Core Viewpoint - The article discusses the contrasting paths of two financial technology companies, Quantitative and Qudian, highlighting their different strategies and outcomes in the face of regulatory challenges and market conditions [2][4]. Group 1: Company Performance and Market Response - Qudian, which went public in the US in 2017, has accumulated over 7 billion yuan in cash reserves, allowing it to maintain profitability despite a significant drop in revenue, with Q3 2025 revenue at only 850,000 yuan, down 85% year-on-year [2]. - Quantitative, after multiple attempts, finally listed on the Hong Kong Stock Exchange, achieving a 190% increase in stock price on its first day and a market capitalization of 14.6 billion HKD, with projected revenue growth from 475 million yuan in 2022 to 993 million yuan in 2024 [3]. - Despite the initial success, Quantitative's business scale and growth potential have diminished compared to the peak of consumer finance, facing high accounts receivable and compliance issues [4]. Group 2: Fundraising and Financial Obligations - Quantitative's public offering was oversubscribed by 9,366 times, the highest in Hong Kong's main board history, but the net fundraising was only 10 million, primarily to settle financial obligations [6][8]. - As of September 2025, Quantitative had financial instruments valued at over 1.8 billion yuan linked to earlier investment agreements, with cash reserves of only 210 million yuan, indicating a growing financial burden [8]. Group 3: Business Transformation and Strategy - Quantitative has attempted to pivot away from financial services since 2020, launching an e-commerce platform and a retail service, but the revenue from its lending business dropped from 76.8% in 2021 to 8.3% in the first half of 2024 [10]. - The company claims to leverage AI for consumer services, with a significant portion of its team focused on technology and several patents filed, yet concerns remain about the authenticity of its "de-financialization" strategy [11][13]. - Complaints regarding high product prices and misleading installment plans suggest that the company's transformation may not be as substantial as claimed, raising questions about its compliance with regulatory standards [13].
量化派上市并非圈钱，狂砸1.18亿，只为拆除对赌炸弹