(Yicai Global) Feb. 24 -- Lakala Payment's stock price touched an all-time high today after the Chinese fintech company said it will join hands with telecoms giant Huawei Technologies to promote Huawei Pay to its customers.
Shares of Lakala [SHE:300773] closed 5 percent higher at CNY96.80 (USD13.77) each, after earlier surging by the exchange-imposed daily limit of 10 percent to CNY101.37. The stock has gained 23 percent so far this year, giving the firm a market capitalization of about CNY36.9 billion (USD5.2 billion).
Beijing-based Lakala has penned a cooperation framework agreement with Huawei, it said in a statement yesterday, without providing financial details.
Once Lakala's merchants start accepting Huawei Pay, the mobile wallet's users can enjoy an expanding network of services, the statement added. Shenzhen-based Huawei introduced Huawei Pay in 2016 to offer easy cashless transactions to its smartphone users.
Established in 2005, Lakala was the first third-party payments firm to get the green light from China's central bank. By the end of last June, the company had served 21 million merchants such as supermarkets, real estate firms, and insurers.
Editor: Emmi Laine