而在11月2日，还有借款人反映，平台以"借款人数过多"为由延缓放款，暗示"开个会员就秒下"，被迫 支付293元会员费。截至目前，黑猫投诉平台上针对微博借钱的累计投诉量已超过21000条。 密集的投诉背后，是助贷新规落地后微博借钱面临的合规拷问。今年10月1日，国家金融监管总局发布 的《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》正式实施，明确综合融资成本不 得超过24%的年化红线。 【文/羽扇观金工作室】 "借款15000元分12期，每期还款1506.93元，综合利率高达36%！"11月20日，一名借款人在黑猫投诉平 台发起投诉，控诉微博借钱利率远超法定红线。11月23日，另一名借款人投诉称："微博钱包催收人员 威胁我，我有录音，从不良渠道得到我家人手机号爆通讯录！" 然而，财报显示微博2024年广告及营销收入同比下降2%，增值服务收入却逆势增长13%，达到2.56亿美 元。在主营业务承压的背景下，微博借钱作为增值服务的重要组成部分，依托5.9亿月活用户流量为持 牌金融机构导流，其业务合规性正面临严峻考验。 助贷行业正经历深刻变革。业内人士指出，过去5年助贷机构获客成本上涨6倍，新客户转化成本最 ...

Core Viewpoint - The implementation of new regulations for internet lending in China is accelerating a "reshuffling" in the industry, leading to a concentration of resources among major lending platforms while smaller platforms are being forced out due to increased compliance pressures [1][2]. Group 1: Regulatory Changes - The new regulations, effective from October 1, require banks to manage their partnerships with lending platforms through a list system, prohibiting collaborations with unlisted entities [2]. - Financial institutions are currently reducing their partnerships with smaller lending platforms, reflecting a tightening risk appetite in the banking sector [2][3]. Group 2: Impact on Lending Platforms - Smaller lending platforms previously utilized hidden fees to raise effective interest rates above the 24% threshold, but the new regulations have closed this loophole, posing challenges for their business models [1][3]. - Major lending platforms with strong compliance and risk pricing capabilities are expected to benefit from the new regulations, as banks prefer to collaborate with them due to their larger customer bases and better risk management [5]. Group 3: Market Dynamics - The lending market is showing a clear trend towards concentration, with major platforms like Ant Group, Meituan, Douyin, JD.com, and others frequently appearing in the partnership lists of various financial institutions [5]. - Banks are increasingly focusing on the traffic advantages of leading internet platforms, which enhances their customer acquisition strategies [5]. Group 4: Evaluation Mechanisms - Some banks have established systematic rating mechanisms for evaluating potential lending partners, assessing factors such as shareholder background, management stability, and risk management capabilities [6].

Core Viewpoint - Quantitative Finance has made its fifth attempt to enter the capital market, facing multiple failures due to regulatory compliance issues and heavy reliance on its lending business, which remains unresolved [3][4][5]. Group 1: IPO Attempts and Regulatory Challenges - The company plans to issue up to 15,097,500 shares for its IPO on the Hong Kong Stock Exchange, with proceeds aimed at enhancing R&D capabilities and improving technical infrastructure [2]. - Previous attempts to go public include a failed 2017 application for the U.S. market and four submissions to the Hong Kong Stock Exchange from June 2022 to December 2024, primarily due to issues like hearing failures and compliance doubts [3][4]. - The China Securities Regulatory Commission (CSRC) has requested additional materials regarding business compliance, user complaints, and equity-related issues during the listing process [3][4]. Group 2: Business Model and Compliance Issues - The company transitioned from a cash loan platform to a comprehensive consumer service platform, "Yang Xiaomei," in response to regulatory changes, but the new business has not gained significant market traction, holding only a 0.7% market share in 2023 [4][5]. - The lending business, which includes products like "Enjoy Card" and "Backup Fund," is a major revenue source, but its compliance has been questioned, with the CSRC indicating potential violations of financial regulations [5][8]. - Revenue from the financial institution's precise matching solutions has fluctuated significantly, with a drop from 76.8% in 2021 to 8.3% in the first half of 2024 [6][8]. Group 3: Financial Health and Future Outlook - As of June 2024, the company reported a net asset deficit of 1.025 billion yuan and a debt-to-asset ratio of 222.51%, indicating severe financial distress [14]. - The company faces a redemption obligation of 1.6 billion yuan in preferred shares while having only 335 million yuan in cash, leading to a critical cash flow situation [14][15]. - Concerns about financial risks are heightened due to reliance on the lending business, cash flow issues, and increasing accounts receivable, which rose from 151 million yuan in 2021 to 443 million yuan in 2023 [14][15].