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    Two "stranded" cards can not be listed in the heart: La Cala renewed the prospectus

    2019-03-14 00:38:08

    Daily Economic News Xiaole

    New progress has been made in the listing of third-party payment company La Cala. On March 12, the SFC website published a revised prospectus for Lakara.

    According to the prospectus, in 2018, Lacala’s operating income and net profit reached 5.679 billion yuan and 606 million yuan respectively.

    The "Daily Economic News" reporter noted that Lacala's listing road has been going on for a long time. In February 2016, it tried to list the Tibet tourism curve, but it was stranded because it did not comply with relevant regulatory requirements. In March 2017, the prospectus was disclosed and it was planned to land on the GEM. In September 2017, it was suspended. If the listing is successful, Lakara will issue no more than 40,100 shares, and the proceeds will be used for third-party payment industry upgrade projects.

    Gross profit margin has fallen in recent years

    The prospectus shows that Lacala’s performance has grown steadily in the last three full years. From 2016 to 2018, Lacala's revenue was 2.56 billion yuan, 2.785 billion yuan, 5.679 billion yuan, and net profit reached 326 million yuan, 464 million yuan, and 606 million yuan.

    In May 2011, Lakara obtained the “Payment Business License” issued by the central bank, and obtained business licenses such as national receipt, online payment, TV payment, and prepaid card acceptance. Since 2012, Lacala has fully entered the enterprise acquiring service market. In 2014, the size of merchants in the acquiring business increased rapidly, from 190,000 to 1.17 million. By the end of 2018, the number of Lahakara acquiring merchants reached 9.63 million. In 2018, the transaction amount of the acquisition was 3.65 trillion yuan, and the total revenue reached 5.679 billion yuan. At present, the largest shareholder of Lacala is Legend Holdings (Hong Kong stocks 03396), and there is no actual controller. As of the date of the issuance of the prospectus, Legend Holdings holds 31.38% of the shares in Lacala.

    The acquiring business refers to the acceptance of the bank card acceptance agreement between the acquiring institution and the special merchant. After the special merchant accepts the bank card according to the agreement and concludes the transaction with the cardholder, it provides the transaction fund settlement service for the special merchant, and the acquiring institution passes the merchant to the merchant. The fee is charged.

    The prospectus details Lagala's acquiring business process. First, through the self-operated model and the channel expansion model of the merchant expansion service organization, Lacala conducts business expansion, and then conducts screening and evaluation of merchants, selects eligible merchants and signs an acquisition business agreement with them, and completes the contracted merchants with POS machines. For the entrance, the bank card acquiring business is carried out through the trading system provided by La Cala, and the signing merchant pays the handling fee to Lakara according to the daily trading business data and the contracted rate. The billing service fee is determined by the acquiring institution and the merchant to determine the specific rate. According to the figures disclosed in the prospectus, the average net rate of Lacala from 2016 to 2018 was 0.12%, 0.12%, and 0.14%, respectively.

    In addition to the acquiring business, Lakara also conducts personal payment services, but the proportion is small. From 2016 to 2018, the company's personal payment income was 132 million yuan, 94.789 million yuan, and 108 million yuan, accounting for 5.16%, 3.41% and 1.9% of the company's revenue respectively. Lacala admits that in the personal payment business, users are accustomed to gradually change from offline credit card payment to mobile payment. As a result, the company's convenience transaction volume and revenue provided by convenience store self-service terminals have declined to some extent. In response to this situation, the company has carried out a strategic transformation, focusing on small and medium-sized businesses, and vigorously developing the acquiring business.

    The reporter noted that Lara's revenue growth in 2018 is much larger than that in 2017, while net profit growth is not as good as 2017. In 2017 and 2018, revenue growth was 9% and 104%, respectively, and net profit increased by 42%. And 31%. Behind this, Lacala's gross profit margin has been declining for two consecutive years. According to the prospectus, the gross profit margin of Lacala's main business is 72.23%, 55.4% and 44.85%, respectively, from 2016 to 2018. Since the second half of 2015, Lacala has used its own funds for credit business to provide consumer credit services for small and micro enterprises and individual users. In 2016, Lacala divested this part of the business, resulting in a decline in gross profit margin in 2017. In 2018, due to the increase in the level of distribution of channel service agencies, gross profit margins further declined.

    Lakara said that the divested microfinance business is a capital-intensive business, and there are certain differences between the industry supervision, business management, risk management, capital operation and other third-party payment services, resulting in an increase in the company's management scope and reduced operational efficiency. The divestiture will help to further focus on the third-party payment industry.

    The road to listing has been twisted and twisted

    Lacala’s listing has been around for a long time. In February 2016, Lakara tried to list the tourism curve of Tibet, but the plan was stranded. In October 2016, Sun Taoran, Chairman of Lakara, told the media: “Listing is an adult gift of the company. When the company develops to a certain stage, it will have a listing demand. Before Lacala designed a road to dock the capital market, it was in line with all the time. Regulatory rules, but after the new regulations were released, the original plan was terminated without complying with the relevant rules."

    In March 2017, the Lacala prospectus was pre-disclosed and plans to land on the GEM. In September 2017, Lakara was unable to continue the review process due to incomplete documentation, and the review was suspended.

    According to the latest public disclosures, the A-share listed companies merged and reorganized the target companies and the companies that have applied for IPOs and have completed the pre-disclosure are mainly involved in third-party payment: Guangdong Heli, linkage advantage, Shanghai Mandao (Baofu Network), Haike Rongtong Shanghai is rich, and in addition, Remittance World (Hong Kong stock 01806) has been listed on the Hong Kong Stock Exchange.

    Lacala pointed out in the prospectus that the third-party payment industry is in a period of rapid development, industry regulatory policies are gradually improving, new technologies are emerging, and companies offering similar products or services in the market are increasing. Many factors are driving the third-party payment industry. The competitive environment has changed significantly.

    According to the China Payment and Clearing Industry Operation Report (2018), the People's Bank of China issued a total of 271 non-bank payment institutions and 28 cancellations from the first payment of non-bank payment institutions. The report also pointed out that as of the end of 2017, 218 corporate payment agencies had a total of 1,541 branches, and Internet payment, bank card receipt and prepaid card acceptance services covered all prefecture-level cities across the country, and the number of employees and operating income began to take shape.

    Hot searchLakara Prospectus Third party payment

    Editor in charge: Fu Jianqing RF13564

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