According to a disclosure by the Hong Kong Stock Exchange on April 24, Extransfer Limited-W (referred to as: XTransfer) submitted its listing application to the Main Board of the Hong Kong Stock Exchange. UBS Group and CICC are acting as its joint sponsors.
Zhitong Finance APP reported that according to a disclosure by the Hong Kong Stock Exchange on April 24, Extransfer Limited-W (referred to as: XTransfer) submitted its listing application to the Main Board of the Hong Kong Stock Exchange. UBS Group and CICC are acting as its joint sponsors.
Company Profile
According to the prospectus, based on data from灼识咨询, XTransfer is the world's largest business-to-business (B2B) cross-border trade payment platform, expected to achieve a total payment volume (TPV) of over 600 billion US dollars in 2025. The company was founded in 2017 and is one of the first payment platforms globally focused on B2B cross-border trade. Based on data from 灼识咨询, as of March 31, 2026, the company serves approximately 897,000 registered customers, owning the largest customer base of small and medium-sized enterprises (SMEs) globally.
The company established XTransfer with the aim of addressing significant pain points faced by SMEs amid the lagging digitization of the B2B cross-border trade payment industry. These pain points include low service availability, frequent freezing or closure of bank accounts, remittance difficulties, long settlement cycles, and high costs. To address these challenges, the company has built its platform around X-Net. According to data from 灼识咨询, X-Net is the world’s first and only unified global B2B cross-border trade settlement network and risk management platform. Through X-Net, the company centralizes risk management and enables end-to-end payment links across banks, allowing SMEs to conduct transactions conveniently, directly, and smoothly.
As of March 31, 2026, the company has established partnerships with financial institutions worldwide, including several renowned international banks, offering payment services covering more than 200 countries and regions globally. Building on this foundation, the company further deeply integrates X-Net with digital wallets, enabling SMEs to access the payment service network in a more intuitive manner and complete cross-border fund receipts, exchanges, and transfers anytime, anywhere.
As a technology-driven enterprise, the company further enhances its platform capabilities through TradePilot. According to data from 灼识咨询, TradePilot is the world’s first and most advanced AI model specifically designed for the B2B cross-border trade payment vertical. As of March 31, 2026, through TradePilot, the company achieved an industry-leading automated transaction review rate of approximately 98.5%, maintained a fraud rate at an extremely low industry level of about 0.003%, and established one of the most cost-effective risk management practices within the industry.
Financial Information
Revenue
In 2023, 2024, and 2025, the company's revenue was approximately 115 million US dollars, 162 million US dollars, and 248 million US dollars, respectively.
Loss
In 2023, 2024, and 2025, the company's annual losses were approximately 153 million US dollars, 353 million US dollars, and 484 million US dollars, respectively.
Gross profit margin
In 2023, 2024, and 2025, the company's gross profit margins were 95.6%, 93.6%, and 92.0%, respectively.
Industry Overview
Cross-border trade is a major driving force behind the development of the modern global economy. According to data from 灼识咨询, cross-border trade accounts for 45% of global GDP, mainly encompassing trade in manufactured goods and commodities. Manufactured goods refer to finished or semi-finished products made by processing raw materials. Commodities refer to interchangeable standardized raw materials or primary goods. Among these, trade in manufactured goods constitutes the largest component of global cross-border trade. According to data from 灼识咨询, over the past two decades, the value of global cross-border trade in manufactured goods has more than doubled, increasing from 14.3 trillion US dollars in 2005 to 36.0 trillion US dollars in 2025, and is expected to further grow to 43.8 trillion US dollars by 2030.
As a major hub for global manufacturing and supply chain infrastructure, China has long maintained a dominant position in global cross-border trade. By 2025, the cross-border trade value of manufactured goods in Greater China will reach $6.9 trillion, accounting for 19.3% of the global cross-border trade value of manufactured goods, ranking first globally. China has maintained this leading position for 15 consecutive years, and its contribution to global cross-border trade is expected to increase further in the future.
At the same time, global supply chains are undergoing diversification and gradually shifting to emerging markets such as Southeast Asia, Africa, Latin America, and the Middle East. This trend is driven by multiple factors, including the ongoing industrialization process in these regions, continuously improving local infrastructure, competitive labor resources, and favorable foreign investment policies. The share of emerging markets in global trade is expected to expand continuously.
Global cross-border trade in manufactured goods is mainly divided into C2B and B2B cross-border trade based on the nature of the counterparties (i.e., payers and recipients). Among these, C2B cross-border trade mainly includes retail cross-border transactions completed on e-commerce platforms, while B2B cross-border trade primarily involves traditional cross-border trade between manufacturers, distributors, and retailers. B2B cross-border trade dominates global cross-border trade, consistently accounting for over 90% of the total global cross-border trade value. By 2025, the global B2B cross-border trade value of manufactured goods will reach $33.2 trillion, and it is expected to increase further to $39.5 trillion by 2030.
Global B2B cross-border trade payment platforms have experienced rapid growth. By 2025, the TPV of global B2B cross-border trade payment platforms will reach $1,187.6 billion, and it is expected to surge to $3,986.0 billion by 2030, with a compound annual growth rate of 27.4% during the same period. The penetration rate of these platforms is expected to increase from 3.6% of the global B2B cross-border trade value of manufactured goods in 2025 to 10.1% in 2030.
Board of Directors Information
Upon compilation, the board of directors will consist of eight members, including five executive directors and three independent non-executive directors. The term of the board will be three years, with eligibility for re-election, and it will be responsible for managing and operating the company’s business.
Equity Structure
According to the listing rules, Mr. Deng, Ms. Yao, Mr. Liu, Mr. Deng Xianliang, Mr. Zheng, Wormhole Transfer, Globe Transfer, EWTP Transfer, World Transfer, and Atta Financial will constitute a group of controlling shareholders of the company.
Intermediary team
Joint sponsors: UBS Securities Hong Kong Limited, China International Capital Corporation Hong Kong Securities Limited;
Legal advisors: Davis Polk & Wardwell, King & Wood Mallesons, Harney Westwood & Riegels;
Joint sponsors and legal advisors for compilation: Latham & Watkins LLP, Haiwen & Partners;
Auditor and reporting accountant: Deloitte • Guan Huang Chen & Co.;
Industry Consultant:灼识行业咨询有限公司;
Compliance Advisor: Honbo Capital Limited.