时隔14年，港交所迎来特殊IPO，滴灌投资的现金流收益投资模式引争议

Core Viewpoint - Drip Irrigation International Investment Co., Ltd. (referred to as "Drip Investment") has chosen a special listing method under the Hong Kong Stock Exchange's Chapter 21, which allows companies without actual business operations to go public, marking the first such application in 14 years [1][3]. Group 1: Company Background - Drip Investment was established on May 23, 2025, in the Cayman Islands, with Li Xiaojia as the chairman. The company has not conducted any operations since its inception [5]. - The company aims to create a non-equity, non-debt cash flow investment model to provide overseas financing channels for small and micro enterprises [5]. - Drip Investment's platform allows global investors to invest directly in numerous small and micro businesses in China, sharing transparent and secure investment returns [6]. Group 2: Financial Performance - As of December 31, 2024, Drip Investment's total issuance scale on the Macau Stock Exchange reached 46.1 billion RMB, with over 13,000 income-sharing products issued, returning 24.4 billion RMB to investors [6]. - The MCLF fund's annualized returns have seen significant fluctuations, with returns dropping from 18.11% in August-December 2022 to 0.51% in January-July 2024 [8][9]. Group 3: Business Model and Risks - Drip Investment's core operating model is based on Daily Revenue Sharing Contracts (DRC), providing financing to small businesses in various sectors, which return a portion of their daily cash flow to Drip Investment [7]. - Concerns have been raised regarding the sustainability of this model, particularly in economic downturns, as over 90% of the company's revenue comes from small business revenue sharing [7]. - The company claims to control risks through direct connections with POS systems and cross-verification of data, but only managed to intercept 69 fraudulent transactions in 2023, raising questions about the effectiveness of its risk management [10].