On April 27, Linklogis Inc.-W (09959.HK) traded higher amid intraday volatility. As of 15:53, the stock was quoted at HKD 2.13, up 5.97%, with an intraday high of HKD 2.15, marking the day’s peak. Turnover reached approximately HKD 5.64 million, with trading volume of about 2.69 million shares, both showing a noticeable increase from previous sessions, indicating improved market participation.

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Strong Growth in Q1 Transaction Scale Signals Clear Recovery Momentum

According to the company’s latest disclosure, the total transaction volume processed through its technology solutions in the first quarter of 2026 reached approximately RMB 97.4 billion, representing a year-on-year increase of about 29.9%, maintaining a relatively fast growth trajectory. Among these, transaction volume from core supply chain finance solutions grew by over 30% YoY, remaining the primary growth driver.

Meanwhile, the company continued to expand its customer base, with the number of core enterprise partners increasing on a quarter-on-quarter basis. Its network of financial institution partners was further strengthened. Coupled with a customer retention rate as high as 99%, this reflects strong platform stickiness and a solid industry position. From an industry perspective, demand for digital supply chain finance continues to be released amid ongoing economic restructuring, while a recovery in corporate financing demand has provided key support for transaction growth.

Innovation-Driven Expansion Highlights Data Assets and ABS Business

From a business structure standpoint, the company is expanding its growth boundaries through continuous product innovation. In the first quarter, within the supply chain asset-backed securities (ABS) segment, the company enhanced asset structuring efficiency through models such as joint issuance by multiple core enterprises, further reinforcing its leading position in this niche market.

More notably, the company has launched financing solutions based on “data assets,” signaling a transition from traditional accounts receivable financing toward higher value-added data-driven financial services. This direction is widely regarded by the market as an important upgrade path for supply chain fintech.

In addition, products such as the Multi-tier Circulation Cloud maintained rapid growth, indicating continued penetration across multi-layer supply chain financial services.

Accelerating International Expansion as a Second Growth Curve Takes Shape

In addition to steady domestic progress, the company’s cross-border business also achieved tangible advances in the first quarter. Its cross-border cloud platform continues to expand into overseas markets, opening up new growth opportunities.

From a long-term perspective, supply chain finance inherently possesses global characteristics. As enterprises increasingly expand overseas, platforms with cross-border service capabilities are expected to benefit. The company’s current international expansion is gradually shaping a “second growth curve.”

Conclusion: Fundamentals and Expectations Align; Focus on Execution

Overall, Linklogis is at a critical stage of “growth recovery + business upgrade.” On one hand, transaction volume has returned to a high-growth trajectory; on the other, new products and international expansion are continuously unlocking incremental opportunities.

However, it should also be noted that the supply chain finance industry remains sensitive to macroeconomic conditions and credit cycles. The company’s future performance will depend on the sustainability of transaction growth and the commercialization progress of its innovative businesses. The recent share price strength largely reflects a recovery in market expectations, while medium- to long-term performance will hinge on the pace of earnings delivery.

How to Buy Linklogis on uSMART

After logging into the uSMART HK app, click the “Search” button in the top-right corner of the page, enter the ticker code（09959.HK）, and navigate to the details page to view transaction details and historical trends. Click the “Trade” button in the bottom-right corner, select the trade type, and submit your order after filling in the transaction conditions.

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