星瞰IPO | 量化派第五次递表港交所，标榜“数字消费”难掩助贷阴影

Core Viewpoint - Quantitative Holdings Limited (量化派) has faced multiple challenges in its attempts to go public on the Hong Kong Stock Exchange, with its fifth IPO application submitted on September 19, 2023, after four previous failed attempts due to various issues [1][3][4]. Group 1: Company Background and IPO Attempts - The company, founded in 2014, has been trying to list since 2017, initially targeting the US market but later shifting to Hong Kong due to regulatory challenges [4][8]. - The company has submitted its IPO application to the Hong Kong Stock Exchange four times since June 2022, facing setbacks such as hearing failures and compliance issues [4][5][6]. - As of March 28, 2025, the China Securities Regulatory Commission issued a notice for the company's overseas listing, allowing it to issue up to 15.1 million shares [4][5]. Group 2: Business Model and Revenue Structure - The company transitioned from a cash loan platform ("信用钱包") to a comprehensive lifestyle service platform ("羊小咩") in response to regulatory changes in the fintech sector [8][12]. - Revenue from financial institutions has significantly decreased, dropping from 76.8% in 2021 to 0% by May 2025, while "羊小咩" contributed 98.1% of the company's revenue in the first five months of 2025, amounting to 406 million RMB [12][18]. - The company reported total revenues of 4.75 billion RMB in 2022, 5.30 billion RMB in 2023, and 9.93 billion RMB in 2024, with a year-on-year growth of 87.48% in 2024 [14]. Group 3: Financial Performance and Profitability - Adjusted profit increased from 1.26 billion RMB in 2022 to 3.63 billion RMB in 2024, with a compound annual growth rate of 69.7% [15]. - The company achieved a remarkable gross margin of 96.9% in 2024, attributed to increased total revenue and reduced sales costs [15][16]. - The net accounts receivable reached 744 million RMB by May 2025, a 188.4% increase from 2022, raising concerns about the company's financial health [21]. Group 4: Market Environment and Future Prospects - The online consumption market in China is projected to grow from 13.9 trillion RMB in 2020 to 25.7 trillion RMB in 2024, with a compound annual growth rate of 16.5% [22]. - The company has invested approximately 167 million RMB in research and development since 2022, focusing on enhancing its e-commerce platform [23]. - Despite the growth potential, the company faces challenges, including a high volume of user complaints related to pricing and inducement issues, which could impact its IPO process [23][26].