Strong blue-chip client wins in Hong Kong
In our view, Sealand Capital Galaxy’s (“Sealand”) update on the ePurse subsidiary confirms notable progress. The ePurse business in Hong Kong now has 176 clients using the service, including new blue-chip names such as Subway and the Lego franchise holder. In the UK and Dubai, ePurse is currently offering marketing services, and is making progress towards launching a WeChat pay offering. We continue to believe that WeChat represents a material growth opportunity for Sealand and the ePurse update gives confidence that the group is on track to deliver its targets.