Third-party payment provider Huifu Payment Ltd announced Monday it has been included in the MSCI China All Shares Small Cap Index, which will take effect after the market closes on May 28.

The move represents the capital market's recognition of the company, and is expected to expand the shareholder base and increase trading liquidity, the company said in a filing to the Hong Kong bourse where it is listed.

The company saw an 88 percent jump in revenue to reach 3.25 billion yuan ($470 million) in the fiscal year of 2018, with gross profits hitting 890 million yuan, up 57 percent year-on-year.

Shanghai-based Huifu is primarily engaged in merchant payment and financial technology enabling services, such as account management services and data-driven value-added services. It went public in Hong Kong in June 2018.

The latest adjustment of the MSCI index added 25 new stocks and phased out another 20 to better reflect industry variety and representativeness.