(Yicai Global) Sept. 12 -- The China Securities Regulatory Commission included Lakala Payment Co., which is backed by Legend Holdings Corp. [HK:3396], on its list of suspended initial public offering reviews because its application documents were incomplete, Beijing News reported, citing CSRC information from Sept. 7.
Sun Taoran founded the Beijing-based third-party payment platform operator in 2005. It planned to make backdoor listing on the A-share market via Tibet Tourism Co. [SHA:600749] last year, but its restructuring plan was halted due to CSRC questioning.
Tibet Tourism said on Sept. 10 that Tibet Na Ming Network Technology Co., which is indirectly controlled by Legend Holdings and Sun, recently spent USD26.01 million (CNY170 million) on 9.46 million shares of Tibet Tourism, surpassing the 5-percent shareholding threshold. It plans to continue to increase its holdings in the next 12 months.
Legend Holdings has a 31.38-percent stake in Lakala and is its largest shareholder. Sun holds a 7.67-percent stake. Lakala was among the first batch of financial service platforms that China's central bank issued a third-party payment license to. It is the country's second largest online payment platform after Alibaba Group Holding Ltd.'s [NYSE:BABA] Alipay.