6月18日，滴灌通旗下滴灌通国际投资有限公司（以下简称"滴灌投资"）正式向港交所提交上市申请，汇丰为独家保荐人。 滴灌通由前港交所CEO李小加创立，创立以来一直在尝试基于现金流的企业投融资服务，其产品模式曾引发市场广泛讨论。 此次，滴灌投资闯关港股IPO，为市场揭开了滴灌通运营模式的一角，然而市场对于其运作模式仍需进一步理解。 面对市场争议，李小加于6月23日召开媒体线上交流会，回应了产品运营逻辑、滴灌通3.0阶段做什么等核心问题。 投资者的收益通过企业现金流分配实现，累计收益达标后投资终止。如果企业没有产生现金流，风险由投资者承担，投资者没有索取刚性兑付的权利。 如何理解滴灌通产品的"非股非债"属性，李小加用简单的举例解释道，模式上就是A给B一笔钱， B需要在本金的基础上加一个双方谈好的回报返还给 A，这种表述方式是一种"债"的方式。但从本质上看，A需要承担风险，这是一种"股"的形式。 李小加进一步总结，滴灌投资使用的现金权，形式简单尤如债权、实质风险定价尤如股权，具体执行方式采用YITO机制："Yield in, Term out"，即 "收益 到，期限到"。 滴灌通3.0到底要做什么？ 公司创始人李小加 ...

Core Viewpoint - The establishment of Drip Irrigation International Investment Company (Drip Investment) by former HKEX CEO Li Xiaojia marks the initiation of its listing journey on the Hong Kong Stock Exchange (HKEX), with HSBC as the sole sponsor [1][2]. Group 1: Company Overview - Drip Investment is a closed-end investment company registered in the Cayman Islands on May 23, 2025, with an initial authorized share capital of 3 billion shares [2]. - The company focuses on "cash flow-based investing" to create income and distribute dividends to shareholders, and it is currently not operational [2]. - Li Xiaojia serves as the chairman and sole executive director, with seven other independent non-executive directors [2]. Group 2: Market Opportunities - Drip Investment aims to capitalize on three major market opportunities: 1. Asset-Based Cash Rights: Providing liquidity to private equity (PE), venture capital (VC), and their investors [4]. 2. Business-Based Cash Rights: Supporting the development of the real economy without diluting equity or imposing rigid repayment [4]. 3. Corporate-Based Cash Rights: Offering essential survival capital to early-stage entrepreneurs to prevent failures due to funding shortages [4]. Group 3: Listing Methodology - Drip Investment plans to list under the rare Chapter 21 of the Hong Kong listing rules, which allows companies without a specific main business to apply for listing, focusing on investment strategies and internal controls [5][6]. - The last company to list under Chapter 21 was in 2011, indicating the rarity of such listings in recent years [6]. Group 4: Strategic Impact - If successful, Drip Investment's listing will standardize and systematize the allocation of funds to diverse asset classes that traditional debt and equity markets cannot effectively reach, injecting non-dilutive capital into the real economy [7].

自成立起，滴灌通集团的新颖投资模式就引起不少关注和讨论，李小加多次在公开场合阐述现金分成的方式去 投资实体经济与传统VC/PE投资方式的不同，提供的是流动性解决方案，赚取的是现金分成的即期投资收益 率，而不是通过IPO或股权转让退出投资项目。 滴灌通集团官网对自己的定位是，一家运用金融科技联结全球资本与小微企业的交易所集团。通过创新的收入 分成模式，小企业得以在滴灌通澳门金融资产交易所（MCEX，滴灌通澳交所）挂牌，募集长期资金。 近日，前港交所行政总裁李小加发表网志，其2021年创办的滴灌通集团旗下滴灌通国际投资有限公司（下 称"滴灌投资"）已向港交所递交上市申请。 据了解，与传统VC、PE模式不同，滴灌通最初是用现金分成的方式投资实体经济，投资累计超过了40亿人民 币之后，形成了产品标准、会计准则、估值方法、风控评级及交易系统，新成立的滴灌通投资聚焦资产型、生 意型、企业型三种现金权的市场机会。 滴灌投资拟香港上市 6月19日，李小加发表网志，滴灌投资已向港交所递交上市申请，募集资金将系统化、规模化和分散化地投入 各类现金流投资机会，引领全球资本进入除了债权和股权之外的"现金权"投资蓝海。 据了解，港交所 ...

Core Viewpoint - The former CEO of Hong Kong Stock Exchange, Li Xiaojia, is set to benefit from a potential IPO of Drip Irrigation International Investment Co., Ltd. (Drip Investment), which has submitted a listing application to the Hong Kong Stock Exchange [1] Company Overview - Drip Investment was established on May 23 this year in the Cayman Islands and has not yet commenced operations. Its investment goal is to generate returns and distribute them to shareholders, primarily through investments that yield returns based on the cash flow of the invested entities [1][3] - The listing entity is distinct from Drip Irrigation Group, which was founded by Li Xiaojia and Zhang Gaobo in 2021 as an innovative fintech company [3] Investment Strategy - Drip Investment plans to hire an investment management company under Drip Irrigation Group to focus on cash flow investments. The funds raised from the IPO are expected to be systematically, scaled, and diversified into various cash flow investment opportunities [3][4] - The listing signifies the beginning of Drip Irrigation 3.0, marking a new phase in the "cash rights" investment paradigm beyond traditional equity and debt [4] Market Context - The investment model employed by Drip Investment aims to bridge the gap between large international capital and small enterprises, providing new financing possibilities for micro and small businesses [5] - The company is applying under a rare section of the Hong Kong Stock Exchange listing rules, which allows investment companies to submit listing applications without the typical three-year performance record [6] Future Outlook - The success of Drip Investment's IPO and its ability to attract global capital into the "cash rights" investment space remains uncertain, with questions about its sustainability and compliance raised by critics [5][6] - The name "Drip Irrigation" is inspired by Israeli agricultural technology, symbolizing precise and continuous investment support for small enterprises [6]

6月18日，滴灌通国际投资公司（简称"滴灌投资"），向港交所递交了上市申请（A1）表。 "能不能把滴灌通积累的现金权投资经验，和各行业经验结合，联合起来一起投资？"滴灌通集团创始人李小加称，正是这一来自各行业投资者的诉求，促 成了滴灌投资上市征程的开启。 | mber of [REDACTED] | ： | [REDACTED] Shares | | --- | --- | --- | | [REDACTED] | : | HK$[REDACTED] per [REDACTED] | | | | plus brokerage of 1.0%, SFC | | | | transaction levy of 0.0027%, Stock | | | | Exchange trading fee of 0.00565% and | | | | AFRC transaction levy of 0.00015% | | Nominal Value | . | HK$0.0001 per Share | | [REDACTED] | : | [REDACTED] | 编辑 李小加表示，滴灌投资的上市并非滴灌通集团自身 ...

Core Viewpoint - The listing application of Drip Irrigation International Investment Company on the Hong Kong Stock Exchange is noteworthy as it seeks to break the trend of limited successful investment company listings in Hong Kong [2][3] Group 1: Company Overview - Drip Irrigation International was established on May 23, 2025, in the Cayman Islands and has not yet commenced operations or business activities [2] - The company aims to generate returns for shareholders primarily through cash flow investments [2] - The company has not disclosed any investment or performance records to date [2] Group 2: Listing Details - The listing is based on the rare Chapter 21 of the Listing Rules, which allows for investment companies to apply for listing [2][6] - HSBC is the sole sponsor for the listing application [2] - If successful, the listing will allow for standardized and systematic allocation of funds into diverse asset classes that traditional markets cannot effectively reach [3] Group 3: Investment Strategy - Drip Irrigation International plans to hire an investment management company under the Drip Irrigation Group to focus on cash flow investments [3] - The company aims to attract global capital into the "cash rights" investment space, which is seen as a significant opportunity [3][5] - The investment strategy includes both debt and equity categories, with a focus on systematic and diversified cash flow investment opportunities [3] Group 4: Market Context - The Drip Irrigation business model involves overseas fundraising, investment in mainland China, and trading on the Macau Stock Exchange [4] - The Macau Stock Exchange was established with government approval and operates under similar legal status to the Hong Kong Stock Exchange [5] - The company has previously invested over 4 billion RMB in more than 10,000 small stores across 200 cities in China, marking the first phase of its operations [5] Group 5: Regulatory Environment - Investment companies applying for listing do not need to meet specific operational business requirements or disclose three years of performance records, unlike other companies [6] - The shares offered will only be available to professional investors and cannot be sold to the general public [6]

滴灌投资赴港上市采用的是港交所《上市规则》第21章。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 在李小加看来， 滴灌投资的上市，标志着滴灌通 3.0阶段的开始，也标志着股权、债权之外的"现金 权"投资范式，跨入一个新阶段。 " 用现金权投资，不仅使得资本市场对融资者更加包容，更加普惠，更能为投资者带来稳定、多元、 分散的，更早期、更高质量的现金流投资回报。因此，滴灌投资基于现金流的投资，将能触达几乎所 有的商业活动，包罗万象，生生不息。 "李小加说道。 据 IPO早知道消息，由前摩根大通中国区主席、前港交所总裁李小加创办的 滴灌通国际投资有限公 司 （以下简称 " 滴灌 投资 "）于2025年6月18日正式向港交所递交上市申请， 香港上海 汇丰 银 行 担任整体协调人。 这里需要指出的一点是， 本次 滴灌投资赴港上市采用的是 港交所《上市规则》第 21章 ，而非传 统的上市规则 ——根据港交所文件， 21章所考虑的上市申请包括现有投资公司及新成立的投资公司 投资的证券(不论已上市或未上市)，此包括认股权证、货币市场的金融工具、银行存款、货币投资、 商品、期权、期 ...