Core Viewpoint - Quantitative Holdings Limited (量化派) was listed on the Hong Kong Stock Exchange, opening at HKD 26.00 and closing at HKD 18.50, reflecting an increase of 88.78% from the final offering price [1] Group 1: Share Issuance and Pricing - The total number of shares issued by Quantitative Holdings was 13,347,500 [2] - The final number of shares for public offering in Hong Kong was 1,335,000, while the international offering accounted for 12,012,500 shares [2] - The final offering price was set at HKD 9.80, within a range of HKD 8.80 to HKD 9.80 [6] Group 2: Financial Proceeds - The total proceeds from the offering amounted to HKD 130.81 million [5] - After deducting estimated listing expenses of HKD 118.44 million, the net proceeds were HKD 12.37 million [5][7] - The number of shares issued at the time of listing, before the exercise of the over-allotment option, was 513,347,500 [2]

Core Points - Quantipai (2685.HK) debuted on the Hong Kong Stock Exchange, closing up 88.78% at HKD 18.5, with a total trading volume of HKD 1.27 billion and a market capitalization of approximately HKD 9.5 billion [1][2] Company Overview - Founded in 2014, Quantipai is an online market operator focused on the Chinese consumer sector, operating the e-commerce platform "Yangxiaomiao" and the automotive retail O2O platform "Consumption Map" [1] - The Yangxiaomiao platform has been operational since November 2020, offering 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, Quantipai has been operating the automotive retail O2O platform "Consumption Map," primarily collaborating with automotive retailers to attract online traffic, facilitating offline car purchases at local dealerships, and allowing limited online car purchases [1]

Core Viewpoint - The initial public offering (IPO) of Quantitative Group (量化派) has garnered significant attention due to its remarkable stock performance, with a pre-listing surge of nearly 290% and a first-day increase of 170%, reflecting strong investor interest in the tech-enabled consumer sector [1][4][3] Group 1: IPO Performance - Quantitative Group's stock price soared nearly 290% during pre-listing trading, closing with a 200% increase, resulting in profits exceeding 9,000 HKD per hand [1] - The IPO saw a subscription multiple of 7104.15 times, indicating robust investor demand, aligning with the recent recovery trend in the Hong Kong IPO market [4][3] - The company raised approximately 124 million HKD, but after deducting listing expenses, the net proceeds were only 5.8 million HKD, with listing costs exceeding 90% of the total raised amount, a record high in the Hong Kong IPO market [4][5] Group 2: Business Structure and Growth Potential - Quantitative Group's business model has undergone significant changes, moving away from its initial lending services to focus solely on its consumer platform "羊小咩" [6][7] - The company reported a compound annual growth rate (CAGR) of 44.6% in total revenue from 2022 to 2024, with revenues increasing from 475 million CNY to 993 million CNY [11] - The platform "羊小咩" has over 60.3 million users and 2,646 partners, contributing 98.1% of total revenue in the first five months of 2025 [11] Group 3: Regulatory Environment and Challenges - The company faced regulatory challenges that led to the cessation of its lending services, prompting a strategic pivot to comply with new regulations [6][5] - Despite the impressive IPO, the company must address its high listing costs and the implications of being perceived as a "self-funded" listing [4][9] - The competitive landscape remains challenging, with Quantitative Group holding only 0.03% of the online retail market share, indicating significant market penetration challenges [13] Group 4: Technology and Future Outlook - The company is leveraging AI technology to enhance its service offerings, with expectations for future growth driven by its "量星球" technology platform [11][12] - The founder's strong educational and professional background adds credibility to the company's technological narrative, but the long-term conversion of this technology into a sustainable business model remains to be seen [12][13] - The management faces new challenges in balancing technology investments with commercial returns, especially given the lack of cornerstone investors and low liquidity in the stock [14]

Core Viewpoint - Quantitative Pai (02685.HK) successfully listed on the Hong Kong Stock Exchange on November 27, 2025, amidst a tragic fire incident in Tai Po, leading to the cancellation of the bell-ringing ceremony to honor the victims [2]. Group 1: IPO Details - Quantitative Pai's IPO involved a global offering of 13.3475 million shares, representing 2.6% of the total shares post-issue, with a maximum price of HKD 9.80 per share, raising approximately HKD 131 million, and a net fundraising amount of about HKD 12.37 million [2]. - The public offering was oversubscribed by 9,366.28 times, while the international offering was oversubscribed by 15.07 times [2]. - The company's shareholder structure post-listing shows Dr. Zhou Hao and Ms. Sun Jinghuai holding a combined 33.03% as controlling shareholders, with other notable investors including Sunshine Life Insurance, Fosun International, and Gaorong Capital [2][3]. Group 2: Company Overview - Established in 2014, Quantitative Pai operates in the Chinese consumer sector, managing the e-commerce platform "Yang Xiaomian" and the O2O automotive retail platform "Consumption Map" [3]. - The Yang Xiaomian 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 [3]. - The Consumption Map platform, operational since April 2022, collaborates with automotive retailers to drive online traffic to physical stores for car purchases, while also allowing online car buying to a lesser extent [3]. Group 3: Market Performance - As of midday trading, Quantitative Pai's share price reached HKD 20.90, reflecting a 113.27% increase, with a total market capitalization of approximately HKD 10.729 billion [4]. - The stock's highest price during the day was HKD 27.80, with a lowest price of HKD 20.60, and the previous closing price was HKD 9.80 [5].

Core Insights - The article highlights the profound transformation in the consumer market driven by digitalization, shifting the focus from mere traffic expansion to the core essence of technology [1][4] - The company, Lianghua Pai, leverages its self-developed AI technology platform "Liangxingqiu" to reshape connection logic in the consumer ecosystem, enhancing matching efficiency and user experience [1][3] Company Overview - Lianghua Pai has maintained a strong commitment to R&D, holding 9 patents and 58 software copyrights, with approximately 35% of its workforce being technical personnel as of May 31, 2025 [3] - The company has established core advantages in intelligent recommendation, precise distribution, and user operation through digital operations across diverse consumer scenarios [3] Technology Platform - The "Liangxingqiu" platform operates through five systems: operations, algorithms, marketing, customer service, and product/service empowerment, covering the entire online operation chain for business partners [1][3] - The platform's modular design allows for rapid adaptation to the differentiated needs of various industries and business scales, driving complex online operations [1][3] AI Capabilities - Lianghua Pai's AI technology has evolved significantly, with the "Liangxingqiu" platform accumulating over eight years of experience in customer profiling analysis, enabling real-time preference analysis and dynamic optimization [1][3] - The company's self-developed large model "Liangxingwen" has completed the registration for generative AI services as of October 2024, indicating a shift from traditional analysis and recommendation to advanced generation and prediction capabilities [1] Market Impact - The technology-driven business model of Lianghua Pai not only enhances operational efficiency for business partners but also improves the quality of experience for end consumers, showcasing the immense potential of technology in empowering the consumer industry [3] - The "Liangxingqiu" platform achieves personalized recommendations through intelligent algorithms, significantly improving the matching efficiency between products and users [3][4]

Group 1: Influenza Situation - The influenza activity in China has reached an epidemic level, with most provinces reporting a rapid increase in cases [1] - The latest report indicates that flu-like cases in sentinel hospitals have reached the highest proportion in nearly four years, with northern provinces showing higher rates than southern ones [1] - A total of 955 flu-like outbreaks were reported nationwide, with 741 caused by the H3N2 strain [1] Group 2: Stock Market Overview - The U.S. stock market experienced gains, with the Dow Jones Industrial Average rising by 314.67 points, or 0.67%, to close at 47,427.12 points [2] - The S&P 500 and Nasdaq also saw increases of 46.73 points (0.69%) and 189.1 points (0.82%), respectively [2] - Retail stocks strengthened ahead of the Black Friday shopping season, with Walmart reaching a historic high [2] Group 3: Hong Kong Real Estate Market - The private residential property price index in Hong Kong rose by 0.4% in October, marking five consecutive months of increases [3] - The latest index does not yet reflect the positive impacts of recent interest rate cuts and significant agreements reached during the U.S.-China summit [3] Group 4: Financial Innovations - The Industrial and Commercial Bank of China has successfully conducted offshore foreign currency tri-party repurchase transactions, becoming the first domestic bank to participate in this international market [4] - This innovation enhances the bank's pricing power and operational efficiency while reducing risks and costs associated with traditional bilateral repurchase agreements [4] Group 5: AI Product Launch - Meituan has launched its first AI IDE product, CatPaw, which focuses on agent-driven programming and includes features like code completion and project debugging [5] Group 6: Pharmaceutical Approvals - Boan Biotech's Abicipar injection has received approval for marketing in China, targeting age-related macular degeneration and diabetic macular edema [6] - Eucan Vision Biotech's OT-702, a biosimilar to EYLEA, has also been approved for the same indications in China [7] Group 7: Financial Performance - Haidilao's overseas business reported a revenue of $214 million for Q3, reflecting a year-on-year growth of 7.8% [8] - Yao Cai Securities reported a net profit of HKD 327 million for the six months ending September 30, marking a 4.77% increase year-on-year [9] - NIO's Q3 revenue reached RMB 21.79 billion, with a strong delivery growth of 40.8% year-on-year, and a Q4 revenue guidance of RMB 32.758 billion to RMB 34.039 billion [10] Group 8: Debt Restructuring - Ocean Group's debt restructuring plan for seven domestic bonds, totaling approximately RMB 13.05 billion, has been approved by bondholders [11] Group 9: New Stock Performance - The new Hong Kong stock Quantitative Party saw a nearly 200% increase in its dark market trading, reflecting strong investor interest [12] Group 10: Company Earnings - Alibaba Health reported a net profit of RMB 1.266 billion for the six months ending September 30, a 64.7% increase year-on-year, with total revenue of RMB 16.697 billion [13]

今日量化派(2685.HK)上市，金岩高岭新材(2693.HK)、乐摩科技(2539.HK)申购。 本文源自：金融界AI电报 ...

Group 1 - The core viewpoint of the article is that Quantitative Holdings Limited has successfully completed its global offering, setting the final issue price at HKD 9.80 per share, which is at the upper limit of the price range [1] - The total number of shares offered in the global sale is 13,347,500, with 1,335,000 shares allocated for the Hong Kong public offering and 12,012,500 shares for international offering, subject to the exercise of the over-allotment option [1] - The total funds raised from this issuance amount to approximately HKD 130 million [1] Group 2 - The Hong Kong public offering received significant interest, with a total of 159,327 valid applications and a subscription rate of 9,366.28 times [1] - The international offering also saw oversubscription, with a subscription rate of 15.07 times and 97 participants [1] - There was no cornerstone investor involved in this issuance, and the joint sponsors are China International Capital Corporation Hong Kong Securities Limited and CITIC Securities [1] Group 3 - The shares are expected to commence trading on the Hong Kong Stock Exchange on November 27, 2025, with a trading unit of 500 shares [1]

本文源自：格隆汇 格隆汇11月26日丨量化派(02685.HK)公告，公司全球发售13,347,500股发售股份，每股发售股份9.80港 元，所得款项净额1237万港元。香港公开发售股份数目占全球发售股份数目10%，获认购9,366.28倍； 国际发售股份数目占全球发售股份90%，获认购15.07倍。 假设全球发售于2025年11月27日(星期四)上午八时正(香港时间)或之前成为无条件，预期股份将于2025 年11月27日(星期四)上午九时正开始在联交所买卖。股份的每手买卖单位为500股股份。股份的股份代 号为2685。 ...

香港公开发售获大幅超额认购，录得约9.366.28倍超额认购，认购总额达逾915亿港元。国际发售亦获得 15.07倍超额认购。全球发售所得款项总额约为1.31亿港元，扣除上市开支后净额约为1,237万港元。 公司预计于2025年11月27日在港交所主板挂牌上市。上市后，控股股东Mars LegendLimited及Mercury Valley Limited合共持股33.03%。为维持股价稳定，公司已授权中国国际金融香港证券作为稳定价格经 办人，可于上市后30日内进行稳定价格行动。 格隆汇11月26日丨量化派(02685.HK)宣布完成全球发售，最终发售价定为每股9.80港元。本次发售共 13,347,500股股份，其中香港公开发售1.335,000股，国际发售12,012,500股，分别占发售股份总数的10% 和90%。 ...