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（「香港結算」）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。 除本公告另有界定，否則本公告所用詞彙與量化派控股有限公司（「本公司」）日期為2025年11月19日的招股章程（「招 股章程」）所界定者應具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。潛在投資者在決定 是否投資於所提呈發售的股份前，應細閱招股章程以了解下文所述有關全球發售的詳細資料。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。 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 並不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 ...

Core Viewpoint - The company, Quantitative Finance, has finally passed the listing hearing for the Hong Kong Stock Exchange after eight years of attempts, but faces significant financial and regulatory challenges ahead [2][3]. Group 1: IPO Journey - Quantitative Finance's IPO journey began in 2014, driven by a capital commitment that required the company to go public by 2019 or face repurchasing preferred shares [3]. - The company attempted to list in the U.S. in 2017 but withdrew due to regulatory issues related to its lending business, which constituted over 76% of its operations at the time [2][3]. - The company has undergone multiple transformations, including rebranding its cash loan platform to a consumer e-commerce platform, but has faced repeated failures in its listing attempts due to regulatory scrutiny [3][4]. Group 2: Financial Obligations - As of June 2024, Quantitative Finance has a redemption obligation of 1.6 billion yuan for preferred shares, with cash and equivalents amounting to only 335 million yuan, resulting in a coverage ratio of 0.21 times [3][4]. - By Q3 2025, the company's cash increased to 428 million yuan, but the redemption obligation, including accrued interest, rose to 1.68 billion yuan, maintaining a coverage ratio below 0.25 times [3][4]. - The company plans to raise 500 to 800 million HKD from the IPO, with 60% allocated to repaying preferred shares, indicating the urgency of addressing its financial obligations [3][4]. Group 3: Business Transformation - The company claims to have completely terminated its lending business, with related income dropping from 76.8% in 2017 to 3.2% in 2024, while revenue from its e-commerce platform has surged [4][5]. - As of May 2025, the company reported over 60.3 million registered users, with a monthly active user count of 937,000, showcasing the growth potential of its consumer e-commerce platform [5]. - However, residual risks from previous lending products remain, with significant income still generated from legacy products, indicating an incomplete transformation [5][6]. Group 4: Regulatory and Compliance Challenges - The company faces ongoing scrutiny regarding its related-party transactions, particularly involving a loan company controlled by its founder, which raises concerns about potential conflicts of interest [6][7]. - As of mid-2024, accounts receivable exceeded 400 million yuan, constituting 50% of current assets, with a significant portion owed by a related party, leading to liquidity concerns [6][7]. - The company has been criticized for its low research and development expenditure, which is below industry standards, raising doubts about its technological competitiveness [7][8]. Group 5: Industry Context - The challenges faced by Quantitative Finance reflect broader issues within the Chinese fintech sector, where companies struggle to comply with tightening regulations while managing capital obligations [8][9]. - The online consumer market in China is projected to grow significantly, providing opportunities for companies like Quantitative Finance, but the firm must overcome its compliance and operational hurdles to capitalize on this growth [8][9]. - The company's future hinges on its ability to genuinely sever ties with its lending past and establish a sustainable business model that meets regulatory expectations [9].

Group 1 - The core viewpoint of the news is that after a brief cooling period, the Hong Kong IPO market has become active again, highlighted by the significant interest in the IPO of Quantitative Group, which saw a dark market increase of nearly 290% [1] - Quantitative Group, a Chinese online market operator, launched its consumer e-commerce platform "Yang Xiaomei" in 2020 and an O2O automotive retail platform "Consumption Map" in 2022 [1] - The founder of Quantitative Group, Zhou Hao, has a strong academic background with a degree from Peking University and a PhD from Rice University, and has worked at notable financial institutions such as Capital One, Barclays, and Morgan Stanley [1] Group 2 - Quantitative Group has faced multiple challenges in its path to capitalization, having attempted to list on the US stock market once and submitted four applications to the Hong Kong Stock Exchange without success [2] - After divesting its core lending business and committing to not engage in such activities in the future, Quantitative Group successfully passed the listing hearing on November 14 and is set to officially list on the Hong Kong Stock Exchange on November 27 [2] - The company aims to raise a net amount of HKD 5.8 million from this IPO, with 55% allocated to enhancing research and development capabilities and 45% for expanding operational models [2]

83500 27.040 27.020 300( 27.000 2150( 26.980 MACD(12,26,9):-0.153 DIF:-0.075 DEA:0.001 MACD 26.960 26.940 26.920 26.900 18:30 16:15 分时 日K 1分 5分 立即买入 立即卖出 • 行情来源: 利弗莫尔证券 • 量化派(02685)将于11月27日(周四)在香港挂牌。截至收盘，利弗莫尔证券暗盘交易显示报价27.20港元，较招股价9.80港元上涨177.55%，每手500股，不计手 续费，每手赚8700港元。 ...

Group 1 - The core point of the news is that Quantitative Group (02685) will be listed on the Hong Kong Stock Exchange on November 27, with a significant increase in its trading price compared to the initial offering price [1] - The closing price in the dark trading market by Livermore Securities shows a bid of HKD 27.20, which represents a 177.55% increase from the offering price of HKD 9.80 [1] - Each trading unit consists of 500 shares, resulting in a potential profit of HKD 8,700 per unit, excluding transaction fees [1]

Core Viewpoint - The company, Quantitative派, is facing significant financial pressure due to high IPO costs and a looming debt burden from a redemption agreement with early investors, which could lead to a potential crisis if the IPO fails. Group 1: IPO Details - Quantitative派 plans to raise approximately HKD 124 million by issuing 13.3475 million shares at a price range of HKD 8.8 to 9.8 per share, with the listing expected on November 27 [2][3]. - The total IPO expenses are projected to be around HKD 107 million, which constitutes 94.6% of the total funds raised, leaving only about HKD 5.8 million for business development [3][5]. - The company has incurred substantial listing expenses over the past few years, with amounts of RMB 26.669 million, RMB 9.64 million, and RMB 23.467 million for the years 2022 to 2024, respectively [3]. Group 2: Financial Pressure and Debt - The company has a significant potential debt burden due to a redemption agreement tied to financial instruments valued at RMB 18 billion, which could be triggered if the IPO does not succeed [2][8]. - As of September 30, the company reported only RMB 2.1 billion in cash, raising concerns about its ability to meet short-term liabilities, which include bank loans and other debts totaling RMB 37.31 million, RMB 5.096 million, and RMB 19.916 million [10][11]. - The financial instruments' value has been increasing, with recorded values of RMB 14 billion, RMB 16 billion, RMB 17 billion, and RMB 18 billion from 2022 to May 2025 [8]. Group 3: Cost Structure and Market Comparison - The underwriting costs for Quantitative派 are unusually high, with approximately HKD 73.5 million allocated for underwriting fees, which is significantly above the typical range of 1.5% to 4% for similar IPOs [6][7]. - The company’s issuance costs deviate from market norms, where over 80% of companies have kept their issuance costs below 20% of the total funds raised [5][6]. - The high costs are attributed to the need for extensive legal and accounting due diligence due to the company's complex business model and previous failed IPO attempts [6][8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完備性亦不發表 任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任 何責任。 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司） （股份代號：2685） 董事名單及其角色和職能 量化派控股有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 周灝博士 （主席兼首席執行官） 李岩先生 宋揚先生 周強先生 非執行董事 張毅先生 劉方未女士 獨立非執行董事 孫俊辰先生 曹杰先生 郭永芳女士 1 董事會下設三個常設附屬委員會。下表提供董事會成員於該等附屬委員會中所擔任的 職位： | | 附屬委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 執行董事 | | | | | | 周灝博士 | | ╱ | ╱ | C | | 李岩先生 | | ╱ | M | ╱ | | 宋揚先生 | | ╱ | ╱ | ╱ | | 周強先 ...

公司董事會之 薪酬委員會的 職權範圍 於2025年11月11日採納 1 釋義 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司） 股份代號：2685 成員 會議程序 3 1. 委員會應至少由三名董事組成，且獨立非執行董事應佔大多數。 2. 由董事會任命委員會的主席，並由一位獨立非執行董事擔任。如委員會主席缺席， 出席的委員會成員可推選當中身為獨立非執行董事的任何成員主持會議。 3. 委員會的秘書應為公司秘書或由委員會不時指定之人選擔任。 4. 如委員會正式成員因事缺席、患病或任何其他原因而未能履行職責，委員會主席可 委任任何非執行董事（身為委員會成員的人士以外）以委員會替任成員身份出任。 1. 委員會的會議法定參與人數為兩位委員會成員，其中一名必須為獨立非執行董事。 經正式召開而具足夠法定人數的委員會會議應有權行使委員會獲賦予或可行使的一 切授權、權力及酌情權。 2. 委員會主席可酌情召集會議，但無論如何，於每年應召開最少一次委員會會議，或 按上市規則規定或其他不時適用於公司的監管要求所規定的頻率召開會議。 3. 委員會秘書應在委員會成員要求下召開委 ...

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司） 股份代號：2685 公司董事會之 提名委員會的 職權範圍 成員 會議程序 3 於2025年11月11日採納 1 釋義 於本職權範圍內，除文義另有所指外，下列詞彙具有以下涵義： 2 「董事會」 指 公司董事會； 「委員會」 指 公司董事會之提名委員會； 「公司」 指 量化派控股有限公司； 「董事」 指 公司所有的董事，且「董事」指任何一位董事； 「獨立非執行董事」 指 符合上市規則所載獨立性規定的非執行董事，且「獨立非 執行董事」指任何一位獨立非執行董事；及 「上市規則」 指 香港證券交易所有限公司證券上市規則。 目的 1. 委員會的主要目的為(i)識別並向董事會推薦合適的候選人以出任董事；(ii)評估董事 會的組成及多元化；(iii)就繼任計劃有關的事宜向董事會提供建議；以及(iv)評核獨 立非執行董事的獨立性。 申報程序和其他事項 5 1.6 就本職權範圍所載的事宜向董事會匯報，若在委員會的監察活動中發現需注意 或改進的地方，應向董事會提出建議，以解決有關問題或作出改進； 1.7 在適當情況下不時 ...

Group 1 - The core point of the news is that the Hong Kong stock market new IPO, Quantitative Party, saw a significant increase in its dark market trading, rising nearly 200% and briefly opening over 257% higher [1] Group 2 - Quantitative Party is identified as a Chinese online market operator [1]