Core Viewpoint - Quantitative Party (2685.HK) has listed in Hong Kong, raising approximately HKD 131 million, with a net amount of HKD 12.37 million from the offering [1] Group 1: Company Background - Quantitative Party, known as Quantum Data Technology Co., Ltd. in China, was founded in 2014 in Beijing by Zhou Hao, who initially focused on online lending and created the cash loan platform "Credit Wallet" [1] - The company rebranded "Credit Wallet" to "Yang Xiaomiao" in 2020, claiming a shift from main lending operations to a consumer e-commerce platform, although it appears to still operate within the financial sector [3] Group 2: Business Operations - The Yang Xiaomiao app, while positioned as an e-commerce platform, offers products at significantly higher prices compared to competitors like JD.com, with a specific example showing a price of CNY 13,321 for an iPhone 17 Pro Max, compared to CNY 9,999 on JD.com [3][5] - Complaints on the Black Cat Complaints platform exceed 24,000, primarily concerning misleading shopping practices, inflated product prices, high interest on installment purchases, and aggressive debt collection practices linked to the associated platform "Bian Li Card Package" [5] Group 3: Regulatory Issues - The operator of Yang Xiaomiao, Beijing Yudong Intelligent Information Technology Co., Ltd., is fully owned by Quantum Data Technology Co., Ltd., while the operator of "Bian Li Card Package" is Beijing Zimu Yunchuang Technology Co., Ltd., also fully owned by a related entity [5] - In July, a related entity, Yingtan Xinjing Guangda Microfinance Co., Ltd., was fined CNY 196,000 by the People's Bank of China for violations related to credit information management, and it is a major client of Quantitative Party [7]

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 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 備註： 量化派控股有限公司的普通股股份於2025年11月27日在香港聯合交易所有限公司主板上市。此處「上月底結存」所示的資料指「於2 ...

Core Viewpoint - Quantitative Holdings Limited has successfully completed its initial public offering and listing on the Hong Kong Stock Exchange on November 27, 2025, under the stock code 2685.HK, with KPMG serving as the reporting accountant throughout the listing process [3]. Company Overview - Quantitative Holdings is an online market operator focused on the Chinese consumer sector, continuously engaging in high-frequency consumption scenarios such as e-commerce and O2O automotive retail, gradually building an efficient integration system of "users - products/services - consumption scenarios" [5].

Regulatory Dynamics - New credit repair regulations will be implemented starting April 1, 2025, categorizing credit information into "minor, general, and severe," with minor infractions generally not disclosed [2] - Beijing has launched a three-month campaign to address six types of online financial misconduct, focusing on misleading information and illegal financial activities [2] - Six government departments have jointly issued a plan to enhance consumer finance products and services, aiming to improve their adaptability and convenience [2] Industry Dynamics - Over 260 billion yuan in mid-term dividends have been distributed by 13 banks, with the six major state-owned banks contributing over 70% of the total [4] - Several banks have withdrawn long-term deposit products, focusing on shorter-term offerings, with interest rates also being reduced [4] - Insurance companies and banks are providing support for the recent fire incident in Hong Kong, with various institutions mobilizing resources for relief efforts [4] - Insurance companies have seen a record number of stake acquisitions this year, with 37 instances reported, the highest in nearly a decade [4] Corporate Dynamics - Guiyang Bank's acquisition of a loss-making village bank faced opposition from over 27% of minority shareholders, raising concerns about dilution of equity value and risk exposure [5] - Two banks in Shaanxi have been approved for dissolution, with all operations and assets being transferred to the local rural commercial bank [5] - Ant Consumer Finance reported a revenue of 10.041 billion yuan and a net profit of 1.460 billion yuan for the first half of 2025, marking year-on-year growth of 67.77% and 57.84% respectively [5] - Quantitative Technology Co. debuted on the Hong Kong Stock Exchange, with shares rising 88.78% on the first day, achieving a market capitalization of nearly 9.5 billion HKD [5] - New Guodu has submitted an application for an IPO in Hong Kong, aiming to enhance its global strategy and expand overseas operations [5]

Core Insights - The company, Quantipai Holdings Limited, successfully listed on the Hong Kong Stock Exchange on November 27, 2025, with China International Capital Corporation Hong Kong Securities Limited and CITIC Securities (Hong Kong) Limited as joint sponsors [1] - The IPO involved a global offering of 13,347,500 H shares, priced at HKD 9.8 per share, with oversubscription rates of 9,366.28 times for the Hong Kong public offering and 15.07 times for the international offering [3] - On the listing day, the opening price was HKD 26.00, representing a 165.31% increase from the issue price, and the stock reached a high of HKD 27.8, marking an approximate increase of 183.67% by midday [3] Company Overview - Quantipai focuses on the Chinese consumer sector, particularly in e-commerce and O2O automotive retail, establishing an efficient integration system of "users - products/services - consumption scenarios" to drive growth and synergy for business partners [3] - As of May 31, 2025, the company has connected over 60.3 million registered end customers and 2,646 business partners, indicating steady growth in platform scale [3] Technology and Innovation - The company has developed a comprehensive user profiling and analysis system, holding 9 patents and 58 software copyrights, with a technical team comprising approximately 35% of its workforce [4] - The self-developed large model "Quantipai Star Inquiry" completed the registration of generative AI algorithms in October 2024, laying a solid foundation for future intelligent applications in various consumer scenarios [4] - With the deep integration of digital and physical economies, the demand for intelligent upgrades in the consumer sector is expected to continue, positioning Quantipai as a crucial hub for precise matching of consumer demand and industry supply [4]

Group 1 - The core viewpoint of the article highlights the successful IPO of Quantipai Holdings Limited on the Hong Kong Stock Exchange, with significant oversubscription and a substantial increase in share price on the first day of trading [1][2] - Quantipai's IPO involved a global offering of 13.3475 million H-shares, priced at HKD 9.8 per share, with a public offering oversubscription rate of 9366.28 times and an international offering oversubscription rate of 15.07 times [1] - On the listing day, Quantipai's opening price was HKD 26.00 per share, representing a 165.31% increase from the issue price, and the stock reached a high of HKD 27.8 per share, marking an approximate increase of 183.67% by the close on November 28 [1] Group 2 - Quantipai focuses on the Chinese consumer sector, particularly in e-commerce and O2O automotive retail, establishing an efficient integration system for users, products/services, and consumption scenarios [1][2] - The company has connected over 60.3 million registered terminal customers and 2,646 business partners as of May 31, 2025, indicating steady growth in platform scale [1] - The company has developed its own AI technology platform, "Liangxingqiu," which integrates five major systems to provide modular, full-link digital solutions for business partners, enhancing customer acquisition efficiency and overall operational capabilities [2] - Quantipai has established a mature user profiling and analysis system, holding 9 patents and 58 software copyrights, with a technical team comprising about 35% of its workforce [2] - The self-developed large model "Liangxingwen" completed the filing of generative AI algorithms in October 2024, laying a solid foundation for future intelligent applications in various consumption scenarios [2] - Industry experts believe that as the digital economy and real economy continue to integrate, the demand for intelligent upgrades in the consumer sector will persist, positioning Quantipai as a crucial player in matching consumer demand with industrial supply [2]

Core Insights - As of November 28, 32 stocks reached their 52-week highs, with Lixin International (00191), De Yong Jia Group (00321), and Cai Xun Media (00205) leading the increase rates at 25.00%, 14.29%, and 14.12% respectively [1] 52-Week Highs - Lixin International (00191) closed at 0.670 with a peak of 1.100, achieving a high increase rate of 25.00% [1] - De Yong Jia Group (00321) closed at 1.190 with a peak of 1.200, achieving a high increase rate of 14.29% [1] - Cai Xun Media (00205) closed at 0.470 with a peak of 0.485, achieving a high increase rate of 14.12% [1] - Other notable stocks include De He Group (00368) with a 11.39% increase and Yi Yuan Wine Industry (08146) with a 10.87% increase [1] 52-Week Lows - Hui Cheng International Holdings (01146) reached a low of 0.045, marking a decrease rate of -11.76% [2] - Other stocks with significant declines include Quantitative Party (02685) at -8.74% and China Smart Energy (01004) at -7.69% [2] - The overall trend indicates a mix of performance among stocks, with some reaching new highs while others are experiencing significant declines [2]

Group 1 - The core point of the article highlights that Quantipai has finally listed on the Hong Kong Stock Exchange after an eight-year journey, but the IPO is characterized by significant financial strain, with 95% of the raised funds consumed by listing expenses [1][3]. - The company raised approximately HKD 124 million through its IPO, but after accounting for listing expenses of HKD 118 million, the net proceeds amount to only HKD 5.8 million, making it the smallest IPO in terms of issuance scale this year [3][5]. - Quantipai faces a critical financial challenge with a redemption obligation of RMB 1.839 billion due by September 2025, stemming from previous financing agreements, which poses a severe liquidity risk given its cash reserves of only RMB 362 million [5][9]. Group 2 - The company has undergone a significant business transformation from a lending platform to a consumer e-commerce platform, with its core product now being "Yang Xiaomei" [3][7]. - The revenue from its original lending services has drastically decreased from 76.8% in 2021 to just 3.2% in 2024, while the contribution from product trading has surged to 98.1% [7][9]. - Despite the transformation, there are concerns regarding the sustainability of its business model, particularly due to ongoing related-party transactions and a high volume of user complaints [9][11]. Group 3 - The company plans to allocate 55% of the net proceeds from the IPO to research and development and 45% to business promotion, but the amount raised is insufficient for substantial growth, covering only about 10% of its annual R&D expenses [13][15]. - The performance of its secondary growth initiative, the "Consumption Map" platform, has been disappointing, generating only RMB 1.447 million in revenue in the first half of 2024, which is just 3.8% of total revenue [13][15]. - The company is heavily reliant on a single revenue stream, which poses risks for future operations, especially in a competitive e-commerce landscape dominated by larger players [15].

Core Viewpoint - Quantipai (2685.HK), an online market operator from Beijing, officially listed on the Hong Kong Stock Exchange on November 27, with a first-day increase of 88% [1]. Group 1: Company Overview - Quantipai was founded in 2014 and focuses on the online market operations in the Chinese consumer sector, driven by its mission of "Digital Drives the World, Intelligence Lights Up Life" [7]. - The company leverages its self-developed AI technology platform to provide intelligent and precise consumer experiences for both consumers and partners [7]. - Quantipai offers full-link support for partners, from traffic acquisition to customer management, through digital operations across diverse consumption scenarios [7]. Group 2: IPO Details - The company issued 13,347,500 shares at a price of HKD 9.80 per share [4][5]. - The IPO was significantly oversubscribed, with a subscription multiple of 6055 times [6]. Group 3: Business Model - Quantipai's business model includes smart promotion, enabling collaboration with product suppliers and service providers in the online market [9]. - The company operates a digital technology platform empowered by AI, which includes algorithm modules, product and service empowerment modules, marketing modules, and customer service modules [9]. Group 4: Market Recognition - As of the latest data, Quantipai has attracted over 60.3 million registered end customers through its online market [11]. - The company has over 161,000 business partners providing inventory units through its online platform [12]. Group 5: Industry Outlook - The market size of online consumer stores in China, measured by total transaction value, is projected to grow at a compound annual growth rate (CAGR) of 16.5% from 2020 to 2024 and 9.1% from 2024 to 2029 [19]. Group 6: R&D and Technological Advancements - As of May 31, 2025, 35% of the company's workforce will be technical personnel [22]. - Quantipai holds a total of 9 patents and 581 software copyrights [23][24]. - The large model "Liangxingwen" has completed the necessary regulatory filings for AI services, indicating recognized capabilities in research and development [25]. Group 7: Financial Data - The total revenue for Quantipai is projected to reach RMB 9.93 billion by May 31, 2024, up from RMB 4.75 billion in 2023 [28]. - The adjusted net profit is expected to be RMB 3.63 billion by May 31, 2024, compared to RMB 1.48 billion in 2023 [30].

Core Insights - Quantitative Technology Co., Ltd. (stock code: "2685") was listed on the Hong Kong Stock Exchange on the 27th, with an issue price of HKD 9.8 and raised a total of HKD 131 million, netting only HKD 12.37 million after expenses. The opening price surged to HKD 26, an increase of 165%, and closed at HKD 18.5, an 88.78% rise, giving the company a market capitalization of HKD 94.97 billion [1][2][3]. Company Overview - Quantitative Technology operates an online marketplace called "Yang Xiaomiao," which has been active since November 2020, offering a variety of retail products including electronics, food, appliances, cosmetics, jewelry, clothing, and personal care items. The company also runs an O2O platform called "Consumption Map" for automotive retail since April 2022 [2][4]. Revenue Breakdown - Revenue from Yang Xiaomiao accounted for approximately 93.2% and 98.1% of the total revenue for the fiscal years ending December 31, 2024, and May 31, 2025, respectively. The transaction value from Yang Xiaomiao for the years 2022, 2023, and 2024 was significantly driven by installment payment orders [4][5][6]. Financial Performance - Quantitative Technology's revenue for the years 2022, 2023, and 2024 was RMB 475.29 million, RMB 529.67 million, and RMB 993.03 million, respectively. The gross profit for the same years was RMB 312.76 million, RMB 367.66 million, and RMB 961.89 million [5][9]. - For the first five months of 2025, the company reported revenue of RMB 414.14 million, a 38% increase from RMB 300 million in the same period the previous year, with an operating profit of RMB 231.09 million [9][10]. User Metrics - In the first five months of 2025, the average revenue per user was RMB 25,622, with an average of 937,041 monthly active users and 66,888 monthly paying users [8][9]. Shareholding Structure - Prior to the IPO, the company underwent a restructuring, with significant shareholdings held by key individuals and investment firms, including Sunshine Insurance and Gaorong Capital. Post-IPO, the public shareholding is only 2.6% [20][23][24].