Core Viewpoint - The company, Quantitative派, is facing significant financial pressure due to high IPO costs and a looming debt burden from a redemption agreement with early investors, which could lead to a potential crisis if the IPO fails. Group 1: IPO Details - Quantitative派 plans to raise approximately HKD 124 million by issuing 13.3475 million shares at a price range of HKD 8.8 to 9.8 per share, with the listing expected on November 27 [2][3]. - The total IPO expenses are projected to be around HKD 107 million, which constitutes 94.6% of the total funds raised, leaving only about HKD 5.8 million for business development [3][5]. - The company has incurred substantial listing expenses over the past few years, with amounts of RMB 26.669 million, RMB 9.64 million, and RMB 23.467 million for the years 2022 to 2024, respectively [3]. Group 2: Financial Pressure and Debt - The company has a significant potential debt burden due to a redemption agreement tied to financial instruments valued at RMB 18 billion, which could be triggered if the IPO does not succeed [2][8]. - As of September 30, the company reported only RMB 2.1 billion in cash, raising concerns about its ability to meet short-term liabilities, which include bank loans and other debts totaling RMB 37.31 million, RMB 5.096 million, and RMB 19.916 million [10][11]. - The financial instruments' value has been increasing, with recorded values of RMB 14 billion, RMB 16 billion, RMB 17 billion, and RMB 18 billion from 2022 to May 2025 [8]. Group 3: Cost Structure and Market Comparison - The underwriting costs for Quantitative派 are unusually high, with approximately HKD 73.5 million allocated for underwriting fees, which is significantly above the typical range of 1.5% to 4% for similar IPOs [6][7]. - The company’s issuance costs deviate from market norms, where over 80% of companies have kept their issuance costs below 20% of the total funds raised [5][6]. - The high costs are attributed to the need for extensive legal and accounting due diligence due to the company's complex business model and previous failed IPO attempts [6][8].
95%募资用于支付上市费，量化派18亿对赌重压下“流血”IPO