非股非债，滴灌通港股上市为自己证名？

Core Viewpoint - Drip Irrigation Technology has submitted its application for a Hong Kong IPO, attracting significant market attention due to its unique business model and the reputation of its founder, Li Xiaojia, former CEO of the Hong Kong Stock Exchange [2][3]. Group 1: Company Overview - The company was founded by Li Xiaojia, who is credited with significant reforms in Hong Kong's financial market, including the establishment of the Stock Connect programs [3]. - Drip Irrigation Technology has invested over 4 billion yuan in more than 10,000 small stores across over 200 cities in China, utilizing its own funds and a cash-sharing investment model [3][4]. Group 2: Business Model - The company employs a "non-equity, non-debt" investment approach, focusing on cash flow sharing rather than traditional financing methods, which has led to debates about its sustainability and compliance [3][4]. - The investment model allows small businesses to receive funding without collateral, interest payments, or equity dilution, thus sharing operational risks with investors [4][5]. - The cash flow-sharing model is likened to precision irrigation in agriculture, aiming to direct funds effectively to small businesses [5]. Group 3: Market Context - The financing of small and micro enterprises is a long-standing challenge in the financial industry, with many entrepreneurs facing high-interest rates and collateral requirements from traditional banks [4]. - Drip Irrigation Technology's model seeks to address the financing needs of millions of small business owners in China, offering a new way to access capital without the burdens of traditional loans [4]. Group 4: Operational Challenges - The company faces scrutiny regarding the transparency and reliability of its revenue-sharing agreements, particularly in ensuring that store owners accurately report their income [7][8]. - There are concerns about how to set fair revenue-sharing ratios, especially in low-margin industries like food and beverage, where many businesses struggle to remain profitable [8]. - Investors may find it challenging to protect their interests under the non-equity, non-debt model, as they lack rights to audit or claim assets in case of business failure [9]. Group 5: Technological and Regulatory Aspects - Drip Irrigation Technology is developing a blockchain project to enhance transparency and track the financial performance of invested stores [10][11]. - The company is leveraging regulatory advantages in Macau to create standardized digital certificates for its investment contracts, facilitating cross-border capital flows [12][13]. - The innovative structure of Drip Irrigation Technology may lead to regulatory challenges, as it operates in a complex environment that combines domestic investments with international financing [13].