On October 17, Lakala Payment Co., Ltd. (A-share code: 300773) announced that it has officially submitted its application for the issuance and listing of overseas listed shares (H-shares) to the Hong Kong Stock Exchange and concurrently published the application materials on the HKEX website.
As of the market close on October 20, Lakala's stock was priced at RMB 23.80 per share, with a market capitalization of RMB 18.756 billion. The announcement disclosed that the H-share issuance is sponsored by CITIC Securities International, with Ernst & Young serving as the auditing firm. It is supported by a comprehensive team of domestic and international legal advisors, ESG consultants, and other professionals. The prospectus indicates that as a provider of digital payment and business solutions, Lakala is projected to have a total payment volume exceeding RMB 40 trillion in 2024, holding a leading market share of 9.4% among independent digital payment service providers.
According to the latest operating data, the company achieved revenue of RMB 2.65 billion in the first half of 2025. Although this figure reflects a year-on-year decline due to a restructuring of operations, the effectiveness of the strategic transformation is notable. Digital payment services remain the core pillar, contributing RMB 2.36 billion or nearly 90% of total revenue; the number of new medium and large clients increased by 900, raising their share to 60% and optimizing the high-margin business portion. Cross-border payments have become a significant growth engine, with transaction volumes reaching RMB 37.1 billion in the first half, a staggering year-on-year increase of 73.5%. Moreover, foreign card transaction volumes experienced a remarkable growth of 210%.
The prospectus specifies that the proceeds from this H-share offering will mainly be used for three purposes: first, to accelerate licensing and overseas market expansion, as the company currently holds core qualifications in 30 countries, including a cross-border payment license in China and the FinCEN MSB license in the USA, with plans to expand localized service nodes in Southeast Asia; second, to enhance technological development capabilities, with a focus on upgrading the blockchain clearing platform and AI intelligent risk control systems, where the current fraud interception rate of its HawkEye risk control system stands at 98.2%; third, for strategic investments and acquisitions, as well as to supplement operating capital.
It’s worth noting that the company's technological service transformation is progressing in tandem, with its SaaS business now serving over 100,000 users. The investment in Tiancai Shuanglong has been consolidated into the financial statements since June, and a significant contribution to the technology sector's revenue is expected in the second half of the year. Currently, Lakala has a global workforce of approximately 5,000, with 55% being technical staff, operating dual centers in Beijing and Shenzhen while establishing overseas offices in Singapore and Malaysia.
However, the announcement also highlights that the issuance and listing are still subject to approvals from multiple departments, including the People's Bank of China, the Hong Kong Securities and Futures Commission, and the China Securities Regulatory Commission, which introduces uncertainty. The company will fulfill its information disclosure obligations based on the progress made, and investors are advised to be mindful of investment risks.
In September 2025, Lakala's third-largest shareholder, Sun Haoran, completed an exit by cashing out a total of RMB 493 million. Concurrently, major shareholder Lenovo Group has also disclosed plans to reduce its holdings, raising concerns in the market regarding the company’s fundamentals and shareholder confidence.