trends - The payment industry is shifting towards platform-based solutions, with a growing emphasis on cross-border payments and integrated service offerings. Lakala aims to adapt to these trends to remain competitive in a rapidly evolving market [25].

Core Viewpoint - The company Lakala, once a leader in the digital payment sector, is facing significant challenges as it prepares for its IPO in Hong Kong, with declining revenues, increasing complaints, and compliance issues overshadowing its market position [1][3][25]. Group 1: Company Performance - Lakala claims to be a leading digital payment and business solutions provider in Asia, with a market share of 9.4% in the independent digital payment service sector, amounting to over 4 trillion yuan in total payment volume for 2024 [5][4]. - The company's revenue from 2022 to 2024 shows a decline, with figures of 5.361 billion yuan in 2022, 5.928 billion yuan in 2023, and 5.754 billion yuan in 2024, while profits fluctuated from a loss of 1.438 billion yuan in 2022 to a profit of 457 million yuan in 2023, and a profit of 351 million yuan in 2024 [7][10]. - In the first three quarters of 2025, Lakala reported a revenue of 4.068 billion yuan, a year-on-year decrease of 7.32%, and a net profit of 339 million yuan, down 33.9% year-on-year, attributed to pressures in the bank card payment business [8][11]. Group 2: Business Structure and Challenges - The company’s core digital payment services account for 89% of its revenue, indicating a heavy reliance on a single business line that is facing industry growth bottlenecks [11]. - Lakala's cross-border payment business saw a significant increase of 77.56% year-on-year in the first three quarters of 2025, reaching 60.2 billion yuan, but this still represents less than 2% of the company's total payment volume [11]. - The company has acknowledged potential liquidity risks due to net current liabilities recorded as of December 31, 2022, and June 30, 2025, which may limit operational flexibility [11]. Group 3: Compliance Issues - Lakala is currently facing a compliance crisis, with over 100,000 complaints filed on the Black Cat Complaint platform, highlighting issues such as unauthorized fees and poor service [26][30]. - The company has been penalized multiple times for regulatory violations, including a fine of 2.5 million yuan for various infractions related to transaction management and customer due diligence from 2022 to June 2025 [33][34]. - Recent fines include 250,000 yuan for violations of acquiring business management regulations and 4.06 million yuan for failing to meet customer identification requirements [33][34]. Group 4: Shareholder Actions - The founder's family and early investors are reducing their stakes in Lakala, with significant sell-offs by major shareholders, including a total cash-out of 493 million yuan by the founder's brother [16][19]. - Lenovo Holdings, the largest shareholder, has also been gradually reducing its stake, from 26.54% to 23.54%, raising concerns about the company's attractiveness to investors [19][22].

Core Viewpoint - The article discusses the challenges faced by Lakala, a prominent player in the digital payment industry, as it prepares for its IPO in Hong Kong amidst declining performance, compliance issues, and significant shareholder exits [1][2][3]. Group 1: Performance Decline - Lakala's revenue and net profit have shown a downward trend, with revenues of 5.361 billion RMB in 2022, 5.928 billion RMB in 2023, and a projected 5.754 billion RMB in 2024, while net profits were -1.438 billion RMB, 0.457 billion RMB, and 0.351 billion RMB respectively [4][6]. - In the first three quarters of 2025, Lakala reported a revenue of 4.068 billion RMB, a year-on-year decrease of 7.32%, and a net profit of 0.339 billion RMB, down 33.9% year-on-year [6][11]. - The company attributes its revenue decline to pressure on its card payment business, with digital payment revenue decreasing by 7.63% [6][11]. Group 2: Shareholder Exits - The article highlights significant shareholder exits, including the complete divestment of the founder's brother, Sun Haoran, who has sold shares worth 493 million RMB [16][20]. - Lenovo Holdings, the largest shareholder, has also reduced its stake from 26.54% to 23.54%, cashing out approximately 580 million RMB [20][23]. Group 3: Compliance Issues - Lakala faces a severe compliance crisis, with over 100,000 complaints on the Black Cat Complaint platform regarding service issues and unauthorized charges [26][27]. - The company has been fined multiple times for regulatory violations, including a fine of 2.5 million RMB for various infractions related to payment processing and customer due diligence [36][38]. - The cumulative fines from 2022 to mid-2025 amount to 16.76 million RMB, indicating significant operational challenges [38]. Group 4: Future Outlook - Lakala is attempting to pivot towards cross-border payments, which saw a 77.56% increase to 60.2 billion RMB in the first three quarters of 2025, but this still represents less than 2% of its total payment volume [11][12]. - The company acknowledges potential liquidity risks and challenges in maintaining profitability, raising concerns about its financial health as it seeks to expand through its IPO [11][12].