9923.HK
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.

To subscribe to Bamboo Works weekly free newsletter, click  here

Recent Articles

INDUSTRY BRIEF: Changan-Dongfeng merger crashes

A long-rumored merger between Changan Automobile and Dongfeng Motor has officially collapsed after nearly four months of speculation. Changan Automobile Co. Ltd. (000625.SZ) announced on Thursday that its parent, China…
Qudian abandons last mile delivery

Qudian: A slow-motion privatization?

The company said it is contemplating winding down its last-mile delivery service after stiff competition caused its revenue to plunge in the first quarter Key Takeaways: Qudian’s revenue fell by…

BRIEF: Greentown sales rise in May

Property developer Greentown China Holdings Ltd. (3900.HK) on Thursday reported its sales totaled 18.6 billion yuan ($2.59 billion) in May, up 14% year-over-year and up by an even stronger 60%…
Yeahka secures bridgehead in U.S. payments market

Yeahka secures bridgehead in U.S. payments market

The Chinese fintech has cleared one of many regulatory hurdles to enter the U.S. digital payments business after gaining a state-level operating license Key Takeaways: After getting U.S. federal clearance,…