五闯港交所的量化派，小贷业务隐身电商平台背后

Core Viewpoint - Quantitative Technology Co., Ltd. (referred to as "Quantitative") has submitted an IPO application to the Hong Kong Stock Exchange, transitioning from a lending platform to an e-commerce platform, primarily operating through "Yang Xiaomei" and "Consumption Map" for automotive transactions [1][4]. Financial Performance - In the first five months of 2024 and 2025, the company achieved revenues of 993.03 million RMB and 414.14 million RMB, respectively, with net profits of 147.13 million RMB and 125.63 million RMB [2][4]. - The revenue for 2022 and 2023 was 475.29 million RMB and 529.67 million RMB, respectively, with a gross profit of 312.76 million RMB and 367.66 million RMB [2]. Business Transition - The company has shifted its focus from financial lending to e-commerce, with "Yang Xiaomei" becoming its main business. The revenue from financial services has significantly decreased, accounting for only 3.2% of total revenue in 2024 [8][10]. - The average revenue per user has increased from 10,330 RMB in 2022 to 21,296 RMB in 2024, indicating a growing customer base and engagement [11]. Regulatory Challenges - Quantitative has faced scrutiny from regulatory bodies regarding its lending practices and customer complaints, leading to multiple failed IPO attempts in the U.S. and Hong Kong [4][6]. - The company has committed to ceasing all financial-related services on its platform, aiming to comply with regulatory requirements [10]. Shareholder Structure - The largest shareholder, Mars Legend, controlled by the founder Zhou Hao, holds 23.72% of the shares, while Sunshine Life Insurance is the second-largest shareholder with 15.42% [6][7]. - The company is under pressure from a redemption agreement signed with investors, which could lead to significant financial liabilities if not addressed through a successful IPO [6]. Customer Complaints - There have been numerous complaints regarding the pricing and service quality on the "Yang Xiaomei" platform, with reports of inflated prices and aggressive marketing tactics [13][14].