Core Viewpoint - Drip Irrigation's founder and former CEO of Hong Kong Stock Exchange, Li Xiaojia, emphasizes that investors primarily use price-to-book (PB) ratio for pricing, while traditional listings rely on future earnings forecasts and price-to-earnings (PE) ratios. The company is opting for a faster listing under Chapter 21 as it aligns with its business model and allows for a quicker market entry compared to traditional methods [1] Group 1 - Drip Irrigation is applying for a listing under Chapter 21, which requires diversified investments with no single investment exceeding 20% of net assets, aligning with its strategy of investing in over 10,000 small stores across more than 200 cities [1] - The Chapter 21 listing is designed for professional investors, matching the complex cash flow sharing model of Drip Irrigation, which necessitates a higher investor threshold [1] - Li Xiaojia notes a significant demand for cash flow-based products in the market, aiming to rapidly scale this market despite past concerns regarding transparency and regulatory compliance in Chapter 21 listings [1] Group 2 - The board of Drip Irrigation consists of 8 directors, with Li Xiaojia as the chairman, and the other 7 directors having no direct ties to the company, ensuring public confidence in governance [2] - Drip Irrigation operates a financial technology platform connecting global capital with small and micro enterprises, facilitating easier access to long-term funding through its licensed Daily Revenue Sharing Products (DRO) exchange [2] - As of July 28, 2025, Drip Irrigation's exchange has 120 Special Purpose Vehicles (SPVs) and 99 Special Purpose Acquisition Companies (SPACs), with over 13,900 underlying assets and a total financing amount of 5.575 billion Macanese Patacas, alongside 3.496 billion Macanese Patacas in revenue sharing [2]