Hi Sun

What Hi Sun does

Hi Sun Technology (China) Limited (HKEX: 00818) is a Hong Kong-listed fintech and IT solutions group founded in 2000 and headquartered in Wan Chai, Hong Kong. Through its 80%-owned operating subsidiary Suixing Pay (随行付), which holds three national payment licenses (bank card acquiring, internet payment, mobile payment), the group provides payment processing, merchant recruitment, and digital services to over 3.9 million active small and micro merchants across 200+ Chinese cities, supported by 28 branches and an agent channel (鑫联盟) of more than 500,000 sales agents. Payment and Digital Services contributed approximately 82.5% of FY2025 revenue, with the balance coming from Fintech Services (supply chain finance, internet small loans), Financial Solutions (core banking systems for banks), Platform Operation Solutions (anchored by China Mobile), Information Security Chip Solutions, and an Electronic Power Metering business.

The group's technology stack combines proprietary components — an AI-driven risk control system (天镜), an AI review and transaction early-warning system, a microservices governance platform running 80+ service groups, a private cloud platform established in 2014, the Porter data synchronization middleware, and a blockchain-based supply chain finance platform — alongside strategic equity stakes in PAX Global Technology (~33%, HKEX: 00327, a top-3 global EFT-POS terminal maker) and Ronglian Yuntong (~19.91%, RAAS.US, cloud communications SaaS).

Hi Sun generates revenue primarily through transaction-based fees on processed payment volume, supplemented by managed services for telecom platforms, professional services and licensing for financial institution IT systems, hardware sales of security chips and power meters, and interest-related income from supply chain finance and small loan operations. Named strategic customers and partners include JD.com, China Mobile, CITIC Bank, Bank of China, Dahsing Bank, Guangfa Bank, and logistics partners such as Yizhao Huasheng and Futong Weil. FY2025 revenue was HK$2.12 billion with adjusted net profit of HK$193 million (down 17.3% YoY), and a June 2026 profit warning indicates further deterioration in 1H2026.

Name

Hi Sun

Legal name

Hi Sun Technology (China) Limited

Website

https://hisun.com.hk

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Hong Kong-listed fintech group providing payment processing, core banking systems, and supply chain finance to over 3.9 million small merchants, banks, and telecom operators across China, primarily through its 80%-owned subsidiary Suixing Pay.

Ownership category

akta.pro rank

Product category

Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Technology, Software & IT Services (FSABACAJ)

akta.pro secondary industries

Secure ICs, Smart Cards & Trusted Hardware (HDAHAAAJ), Payment Initiation & Account-to-Account (A2A) Payments (PIS, RTP initiation) (FSAGACAI)

Keywords

• Payment processing solutions
• Fintech services
• Core banking systems
• Supply chain finance
• Mobile payment platform

Headquarters

HQ city

Wan Chai

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Payment Processing Solutions: Core revenue driver providing payment transaction processing services, merchant recruitment, and related products and solutions through subsidiary 随行付. Revenue from transaction fees charged on payment processing volume. As of 2025, this segment accounts for approximately 82.5% of total revenue.
2. Fintech Services: Financial technology services including supply chain finance, internet small loans, and other financial services. Provides financing solutions to small and micro enterprises through platform services.
3. Financial Solutions: Provides information system consulting, integration, and operation services to financial institutions and banks, including core banking system solutions and software services.
4. Platform Operation Solutions: Provides platform operation services including mobile payment platform operation and value-added services, primarily serving China Mobile and other telecom operators.
5. Information Security Chip Solutions: Sales of security microcontrollers, magnetic stripe encryption decoding chips, and related solutions. Product sales model for electronic payment terminal components.
6. Electronic Power Metering Products: Manufacturing and sales of electronic power meters, data collection terminals, and related information system consulting services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Hi Sun Technology (China) Limited is a Hong Kong-listed fintech company principally engaged in payment processing solutions through its majority-owned subsidiary Suixing Pay (随行付 / SXF), which holds three national payment licenses (bank card acquiring, internet payment, mobile payment). The company also provides fintech services (supply chain finance, internet small loans), financial IT solutions (core banking system consulting, integration, and operations) for banks, platform operation services for telecom operators such as China Mobile, and information security chip solutions.

Product overview

Hi Sun Technology (China) Limited is a Hong Kong-listed fintech and IT solutions provider operating across five main business segments: (1) Payment and Digital Services, centered on its 80%-owned subsidiary Suixing Pay (隨行付), which holds three national payment licenses and is a leading offline acquiring institution offering QR code payments, smart POS terminals, and mobile payments; (2) Fintech Services, including internet finance, supply chain finance, and small loan operations powered by AI risk control and big data; (3) Financial Solutions, providing core banking systems and IT services to banks and financial institutions; (4) Platform Operation Solutions, providing operational support for telecom operators such as China Mobile; and (5) Information Security Chip Solutions, manufacturing security microcontrollers and decoder chips. The company also holds stakes in PAX Global Technology (03327.HK) and Cloopen Group, among other investments. The product portfolio is structured as a platform-plus-segments model, with Suixing Pay serving as the flagship payment brand anchoring the core revenue driver, supported by financial IT, platform operations, and chip product segments.

Differentiator

Problem solved

Functional benefit

Brands

• 隨行付 (Suixing Pay / SXF): Core payment processing subsidiary providing bankcard acquiring, internet payment, and mobile payment services in China.
• PAX Global Technology (百福環球)

Products and services

• Payment and Digital Services
• Fintech Services
• Financial Solutions
• Platform Operation Solutions
• Information Security Chip Solutions
• Electronic Power Metering Products

Quantifiable outcome

• Cumulative transaction volume exceeded RMB 9,350 billion with 39,500+ transactions in 1H2019
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• China Mobile (中国移动)coreStrategic or Co-development Partner · 1 January 2019Hi Sun provides platform operation services for China Mobile's mobile payment platform (和包/And Wallet), e-commerce bases, IVR bases, and anime bases. The company continues to support China Mobile's development of integrated payment, special e-commerce, and fintech services.
• JD.com (京东)coreStrategic or Co-development Partner · 20 December 2018Strategic partnership between 随行付 and JD.com covering JD Home, JD无人超市, JD Logistics (京邦达), JD无界零售加盟店, JD Pay and other specific sectors. 随行付 provides payment service capabilities while JD brings technical capabilities, hardware facilities, and integration capabilities.双方共同为用户提供更加便捷、安全的支付体验。
• CITIC Bank (中信银行)minorStrategic or Co-development Partner · 13 September 2018随行付 partnered with CITIC Bank to issue co-branded cards, expanding payment services and financial product offerings to merchants and consumers.
• 富通维尔 (Futong Weil)minorStrategic or Co-development Partner · 14 August 2018Strategic partnership for supply chain finance. 随行付 provides receivables financing services based on accounts receivable transfer. 富通维尔 is a high-tech software company providing logistics solutions with clients including China Logistics, Foton Logistics, YTO Express, Sinopec, and China Unicom.
• China Internet Finance Association (中国互联网金融协会)coreStrategic or Co-development Partner · 25 July 2018随行付 became a member unit of the China Internet Finance Association. The association was jointly initiated by the PBOC, CBRC, China Payment Clearing Association and CSRC. Membership demonstrates industry recognition of 随行付's compliance and self-regulation standards.
• 亿兆华盛 (Yizhao Huasheng)coreStrategic or Co-development Partner · 23 July 2018Strategic partnership for blockchain technology application in logistics finance. 随行付 provides payment capabilities, offline capabilities, and blockchain technology while Yizhao Huasheng provides industry resources and scenario advantages for joint development in supply chain finance.
• Multiple Banks (十几家银行)coreStrategic or Co-development Partner · 1 January 2018Banks cooperating with 随行付's blockchain supply chain finance platform. Commercial banks can access logistics enterprise receivables registration, confirmation, circulation and business rules data securely and accurately through the blockchain platform.
• PAX Global Technology (百富环球, HK: 327)coreStrategic or Co-development PartnerHi Sun Technology holds approximately 33% stake in PAX Global Technology, the world's third largest EFT-POS terminal provider. PAX supplies POS terminals to Hi Sun while Hi Sun benefits from the equity investment returns. The companies have ongoing purchase agreements for electronic payment terminal products.

Scale indicators10 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Lakala Payment: One of China's leading third-party payment acquirers (SZ: 300773) with bank card acquiring, internet and mobile payment licenses, serving small and micro merchants via direct and agent networks — the closest domestic comparable to Hi Sun's Suixing Pay subsidiary.
• LianLian Pay: China-based payment processor with national payment licenses covering acquiring, internet and mobile payments, focused on cross-border and domestic merchant acquiring. Comparable in product scope and SMB merchant focus to SXF.
• OneConnect Financial Technology: Listed (NYSE: OCFT) provider of technology-as-a-service to banks and financial institutions in China, including core banking modernization — directly comparable to Hi Sun's Financial Solutions segment.
• Sunline Tech: Chinese provider of core banking systems and financial IT services to banks and financial institutions — directly comparable to Hi Sun's Financial Solutions segment that sells core banking system modernization.

Broad incumbents

• Ant Group (Alipay): Dominant consumer mobile payment platform in China via Alipay; provides acquiring, lending and wealth technology to merchants. As the market leader, sets the rate environment in which Hi Sun's acquiring business competes.
• Tencent (WeChat Pay): Operator of WeChat Pay, the other half of China's mobile payment duopoly. Provides QR-code-based payment acceptance to millions of merchants and competes with SXF at the consumer-payment layer.
• JD Technology (JD Digits): Fintech arm of JD.com providing payment, supply chain finance and digital banking services. It is both a strategic partner (JD.com) and a partial competitor to SXF in JD-ecosystem merchant acquiring and supply chain finance.
• UnionPay International: China's national bank card network operator, controlling the dominant card-acquiring switch. Sets interchange economics and acts as the central counterparty for SXF's acquiring volumes.
• Yongyou Network: Major Chinese enterprise software and fintech services provider serving banks, insurance and large enterprises with core systems and digital transformation. Adjacent competitor for Hi Sun's Financial Solutions business.

Others

• Adyen: Global enterprise payment processor providing unified acquiring and processing. A useful international comparable for Hi Sun's strategic ambition to expand payment processing scale, though geographically distinct.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hi-sun-technology-holding-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hi Sun