The Hong Kong Stock Exchange may welcome the first B2B cross-border payment listed company.
According to the official website of the Hong Kong Stock Exchange, Extransfer Limited (hereinafter referred to as “XTransfer”) officially submitted an application for an IPO and plans to be listed on the main board of the Hong Kong Stock Exchange. UBS Group and CICC are its joint sponsors.
The prospectus shows that XTransfer has become the world’s largest B2B cross-border trade payment platform with a scale of US$60.516 billion in 2025 based on payment transaction volume (TPV), with a market share of 5.1%.
However, behind the glamorous data, the company’s cumulative net loss from 2023 to 2025 reached US$990 million.
Last year’s revenue was US$248 million, with a gross profit margin of over 90%.
Different from C-side payment institutions such as Alipay and WeChat Pay, XTransfer has focused on B2B cross-border trade payments since its establishment.
XTransfer’s core services include foreign trade collections, multi-currency cash management, exchange services, risk control services, etc., and help small and medium-sized enterprises and overseas trading companies carry out efficient and safe cross-border payment and settlement through one-stop solutions.
In 2025, the payment transaction volume (TPV) will exceed US$60 billion.
According to CIC Consulting, XTransfer is the world’s largest B2B cross-border trade payment platform based on TPV in 2025, with a market share of 5.1%.
As of March 31, 2026, XTransfer serves approximately 897,000 registered customers and has the world’s largest small and medium-sized enterprise customer base.
Prior to this, at the end of 2025, XTransfer announced that its number of global customers had exceeded 800,000, of which overseas companies accounted for 47%.
In terms of compliance layout, XTransfer received approval from the People’s Bank of China in January 2025. By acquiring 100% equity of the original “Shanghai UnionPay Electronic Payment”, it indirectly obtained a payment license in mainland China and changed its name to “Shanghai Anxinhui Payment Co., Ltd.”.
Up to now, the company has obtained the required payment qualifications and licenses in many key jurisdictions such as the United Kingdom, the United States, Singapore, and the Netherlands, and has established a comprehensive global compliance system.
In addition to license barriers, XTransfer also deploys AI technology.
According to the prospectus, its independently developed TradePilot is described as the world’s first and most advanced AI model in the vertical field of B2B cross-border trade payment.
The application of this technology has significantly improved operational efficiency. As of March 31, 2026, more than 98.5% of transactions have been automatically reviewed, and the customer service automation resolution rate has increased from approximately 13% in 2023 to more than 88% in 2025.
During the same period, the company’s transaction risk management costs fell by approximately 50%.
In terms of financial data, the prospectus shows that from 2023 to 2025, XTransfer’s operating income was US$115 million, US$162 million, and US$248 million, respectively, with a compound annual growth rate of 47.5%; during the same period, the company’s gross profit was US$110 million, US$152 million, and US$229 million, respectively, and the gross profit margin in each year during the reporting period exceeded 90%.
However, XTransfer also disclosed potential risks in profitability in its prospectus.
During the reporting period, XTransfer recorded net losses of US$153 million, US$353 million, and US$484 million respectively, with a cumulative loss of approximately US$990 million in three years.
In this regard, the company explained that the losses were mainly due to changes in the fair value of convertible and redeemable preference shares – according to international accounting standards, this type of preference shares are classified as financial liabilities measured at fair value, and their fair value will increase with the increase in the company’s valuation, which will then be included in the current profit and loss to form a loss. It is a non-cash loss and will not have a substantial impact on the company’s cash flow.
If this factor and adjustments such as share-based payment are excluded, the company’s adjusted net profits based on non-IFRS calculations were US$11.203 million, US$5.271 million and US$47.674 million respectively. The core business has achieved profitability and is showing a substantial growth trend.
The founding team is from the Alibaba family, with a valuation of US$3.02 billion.
Almost all members of XTransfer’s core management team come from Alibaba and Ant Group.
Founder and CEO Deng Guobiao graduated from Fudan University and has served in Visa, Alipay and Ant Group for many years. He has served as head of the pricing and strategy team, head of the Jifenbao team, head of the business development team of the international business department, director of international business and head of international B2C payment business.
Co-founder, executive director and chief technology officer Liu Yanfang once served as a senior technical expert in Alibaba’s B2B business department, mainly responsible for building a B2B financial product management framework and providing innovative payment solutions; co-founder, executive director and chief risk officer Yao Weichun served as the head of international risk normalization and merchant risk management and the head of the business intelligence department at Ant Group; co-chief growth officers Deng Xianliang and Zheng Kai also have experience in the Alibaba system.
According to the prospectus, XTransfer has successfully completed 7 rounds of financing so far, attracting the favor of many well-known investment institutions, including Gaorong Venture Capital, Planetree, D1 Capital, eWTP Capital, China Merchants Venture Capital, Lavender Hill Capital Partners, Zero One Venture Capital, Concept Capital and other industry leading institutions.
Among them, it received a US$2.95 million seed round from Yunqi Capital and Gaorong Capital in July 2017, with a valuation of US$12 million after the investment. The last round occurred in March this year after XTransfer completed the E-round financing and its valuation reached US$3.02 billion. This means that XTransfer’s valuation has increased more than 250 times in the past ten years.
In terms of ownership structure, before the IPO, the founders Deng Guobiao, Zheng Kai and other founders were acting in concert, holding shares through their respective wholly-owned companies, holding a total of 41.89% of the shares, and were the controlling shareholders.
Gaorong Venture Capital is the largest institutional investor with a shareholding ratio of 12.83%.
In addition, eWTP Capital, which holds 6.81% of the shares, is an Alibaba affiliate.
