Core Viewpoint - The company, Quantitative Party, is facing multiple challenges as it prepares for its IPO, including compliance issues, weak business fundamentals, high valuations, and funding pressures, which raise concerns about the viability of its market entry [1] Group 1: IPO Details and Financials - The IPO is set to launch on November 19, with pricing expected on November 25 and trading on November 27 [1] - The estimated fundraising amount is only 150 million HKD, making it the smallest mainboard IPO since the new regulations were introduced [2] - After accounting for listing expenses of approximately 107 million RMB, only about 580,000 HKD will be available for business development, indicating a "self-funded listing" scenario [2] Group 2: Compliance and Business Operations - The company has a history of compliance issues, including a failed attempt to list in the US due to scrutiny over its financial services [3] - Despite rebranding its business model, it continues to engage in lending activities through its app, raising further regulatory concerns [3] - The company has been criticized for its reliance on a single app, which generated 98.1% of its revenue, making it vulnerable to market fluctuations [4] Group 3: Market Reception and Valuation Concerns - Investor interest in the IPO has been lukewarm, with no cornerstone investors, reflecting a lack of confidence in the company's prospects [5] - The company's market valuation could reach 5.1 billion HKD, with a projected P/E ratio of 37.7, significantly higher than industry averages, raising concerns about overvaluation [6] - The small market capitalization and low liquidity could lead to the company being manipulated by a few investors, posing risks for ordinary investors [6]
量化派启动全球发售：8年上市征途 归来仍现合规隐忧 业务增长乏力 募资净额近乎清零