Core Viewpoint - Quantitative Party has successfully listed after multiple attempts, raising approximately 131 million yuan, with most of the funds allocated to cover IPO expenses. The company has committed to ceasing its facilitation services to financial institutions, which raises questions about its business model and potential risks associated with its operations [1][2][10]. Group 1: Listing Attempts and Financial Obligations - Quantitative Party has made six attempts to go public, including one in the US and five in Hong Kong, with the latest attempt resulting in a successful IPO on November 27, 2025 [1][2]. - The company is burdened by a significant financial obligation, with "financial instruments with attached preferential rights" amounting to 1.8 billion yuan as of May 2025, indicating a growing financial pressure [2][3]. Group 2: Business Model and Revenue Sources - The company has transitioned its business model to focus on its e-commerce platform "Yang Xiaomei," which accounted for approximately 93% of total revenue in 2024 [5]. - Complaints regarding the pricing on the "Yang Xiaomei" platform indicate that many products are priced 30%-50% higher than market rates, raising concerns about the legitimacy of its business practices [7][8]. Group 3: Regulatory Compliance and Business Transformation - Quantitative Party has publicly committed to terminating its facilitation services with financial institutions as of September 12, 2024, to comply with regulatory requirements for its IPO [10][19]. - Despite the termination of direct facilitation agreements, the company's core e-commerce operations remain closely tied to consumer finance, leading to skepticism about the completeness of its business transformation [19]. Group 4: Market Performance - As of December 9, 2025, Quantitative Party's stock price was 26.340 HKD, with a market capitalization of 13.522 billion HKD, reflecting investor sentiment post-IPO [20].
上市公司量化派放弃助贷做商城，万条用户投诉揭示商品分期真相