Yeahka’s Portfolio Company Fshi Technology Receives Further Funding of Hundreds of Million RMB to Accelerate Development of Open SaaS Strategy

Dec 15, 2021 | Business

Yeahka (09923.HK)’s portfolio company Fshi Technology (Shenzhen) Co., Ltd (“Fshi Technology”), announced the completion of its Series B funding. It is reported that the investor of this financing round is RYK Capital Partners Limited, with an investment amount of US$21 million (RMB134 million).

The proceeds will be put towards general working capital, product development, marketing, daily liquidity needs as well as acquisitions. This round of funding for Fshi Technology was its third round of financing this year, following its over RMB 100 million Series A funding in February and nearly RMB100 million in Series A+ funding in March.

Meanwhile, Fshi Technology announced the acquisition of 60% equity of Shenzhen Zhizhanggui Cloud Service Co., Ltd. (“Zhizhanggui”) by means of cash and newly issued equity. According to Fshi Technology, the acquisition of Zhizhanggui will equip it with the standardized infrastructure of “hardware + software,” which will become the cornerstone for Fshi’s development. It will further accelerate the development of its open SaaS strategy through integrating mature SaaS modules into offline merchants.

After the completion of the Series B funding and the acquisition of Zhizhanggui’s equity, Fshi Technology will focus on market expansion. It will increase its market share by exploring merchants’ demands and refining its products and services. To promote digital transformation, Fshi Technology will provide merchants with one-stop smart operation solutions, covering areas such as payment, marketing, management and other intelligent business solutions, through the use of payment as an entry point and deployment of scenario-based solutions, AI and Big Data analytics.

According to public information, Fshi Technology was established in 2016 and is committed to becoming China’s largest one-stop digitalized platform for merchants. Its SaaS open platform “Haoshengyi” has integrated with various SaaS industry applications including CRM and marketing. It has penetrated into various use case scenarios including food and beverage, retail, apparel, lifestyle services, and entertainment, providing comprehensive SaaS products and services ranging from membership management, food ordering, kitchen management, supply chain management, fintech to interactive marketing, etc.

In 2019, Hong Kong-listed Yeahka (09923.HK) invested in Fshi Technology, making it a key member of Yeahka’s ecosystem. Through “Haoshengyi,” its merchant SaaS digital platform, Fshi Technology explores merchants’ needs and provides services to merchants together with Yeahka.

Leveraging the management experience and technological capabilities of Yeahka, Fshi Technology has also further strengthened the product matrix of “Haoshengyi” and team management, enabling it to provide in-depth digital services to more merchants. The completion of Series B funding fully demonstrates the potential of the merchant services market and the potential of Fshi Technology’s SaaS digital platform.

Currently, Fshi Technology’s “Haoshengyi” open platform has covered 30+ cities and regions and served over 700,000 merchants.

This round of funding has given Fshi Technology strong capital backing, and the acquisition of Zhizhanggui has further optimized its product matrix. The continued expansion of capital resources will further strengthen the financial capabilities of Fshi Technology and expand its business, enabling Yeahka to provide better services to merchants and consumers as well as to develop a more sustainable technology-enabled business model.






Topic: Press release summary

Sectors: Cards & Payments, Cloud & Enterprise


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Yeahka’s Associated Company Fushi to Acquire 60% of Shenzhen Zhizhanggui Cloud Service

May 10, 2021 | Business

Yeahka Limited (HKG: 9923), a leading payment-based technology platform in China, announced that Shenzhen Zhizhanggui Cloud Service Co., Ltd. (“Zhizhanggui”) and Shenzhen Leshou Cloud Technology Co., Ltd. (“Leshou”), both indirect wholly-owned subsidiaries, have entered into a legally non-binding memorandum of understanding with Fushi Technology (Shenzhen) Co., Ltd. (“Fushi Technology”), an associated company in which Yeahka holds an approximate 47.58% equity interest through indirect subsidiaries, regarding the potential disposal of Leshou’s 60% equity interest in Zhizhanggui to Fushi Technology (the “Potential Disposal”).

Based on Zhizhanggui’s valuation of approximately RMB336.5 million, Leishun’s potential disposal equates to a consideration of approximately RMB201.9 million, of which gains before tax are expected to realize more than RMB200 million.

Fushi Technology is an important member of Yeahka’s ecosystem, expanding its merchant base and providing SaaS and other services to more than 420,000 merchants, with peak transactions over 8,380,000 as of March 31, 2021. Through the acquisition of Zhizhanggui, Fushi will obtain a cornerstone “hardware + software” standardized infrastructure and further accelerate its open-SaaS strategy by integrating established SaaS modules with offline merchants.

Not only will the historical investment in Zhizhanggui yield significant returns as the single largest shareholder, but Fushi Technology will be able to focus on asset-light, industry-agnostic SaaS solutions such as Yuehuiquan, an underlying blockchain technology-based solution that enables merchants to interact with private domain traffic.
Fushi Technology, in association with Yeahka, will continue to strengthen its SaaS portfolio, while Yeahka remains committed to establishing a commercial, digitalized ecosystem.

About YEAHKA LIMITED (9923.HK)
Yeahka Limited is a leading payment-based technology platform in China providing payment and technology-enabled business services to merchants and consumers. The Company was listed on The Stock Exchange of Hong Kong Limited in June 2020 under the stock code 09923.HK. The Company’s value proposition is to create a commercial digitalized ecosystem that enables seamless, convenient and reliable payment transactions between merchants and consumers and further offer a rich variety of technology-enabled business services, including (i) merchant SaaS products, which help customers improve their operational efficiency, (ii) precision marketing services, allowing customers to effectively reach their target markets, and (iii) fintech services, which cater to customers’ diverse financial needs. Visit Yeahka.com.


Topic: Press release summary