HAPPAY in China visa AP Ventures, page-5

I agree that it would be difficult to challenge Alipay's 'Huabei' or Tencent's 'Fenfu' BNPL applications in China. There would be a close to 0% chance of success for APT in China. In addition, Tencent would definitely not entertain APT cannibalizing its potential customers. Chinese customers are too used to Superapps such as those provided by Alibaba and Tencent and most keep their money with them too, so having another player in the market (especially a foreign one) that does not have a similar infrastructure just wouldn't work. Plus at the rate things are going, China would be introducing regulations to oversee the BNPL environment and APT would not perform well in such an environment.

Besides APT's growth rate has slowed dramatically in the US (the holy grail of markets) and according to Citi that is even with the APT Day promotional sales. While there will likely still be continued growth, the major risk is with increasing competition from other BNPL alternatives, APT's share price which is currently supported solely by its growth potential may face some turbulence.