Core Viewpoint - Quantitative Party (2685.HK) has listed in Hong Kong, raising approximately HKD 131 million, with a net amount of HKD 12.37 million from the offering [1] Group 1: Company Background - Quantitative Party, known as Quantum Data Technology Co., Ltd. in China, was founded in 2014 in Beijing by Zhou Hao, who initially focused on online lending and created the cash loan platform "Credit Wallet" [1] - The company rebranded "Credit Wallet" to "Yang Xiaomiao" in 2020, claiming a shift from main lending operations to a consumer e-commerce platform, although it appears to still operate within the financial sector [3] Group 2: Business Operations - The Yang Xiaomiao app, while positioned as an e-commerce platform, offers products at significantly higher prices compared to competitors like JD.com, with a specific example showing a price of CNY 13,321 for an iPhone 17 Pro Max, compared to CNY 9,999 on JD.com [3][5] - Complaints on the Black Cat Complaints platform exceed 24,000, primarily concerning misleading shopping practices, inflated product prices, high interest on installment purchases, and aggressive debt collection practices linked to the associated platform "Bian Li Card Package" [5] Group 3: Regulatory Issues - The operator of Yang Xiaomiao, Beijing Yudong Intelligent Information Technology Co., Ltd., is fully owned by Quantum Data Technology Co., Ltd., while the operator of "Bian Li Card Package" is Beijing Zimu Yunchuang Technology Co., Ltd., also fully owned by a related entity [5] - In July, a related entity, Yingtan Xinjing Guangda Microfinance Co., Ltd., was fined CNY 196,000 by the People's Bank of China for violations related to credit information management, and it is a major client of Quantitative Party [7]
量化派上市募资千万港元，数万条投诉涉当家产品“羊小咩”合规性