Core Viewpoint - Quantitative Party has submitted its prospectus to the Hong Kong Stock Exchange for the fifth time since June 29, 2022, aiming for a listing on the main board, transitioning from a financial matchmaking business to an e-commerce and retail platform with a significant increase in transaction scale from over 300 billion to over 700 billion in three years [1] Company Overview - Founded by Zhou Hao, Quantitative Party combines quantitative assessment concepts from Western markets with Chinese market characteristics, aiming to provide dignified financial services to users with credit backgrounds but lacking traditional credit records [2][3][4] - The company initially focused on a "credit wallet" platform to connect users with financial institutions, rapidly expanding its user base and partnerships with over 48 financial institutions by the end of 2021, serving more than 25.4 million users [5] Business Transformation - Following regulatory tightening on cash loans and online lending in 2017, Quantitative Party shifted its business model from financial matchmaking to focusing on two main online consumer markets: the e-commerce platform "Yang Xiaomei" and the O2O automotive retail platform "Consumption Map" [6][7] - "Yang Xiaomei" has become the primary revenue source, with revenue projected to rise from 206 million yuan in 2022 to 925 million yuan in 2024, and a significant increase in transaction volume from 4.9 billion yuan in 2023 to 7.7 billion yuan in 2024 [7][8] Performance Metrics - The average monthly active users on "Yang Xiaomei" increased from 528,000 in 2023 to 963,000 in 2024, with the average revenue per user (ARPU) rising from 10,330 yuan in 2022 to 25,622 yuan in the first five months of 2025 [8] - The "Consumption Map" platform, initially focused on local life services, has seen a decline in transaction volume from 4.2 billion yuan in 2022 to 1.49 billion yuan in 2024, as resources were redirected to "Yang Xiaomei" [9] Financial Overview - The company's total revenue has shown consistent growth, with figures of 475 million yuan in 2022, 530 million yuan in 2023, 993 million yuan in 2024, and 414 million yuan in the first five months of 2025, while net profit transitioned from a loss of 283,000 yuan in 2022 to a profit of 12.6 million yuan in the first half of 2025 [9][10]