以下文章来源于信风TradeWind ，作者郑嘉意 信风TradeWind . 关注资本市场的趋势与发展 作者郑嘉意 编辑松壑 创始人背书与全新的模式，很快吸引了资本市场的目光； 2023年C轮融资后，滴灌通估值升至17亿美元，跻身独角兽俱乐部。 如今滴灌通已经历自有资金投资、持牌澳门交易所（下称"澳交所"）试水两个阶段；截至2025年7月1日， 滴灌通融资金额已达55.73亿澳门元（约合 49.37亿人民币）。 李小加对于滴灌投资的期待，是打通一条澳交所之外的公开募资渠道。 如今仍未展业的滴灌投资，选择采用针对投资公司的港交所《上市规则》第21章（下称"21章"）IPO。 滴灌投资将聘请滴灌通旗下的投资管理公司作为投资管理人；待发行完成，认购投资者将构成滴灌投资全部股东。 滴灌投资方面亦表示所募资金都将用于现金权投资。 滴灌通的金融创新进入了新阶段。 成立不满一个月的滴灌通国际投资（下称"滴灌投资"），已然向港交所主板发起冲击。 谈及孵化滴灌投资的滴灌通，离不开作为创始人与董事会主席，曾担任港交所总裁11年之久的李小加。 2021年，自港交所离任的李小加与东英金融创始人张高波创办滴灌通，希望借由非股非债的现 ...

Core Viewpoint - Drip Irrigation Technology has submitted its application for a Hong Kong IPO, attracting significant market attention due to its unique business model and the reputation of its founder, Li Xiaojia, former CEO of the Hong Kong Stock Exchange [2][3]. Group 1: Company Overview - The company was founded by Li Xiaojia, who is credited with significant reforms in Hong Kong's financial market, including the establishment of the Stock Connect programs [3]. - Drip Irrigation Technology has invested over 4 billion yuan in more than 10,000 small stores across over 200 cities in China, utilizing its own funds and a cash-sharing investment model [3][4]. Group 2: Business Model - The company employs a "non-equity, non-debt" investment approach, focusing on cash flow sharing rather than traditional financing methods, which has led to debates about its sustainability and compliance [3][4]. - The investment model allows small businesses to receive funding without collateral, interest payments, or equity dilution, thus sharing operational risks with investors [4][5]. - The cash flow-sharing model is likened to precision irrigation in agriculture, aiming to direct funds effectively to small businesses [5]. Group 3: Market Context - The financing of small and micro enterprises is a long-standing challenge in the financial industry, with many entrepreneurs facing high-interest rates and collateral requirements from traditional banks [4]. - Drip Irrigation Technology's model seeks to address the financing needs of millions of small business owners in China, offering a new way to access capital without the burdens of traditional loans [4]. Group 4: Operational Challenges - The company faces scrutiny regarding the transparency and reliability of its revenue-sharing agreements, particularly in ensuring that store owners accurately report their income [7][8]. - There are concerns about how to set fair revenue-sharing ratios, especially in low-margin industries like food and beverage, where many businesses struggle to remain profitable [8]. - Investors may find it challenging to protect their interests under the non-equity, non-debt model, as they lack rights to audit or claim assets in case of business failure [9]. Group 5: Technological and Regulatory Aspects - Drip Irrigation Technology is developing a blockchain project to enhance transparency and track the financial performance of invested stores [10][11]. - The company is leveraging regulatory advantages in Macau to create standardized digital certificates for its investment contracts, facilitating cross-border capital flows [12][13]. - The innovative structure of Drip Irrigation Technology may lead to regulatory challenges, as it operates in a complex environment that combines domestic investments with international financing [13].

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 ...