滴灌通赴港上市：“现金权”模式重构小微金融生态链

Core Viewpoint - Drip Irrigation International Investment Co., founded by former HKEX CEO Li Xiaojia, aims to create a new financing path for small and micro enterprises by converting their cash flows into standardized financial products for cross-border circulation [1][2]. Group 1: Business Model and Development - Drip Irrigation's business model connects cash flows from physical stores to international capital markets through a digital transformation system, positioning itself as a financial technology bridge between global capital and small enterprises [2]. - The company has established the world's first licensed "revenue-sharing" exchange in Macau, approved by the local government, which Li Xiaojia likens to a financial market bridge connecting China and the world [2]. - As of 2024, Drip Irrigation has recovered over 2 billion yuan from its investments, with an additional 2 billion yuan expected to be recovered in the next one to two years [2]. Group 2: Investment Phases and Financial Products - The company has outlined three development phases: - Phase 1 (2021-2023): Self-funded investments exceeding 4 billion yuan covering over 13,000 stores [3]. - Phase 2 (2023-2024): Experience accumulation and system development [3]. - Phase 3 (2024 onwards): Launch of the "Drip Star" system, which includes five digital components such as Revenue Sharing Certificates (RBO) and Special Purpose Vehicles (SPV) [3]. - The "Drip Star" system replicates core elements of traditional stock markets but operates entirely in a digital format without relying on traditional legal structures [3]. Group 3: Market Opportunities and Challenges - Drip Irrigation targets a market gap that traditional finance cannot cover, with over 90% of enterprises unable to access public financing due to high valuation and transaction costs [4]. - The innovative "cash rights" investment model combines features of both debt and equity, allowing for flexible risk-return profiles [4]. - The company has seen initial success in Wuxi, where it has provided significant financing to local brands, benefiting from a supportive policy environment for small enterprises [4]. Group 4: Regulatory and Market Risks - Despite its innovative approach, Drip Irrigation faces criticism regarding its business model, with some investors labeling it as high-interest lending and regulatory arbitrage [5]. - The company acknowledges multiple risks, including the lack of guaranteed returns, high operational risks for small enterprises, and the complexity of its cash flow investment model [5]. - The legal ambiguity surrounding its "non-equity, non-debt" structure poses risks for investors, particularly in cases of bankruptcy where investor protections may be lacking [6]. Group 5: Financial Performance - Fund performance has shown significant volatility, with the MCLF fund's return rate dropping from 18.11% in 2022 to 0.51% in 2024, and the MCLFF-C fund's return rate decreasing from 27.17% to 1.51% over the same period [6]. - The first batch of 39 SPVs and 25 SPACs has begun trading on the Drip Irrigation exchange, with ETF products also launched, marking a critical phase for the company's market validation [6].