FAST NEWS: JPMorgan boosts Yeahka holdings
The Latest: JPMorgan increased its holdings in digital payments company Yeahka Ltd. (9923.HK) on Feb. 7, buying shares worth nearly HK$6.89 million ($880,000), according to a Hong Kong Stock Exchange disclosure on Wednesday.
Looking Up: Following the purchase, JPMorgan’s Yeahka shareholding rose from 8.02% to 9.57%, giving it close to 10% of the company.
Take Note: JPMorgan also slightly increased its short position in the company, holding a total short position of approximately 30 million shares, accounting for 6.78% of the company’s issued share capital.
Digging Deeper: Yeahka is a payment-based technology platform founded in Shenzhen in 2011 and listed in Hong Kong in 2020. The company ranked first among independent third-party payment institutions in China in 2022 in terms of scan-code payment transactions. Its revenue rose 25.6% in the first half of last year to 2.06 billion yuan ($287 million), but its profit tumbled nearly 60% to 30.4 million yuan. The company began repurchasing its shares on the market last year to support its stock price, buying 3 million shares for HK$45.6 million between January and October last year.
Market Reaction: Yeahka opened flat at HK$12.50 in morning trade and closed down 0.32% at HK$12.46 by the midday break. The shares now trade at the lower end of their 52-week range.
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