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李小加“资本再创业”,能否解开21章上市困局?
Jin Rong Jie·2025-06-19 11:09

Group 1 - The core point of the article is the submission of a listing application by Drip Irrigation International Investment Co., founded by former HKEX CEO Li Xiaojia, to the Hong Kong Stock Exchange, with HSBC as the sole sponsor [1] - Drip Irrigation Investment aims to focus on cash flow investments, including bonds, equities, and a new investment category termed "cash rights" (CCO), which is based on specific cash flow rights [1][5] - The funds raised from the listing will be invested alongside other professional investors across various industries [1] Group 2 - Chapter 21 of the Hong Kong Stock Exchange listing rules allows companies that primarily focus on investment to list without the need for actual business operations, addressing the demand for standardized listing channels for professional investment institutions [2] - Companies under Chapter 21 must adhere to strict diversification principles, including limits on single investments and monthly disclosures of net asset values [2][3] - Currently, there are 21 Chapter 21 companies, but their liquidity is low, and they have faced regulatory scrutiny, leading to a significant decrease in new listings in recent years [3] Group 3 - Drip Irrigation Investment is distinct from Drip Irrigation, which was co-founded by Li Xiaojia and focuses on providing funding to small and micro enterprises through a revenue-sharing model [5][6] - The establishment of Drip Irrigation Investment as a limited liability company in the Cayman Islands with no current operations aims to raise funds for investments and general operational expenses [6] - Li Xiaojia's industry reputation may help attract institutional investors, but the historical liquidity issues of Chapter 21 companies could pose challenges for Drip Irrigation Investment's listing journey [7]