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].

【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" ...

第五次递表港交所，量化派的命运会发生转变吗？ 从"贷款平台"摇身变为"电商平台"，量化派第五次叩响港交所大门。 这一次，量化派带来一个全新的故事：关停助贷业务，取而代之的是羊小咩和消费地图。 招股书说明书显示，2024年，量化派的收入近10亿元，毛利率为96.9%。然而，亮眼的业绩背后，公司的应收账款激增、周转天数拉长，现 金流压力悄然攀升。 本次赴港上市，量化派计划将募集到的资金用于提高公司的研发能力和改善其撮合服务的技术基础设施，以及推广业务模式等。 量化派停止撮合服务 该业务前年为公司贡献过亿收入 9月19日，量化派再次向港交所递交上市申请，开启第五次赴港上市之路。 此前，量化派分别于2022年6月29日、2023年2月21日、2024年5月20日、2024年12月31日向港交所递交上市申请，均未能如愿。 招股说明书显示，量化派是一家专注于中国消费领域的线上市场营运商。量化派的消费电商平台羊小咩（前身为"信用钱包"）自2020年11 月起涵盖各式零售商品，如第三方市场供应商提供的消费电子产品、食品及饮料、家电、化妆品、珠宝、服装及个人日常护理用品等。 2022年4月起，量化派开始经营汽车零售O2O平台消 ...

近日，来自北京的量化派向港交所递交招股书，拟在香港主板挂牌上市。这是自2022年6月29日以来， 量化派第5次向港交所递交招股书。 量化派是一家做线上消费平台的公司，大家可能更熟悉它的电商平台"羊小咩"，上面卖的东西从数码产 品到日常用品都有；另外一个是"消费地图"，帮用户在线上看车、领券，再到线下买车。 2013年周灏从美国回国，恰巧亲历了一个颇具讽刺意味的现实困境。 尽管他在海外生活期间持有Discovery和City等国际信用卡且信用记录良好，但回到国内后，由于缺乏本 地户口、社保记录和传统的央行征信数据，他在中国的信用体系中竟被视为"三无人员"，甚至连一张普 通的信用卡都难以办理。 这一遭遇让他切身体会到中外信用体系之间的深刻壁垒。当时中国央行的征信系统仅能覆盖约25%的人 口，大量像他一样有信用背景但缺乏传统认证材料的用户，其信用价值无法被有效识别。 正是这一痛点直接催生了周灏的创业灵感：数以亿计拥有信用基础，却缺乏抵押担保或标准征信记录的 "小白" 用户，正因传统金融评估体系的局限性，长期处于被服务忽视的状态。 过去几年，它从做金融撮合生意转型成电商和零售平台，交易规模三年间从三百多亿涨到了七百多 ...

9月19日，量化派控股有限公司（简称"量化派"）向港交所递交上市申请，这是公司第5次向港交所递交招股书。 此前，公司分别于2022年6月29日、2023年2月21日、2024年5月20日、2024年12月31日向港交所递交上市申请，上市申请均因招股书 到期而失效。 量化派是一家专注于中国消费领域的线上市场营运商。 招股书显示，量化派的消费电商平台"羊小咩"自2020年11月起涵盖各式零售商品，如第三方市场供应商提供的消费电子产品、食品及 饮料、家电、化妆品、珠宝、服装及个人日常护理用品。 公司自2022年4月经营汽车零售O2O平台"消费地图"，该平台目前主要与汽车零售商合作吸引线上流量，使其能够在当地实体店线下 购车。 招股书显示，2022年、2023年、2024年以及2025年前5个月，量化派收入分别为4.75亿元、5.3亿元、9.93亿元及4.14亿元；净利润分 别为-28.3万元、364.3万元、1.47亿元和1.26亿元。 深耕消费领域线上市场 自成立以来，量化派一直致力于开发并经营线上消费市场。公司由此构建连接业务伙伴（提供商品及服务）与目标终端客户的价值 链。受益于公司的技术专长，公司已经实现业务 ...

Core Viewpoint - Quantitative Technology Co., Ltd. (referred to as "Quantitative") has submitted an IPO application to the Hong Kong Stock Exchange, transitioning from a lending platform to an e-commerce platform, primarily operating through "Yang Xiaomei" and "Consumption Map" for automotive transactions [1][4]. Financial Performance - In the first five months of 2024 and 2025, the company achieved revenues of 993.03 million RMB and 414.14 million RMB, respectively, with net profits of 147.13 million RMB and 125.63 million RMB [2][4]. - The revenue for 2022 and 2023 was 475.29 million RMB and 529.67 million RMB, respectively, with a gross profit of 312.76 million RMB and 367.66 million RMB [2]. Business Transition - The company has shifted its focus from financial lending to e-commerce, with "Yang Xiaomei" becoming its main business. The revenue from financial services has significantly decreased, accounting for only 3.2% of total revenue in 2024 [8][10]. - The average revenue per user has increased from 10,330 RMB in 2022 to 21,296 RMB in 2024, indicating a growing customer base and engagement [11]. Regulatory Challenges - Quantitative has faced scrutiny from regulatory bodies regarding its lending practices and customer complaints, leading to multiple failed IPO attempts in the U.S. and Hong Kong [4][6]. - The company has committed to ceasing all financial-related services on its platform, aiming to comply with regulatory requirements [10]. Shareholder Structure - The largest shareholder, Mars Legend, controlled by the founder Zhou Hao, holds 23.72% of the shares, while Sunshine Life Insurance is the second-largest shareholder with 15.42% [6][7]. - The company is under pressure from a redemption agreement signed with investors, which could lead to significant financial liabilities if not addressed through a successful IPO [6]. Customer Complaints - There have been numerous complaints regarding the pricing and service quality on the "Yang Xiaomei" platform, with reports of inflated prices and aggressive marketing tactics [13][14].