Group 1: Industry Overview - The digital economy is reshaping the consumption landscape, expanding boundaries and reconstructing value creation logic [1] - China's online consumption market is experiencing strong growth, with the market size projected to increase from 13.9 trillion yuan in 2020 to 25.7 trillion yuan in 2024, and expected to reach 41.2 trillion yuan by 2029 [3] - In the first eight months of this year, the national online retail sales increased by 9.6% year-on-year, outpacing the overall growth of social consumer goods retail [3] Group 2: Company Profile - The company, Quantitative Wave, focuses on the online market in China, driven by its mission to "digitally drive the world and intelligently illuminate life" [3] - Utilizing its self-developed AI technology platform, the company provides intelligent and precise consumption experiences for consumers and partners [3] - As of May 31, 2025, Quantitative Wave has attracted over 60.3 million registered terminal customers through its online market, creating growth and synergy for its business partners [4] Group 3: Future Outlook - The integration of digital technology with new consumption scenarios is leading to a favorable development trend in online consumption, indicating a broad industry outlook [4] - The company has built efficient integration capabilities in high-frequency consumption scenarios such as e-commerce and O2O automotive retail, accumulating rich industry experience and data resources [4] - As technology continues to resonate with life demands, companies like Quantitative Wave that focus on enhancing experiences and creating value are expected to shine in the evolving landscape of digital consumption [4]

Group 1 - Quantitative Technology Co., Ltd. (referred to as "Quantitative Technology") has completed its IPO subscription and is set to list on the Hong Kong Stock Exchange on November 27, 2025, with an offering price range of HKD 8.8 to HKD 9.8 per share, aiming to raise up to HKD 130 million [3][4] - The company plans to issue 13.348 million shares, with a net fundraising amount of only HKD 5.8 million, indicating that the issuance costs exceed HKD 100 million [3][4] - If priced at the upper limit of HKD 9.80 per share, the expected market capitalization upon listing would be HKD 5.03 billion [3] Group 2 - Quantitative Technology operates an online marketplace called "Yang Xiaomei," which has generated revenue of RMB 400 million in the first five months of 2025, accounting for approximately 98.1% of the company's total revenue [4][6] - The company also runs an O2O platform called "Consumption Map" for automotive retail, which began operations in April 2022 [4][6] - Revenue from Yang Xiaomei is projected to account for 93.2% and 98.1% of total revenue for the fiscal years ending December 31, 2022, and 2023, respectively [6] Group 3 - Quantitative Technology's revenue for the years 2022, 2023, and 2024 was RMB 475.3 million, RMB 529.7 million, and RMB 993.0 million, respectively, with gross profits of RMB 312.8 million, RMB 367.7 million, and RMB 961.9 million [7][11] - The company reported a net profit of RMB 1.47 billion for the fiscal year ending December 31, 2024, and RMB 125.6 million for the first five months of 2025 [11][12] - The adjusted net profit for 2022, 2023, and 2024 was RMB 126.3 million, RMB 148 million, and RMB 363.3 million, respectively, with an adjusted EBITDA of RMB 1.37 billion for 2022 [12][14] Group 4 - As of May 31, 2025, Quantitative Technology held cash and cash equivalents amounting to RMB 428 million [14] - The company has undergone a restructuring process, including the divestment of its related company, Yingtan Guangda, prior to the IPO [15][16] - The shareholding structure post-IPO indicates that major shareholders include Sunshine Insurance and Gaorong Capital, with significant stakes held by the company's executives [17][19][23]

Group 1: Recent IPOs - Zhongwei Co., a new energy materials company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 3.544 billion by offering about 104 million shares [1] - Jiansu, a supply chain management service provider, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the plastic and chemical industries in China [2] - Defeng Technology, an independent AIoT provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy and manufacturing sectors [3] - Kanop, an industrial robotics company, applied for an IPO on the Hong Kong Stock Exchange, ranking first among Chinese welding robot manufacturers [4] - NobiKan, an AI company, refiled for an IPO on the Hong Kong Stock Exchange after previous applications lapsed, focusing on AI and digital twin technologies [5] - Dongshan Precision, a PCB supplier for edge AI devices, submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a leading supplier in the sector [6] - Mandi International, a consumer healthcare company, filed for an IPO on the Hong Kong Stock Exchange, leading the market in hair health products [7] - Lingyi Intelligent Manufacturing, an AI hardware platform, applied for an IPO on the Hong Kong Stock Exchange, ranking first in high-precision components for AI terminal devices [8] Group 2: Upcoming IPOs - Quantitative Platform is set to launch its IPO from November 19 to November 24, aiming to raise approximately HKD 131 million [9] - Haiwei Electronics plans to conduct its IPO from November 20 to November 25, targeting to raise around HKD 440 million [10] Group 3: Recent Hearings - Yujian Xiaomian, a modern Chinese noodle brand, passed the listing hearing on the Hong Kong Stock Exchange, operating 440 restaurants in mainland China and 11 in Hong Kong [11] - Jinyan High-tech, a kaolin company, also passed the listing hearing, focusing on the production of calcined kaolin products [12] - Naxin Micro, a provider of analog chips, passed the listing hearing, specializing in automotive electronics and consumer electronics [13] - Lemo, a smart massage service provider, passed the listing hearing, leading the market in smart massage services in mainland China [14] Group 4: Market Developments - The Singapore Exchange and Nasdaq announced a collaboration to simplify dual listings, aiming to launch a "Global Listing Board" by mid-2026 [15]

Group 1 - The company, Quantitative Group (02685.HK), plans to globally offer 13.3475 million shares, with 1.335 million shares available in Hong Kong and 12.0125 million shares for international sale, plus an over-allotment option of 2.002 million shares [1] - The subscription period for the shares is from November 19 to November 24, with a maximum offer price of HKD 9.80 per share and an entry fee of approximately HKD 4,949.42 for a board lot of 500 shares [1] - The total expected fundraising amount is HKD 124 million, with a net amount of HKD 6 million, which will be used to enhance the company's R&D capabilities and improve the technical infrastructure of its matching services, as well as to promote its business model [1] Group 2 - The company operates an online marketplace focused on the Chinese consumer sector, with its e-commerce platform, Yang Xiaomei, launched in November 2020, offering a variety of retail products including consumer electronics, food and beverages, home appliances, cosmetics, jewelry, clothing, and personal care items [2] - The company also runs an O2O platform called Consumption Map, which helps automotive retailers attract online traffic for offline car purchases, and to a lesser extent, allows consumers to purchase cars online [2] - The company's net profits for the fiscal years ending December 31 for 2022, 2023, and 2024 were -CNY 281,000, CNY 3.643 million, and CNY 147 million, reflecting year-on-year changes of -100.52%, 1396.44%, and 3938.65% respectively [2]

Group 1 - Quantitative Party (02685.HK) plans to globally offer 13.3475 million shares, with 1.335 million shares available in Hong Kong and 12.0125 million shares for international sale, plus an overallotment option of 2.002 million shares [1] - The subscription period is from November 19 to November 24, with a maximum offer price of HKD 9.80 per share and an entry fee of approximately HKD 4,949.42 for 500 shares [1] - The total expected fundraising amount is HKD 124 million, with a net amount of HKD 6 million, aimed at enhancing R&D capabilities and improving the technical infrastructure of the company's matching services [1] Group 2 - The company operates an online marketplace focused on the Chinese consumer sector, with its e-commerce platform "Yang Xiaomei" covering various retail products since November 2020 [2] - The platform includes consumer electronics, food and beverages, home appliances, cosmetics, jewelry, clothing, and personal care products, connecting these goods with users through online purchases [2] - The company also runs an O2O platform called "Consumption Map" to help automotive retailers attract online traffic and facilitate offline car purchases [2] Group 3 - The company's net profit for the fiscal years ending December 31 for 2022, 2023, and 2024 were -280,000, 3.643 million, and 147 million respectively, with year-on-year changes of -100.52%, 1396.44%, and 3938.65% [2]

Group 1 - The company, Quantitative Group (02685.HK), plans to globally offer 13.3475 million shares, with 1.335 million shares available in Hong Kong and 12.0125 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The subscription period for the shares is from November 19 to November 24, 2025, with the expected pricing date on November 25, 2025, and the shares are priced between HKD 8.80 and HKD 9.80 per share [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on November 27, 2025, with China International Capital Corporation and CITIC Securities acting as joint sponsors [1] Group 2 - The company operates an online marketplace in China, with its e-commerce platform, Yang Xiaomei, covering a variety of retail products since November 2020, including electronics, food and beverages, appliances, cosmetics, jewelry, clothing, and personal care items [2] - The company also runs an online-to-offline (O2O) automotive retail platform called Consumption Map, which collaborates with car retailers to attract online traffic for offline purchases, and will allow online car purchases starting in 2024 [2] - Revenue from the Yang Xiaomei platform accounted for approximately 93.2% and 98.1% of the company's total revenue for the fiscal year ending December 31, 2024, and the five months ending May 31, 2025, respectively [2] Group 3 - The company plans to allocate approximately 55% of the net proceeds from the share offering to enhance its research and development capabilities and improve its technological infrastructure, including upgrading service product offerings and expanding big data storage capacity [3] - About 45% of the proceeds will be used to establish and expand proprietary local consumer applications and promote the business model through partnerships, aiming to revitalize the local economy and recruit more sales personnel [3]

Core Insights - The online consumption market is undergoing a significant transformation driven by the digital economy, shifting from traffic dividends to technology and data dividends [1] - Quantitative Company has achieved continuous revenue growth for three consecutive years, becoming a focal point in the industry [1] Industry Overview - In the first eight months of this year, the national online retail sales increased by 9.6% year-on-year, outpacing the growth rate of total retail sales of consumer goods, with physical goods online retail sales growing by 6.4% [1] - The company operates in the Chinese consumption sector, focusing on online market operations and leveraging its self-developed AI technology platform to enhance consumer and partner experiences [1] Company Performance - Quantitative Company reported a significant revenue increase of 87.5% in 2024, reaching RMB 993 million, with a continued revenue growth of 38.1% expected by May 2025 [3] - The company has shown strong profitability and resilience, with adjusted profits consistently rising [3] Technological Development - The company emphasizes technological research and development, with 79 technical personnel making up about 35% of its total workforce as of May 31, 2025 [3] - It has invested in R&D, accumulating 9 patents and 58 software copyrights, and launched the "Quantitative Star Inquiry" model, which provides precise matching solutions for business partners [3] Customer Base and Market Strategy - As of May 31, 2025, the company has attracted over 60.3 million registered end customers, establishing a substantial customer base [4] - The company focuses on high-frequency consumption scenarios such as e-commerce and O2O automotive retail, enhancing customer conversion and efficiency through deep partnerships [4] - By integrating AI algorithms with market experience, the company provides a one-stop infrastructure for both supply and demand sides, positioning itself as a leader in the online consumption market [4]

Core Viewpoint - Quantitative Holdings Limited (量化派) has faced multiple challenges in its attempts to go public on the Hong Kong Stock Exchange, with its fifth IPO application submitted on September 19, 2023, after four previous failed attempts due to various issues [1][3][4]. Group 1: Company Background and IPO Attempts - The company, founded in 2014, has been trying to list since 2017, initially targeting the US market but later shifting to Hong Kong due to regulatory challenges [4][8]. - The company has submitted its IPO application to the Hong Kong Stock Exchange four times since June 2022, facing setbacks such as hearing failures and compliance issues [4][5][6]. - As of March 28, 2025, the China Securities Regulatory Commission issued a notice for the company's overseas listing, allowing it to issue up to 15.1 million shares [4][5]. Group 2: Business Model and Revenue Structure - The company transitioned from a cash loan platform ("信用钱包") to a comprehensive lifestyle service platform ("羊小咩") in response to regulatory changes in the fintech sector [8][12]. - Revenue from financial institutions has significantly decreased, dropping from 76.8% in 2021 to 0% by May 2025, while "羊小咩" contributed 98.1% of the company's revenue in the first five months of 2025, amounting to 406 million RMB [12][18]. - The company reported total revenues of 4.75 billion RMB in 2022, 5.30 billion RMB in 2023, and 9.93 billion RMB in 2024, with a year-on-year growth of 87.48% in 2024 [14]. Group 3: Financial Performance and Profitability - Adjusted profit increased from 1.26 billion RMB in 2022 to 3.63 billion RMB in 2024, with a compound annual growth rate of 69.7% [15]. - The company achieved a remarkable gross margin of 96.9% in 2024, attributed to increased total revenue and reduced sales costs [15][16]. - The net accounts receivable reached 744 million RMB by May 2025, a 188.4% increase from 2022, raising concerns about the company's financial health [21]. Group 4: Market Environment and Future Prospects - The online consumption market in China is projected to grow from 13.9 trillion RMB in 2020 to 25.7 trillion RMB in 2024, with a compound annual growth rate of 16.5% [22]. - The company has invested approximately 167 million RMB in research and development since 2022, focusing on enhancing its e-commerce platform [23]. - Despite the growth potential, the company faces challenges, including a high volume of user complaints related to pricing and inducement issues, which could impact its IPO process [23][26].

Core Insights - Quantitative Party has submitted its prospectus for the fifth time to the Hong Kong Stock Exchange, highlighting its role as a significant player in China's consumer sector and the promising future of the online consumption market driven by technology [1] Company Overview - Founded in 2014, Quantitative Party focuses on online market operations in China's consumer sector, leveraging its self-developed AI technology platform to provide intelligent and precise consumer experiences [1] - The company aims to support the digital transformation of the consumption industry through its core advantages in intelligent recommendations, precise distribution, and user operations [1] Market Potential - The online consumption store market in China is projected to grow from 13.9 trillion yuan in 2020 to 25.7 trillion yuan by 2024, with a compound annual growth rate (CAGR) of 16.5% [4] - By 2024, this market is expected to account for 36.9% of the overall retail market, with further growth anticipated [4] - As an online market operator, Quantitative Party does not engage directly in retail but provides infrastructure services to ecosystem participants, having attracted over 60.3 million registered end customers and 2,646 business partners as of May 31, 2025 [4] Technological Competitiveness - AI technology is the core competitive advantage of Quantitative Party, with its "Liangxingqiu" AI platform covering the entire online operation chain for business partners [5] - The company has over eight years of experience in customer profiling and has developed a large model, "Liangxingwen," which completed generative AI service filing in October 2024 [5] - From 2022 to 2024, total revenue increased from 470 million yuan to 993 million yuan, with a year-on-year growth of 87.5% in 2024 [5] Financial Performance - Adjusted profit increased from 126 million yuan in 2022 to 363 million yuan in 2024, reflecting a CAGR of 69.7% [5] - Revenue for the first five months of 2025 reached 414 million yuan, a year-on-year increase of 38.5% [5] Challenges and Future Outlook - The company faces challenges such as intensified industry competition, which may increase traffic costs, and higher data security compliance requirements [6] - If Quantitative Party can overcome these challenges, it is expected to play a significant role in connecting consumer demand with industrial supply, contributing to the upgrade of the Chinese consumer market and the prosperity of the digital economy [6]

Core Viewpoint - The company, Quantitative Holdings, is making another attempt to go public in Hong Kong after multiple failed attempts, aiming to leverage the current IPO frenzy in the market to raise funds amidst heavy debt burdens [3][4]. Group 1: Business Overview - Quantitative Holdings operates two main businesses: the one-stop consumer platform "Yang Xiaomiao" and the automotive retail O2O platform "Consumption Map," providing services such as product display, online payment, order processing, and logistics [3][4]. - The company was founded in 2014 by Zhou Hao and initially focused on a P2P lending model through its "Credit Wallet" platform before pivoting to digital solutions due to regulatory changes in 2017 [4]. Group 2: Financial Performance - In the first five months of this year, the company recorded a profit of 126 million yuan, with a net debt of 772 million yuan [5]. - Revenue figures from 2022 to 2024 show growth: 475 million yuan in 2022, 530 million yuan in 2023, and projected 990 million yuan in 2024, with a significant profit increase from a loss of 281,000 yuan in 2022 to 14.7 million yuan in 2023 [6]. - Revenue for the first five months of this year reached 414 million yuan, a year-on-year increase of 38.1%, while profit surged by 261% to 126 million yuan [6]. Group 3: Marketing and Expenses - The company's marketing expenses have been substantial, rising from 47.92 million yuan in 2022 to 109 million yuan in 2023, a 127% increase, and significantly outpacing revenue growth [7]. - Revenue from the "Consumption Map" has declined sharply, dropping from 200 million yuan in 2022 to 32.81 million yuan last year, and further down to 7.917 million yuan in the first five months of this year, a 43% year-on-year decrease [7]. Group 4: Debt and Financial Health - The company faces significant financial challenges, with a low return on equity (ROE) of 0.1% in 2022, projected negative ROE in 2023 and 2024, and a staggering negative ROE of 36.1% in the first five months of this year [8]. - The company's liabilities have escalated, with current liabilities reaching nearly 2 billion yuan by the end of May this year, and it has been in a negative asset situation for the past two years [8]. Group 5: Controversies and Market Position - A significant portion of the company's high accounts receivable is linked to a small loan company controlled by the major shareholder Zhou Hao, raising concerns about potential conflicts of interest [9]. - The competitive landscape includes major players like Meituan, JD.com, and Douyin, which possess strong brand recognition and user loyalty, making it challenging for Quantitative Holdings to capture market share [9].