According to the Hong Kong Stock Exchange's disclosure on October 17, Lakala Payment Co., Ltd. (abbreviated as: Lakala, 300773.SZ) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor.

According to the prospectus, Lakala is a leading digital payment and digital business solutions provider in Asia. The company uses payment as an entry point, driven by technologies such as big data, blockchain, and artificial intelligence, and combines business insights formed from years of industry accumulation to build a widely distributed digital operation service system, becoming an important partner for small and medium-sized merchants and industry clients to conduct business globally and achieve commercial success.

The company has a prominent market position and brand advantage in China's digital payment market. According to Frost & Sullivan, the total payment amount in China's digital payment market is expected to reach approximately RMB 331.7 trillion by 2024, with independent digital payment service providers accounting for RMB 45.7 trillion. By 2024, the company's total payment amount is expected to exceed RMB 4.0 trillion, with a market share of 9.4% among independent digital payment service providers, ranking first in this segment.

Small and medium-sized merchants and industry clients are the main service targets. The company provides a one-stop payment solution covering online, offline, domestic, and overseas transactions through its self-developed technology system, helping clients securely, efficiently, and easily handle payment needs across different business scenarios, payment methods, and transaction currencies. The company is also actively promoting the innovative application of digital currencies and assisting clients in achieving full-chain digital operations through comprehensive digital business solutions. As clients' globalization processes deepen in recent years, the company continues to expand its service scope and has built a global operational system to support clients' global operations.

With multi-track compliance settlement, vertical SaaS capabilities, overseas bank cards and cross-border networks, as well as data-driven risk and operations, the company has rapidly grown into a leading digital payment and end-to-end digital solutions provider in Asia. Service providers in the digital payment market are divided into two categories: independent and non-independent digital payment service providers. Independent digital payment service providers are those not owned or controlled by financial institutions and do not heavily rely on related parties (such as large e-commerce platforms or social media platforms) for business contributions. By 2024, the company is expected to rank first among independent digital payment and end-to-end digital solutions providers in Asia in terms of total payment amount, with a market share of 1.1%.

In 2024, the total payment amount contributed by independent digital payment service providers in China is expected to be RMB 45.7 trillion. Measured by total payment amount, the company is projected to be the largest independent digital payment service provider in China in 2024, with a market share of 9.4%. The independent sub-market remains fragmented, and the company's leading position reflects its extensive channel connectivity capabilities, compliant settlement services, vertical SaaS capabilities, and nationwide merchant network In terms of total payment volume, the company is also the largest independent digital payment service provider in China's integrated acquiring market for 2024, with a market share of 11.7%. It is also the largest independent digital payment service provider in the QR code integrated acquiring market, with a market share of 9.3%.

In terms of performance, the company achieved revenues of approximately RMB 5.361 billion, RMB 5.928 billion, RMB 5.754 billion, and RMB 2.647 billion for the six months ended June 30 in 2022, 2023, 2024, and 2025, respectively. During the same period, the profit/loss for the year/period was approximately RMB -1.438 billion, RMB 0.457 billion, RMB 0.351 billion, and RMB 0.229 billion.