New Stock News | Fuyou Payment submitted applications to the Hong Kong Stock Exchange three times, with a gross profit margin decreasing from 28.4% in 2022 to 25.9% in 2024.

According to the disclosure from the Hong Kong Stock Exchange on May 9, Shanghai Fuiou Payment Service Co., Ltd. (referred to as Fuiou Payment) has submitted for the third time its application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and Shenwan Hongyuan Group (Hong Kong) as its joint sponsors. It is reported that the company had previously submitted listing applications to the Hong Kong Stock Exchange on April 30 and November 8, 2024. The prospectus reveals that Fuiou Payment is a comprehensive digital payment technology platform in China, providing multi-channel digital payment and digital business solutions. According to a Frost & Sullivan report, the company is one of the first in China to offer multi-channel digital payment and digital business solutions, and is also one of the first to obtain a license to conduct cross-border forex payment services. In 2024, the total payment volume (TPV) of China's comprehensive digital payment service market was RMB 268.6 trillion, dominated by three major non-independent comprehensive digital payment service providers, collectively occupying 75.6% of the market share. Based on the 2024 TPV, Fuiou Payment ranked eighth among China's comprehensive digital payment service providers, with a market share of 0.8%. Since its establishment and as of December 31, 2024, Fuiou Payment has processed a TPV of RMB 15.10 trillion, handling over 54.5 billion payment transactions. According to the Frost & Sullivan report, in terms of the number of processed acquiring service transactions, the company ranked first among independent comprehensive digital payment service providers in China in 2024. Fuiou Payment's customers mainly include small and medium-sized merchants and enterprises in different vertical industries, as well as financial institutions. Data shows that the TPV processed on the Fuiou Payment platform increased from RMB 1.73 trillion in 2022 to RMB 2.08 trillion in 2024, with a compound annual growth rate of 9.7%. The number of transactions processed on the platform increased from 8.6 billion in 2022 to 14.3 billion in 2024, with a compound annual growth rate of 28.8%. During the historical period, the company's operating expenses as a percentage of revenue showed a decreasing trend, from 22.1% in 2022 to 19.0% in 2024. For the years 2022, 2023, and 2024, Fuiou Payment's revenue was approximately RMB 1.142 billion, RMB 1.506 billion, and RMB 1.634 billion respectively; and net profits for the same periods were RMB 71.165 million, RMB 92.984 million, and RMB 84.325 million respectively. Fuiou Payment mentioned that the company's gross profit margin decreased from 28.4% in 2022 to 25.2% in 2023, mainly due to a decrease in the gross profit margin of domestic payment services from 23.1% in 2022 to 21.1% in 2023, attributed to an increase in transaction volume leading to higher acquiring service commissions, as part of a pricing strategy to enhance cooperation with channel partners, some channel partners received higher commission rates in 2023; the gross profit margin of cross-border digital payment services decreased from 48.9% in 2022 to 36.3% in 2023, mainly due to market competition leading to a decrease in service fees and an increase in commissions.