11年磨一剑？量化派第五次冲击港交所IPO，业务转型难消合规隐忧

Core Viewpoint - The company, Quantitative Technology, has submitted its fifth IPO application to the Hong Kong Stock Exchange after 11 years since its establishment, facing significant uncertainties due to regulatory scrutiny and compliance issues [2][5]. Group 1: Company Overview - Quantitative Technology focuses on the Chinese consumer sector, operating primarily through two platforms: "Yang Xiaomei" for e-commerce and "Consumption Map" for automotive transaction facilitation [3][4]. - The company transitioned from its original product "Credit Wallet" to "Yang Xiaomei" in November 2020, aiming to enhance its digital transaction capabilities and cater to consumer needs [4][6]. Group 2: Business Performance - From 2019 to 2021, Quantitative Technology recommended over 1.5 million potential end-users to financial institutions through its platforms, with annual recommendations of approximately 655,000, 393,000, and 486,000 respectively [3]. - In the first five months of 2025, "Yang Xiaomei" generated revenue of 406 million yuan, accounting for 98.1% of the company's total revenue, while "Consumption Map" only contributed 7.9 million yuan, or 1.9% [8]. Group 3: Regulatory Challenges - The company has faced multiple inquiries from regulatory bodies regarding its compliance with financial regulations, particularly concerning its "assisted lending" services and user complaints [9][10]. - As of October 17, 2025, "Yang Xiaomei" had over 30,000 complaints related to high pricing, inducement to consume, and aggressive collection practices, raising concerns about the company's compliance costs [10].