新股前瞻|港交所前掌门创办的滴灌通交表，“现金权”投资范式等待市场检验

Core Viewpoint - The former CEO of Hong Kong Stock Exchange, Li Xiaojia, is set to benefit from a potential IPO of Drip Irrigation International Investment Co., Ltd. (Drip Investment), which has submitted a listing application to the Hong Kong Stock Exchange [1] Company Overview - Drip Investment was established on May 23 this year in the Cayman Islands and has not yet commenced operations. Its investment goal is to generate returns and distribute them to shareholders, primarily through investments that yield returns based on the cash flow of the invested entities [1][3] - The listing entity is distinct from Drip Irrigation Group, which was founded by Li Xiaojia and Zhang Gaobo in 2021 as an innovative fintech company [3] Investment Strategy - Drip Investment plans to hire an investment management company under Drip Irrigation Group to focus on cash flow investments. The funds raised from the IPO are expected to be systematically, scaled, and diversified into various cash flow investment opportunities [3][4] - The listing signifies the beginning of Drip Irrigation 3.0, marking a new phase in the "cash rights" investment paradigm beyond traditional equity and debt [4] Market Context - The investment model employed by Drip Investment aims to bridge the gap between large international capital and small enterprises, providing new financing possibilities for micro and small businesses [5] - The company is applying under a rare section of the Hong Kong Stock Exchange listing rules, which allows investment companies to submit listing applications without the typical three-year performance record [6] Future Outlook - The success of Drip Investment's IPO and its ability to attract global capital into the "cash rights" investment space remains uncertain, with questions about its sustainability and compliance raised by critics [5][6] - The name "Drip Irrigation" is inspired by Israeli agricultural technology, symbolizing precise and continuous investment support for small enterprises [6]