来源：格隆汇APP 量化派自2022年4月经营汽车零售O2O平台消费地图，目前主要与汽车零售商合作吸引在线流量，使其 能够在当地实体店线下购车，在较小程度上，消费地图亦可让消费者在在线购车。此外，量化派也为商 业伙伴提供广告服务。 | 02685 量化派 | | 03 | | --- | --- | --- | | 18.500 + +8.700 +88.78% | | 已收盘 11/27 16:08 | | * 2 9 日 ♥ 白选 | | ● 快捷交易 | | 最高价 27.800 | 开盘价 26.000 | 成交量 489.31万 | | 最低价 18.300 | 昨收价 9.800 | 成交额 1.27亿 | | 平均价 25.898 | | 市盈率 TM 36.27 总市值 94.97亿 -- | | 振 幅 96.94% | 市盈率(静) 58.73 | 总股本 5.13亿 | | 换手率 0.95% | 市净率 -11.185 | 流通值 94.97亿 | | 52周最高 27.800 | 委 比 -27.27% | 流通股 5.13亿 | | 52周最低 18.300 | 量 比 -- | ...

Core Viewpoint - The initial public offering (IPO) of Quantitative Group (量化派) has garnered significant attention due to its remarkable stock performance, with a pre-listing surge of nearly 290% and a first-day increase of 170%, reflecting strong investor interest in the tech-enabled consumer sector [1][4][3] Group 1: IPO Performance - Quantitative Group's stock price soared nearly 290% during pre-listing trading, closing with a 200% increase, resulting in profits exceeding 9,000 HKD per hand [1] - The IPO saw a subscription multiple of 7104.15 times, indicating robust investor demand, aligning with the recent recovery trend in the Hong Kong IPO market [4][3] - The company raised approximately 124 million HKD, but after deducting listing expenses, the net proceeds were only 5.8 million HKD, with listing costs exceeding 90% of the total raised amount, a record high in the Hong Kong IPO market [4][5] Group 2: Business Structure and Growth Potential - Quantitative Group's business model has undergone significant changes, moving away from its initial lending services to focus solely on its consumer platform "羊小咩" [6][7] - The company reported a compound annual growth rate (CAGR) of 44.6% in total revenue from 2022 to 2024, with revenues increasing from 475 million CNY to 993 million CNY [11] - The platform "羊小咩" has over 60.3 million users and 2,646 partners, contributing 98.1% of total revenue in the first five months of 2025 [11] Group 3: Regulatory Environment and Challenges - The company faced regulatory challenges that led to the cessation of its lending services, prompting a strategic pivot to comply with new regulations [6][5] - Despite the impressive IPO, the company must address its high listing costs and the implications of being perceived as a "self-funded" listing [4][9] - The competitive landscape remains challenging, with Quantitative Group holding only 0.03% of the online retail market share, indicating significant market penetration challenges [13] Group 4: Technology and Future Outlook - The company is leveraging AI technology to enhance its service offerings, with expectations for future growth driven by its "量星球" technology platform [11][12] - The founder's strong educational and professional background adds credibility to the company's technological narrative, but the long-term conversion of this technology into a sustainable business model remains to be seen [12][13] - The management faces new challenges in balancing technology investments with commercial returns, especially given the lack of cornerstone investors and low liquidity in the stock [14]

Core Viewpoint - Quantitative Pai (02685.HK) successfully listed on the Hong Kong Stock Exchange on November 27, 2025, amidst a tragic fire incident in Tai Po, leading to the cancellation of the bell-ringing ceremony to honor the victims [2]. Group 1: IPO Details - Quantitative Pai's IPO involved a global offering of 13.3475 million shares, representing 2.6% of the total shares post-issue, with a maximum price of HKD 9.80 per share, raising approximately HKD 131 million, and a net fundraising amount of about HKD 12.37 million [2]. - The public offering was oversubscribed by 9,366.28 times, while the international offering was oversubscribed by 15.07 times [2]. - The company's shareholder structure post-listing shows Dr. Zhou Hao and Ms. Sun Jinghuai holding a combined 33.03% as controlling shareholders, with other notable investors including Sunshine Life Insurance, Fosun International, and Gaorong Capital [2][3]. Group 2: Company Overview - Established in 2014, Quantitative Pai operates in the Chinese consumer sector, managing the e-commerce platform "Yang Xiaomian" and the O2O automotive retail platform "Consumption Map" [3]. - The Yang Xiaomian platform, launched in November 2020, offers a variety of retail products, including consumer electronics, food and beverages, home appliances, cosmetics, jewelry, clothing, and personal care items [3]. - The Consumption Map platform, operational since April 2022, collaborates with automotive retailers to drive online traffic to physical stores for car purchases, while also allowing online car buying to a lesser extent [3]. Group 3: Market Performance - As of midday trading, Quantitative Pai's share price reached HKD 20.90, reflecting a 113.27% increase, with a total market capitalization of approximately HKD 10.729 billion [4]. - The stock's highest price during the day was HKD 27.80, with a lowest price of HKD 20.60, and the previous closing price was HKD 9.80 [5].

2025年11月14日，港交所官网显示，量化派终于通过上市聆讯，距离其2017年首次冲击美股已过去八 年。这意味着这家历经"五闯资本市场"的金融科技企业，距离港股挂牌仅一步之遥。 来源：一视财经 撰文丨一视财经 东阳 编辑 | 高山 但这份迟来的"入场券"背后，是量化派长达八年的IPO执念，更暗藏着无法回避的资本对赌压力——招 股书显示其背负16亿元优先股赎回义务，账面现金覆盖率不足0.25倍。即便通过聆讯，监管与市场的核 心疑问仍未消散：创始人周灏真的切断了与助贷业务的关联？实控人主导的关联交易网络是否彻底清 理？ 量化派的IPO执念 量化派的IPO执念，始于资本对赌的绑定。 2014年创始人周灏带着Capital One风控经验创立公司，以现金贷平台"信用钱包"快速崛起，2016年完成 B轮融资时签署对赌协议，约定2019年前实现上市，否则需回购优先股。这一协议直接催生了2017年的 美股冲刺，然而恰逢P2P监管风暴，因助贷业务占比超76%且缺乏合规资质，最终被迫撤回申请。 对赌期限的屡次延期，让量化派陷入"IPO失败—业务转型—再冲IPO"的循环。2020年将"信用钱包"升级 为消费电商平台"羊小咩"， ...

在经历了短暂的降温期后，港股打新再次变得火热起来。 11月26日，富途数据显示，港股新股量化派（HK02685）暗盘涨幅一度逼近290%，报38.1港元/股，每 手500股，如不计手续费，一手可赚14150港元。其融资申购倍数达7104.15倍，预计申购倍数达11864.24 倍。 量化派是一家中国线上市场营运商。公司于2020年推出消费电商平台"羊小咩"，后又于2022年推出了汽 车零售O2O（通过互联网技术连接线上平台与线下实体商业的电子商务模式）平台"消费地图"。 量化派创始人周灏本科就读于北京大学天体物理系，并在随后远赴美国莱斯大学攻读物理学博士。自 2007年起，周灏先后进入Capital One（第一资本）、巴克莱银行、摩根士丹利等知名金融机构工作。 2014年11月，周灏创立了量化派的前身——量子数科。其核心产品"信用钱包"，利用在大数据和人工智 能上的技术优势，为金融机构与消费者进行借贷撮合。 量化派的资本化之路可谓屡败屡战。公司先后"闯关"美股一次，向港交所递表四次，均未能实现上市 梦。直到今年年初，量化派彻底剥离了成立之初的核心业务——助贷业务，并向中国内地相关金融监管 机构承诺日后不会再 ...

雷递网 雷建平 11月24日 量化派科技有限公司（简称："量化派"，股票代码："2685"）今日结束招股，准备2025年11月27日在港交所上市。 量化派发行区间为8.8港元到9.8港元，计划发行1334.8万股，最高募资1.3亿港元。若以中位数计算，量化派募资净额仅580万港元。 这意味着，量化派此番发行费用超过1亿元，大幅超过了募资净额。 按发售价每股发售股份9.80港元（即指示性发售价范围的上限）计算，预期量化派上市后市值为50.3亿港元。 前5个月来自羊小咩收入4亿 量化派是一家中国线上市场营运商。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，并透过线上购买将该等消费品与我们的羊小咩用户进行匹配。 量化派亦自2022年4月经营汽车零售线上到线下(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，使其能在当地实体店线下购车； 及在较小程度上，自2024年起消费地图亦可让消费者在线上购车。 量化派将羊小咩上的市场供应商（包括商品供应商及POP商店经营者）及消费地图上的市场供应商 ...

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index closing down 2.45% at 3834.89 points, and the Shenzhen Component Index down 3.41% [1] - The Hong Kong market also faced losses, with the Hang Seng Index closing down 2.38% at 25220.02 points, and the Hang Seng Tech Index down 3.21% [1] - In contrast, US stock indices showed positive performance, with the Dow Jones rising 1.08% to 46245.41 points, and the S&P 500 increasing by 0.98% to 6602.99 points [1] Company Developments - Excellence Education Technology has passed the listing hearing on the Hong Kong Stock Exchange, reporting a 29% year-on-year increase in net profit to 105 million RMB for 2024, with a revenue of 848 million RMB [10] - Lingyi Technology has reportedly submitted an application for a Hong Kong IPO, aiming to raise approximately 1 billion USD (about 7.8 billion HKD) [10] - Sanofi Biopharmaceuticals plans to spin off its hair health business, Mandi International, for an independent listing in Hong Kong, with a physical distribution of shares to shareholders [10] - Quantitative Technology, the parent company of the e-commerce platform Yang Xiaomei, is set to begin its IPO process, with a maximum fundraising target of 131 million RMB [10] Industry Insights - The digital education market in China is growing, with Excellence Education holding a 3.4% market share in the higher education digital teaching market and 6.2% in digital content production [10] - The AI hardware manufacturing sector is witnessing significant growth, with Lingyi Technology ranked first in the global AI terminal device high-precision components market [10] - The lithium mining sector is expected to see increased supply as CATL plans to restart operations at a key lithium mine in Yichun, which has a production capacity of 30 million tons annually [14]

Core Viewpoint - The company, Quantitative Finance, is set to launch its IPO on November 27, after a lengthy journey marked by failures and multiple attempts to list on the Hong Kong Stock Exchange. However, the IPO is characterized by significant controversy due to its low net fundraising amount compared to high listing costs, reflecting underlying financial and compliance issues [2][3][4]. Fundraising and Financials - Quantitative Finance plans to issue approximately 13.35 million shares, aiming to raise around 124 million HKD, but will incur listing expenses of 117 million HKD, resulting in a net fundraising amount of only 5.8 million HKD [3][4]. - The net amount raised is insufficient to cover the company's operational costs, as its R&D expenses for the first five months of the year reached 19.44 million HKD, indicating a severe cash flow shortfall [3][4]. - The net fundraising amount is even less than the maximum subscription amount for individual investors, highlighting a lack of confidence in the company's fundamentals [3][4]. Debt and Redemption Pressure - The IPO is driven not by business expansion needs but by the pressure of unresolved redemption obligations from prior financing, which included approximately 1.4 billion HKD in preferred stock with strict redemption clauses [4][5]. - As of October last year, the value of these financial instruments had risen to 1.686 billion HKD, with a requirement for redemption at a compounded annual rate of 10% or 120% of the original investment plus unpaid dividends [5]. - The company's liquidity crisis could be triggered if the IPO fails, as the potential debt could overwhelm its limited cash reserves [5]. Market Confidence and Investor Participation - The absence of cornerstone investors in the IPO indicates a lack of long-term institutional support and confidence in the company's prospects [5][6]. - The proportion of shares being issued is only 2.6% of the total post-IPO share capital, significantly below the typical 10% requirement for free float on the Hong Kong Stock Exchange, which could lead to stock price volatility post-listing [5][6]. Business Transformation and Compliance Issues - Quantitative Finance's transition from a credit wallet platform to a digital consumption service reflects broader challenges faced by fintech companies in China amid tightening regulations [6][7]. - Despite claims of moving away from financial services, the company still exhibits signs of its previous business model, with a high gross margin of 96.86%, suggesting a reliance on platform service fees rather than product sales [7][8]. - Complaints against the company's platform remain high, indicating ongoing issues related to pricing, consumer inducement, and aggressive collection practices, which may undermine its claims of having moved past its previous lending model [7][8]. Conclusion - While the IPO may temporarily alleviate the company's debt risks, the low net fundraising amount does not address its operational cash flow challenges, and the lack of business growth support raises concerns about the sustainability of its future operations [8].

Group 1: Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.02% while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 0.08% and 0.58% respectively, with a total market turnover of HKD 245.136 billion [2] - Northbound capital flow into Hong Kong stocks amounted to HKD 15.992 billion, with the most net purchases in stocks like Tracker Fund of Hong Kong (2800.HK), Hang Seng China Enterprises (2828.HK), and Alibaba (9988.HK) [2] - The consumer sector performed well, with notable gains in sports goods, home appliances, and beer sectors, including a 4% increase in Li Ning (2331.HK) [3] Group 2: Company Analysis - Quantitative Party (2685.HK) - Quantitative Party operates an online marketplace covering various consumer products and has expanded into an O2O platform for automotive retail since April 2022 [7] - Revenue is projected to grow from HKD 475 million in 2022 to HKD 993 million in 2024, with a compound annual growth rate (CAGR) of 44.7%, driven primarily by its core platform, Yang Xiaomei, which is expected to generate HKD 925 million in 2024, a 361.5% increase from 2023 [8] - The overall gross margin is expected to rise from 65.8% in 2022 to 96.9% in 2024, with the core business maintaining a gross margin above 97% [8] Group 3: Industry Status and Prospects - The online retail market in China is projected to grow from RMB 13.9 trillion in 2020 to RMB 25.7 trillion in 2024, with a CAGR of 16.5%, driven by technological advancements and diverse consumer demands [9] - By 2025, the market size is expected to reach RMB 29.1 trillion, with a further increase to RMB 41.2 trillion by 2029, indicating a CAGR of 9.1% during this period [9] Group 4: Competitive Advantages and Opportunities - The company leverages its proprietary AI algorithms and unified technology platform "Liangxingqiu" to enhance user experience through personalized product recommendations and improved search functionalities [10] Group 5: Weaknesses and Risks - The online retail market is dominated by major players like Alibaba and JD.com, posing challenges for market share expansion for the company [11] - The company has a high dependency on its top suppliers, with the top five suppliers accounting for 69.8% of purchases, which could impact operations if supply disruptions occur [11] Group 6: IPO Information - The IPO subscription period is from November 19 to November 24, 2025, with trading expected to commence on November 27, 2025 [12] - The estimated net proceeds from the IPO are approximately HKD 5.2 million, allocated for technology development and infrastructure improvements [13] Group 7: Investment Recommendation - The IPO price range is set at HKD 8.80 to HKD 9.80, with a corresponding market capitalization of HKD 45.17 billion to HKD 50.31 billion, indicating a relatively high valuation compared to other e-commerce platforms [14]

Economic Indicators - The Shanghai Composite Index closed up 0.18% at 3946.74 points, while the Shenzhen Component remained flat and the ChiNext Index rose 0.25%[1] - The Hang Seng Index fell 0.38% to 25830.65 points, with the Hang Seng Tech Index down 0.69% and the Hang Seng China Enterprises Index down 0.26%[1] - The U.S. Dow Jones increased by 0.1%, the S&P 500 rose 0.38% to 6642.16 points, and the Nasdaq gained 0.59%[1] Federal Reserve Insights - The Federal Reserve's October meeting minutes indicated that many officials oppose a rate cut in December, suggesting that maintaining rates may be appropriate for the remainder of the year[12] - Market traders have reduced the probability of a rate cut by the end of the year to approximately 30%[8] Corporate Developments - China International Capital Corporation (CICC) plans to absorb and merge with Dongxing Securities and Xinda Securities, resulting in a combined registered capital of 11.3 billion RMB (approximately 1.6 billion USD)[8] - Nvidia reported a 62% increase in revenue for Q3, with a forecast of approximately 65 billion USD for the upcoming quarter, exceeding analyst expectations[12]