Synergy from strategic acquisition
- Positive synergies from Wuxi Guojin Factoring acquisition, with factoring assets reaching Rmb8bn entering FY22
- Good progress in digital transformation with platformbased service revenue reaching a 62% CAGR in FY21-23F
- Securing further Rmb2bn credit line from CCB (939 HK, BUY) helps to strengthen business franchise and acceleration towards asset-light model
- Earnings unchanged, but lowered TP to HK$10 on lower multiple. Maintain BUY.