Core Viewpoint - The new regulations on loan assistance have led to a transformation of loan assistance platforms, with the mall model becoming a popular direction, but complaints have emerged regarding high pricing and hidden recovery schemes [1][2][3] Group 1: Complaints and Issues - Multiple complaints have been received regarding the mall model, primarily concerning inflated pricing and hidden recovery schemes [1] - Over 30,000 complaints related to "羊小咩" have been recorded, with common issues including high interest rates and unreasonable fees [3] - Consumers have reported that the pricing on the "羊小咩" platform is significantly higher than on other platforms like JD.com [10][11] Group 2: Business Model and Operations - "羊小咩" is operated by量化派控股有限公司, which previously provided loan facilitation services but has since ceased such operations [3][4] - The platform's transaction value from installment orders has been significant, with approximately 66% in 2022 and 79% in the first five months of 2025 coming from installment payments [4] - The "便荔卡包" app is closely linked to "羊小咩," allowing users to apply for installment limits directly [6] Group 3: Pricing Strategies - The pricing strategy of "羊小咩" involves setting product prices significantly higher than market rates, which allows for the appearance of lower interest rates on installment payments [10][12] - For example, an iPad Air was priced at 5,297.01 yuan on "羊小咩," while the same product was available for around 4,199 yuan on JD.com, indicating a markup of over 26% [11] - Other products also showed substantial price differences, with a DJI camera priced at 2,646 yuan on "羊小咩," compared to 1,849 yuan on JD.com, reflecting a 43.10% markup [11] Group 4: Recovery and Cash-Out Schemes - A hidden recovery scheme has emerged, where consumers are contacted by individuals claiming to be merchants from "羊小咩" offering to cash out their installment limits at a discount [15][16] - The cash-out process typically offers around 63% of the product's price, leading to high effective financing costs for consumers [15] - The involvement of third-party recovery platforms raises concerns about the legality and transparency of these operations, with "羊小咩" denying any partnerships with such entities [16][19]

Core Viewpoint - The stock of Quantitative Partners (2685.HK) has shown significant resilience, rising against the trend of the Hong Kong stock market, with a notable increase of 8.32% to reach a new high of 32.3 HKD, despite the overall market decline of over 1% [1] Group 1: Stock Performance - Quantitative Partners has experienced a cumulative increase of 173.88% over the past year and has continued its upward trend with a rise of over 20% in the current year, marking four consecutive trading days of gains [1] - The stock price has surged 229.59% from its IPO price of 9.8 HKD since its listing on November 27, 2022 [1] Group 2: Company Overview - Established in 2014, Quantitative Partners operates as an online market operator focused on the Chinese consumer sector, managing the e-commerce platform "Yang Xiaomei" and the automotive retail O2O platform "Consumption Map" [1] - The "Yang Xiaomei" platform, launched in November 2020, offers a variety of retail products, including consumer electronics, food and beverages, home appliances, cosmetics, jewelry, clothing, and personal care items, connecting these products with end consumers through online purchases [1] - Since April 2022, the "Consumption Map" platform has been operational, primarily collaborating with automotive retailers to attract online traffic, facilitating offline car purchases at local dealerships, while also allowing for some online car purchases [1] - Additionally, Quantitative Partners provides advertising services to its business partners [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02685 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 700,000,000 | USD | | 0.0001 | USD | | 70,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 700,000,000 | USD | | 0.0001 | USD | | 70,000 | 本月底法定/註冊股本總額： USD 70,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年12月31日 狀態: 新 ...

Group 1 - The core figure in the global private capital sector, Zhang Jian, is leading a strategic initiative to elevate "world private capital power" onto the international stage, with plans for comprehensive engagement in the Hong Kong capital market [2] - Zhang Jian's "40 million internet refugee support development plan" aims to facilitate wealth growth for a broader audience through capital education, asset management, and industry linkage, transitioning from internet survival to capital prosperity [2] Group 2 - The three brands, Xiyanghong, Hongmantian, and Xiyanghongmantian, will continue to deepen collaborative development, leveraging their respective strengths in industry, service, and capital [3] - Xiyanghong focuses on community-based asset service systems, Hongmantian serves as a bridge for industrial capital and diverse business platforms, while Xiyanghongmantian Group encompasses comprehensive asset management, fund management, and investment financing [3] Group 3 - The establishment of "Quantitative Holdings" marks the formal launch of the international capital strategy, serving as a key vehicle for the group's international layout [4] - "Quantitative Holdings" will focus on advanced asset management strategies, including intelligent quantitative asset management, comprehensive fund capital operations, automotive and smart mobility industry capital, and financial technology models with risk control systems [5] Group 4 - The goal is to create a core hub platform connecting private capital with global capital markets [6] - The Hong Kong capital platform is seen as a significant milestone for entering international markets, symbolizing the globalization of private capital power and the entry of China's large private capital asset management model into the international arena [7] Group 5 - The listing entity is Quantitative Holdings (Xiyanghongmantian Asset System) with a stock code of 02685 and an issued share capital of 513,347,500 shares [7] - The group's main business includes financial services, capital fund management for the automotive industry chain, and comprehensive asset operations, aligning with China's 14th Five-Year Plan for comprehensive asset management [7] - The company aims to modernize and enhance transparency in the private capital system, allowing more ordinary people to participate in the asset management ecosystem [7]

量化派(02685)公布，于2025年12月31日因部份行使超额配股权而发行175万股股份，每股发行价9.8港 元。 ...

格隆汇12月31日丨量化派(02685.HK)发布公告，于2025年12月31日因部份行使超额配股权而发行及配发 175万股普通股。 ...

智通财经APP讯，量化派(02685)公布，于2025年12月31日因部份行使超额配股权而发行175万股股份， 每股发行价9.8港元。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 量化派控股有限公司 呈交日期： 2025年12月31日 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02685 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 ...

Group 1 - The company, Quantitative Group (02685), announced that the overall coordinator partially exercised the over-allotment option on December 24, 2025, involving a total of 1.75 million shares, which represents approximately 13.11% of the total number of shares initially available for subscription under the global offering before the exercise of any over-allotment option [1] - The over-allotment shares will be issued and allocated by the company at a price of HKD 9.80 per share [1] - The over-allotment shares will be used to facilitate the return of 1.75 million shares borrowed under a stock borrowing agreement to Mars Legend Limited, which were used to cover the over-allocation under the international offering [1] Group 2 - The company announced that the stabilization period for the global offering ended on December 24, 2025, which is the 30th day after the deadline for submitting applications for the Hong Kong public offering [1]

根据香港法例第571W章证券及期货(稳定价格)规则第9(2)条，公司宣布，有关全球发售的稳定价格期已 于2025年12月24日(星期三)(即提交香港公开发售申请的截止日期后第30日)结束。 智通财经APP讯，量化派(02685)发布公告，整体协调人已于2025年12月24日(星期三)部分行使招股章程 所述的超额配股权，涉及合共175万股股份，占于任何超额配股权获行使前全球发售项下初步可供认购 发售股份总数约13.11%。超额配发股份将由公司按每股股份9.80港元予以发行及配发。超额配发股份将 用于促进向Mars Legend Limited交还根据借股协议所借入用于补足国际发售项下超额分配的175万股股 份。 ...