Core Viewpoint - Micro Connect International Finance Company Limited (滴灌通) is applying for a listing on the Hong Kong Stock Exchange under Chapter 21 as an investment company, which allows for a faster listing process compared to traditional methods that rely on future earnings forecasts [2]. Group 1: Listing Strategy - The company aims to utilize Chapter 21 for its listing, where investors primarily use Price-to-Book (PB) ratio for valuation, contrasting with the Price-to-Earnings (PE) ratio used in traditional listings [2]. - The founder, Li Xiaojia, emphasizes the current high demand for cash flow-based products in the market, aiming to rapidly scale the business [2]. - Li Xiaojia acknowledges past concerns regarding Chapter 21 listings due to lack of transparency but asserts that the digital model now provides significant transparency and data disclosure [2]. Group 2: Financial Performance - As of July 28, 2025, the company has 120 Special Purpose Vehicles (SPVs) and 99 Special Purpose Acquisition Companies (SPACs) listed on the Australian Stock Exchange, with over 13,900 underlying assets [3]. - The cumulative financing amount reached 5.575 billion Macanese Patacas, with total revenue sharing amounting to 3.496 billion Macanese Patacas [3]. Group 3: Board Composition - The board of directors consists of 8 members, with Li Xiaojia serving as the chairman and the other 7 directors being independent and not directly associated with the company [2]. - Li Xiaojia expresses a commitment to accountability, stating that if the company's performance does not meet expectations during the board's term, they will seek new leadership to maintain public confidence [2].

Group 1 - The core viewpoint of the articles is that Drip Irrigation Tong is pursuing a faster listing process in Hong Kong under Chapter 21 as an "investment company," which aligns with its business model and the current market demand for cash flow-based assets [1][2] - Drip Irrigation Tong's strategy involves diversifying investments across multiple targets, with no single investment exceeding 20% of net asset value, which is consistent with its approach of investing in over 10,000 small stores across more than 200 cities in China [1] - The company aims to leverage its innovative revenue-sharing model to connect global capital with small and micro enterprises, providing them with easier access to cost-effective funding [2] Group 2 - The board of directors of Drip Irrigation Tong consists of 8 members, with the chairman being Li Xiaojia, and the other 7 directors having no direct affiliation with the company [2] - As of July 28, 2025, Drip Irrigation Tong's platform has listed 120 Special Purpose Vehicles (SPVs) and 99 Special Purpose Acquisition Companies (SPACs), with underlying assets exceeding 13,900 and total financing amounting to 5.575 billion Macanese Patacas [2] - The company emphasizes the transparency of its underlying assets in the digital age, addressing past concerns regarding the lack of transparency and regulatory compliance in Chapter 21 companies [1]