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。 ...

Group 1 - The company announced the partial exercise of the over-allotment option, involving a total of 1,750,000 shares, which represents approximately 13.11% of the initial shares available for subscription before the exercise of any over-allotment option [1] - The over-allotted shares will be issued at a price of HKD 9.80 per share, excluding various fees, which is the same as the global offering price per share [1] - The over-allotted shares will be used to facilitate the return of 1,750,000 shares borrowed under a stock borrowing agreement to Mars Legend Limited [1] Group 2 - 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]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊發、派發。本公告 並非亦無意構成或組成在美國境內或於任何其他司法權區購買或認購證券的任何要約或招攬的一部分。本公告所 述證券並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券法」）或美國任何州或其他司法權區的證券法登 記。該等證券不得在美國境內提呈發售、出售、質押或以其他方式轉讓，惟獲豁免遵守或毋須遵守美國證券法登 記規定及任何適用的州證券法的交易除外。將不會在美國公開發售證券。 本公告乃根據香港法例第571W章證券及期貨（穩定價格）規則第9(2)條作出。本公告僅供參考，並不構成收購、購 買或認購證券的邀請或要約。投資者應僅依賴招股章程所載資料作出有關發售股份的任何投資決定。 Quantgroup Holding Limited 量化派控股有限公司 （於開曼群島註冊成立的有限公 ...

Group 1 - The core viewpoint emphasizes that listed companies in China are not only the main force behind data growth but also serve as a stabilizing factor in the industry ecosystem, focusing on long-term value and comprehensive governance [2] - In 2025, the capital market aims for steady progress and quality improvement amidst multiple risks, enhancing market resilience and risk resistance, leading to reasonable quantitative growth and effective qualitative enhancement [2] - The market's expectations for listed companies have shifted from short-term performance to long-termism and comprehensive value, including governance structure, stable returns, strategic layout in frontier fields, and deep ESG practices [2] Group 2 - The 2025 T-EDGE Global Dialogue, organized by Titanium Media Group, NextFin.AI, and Barron’s China, highlights the importance of recognizing companies that redefine industry boundaries and emphasizes the core logic of "value investment" [3] - The EDGE AWARDS annual list includes categories such as Most Socially Responsible Company, Best Board Secretary, Most Investment Value Company, and Best Investor Relations Management Company, recognizing outstanding performance in governance, investment value, social responsibility, and investor relations [3][4] Group 3 - Aier Eye Hospital is recognized as a leader in ESG practices, integrating ESG into its core business and governance structure, while actively engaging in public welfare projects to enhance national eye health [5] - Betaini Group focuses on creating a skin health ecosystem and incorporates green development into its strategy, promoting biodiversity and sustainable practices [6] - Kweichow Moutai leads the liquor industry with a brand value of 468.718 billion, actively engaging in ecological protection and social responsibility initiatives [7] - JD Group has created significant employment opportunities and is committed to improving living conditions for its delivery personnel, with plans to invest 22 billion in housing projects [8] - Quantitative Group, listed on the Hong Kong Stock Exchange, leverages AI technology to reshape online consumption and has achieved a compound annual growth rate of 44.59% in revenue from 2022 to 2024 [9] - Seres focuses on new energy vehicles and has established a robust ESG governance framework, with significant growth in revenue and sales projected for 2024 [10] - Shui Jing Fang integrates social responsibility into its corporate strategy, setting clear environmental goals and contributing to community development [11] - China Baoan actively engages in social responsibility through its subsidiaries, contributing to community welfare and healthcare improvements [13] Group 4 - The Best Board Secretary category highlights the importance of effective communication between listed companies and the public, emphasizing the role of board secretaries in enhancing corporate governance [14] - Ren Shunying from Anfu Technology is recognized for her expertise in capital operations and corporate governance, significantly contributing to the company's compliance and investor relations [15] - Xia Ping from Jiahe Intelligent is noted for her effective investor relations management and participation in strategic planning [16] - Li Liangyu from Robotech is acknowledged for his role in maintaining corporate governance and enhancing market recognition [17] - Zhang Wenyu from Tianqi Lithium is recognized for his contributions to market value management and investor relations [18] Group 5 - The Most Investment Value Company category identifies companies with clear business models and significant breakthroughs in technology or policy, indicating strong growth potential [19][20] - Orbbec, a leader in 3D vision technology, has achieved over 70% market share in key sectors and continues to lead industry advancements [20] - BYD maintains its position as a global leader in new energy, with significant growth in overseas markets and a strong investment outlook [21] - Cambrian has entered a critical profitability phase, with substantial revenue growth and a strong market position in AI chips [22] - Hanlan Environment focuses on environmental services and has achieved consistent profit growth, attracting long-term investors [23] - Geely Auto has demonstrated strong financial performance and strategic integration, positioning itself for sustained growth [24] - Kanghong Pharmaceutical emphasizes innovation in drug development and has shown robust revenue growth, indicating long-term investment value [25] - Lens Technology maintains a strong market position with solid cash flow and growth potential in the automotive and consumer electronics sectors [26]

Group 1 - The core viewpoint of the news is that Quantitative Company has won the "Best Practice Award for Digital Human Resource Management" at the 8th China Human Resources "Sirius" Awards, highlighting its excellence in digital human resource practices [1][3] - The Sirius Awards, established in 2018, have become a benchmark in the human resources field, focusing on industry progress and transformation, with categories including AI Practice Excellence Award and Best Employer Brand Award [3] - The award reflects Quantitative Company's long-term commitment to technological innovation and organizational evolution, with significant revenue growth from 475 million yuan in 2022 to 993 million yuan in 2024, and a year-on-year increase of 38.11% in the first five months of 2025 [5] Group 2 - The adjusted profit surged from 126 million yuan in 2022 to 363 million yuan in 2024, with a compound annual growth rate of 69.7%, and reached 212 million yuan in the first five months of 2025, marking a 75% year-on-year increase [5] - The digital human resource management system has been crucial in enhancing organizational efficiency and unlocking talent value, contributing to the company's impressive performance [5] - The online consumption market in China is steadily expanding, with the market size projected to grow from 13.9 trillion yuan in 2020 to 25.7 trillion yuan in 2024, and expected to exceed 41.2 trillion yuan by 2029, presenting significant opportunities for Quantitative Company [6]

二、两阶段推进上市，稳步迈入国际市场 根据港交所流程安排及跨境监管协调机制，集团上市步骤将稳中有序推进： 本报讯近日，夕阳红满天资产管理集团顺利通过香港交易所上市初审。作为我国首家以"民间资本体系建设"为核 心定位的大型综合资产管理集团，本次进展标志着相关民生资本力量正加速进入国际资本市场，为新时代背景下 的产业升级、社会治理和民生改善提供了新的支撑样本。 一、以民生为根，以产业为本 夕阳红满天资产管理集团自成立以来，坚持"产业牵引、资本赋能、民生优先"的发展理念，在金融服务、汽车全 链条运营、基金与量化研究等领域深度布局，逐步形成覆盖多板块的综合资产管理体系。 集团被纳入国家"十五五规划"重点扶持企业序列相关项目在普惠金融、区域就业、产业带动等方面已展现出初步 成效，对推进基层民生体系建设具有积极意义。 在集团发展实践中，"让资本更有温度、让产业更有力度、让民生更有支撑"始终是张健董事长及其团队的底线原 则。 通过项目带动、技能培训、就业承接、社区建设等多层机制，集团在全球世界观中参与"四千万互联网流动人群的 重建工程"，为其从生存走向发展，从稳定走向自立提供多重支撑。 2026年1月5日港交所公告集团正式 ...

Core Viewpoint - Quantitative Party has successfully listed after multiple attempts, raising approximately 131 million yuan, with most of the funds allocated to cover IPO expenses. The company has committed to ceasing its facilitation services to financial institutions, which raises questions about its business model and potential risks associated with its operations [1][2][10]. Group 1: Listing Attempts and Financial Obligations - Quantitative Party has made six attempts to go public, including one in the US and five in Hong Kong, with the latest attempt resulting in a successful IPO on November 27, 2025 [1][2]. - The company is burdened by a significant financial obligation, with "financial instruments with attached preferential rights" amounting to 1.8 billion yuan as of May 2025, indicating a growing financial pressure [2][3]. Group 2: Business Model and Revenue Sources - The company has transitioned its business model to focus on its e-commerce platform "Yang Xiaomei," which accounted for approximately 93% of total revenue in 2024 [5]. - Complaints regarding the pricing on the "Yang Xiaomei" platform indicate that many products are priced 30%-50% higher than market rates, raising concerns about the legitimacy of its business practices [7][8]. Group 3: Regulatory Compliance and Business Transformation - Quantitative Party has publicly committed to terminating its facilitation services with financial institutions as of September 12, 2024, to comply with regulatory requirements for its IPO [10][19]. - Despite the termination of direct facilitation agreements, the company's core e-commerce operations remain closely tied to consumer finance, leading to skepticism about the completeness of its business transformation [19]. Group 4: Market Performance - As of December 9, 2025, Quantitative Party's stock price was 26.340 HKD, with a market capitalization of 13.522 billion HKD, reflecting investor sentiment post-IPO [20].

Core Viewpoint - The article discusses the contrasting paths of two financial technology companies, Quantitative and Qudian, highlighting their different strategies and outcomes in the face of regulatory challenges and market conditions [2][4]. Group 1: Company Performance and Market Response - Qudian, which went public in the US in 2017, has accumulated over 7 billion yuan in cash reserves, allowing it to maintain profitability despite a significant drop in revenue, with Q3 2025 revenue at only 850,000 yuan, down 85% year-on-year [2]. - Quantitative, after multiple attempts, finally listed on the Hong Kong Stock Exchange, achieving a 190% increase in stock price on its first day and a market capitalization of 14.6 billion HKD, with projected revenue growth from 475 million yuan in 2022 to 993 million yuan in 2024 [3]. - Despite the initial success, Quantitative's business scale and growth potential have diminished compared to the peak of consumer finance, facing high accounts receivable and compliance issues [4]. Group 2: Fundraising and Financial Obligations - Quantitative's public offering was oversubscribed by 9,366 times, the highest in Hong Kong's main board history, but the net fundraising was only 10 million, primarily to settle financial obligations [6][8]. - As of September 2025, Quantitative had financial instruments valued at over 1.8 billion yuan linked to earlier investment agreements, with cash reserves of only 210 million yuan, indicating a growing financial burden [8]. Group 3: Business Transformation and Strategy - Quantitative has attempted to pivot away from financial services since 2020, launching an e-commerce platform and a retail service, but the revenue from its lending business dropped from 76.8% in 2021 to 8.3% in the first half of 2024 [10]. - The company claims to leverage AI for consumer services, with a significant portion of its team focused on technology and several patents filed, yet concerns remain about the authenticity of its "de-financialization" strategy [11][13]. - Complaints regarding high product prices and misleading installment plans suggest that the company's transformation may not be as substantial as claimed, raising questions about its compliance with regulatory standards [13].

Core Viewpoint - Quantitative Technology Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant transformation from its previous lending business to a focus on e-commerce and consumer services [2][7]. Group 1: Business Transformation - The company has completely terminated its lending business, shifting its focus to "commodity trading empowerment" [2]. - The new business model is centered around the "Yang Xiaomei" platform, which has achieved a gross profit margin of 97.1% in the first five months of 2025, significantly higher than major e-commerce players like Alibaba and JD.com [2][8]. - The revenue from the Yang Xiaomei platform accounted for 93.2% of the company's total revenue in 2024, increasing to 98.1% in the first five months of 2025 [8]. Group 2: Historical Context - Founded in 2014 as "Quantum Data Science," the company initially focused on a cash loan platform called "Credit Wallet," leveraging big data and AI for loan matching [3][5]. - The company faced regulatory challenges in 2017, leading to a suspension of its IPO application in the U.S. and a subsequent restructuring [5][7]. Group 3: Financial Insights - The company raised approximately HKD 131 million in its IPO, but after expenses, the net amount was only about HKD 12.37 million, with listing costs accounting for 90.56% of the total raised [11][12]. - The company has a significant financial obligation related to preferred shares, amounting to approximately RMB 1.839 billion (around HKD 2 billion), which could be converted to common shares upon successful listing [12][13]. Group 4: Market Position and User Behavior - Despite higher prices on the Yang Xiaomei platform, the company maintains a monthly active user base of 937,000 and an average consumer spending of RMB 25,600 [9]. - The platform has been linked to consumer finance platforms, allowing users to utilize shopping credits for purchases, indicating a complex relationship between e-commerce and financial services [10][11].