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With the rising popularity of financial technology, the use of mobile payments has become a mainstream payment tool option. With the arrival of the mobile payment era, in addition to facing huge business opportunities and potential interests, business owners are also pondering how to combine their own advantages to maximise the wealth of shareholders, which is an important issue worthy of attention. This study found that there was a significant abnormal return before the event date, suggesting that investors had inconsistent opinions. Positive opinions were mainly towards non-financial industry operators, while negative opinions were mainly towards financial industry operators. This phenomenon may be due to investors holding different expectations for different mobile payment companies.

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