A few days ago, Extransfer Limited (XTransfer), the world’s largest B2B cross-border payment platform, officially submitted its main board listing application to the Hong Kong Stock Exchange. The joint sponsors are UBS and CICC, and it plans to be listed under a weighted voting rights (WVR) structure.
The prospectus document shows that according to Chishi Consulting data, XTransfer is the world’s largest B2B cross-border trade payment platform. In 2025, the total payment transaction volume (TPV) will exceed US$60.5 billion, with a market share of 5.1%, ranking first in the industry.
The company was founded in 2017 and focuses on serving cross-border trade small and medium-sized enterprises. Relying on the self-developed X-Net global settlement network and TradePilot vertical AI risk control model, it achieves an automatic review rate of 98.5% of transactions and controls the fraud rate at an industry low of 0.003%.
As of the end of March 2026, the platform has a total of approximately 897,000 registered customers, and its services cover more than 200 countries and regions around the world.
In terms of ownership structure, XTransfer founder and CEO Deng Guobiao is the controlling shareholder, and institutional shareholders include Alibaba, Gaorong Capital, China Merchants Venture Capital, etc.
As of March 31, 2026, XTransfer has established cooperative relationships with many financial institutions around the world, including well-known international banks, and its payment services cover more than 200 countries and regions around the world.
On this basis, the company has further integrated its cross-border payment and risk control platform with digital wallets, allowing small and medium-sized enterprises to access the payment service network in a more intuitive way and complete cross-border fund collection, remittance and transfer anytime and anywhere.
In terms of financial data, from 2023 to 2025, the company’s operating income was US$115 million, US$162 million, and US$248 million respectively, with a three-year compound growth rate of 47.1%; gross profits during the same period were US$110 million, US$152 million, and US$229 million respectively, and the gross profit margin continued to remain above 90%.
Operating profit will turn a profit from US$6.46 million in 2023 to US$44.14 million in 2025, with a compound growth rate of 161.4%.
Despite continued improvements in business scale and adjusted profits, XTransfer’s consolidated statements continued to suffer losses.
From 2023 to 2025, the company 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.
The losses were mainly due to changes in the fair value of convertible and redeemable preferred shares, with the related impacts reaching US$162 million, US$352 million, and US$524 million respectively in the three years.
After excluding factors such as preferred shares and share-based payments, the adjusted net profit in 2025 will be US$47.67 million, indicating a significant recovery in profitability.
As of the end of 2025, the company’s cash and cash equivalents were US$153 million, and cash flow from operating activities had been positive for three consecutive years, reaching US$57.87 million in 2025.
During the same period, net current liabilities were US$1.282 billion and net liabilities were US$1.215 billion, mainly related to the issuance of preferred shares in pre-IPO financing.
The prospectus also disclosed that the company’s operations face multiple risks.
In terms of regulatory compliance, global cross-border payment, anti-money laundering, anti-terrorist financing, data privacy and foreign exchange control rules have become stricter. Any compliance flaw may lead to license suspension, fines or even business interruption.
At the corporate governance level, XTransfer adopts a dual-class share structure. Founder Deng Guobiao has absolute voting rights through 10 votes per Class A share and a unanimous action agreement. Small and medium-sized shareholders have limited influence on the company’s decision-making, or there may be risks of inconsistent interests.
At the level of industry competition, the company faces multiple competitions from global payment platforms, traditional banks, and local service providers. Price wars and rising customer acquisition costs may compress profits; at the same time, the platform’s monetization rate has dropped from 0.47% in 2023 to 0.34% in 2025, and there is uncertainty about the sustainability of growth.
