【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 - Quantitative Finance has made its fifth attempt to enter the capital market, facing multiple failures due to regulatory compliance issues and heavy reliance on its lending business, which remains unresolved [3][4][5]. Group 1: IPO Attempts and Regulatory Challenges - The company plans to issue up to 15,097,500 shares for its IPO on the Hong Kong Stock Exchange, with proceeds aimed at enhancing R&D capabilities and improving technical infrastructure [2]. - Previous attempts to go public include a failed 2017 application for the U.S. market and four submissions to the Hong Kong Stock Exchange from June 2022 to December 2024, primarily due to issues like hearing failures and compliance doubts [3][4]. - The China Securities Regulatory Commission (CSRC) has requested additional materials regarding business compliance, user complaints, and equity-related issues during the listing process [3][4]. Group 2: Business Model and Compliance Issues - The company transitioned from a cash loan platform to a comprehensive consumer service platform, "Yang Xiaomei," in response to regulatory changes, but the new business has not gained significant market traction, holding only a 0.7% market share in 2023 [4][5]. - The lending business, which includes products like "Enjoy Card" and "Backup Fund," is a major revenue source, but its compliance has been questioned, with the CSRC indicating potential violations of financial regulations [5][8]. - Revenue from the financial institution's precise matching solutions has fluctuated significantly, with a drop from 76.8% in 2021 to 8.3% in the first half of 2024 [6][8]. Group 3: Financial Health and Future Outlook - As of June 2024, the company reported a net asset deficit of 1.025 billion yuan and a debt-to-asset ratio of 222.51%, indicating severe financial distress [14]. - The company faces a redemption obligation of 1.6 billion yuan in preferred shares while having only 335 million yuan in cash, leading to a critical cash flow situation [14][15]. - Concerns about financial risks are heightened due to reliance on the lending business, cash flow issues, and increasing accounts receivable, which rose from 151 million yuan in 2021 to 443 million yuan in 2023 [14][15].