经济观察报 记者 老盈盈 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的 故事，共绘一幅属于这段岁月的集体记忆图谱。 外国人常称呼李小加为"Mr. Connect（联通先生）"，"联通"这个词几乎贯穿了他整个金融职业生涯。 早年间，李小加在投行任职时，核心就是搭建中国企业与国际资本的桥梁，把"中国货"（内地企业）带 到香港市场，吸引"世界的钱"（国际资本）投入。20世纪90年代，第一批内地企业以H股、红筹股的模 式赴港上市，国际资本得以通过香港枢纽进入内地市场，支持内地企业发展。 后来，李小加加入香港交易所（下称"港交所"）任职行政总裁，延续了"联通"的核心思路，不断拓展互 联互通的边界。无论是股票、商品，还是清算体系、投资标准，核心都是要把中国这个巨大的经济体和 金融市场，从各个关键维度与世界进行深度绑定，真正实现全方位的互联互通。 4年前，李小加创立滴灌通，这次他"联通"的是全球资本与小微企业，在微观层面打通小微企业的金融 供给通道，通过分散化、标准化设计控制风险，既让金融"水流"抵达末梢经济主体，又避免局部风险扩 散。 12月初，经济观察报记者在位于香港 ...

Core Viewpoint - The U.S. government's unprecedented revenue-sharing agreement with AI chip giants Nvidia and AMD, requiring them to pay 15% of their sales revenue from China in exchange for export licenses, may serve as a model for other industries in the future [1][2]. Group 1: Revenue Sharing Model - The revenue-sharing model disrupts traditional practices by requiring chip manufacturers to share a portion of their sales revenue from China to obtain export licenses [2]. - Nvidia and AMD have agreed to pay 15% of their sales revenue from specific chips (H20 for Nvidia and MI308 for AMD) to the U.S. government [1][2]. - This approach aligns with the Trump administration's strategy of demanding specific actions from companies, such as investments in the U.S., in exchange for benefits like tariff exemptions [2]. Group 2: National Security Concerns - U.S. Treasury Secretary Becerra downplayed concerns that the revenue-sharing arrangement poses national security risks, stating that the semiconductor products involved are of a lower tier and do not include advanced chips [3]. - The H20 chip, designed specifically for the Chinese market, is less powerful than Nvidia's mainstream GPU chips and was previously banned for export to certain countries, including China, due to national security concerns [3]. Group 3: Market Impact and Policy Considerations - Allowing Nvidia to sell the H20 chip in China could position the company as a leader in Chinese technology and provide significant revenue opportunities, potentially unlocking billions in sales [5]. - Prior to its ban, Nvidia had projected quarterly sales of over $8 billion for the H20 chip, indicating substantial market potential [5]. - Comments from Trump and Becerra suggest a possible policy reversal compared to the Biden administration's stricter measures, which made it more difficult for China to access advanced chips [5].

Group 1 - The core viewpoint of the articles is that Drip Irrigation Tong is pursuing a faster listing process in Hong Kong under Chapter 21 as an "investment company," which aligns with its business model and the current market demand for cash flow-based assets [1][2] - Drip Irrigation Tong's strategy involves diversifying investments across multiple targets, with no single investment exceeding 20% of net asset value, which is consistent with its approach of investing in over 10,000 small stores across more than 200 cities in China [1] - The company aims to leverage its innovative revenue-sharing model to connect global capital with small and micro enterprises, providing them with easier access to cost-effective funding [2] Group 2 - The board of directors of Drip Irrigation Tong consists of 8 members, with the chairman being Li Xiaojia, and the other 7 directors having no direct affiliation with the company [2] - As of July 28, 2025, Drip Irrigation Tong's platform has listed 120 Special Purpose Vehicles (SPVs) and 99 Special Purpose Acquisition Companies (SPACs), with underlying assets exceeding 13,900 and total financing amounting to 5.575 billion Macanese Patacas [2] - The company emphasizes the transparency of its underlying assets in the digital age, addressing past concerns regarding the lack of transparency and regulatory compliance in Chapter 21 companies [1]

Core Viewpoint - Micro Connect International Finance Company Limited (滴灌通) has submitted its initial application for listing on the Hong Kong Stock Exchange, backed by former HKEX CEO Li Xiaojia, amidst previous controversies regarding its business model and a recent C-round financing of $458 million [1][9]. Group 1: Company Overview - Micro Connect is a fintech company that connects global capital with small and micro enterprises through an innovative revenue-sharing model, allowing these businesses to raise affordable long-term funds [7]. - The company operates the world's first licensed Daily Revenue Sharing Products (DRO) exchange, facilitating investment opportunities for global investors while providing liquidity for small enterprises [7]. Group 2: Leadership and Management - Li Xiaojia, aged 64, is the co-founder and chairman of Micro Connect, responsible for strategic direction and key decision-making alongside the CEO [2]. - The management team includes experienced executives, such as independent non-executive director Fang Xiaoming, who has over 20 years of global experience in banking, private equity, and technology [5]. Group 3: Business Model and Innovations - The company’s revenue-sharing products offer diverse investment opportunities linked to daily cash flows from small businesses, making financing more accessible and cost-effective [7]. - The "滴灌之星" system, a digital operating system for the exchange, includes five core elements that replicate traditional market structures but in a digital format, enhancing safety and ease of financing for small enterprises [8]. Group 4: Recent Developments and Controversies - Following a $458 million C-round financing in August 2023, the company faced scrutiny over its business model, with critics labeling it as high-interest lending and questioning its legal framework [9][10]. - Li Xiaojia defended the model as a joint venture approach, emphasizing the collaborative nature of the business relationship among stakeholders [9].

Core Viewpoint - Drip Irrigation International Investment Limited has submitted a listing application to the Hong Kong Stock Exchange, aiming to connect global capital with small and micro enterprises through financial technology [1] Group 1: Company Overview - Drip Irrigation Group operates a trading platform that allows small businesses to list on the Macau Financial Assets Exchange (MCEX) to raise affordable long-term funds through an innovative revenue-sharing model [1][5] - The MCEX is the world's first licensed revenue-sharing exchange, providing financial asset trading services and connecting international capital with global small and micro enterprises in a digital manner [5] Group 2: Investment Opportunities - The company has introduced Revenue Based Obligations (RBOs), which offer investors direct and diversified investment opportunities by tapping into daily cash flows from the active consumer economy [5] - The exchange facilitates liquidity and investment in small enterprises for global professional investors, providing a new option for impact investing [5] Group 3: Operational Insights - The new system of the MCEX has been operational for nearly a year and is designed as a digital platform rather than traditional corporate or fund structures, aiming to lower costs and simplify market structures for small and micro enterprises [5] - Companies listed on the exchange are required to distribute nearly all their income as dividends, with a minimum monthly dividend frequency to ensure investor protection [5]

Core Viewpoint - The primary focus of the article is on the upcoming launch of SPACs on the滴灌通澳交所 (MCEX), emphasizing the importance of fundraising for investment in listed fund products [1][7]. Group 1: SPAC Overview - A new SPAC, 东方尚饮1号SPAC, is set to be listed on MCEX, with its issuance ending on May 7, 2023. As of May 6, its net assets were RMB 200,000, with a net asset value of RMB 1 per share [2]. - SPACs serve as digital investment vehicles that allow small and micro enterprises to raise funds through revenue-sharing models on MCEX, enabling investors to gain returns from new technology and consumption sectors [2]. Group 2: SPV Details - The SPV, 尚饮AI智饮能量站-无锡南长街, is one of the projects invested by 东方尚饮1号SPAC, with a financing amount of RMB 199,999.0521 and an expected annualized return of 11.13% over a 16-month period [3]. - The SPV was established on April 21, 2023, with an initial issuance of 15,333 shares aimed at expanding production capacity [3]. Group 3: Company Background - 尚饮 (Shanghai) Industrial Co., Ltd. operates the AI beverage store in Wuxi, which combines traditional cultural elements with modern technology, aiming to provide a personalized consumer experience [5]. - The company was founded in 2022 and has developed the third-generation SMYZE intelligent beverage system, holding 42 intellectual property rights, with 18 attributed to its founder, 郑方 [6]. Group 4: Market Context - As of May 6, 2023, MCEX has listed 91 SPVs and 74 SPACs, with total underlying assets reaching 13,913 and cumulative financing amounting to RMB 54.25 billion [6]. - The滴灌通澳交所 is the first licensed revenue-sharing exchange globally, allowing small and micro enterprises to raise flexible and affordable long-term funds [6].