【文/羽扇观金工作室 李丕】 量化派控股有限公司第五次递交港股IPO申请，却仍难掩前四次折戟的尴尬，这次"五进宫"能摆脱魔咒 吗？ 近日，量化派向香港交易所递交招股书，这是该公司自2022年以来第五次尝试上市。此前申请分别于 2022年6月、2023年2月、2024年5月以及2024年12月因招股书失效而告吹。 助贷业务终结，在内地不再涉足 量化派起家于中国金融科技领域，核心产品"信用钱包"通过API接口为金融机构筛选并推荐用户。2019 年至2021年，公司累计推荐超过150万名用户，撮合金融服务。然而，这一模式在监管趋严的环境下备 受压力，导致公司被迫转型。 2020年11月，"信用钱包"升级为"羊小咩"，转向消费者导向的数字化交易平台，涵盖消费电子、食品饮 料、家电等品类，通过线上匹配连接商品与用户。2022年4月推出的"消费地图"则聚焦汽车零售O2O， 合作汽车零售商吸引流量，支持线上线下购车。 如今，客户群包括"羊小咩"上的个人用户、POP商店经营者（平台第三方卖家）和汽车供应商。 截至2024年9月12日，公司已彻底终止助贷业务，并在招股说明书中表示，已向内地监管机构承诺不再 涉足。 "便荔卡包" ...

Core Viewpoint - Financial services institutions are increasingly recognizing the diverse application value of migrating pricing and reference data to the cloud, which includes modeling, process automation, and AI-driven innovation projects [2][4]. Group 1: Cloud Migration Benefits - The DataScope Warehouse enables enterprises to quickly and conveniently access necessary pricing and reference data in the cloud, enhancing efficiency across the trading lifecycle [4][5]. - A recent global survey by LSEG revealed that 47% of respondents are already using market and pricing data in the cloud, while 38% are utilizing cloud-based reference data, indicating that cloud data is becoming a core driver of fintech transformation and business agility [2][4]. Group 2: DataScope Warehouse Features - DataScope Warehouse was officially launched in September 2024, allowing enterprises to access LSEG's complete pricing and reference data globally, with new customers able to connect within 24 hours, significantly speeding up deployment compared to traditional on-premises solutions [5][6]. - The platform is continuously optimized, with new features, cloud distribution interfaces, and additional datasets set to be released over the next 18 months [4][8]. Group 3: Cost Efficiency and Management - DataScope Warehouse significantly reduces total ownership costs by providing a solution that allows enterprises to efficiently maintain and manage their data needs [6][7]. - The service is natively deployed on Snowflake and Google Big Query platforms, facilitating rapid and secure data sharing across various jurisdictions, thus enhancing global operations and data management efficiency [7]. Group 4: Future Developments - Upcoming features for DataScope Warehouse include "Change Tracking," which will help enterprises manage data deployment and governance more effectively by notifying users of data changes [8]. - Additional content, including corporate actions data, will be introduced in the coming months to support financial institutions' evolving business needs [9].

Financial Data and Key Metrics Changes - The company reported a net loss of $4.3 billion or a loss of $8.58 per diluted common share for Q2 2025, significantly impacted by the acquisition of Discover [11][12] - Revenue increased by $2.5 billion or 25% compared to the first quarter, with adjusted revenue up 26% or $2.6 billion [12] - Non-interest expense rose by 18% or 14% net of adjustments, while pre-provision earnings increased by 34% relative to the first quarter [12][13] Business Line Data and Key Metrics Changes - The credit card segment saw a 72% increase in ending loan balances due to the addition of $99.7 billion in Discover card loans, while excluding Discover, ending loans grew about 4% year over year [23] - Domestic card revenue was up 33% from Q2 2024, driven largely by the partial quarter of Discover revenue [23] - Consumer banking revenue increased by about 16% year over year, primarily due to the addition of Discover deposits and growth in auto loans [28] Market Data and Key Metrics Changes - Year-over-year purchase volume growth for the quarter was 22%, including $26.5 billion from Discover, while excluding Discover, growth was about 6% [23] - Ending consumer deposits grew at 36% year over year, driven largely by the addition of Discover deposits [28] Company Strategy and Development Direction - The company aims to integrate Discover into its operations, enhancing its financial institution and global payments platform [5][6] - There is a focus on building a national bank organically, leveraging technology transformation and a modern tech stack [39][84] - The company plans to invest significantly in marketing and technology to capitalize on growth opportunities, particularly in the credit card market [41][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the earnings power of the combined entity and the opportunities arising from the integration of Discover [50] - The company is committed to investing in technology and AI to enhance operational efficiency and customer experience [43][88] - Management acknowledged the need for sustained investment to achieve long-term growth and competitive advantage [45][90] Other Important Information - The acquisition of Discover resulted in a net credit mark that increased the allowance on the balance sheet by $8.4 billion [8] - The company recorded goodwill of $13.2 billion as part of the acquisition [10] - The liquidity reserves ended the quarter at $144 billion, with a cash position of $59.1 billion [17] Q&A Session Summary Question: Updated thoughts on the economics of the Discover acquisition - Management remains bullish about the earnings power and opportunities from the acquisition, but no specific updates were provided [49][50] Question: Timing for capital optimization - The company is still assessing capital needs and expects to provide updates once the internal modeling is complete [51][53] Question: Integration costs exceeding initial estimates - Integration costs are expected to be higher than the initial $2.8 billion target due to various elements of the integration process [56][58] Question: Growth opportunities with Discover - Management plans to lean into growth opportunities with Discover, particularly in their card business, while maintaining strong customer experiences [65][70] Question: Variables to consider from purchase accounting changes - Management provided detailed disclosures on the implications of purchase accounting on NIM and operating expenses, emphasizing the complexity of the changes [72][74] Question: Assurance on synergy reinvestment risk - Management reassured investors that the investments in technology and integration are aimed at creating a more efficient consolidated company over time [80][82]

伦敦证券交易所集团 （London Stock Exchange Group，以下简称LSEG） 于4月10日在上海成功举办 2025年中国市场展望论坛。 该论坛已举办14届，成为中国金融行业最具影响力的盛会之一。 今年的活动汇聚了来自全球银行、资产管理公司、金融科技创新企业以及实体经济领军企业的众多参与者。 讨论聚焦于塑造金融未来的关键主题，包括中国宏观经济展望、资产配置与ETF机遇、金融科技驱动的转型 以及中国金融机构日益增长的国际影响力。 活动精彩回顾视频 LSEG亚太区总裁 David Day 强调LSEG对中国市场的长期承诺，他表示： "中国依然是我们全球战略的核 心支柱。我们很自豪能够引领提供全面的数据、分析、指数和跨资产交易解决方案。我们珍视与中国市场的 合作关系，并将继续致力于加强中英之间的金融合作。" 伦敦证券交易所集团 2025 市场展望论坛主会场 兴业银行首席经济学家 鲁政委博士 表示："在全球经济动荡的背景下，中国的结构性改革继续展现出非凡 的韧性和活力。 均衡增长、产业优化和可持续发展将塑造2025年中国经济前景。 中国的数字化转型不仅加 速了国内产业升级，还为全球经济增长注入了新的 ...

证券代码：603106 证券简称：恒银科技 公告编号：2025-004 恒银金融科技股份有限公司 关于已终止首次公开发行股票募集资金投资项目 剩余募集资金永久补充流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 恒银金融科技股份有限公司(以下简称"公司")于 2025 年 2 月 24 日召开第四届 董事会第四次会议和第四届监事会第四次会议，审议通过了《关于已终止首次公 开发行股票募集资金投资项目剩余募集资金永久补充流动资金的议案》。为满足 公司经营发展需要，公司拟将已终止的首次公开发行股票募集资金投资项目"营销 与服务网络及智能支撑平台建设项目"的剩余募集资金 12,654.12 万元（含购置理 财产品产生的投资收益及累计收到的银行存款利息，具体金额以资金转出当日账 户余额为准）全部永久补充流动资金，后续将用于公司主营业务相关的日常生产 经营和业务发展使用。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求（2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》 ...