证券时报记者 钟恬 近日，滴灌通旗下滴灌通国际投资有限公司（以下简称"滴灌投资"）冲刺港股上市更新了动态，将中金 香港、德意志银行添加为整体协调人。而在6月18日，该公司首次提交上市申请时，保荐人及整体协调 人为汇丰银行。 这场IPO吸引市场关注的地方还在于，滴灌投资拟以罕见的香港上市规则第21章登陆港股主板，成为10 多年来港交所出现的最特殊IPO申请之一。 滴灌通由港交所前行政总裁李小加创立。在这位前行政总裁的背书下，滴灌通"非股非债"的金融试验， 究竟是破解小微融资难题的范式革命，还是效果未明的资本游戏？ 尘封规则下的特殊闯关 根据香港上市规则，以第21章提交上市申请的公司可不用披露中文版本上市文件，上市申请也只需证明 投资策略的合理性、内部监控有效性及利益冲突管理的健全性。因此滴灌投资上市文件目前仅有英文 版，招股书内也并未公布公司的具体业绩数据。 第21章这一规则自上世纪90年代设立，因允许无实际业务、仅以投资为目标的公司上市，且无需满足常 规财务指标，曾被视为特殊资产平台的"快捷通道"。但2014年后因沦为部分公司的借壳工具而备受非 议，这一通道逐渐尘封。上一次有企业通过此路径上市，还是2011年 ...

Core Viewpoint - Drip Irrigation International Investment Co., Ltd. (referred to as "Drip Investment") has submitted its IPO application to the Hong Kong Stock Exchange, aiming to clarify its operational model amidst market skepticism [1][3] Group 1: Company Overview - Drip Investment was founded by former HKEX CEO Li Xiaojia and focuses on cash flow-based financing services for small and micro enterprises [1][2] - The company’s investment product, known as DRC (Daily Revenue Sharing Contract), allows it to invest in small businesses and receive a portion of their daily revenue [2][3] Group 2: Product Characteristics - Drip Investment's products are characterized as "non-equity, non-debt," emphasizing cash flow rather than traditional investment structures [2] - The cash rights investment model is designed to share risks with investors, who do not have rigid repayment rights if the business fails to generate cash flow [2][3] Group 3: Strategic Goals - The launch of Drip Investment marks the beginning of the Drip Irrigation 3.0 phase, which aims to standardize non-standard financing products for small businesses [3][5] - The company plans to package and securitize cash flow assets, making them accessible to various types of investors without requiring small businesses to alter their operations [3][5] Group 4: Technological Integration - The "Drip Star" digital operating system includes five core elements: RBO, SPV, SPAC, ETF, and RBU, which serve as digital financing vehicles [5][6] - AI technology plays a crucial role in enhancing operational efficiency and connecting with potential partners in the investment ecosystem [6][7] Group 5: Financial Performance - As of July 2024, Drip Investment's MCLF fund size is reported at $160 million, with a significant decline in annualized return rates from 18.11% in 2022 to 0.51% in 2024, indicating a 97.18% drop [8][10] - The decline in returns is attributed to the cessation of new investments and the impact of the pandemic on small micro-finance, although the company asserts that cash flow investments have shown resilience [10][11]