The latest results from Yeahka Ltd. (9923.HK) show how its main clients, mostly small retailers and merchants, suffered under China’s restrictions last year, but are now seeing a strong business rebound in the post-Covid era. That bodes well for the company, prompting it to forecast a return to strong double-digit growth for its core business this year.

At the same time, Yeahka, whose biggest income source comes from providing payment services to smaller merchants, managed to get extra revenue from its e-commerce services to consumers. That showed up in the triple-digit gains last year for its e-commerce business, which is rapidly emerging as a major new growth driver.

“2022 was a challenging year for the merchants and consumers we served,” Yeahka said in remarks accompanying its annual earnings report released last week. “But as China pivoted its priority from pandemic control toward economic growth from the end of 2022, we will continue to gain market share and improve profitability.”