On March 3, the WeMoney Research Office learned from the Hong Kong Stock Exchange that Lianlian Digital Technology Co., Ltd. *** hereinafter referred to as "Lianlian Digital") passed the listing hearing on the main board of the Hong Kong Stock Exchange, with CICC and JPMorgan Chase as its joint sponsors.
According to the latest prospectus, in the first three quarters of 2023, Lianlian Digital's total revenue increased from 53.2 billion yuan, an increase of 384% to 73.7 billion yuan, which is close to the annual revenue scale in 2022. From 2020 to 2022, Lianlian's operating income was 58.9 billion yuan, 64.4 billion yuan, 74.3 billion yuan, of which digital payment services accounted for ., respectively8%。
LianLian Digital's main business is digital payment services and digital value-added services. It is understood that the digital payment business takes the rate as the main business model, which depends on the scale effect of the transaction, that is, TPV, which is usually the basic revenue of payment companies. The total amount of digital payment services ("TPV") in the first three quarters of 2023 was 131 trillion.
Lianlian Digital is still in the red, with an operating income of 7In the case of 3.7 billion yuan, its net profit attributable to the parent company was -60.8 billion yuan. In terms of assets, in the same period, although Lianlian Digital had total assets of 102100 million yuan, but net assets are only 56.9 billion yuan.
For the years ended December 31, 2020, 2021 and 2022 and for the nine months ended September 30, 2023, the total revenue generated by the top five customers during each of the reporting periods was RMB61.1 million, RMB71.7 million, RMB63.1 million and RMB70.5 million, respectively, accounting for .. of the Company's total revenue5% and 96%。
It is understood that Lianlian Digital was established in February 2009 as a third-party payment service provider, entered the cross-border payment business in 2016, and established a global payment network with a global license.
According to Frost & Sullivan, LianLian Digital is one of the first digital technology companies in China to offer a wide range of payment solutions globally, and is the largest independent digital payment solution provider in China in terms of TPV (Total Payment Value for Digital Payment Services) in 2022, with a market share of 91%。As of the end of December 2023, LianLian Digital has established 16 overseas offices in nine countries and regions, holding 64 payment licenses. With a global license layout and cooperation with business partners, LianLian Digital is able to provide customers with services for carrying out ** activities on global and regional e-commerce platforms, covering more than 100 countries and regions and supporting transactions in more than 130 currencies.
Lianlian Digital has had multiple rounds of financing before the IPO, including investments from Everbright Investment, Cybernaut, Sequoia China, CICC Capital, Taikang Insurance and other institutions, raising more than 4.1 billion yuan in the primary market, and its valuation has increased by nearly 266% from 4 billion yuan in 2018 to 15 billion yuan in 2020.
As early as December 2020, Lianlian Digital started the listing of the Science and Technology Innovation Board, and plans to enter the A-share Science and Technology Innovation Board. Lianlian Digital said in the Hong Kong stock IPO application draft that in order to further expand the company's global business, and considering that the Hong Kong Stock Exchange can provide the company with an international platform to obtain foreign capital and absorb various types of overseas, the company voluntarily decided not to continue to promote the previous A-share IPO in the first half of 2023, and instead sought to list in Hong Kong.
In addition, in addition to Lianlian Digital, in recent years, Shanghai Fuyou Payment Service Co., Ltd. *** Hangzhou Ping Pong Intelligent Technology *** cross-border payment company has launched its IPO work. (Jiang Linyan, edited by WeMoney Research Office).