Core Viewpoint - Shenzhen New Guodu Co., Ltd. (New Guodu) has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with CITIC Securities as the sole sponsor. The company has sold over 50 million electronic payment devices globally in the past 15 years, establishing a presence in most countries and regions worldwide [1][6]. Company Overview - New Guodu is a leading payment technology service provider in China, covering the entire payment technology industry chain. The company offers integrated end-to-end digital payment technology solutions through a dual-engine strategy of "payment hardware + payment services" [4][15]. - The company has established a diversified payment product and service system, providing solutions to a wide range of ecosystem participants, including financial institutions, licensed acquirers, SMEs, and e-commerce platforms [4][6]. Global Expansion Strategy - New Guodu is advancing its global hardware business strategy, optimizing its overseas sales network, and enhancing product innovation to strengthen its competitive position in key international markets, particularly in India, Europe, and Japan [6][7]. - The company has achieved a leading position in the Indian payment hardware market and is continuously enhancing its local operational capabilities in overseas markets for deeper penetration and sustainable growth [6][7]. Financial Performance - For the fiscal year ending December 31, 2022, New Guodu reported revenues of RMB 4.314 billion, with a gross profit of RMB 1.038 billion, resulting in a gross margin of 24.1% [10][11][13]. - The company’s revenue for the first half of 2024 is projected to be RMB 1.576 billion, with a gross profit of RMB 676.676 million, indicating a gross margin of 42.9% [10][11][13]. Product and Service Offerings - New Guodu's services include card acceptance, QR code acceptance, and value-added digital solutions, catering to over 20 million customers across various industries and sizes [6][10]. - The company has strategically expanded into cross-border payment and global acquiring businesses, obtaining licenses in Luxembourg, Hong Kong, and the United States to support these operations [7][10]. Technological Investment - The company is increasing its strategic investment in cutting-edge technologies, particularly AI, to enhance operational efficiency and diversify its revenue sources [9][10]. - New Guodu has launched its first AI-driven product tailored to meet specific industry needs, achieving initial commercialization in sectors such as digital marketing and white goods [9][10]. Market Trends - The global payment industry encompasses both hardware and software dimensions, forming the foundation of modern payment ecosystems. The industry includes payment service providers, issuing banks, digital wallets, acquiring banks, and POS terminal manufacturers [15][16]. - The Chinese third-party payment market is expected to grow from RMB 294.6 trillion in 2020 to RMB 331.7 trillion by 2024, with a compound annual growth rate (CAGR) of 3.0% [16][17].

Core Viewpoint - Shenzhen Xinguodu Co., Ltd. (New Guodu) has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company has sold over 50 million electronic payment devices globally over the past 15 years, establishing a presence in most countries and regions worldwide [1][4]. Company Overview - New Guodu is a leading payment technology service provider in China, covering the entire payment technology industry chain. The company offers integrated end-to-end digital payment technology solutions through a dual-engine strategy of "payment hardware + payment services" [4][6]. - The company has established a diverse payment product and service system, catering to a wide range of ecosystem participants, including financial institutions, licensed acquirers, SMEs, and e-commerce platforms [4][6]. Business Highlights - New Guodu has achieved significant milestones, including the sale of over 50 million electronic payment devices globally and the connection of over 1 million terminals to its NEXGO CLOUD platform [6]. - The company has a comprehensive "payment + operation" service system, serving over 20 million customers across various industries and scales [6][7]. Financial Performance - For the fiscal year ending December 31, 2022, New Guodu reported revenues of RMB 4.314 billion, with a gross profit of RMB 1.038 billion and a net profit of RMB 445.54 million. The revenue for the first half of 2023 was RMB 1.576 billion, with a gross profit of RMB 676.68 million [9][10][11]. - The company’s gross profit margin improved from 24.1% in 2022 to 37.8% in 2023, indicating a positive trend in profitability [12][13]. Market Trends - The global payment industry encompasses both hardware and software dimensions, forming the operational foundation of modern payment ecosystems. The industry includes payment service providers, issuing banks, digital wallets, and POS terminal manufacturers [14]. - The Chinese third-party payment market has shown robust growth, with a projected increase in total payment volume (TPV) from RMB 294.6 trillion in 2020 to RMB 331.7 trillion by 2024, reflecting a compound annual growth rate (CAGR) of 3.0% [15]. - The comprehensive digital payment market in China is expected to grow from RMB 192.8 trillion in 2020 to RMB 268.6 trillion by 2024, with a CAGR of 8.6% [17]. Strategic Initiatives - New Guodu is strategically expanding into cross-border payment and global acquiring businesses, having obtained various licenses to support these operations [7]. - The company is investing in AI and other advanced technologies to enhance operational efficiency and diversify its revenue sources [8].