港股三大指数目前均跌逾1%，量化派(2685.HK)今日逆势走强，午后进一步拉升，一度涨8.32%至32.3 港元，股价创上市新高。该股去年累涨173.88%，2026年喜获开门红，该股年内迄今已连涨4个交易日 累涨超20%。该股于去年11月27日登陆港交所，现价较IPO价格9.8港元已经累涨229.59%。 公开资料显示，量化派成立于2014年，作为一家专注于中国消费领域的在线市场营运商，经营消费电商 平台"羊小咩"及汽车汽车零售O2O平台"消费地图"，协助业务伙伴将商品及服务与终端消费者匹配。 量化派的羊小咩平台自2020年11月起涵盖各式零售商品，如第三方市场供货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，并通过在线购买将该等消费品与公司的羊 小咩用户进行匹配。 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。(格隆汇) ...

量化派曾向中国内地相关金融监管机构承诺，日后不会再开展已停止向金融机构提供撮合服务（或贷款便利化及流量分流服务）等业务，而合作渠道"便荔 卡包" 经营主体和APP运营关联方主体均属于该公司旗下。 2025年11年27日，量化派经过6次上市申请（1次美国、5次香港），在第六次成功"鸡肋募资"上市了。 募资1.31亿元，扣除上亿元的上市费用后，募资净额约千万元左右，且绝大部分融资都将用于支付IPO费用。 | 序号 | 申请时间 | 量化派的上市阶段 | 申请结果 | | --- | --- | --- | --- | | 1 | 2017年8月 | 首次以保密形式向美国 SEC 提交 IPO 申请 | 因监管与市场环境撤回 | | 2 | 2022年6月 | 首次向港交所主板递表 | 6个月内未聆讯,招股书失效 | | 3 | 2023年2月 | 第二次向港交所递表 | 未通过聆讯,招股书失效 | | 4 | 2024年5月 | 第三次向港交所递表 | 未通过聆讯,招股书失效 | | 5 | 2024年12月31 日 | 第四次向港交所递交招股书 | 未通过聆讯,招股书失效 | | 6 | 2025年3月28日 ...

哈喽大家好，今天小无带大家聊聊金融科技圈里的魔幻上市大戏。 最近有家老牌玩家折腾8年终于登陆港股，散户打新热情高到把超购倍数冲到九千多倍，可算完账才发 现净募资仅千万，几乎全给投行打工。 量化派和趣店这俩同起点的金融科技老兵，如今的日子能差出一个次元。俩公司早年都靠贷款业务起 家，也都因监管收紧砍了现金贷业务，但选择的路完全不一样。 趣店2017年就早早登陆美股，攒下了超70亿元的现金储备，哪怕2025年三季度营收只剩850万元、同比 暴跌85%，还彻底停了主营业务，单季度净利润照样能飙到4.09亿元，靠着现金理财就能安稳"躺平"。 金融科技老兵的两极人生 可它同期现金储备才2.1亿元，过去三年这笔"账单"还涨了4亿元，赚钱速度追不上负债膨胀，上市后优 先股转普通股，这颗财务炸弹才算拆了，而没基石投资者认购的情况，也侧面说明市场对它业务基本面 没信心。 很多人以为量化派彻底跟金融业务切割了，可扒开转型的外衣，这操作多少有点换汤不换药的意思。 2014年互联网金融风口期，创始人周灏靠着北大背景和CapitalOne从业经历切入在线信贷，2015至2016 年拿下StarVC、阳光保险等机构投资，2017年还想冲 ...

Core Viewpoint - Quantitative Technology Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant transformation from its previous lending business to a focus on e-commerce and consumer services [2][7]. Group 1: Business Transformation - The company has completely terminated its lending business, shifting its focus to "commodity trading empowerment" [2]. - The new business model is centered around the "Yang Xiaomei" platform, which has achieved a gross profit margin of 97.1% in the first five months of 2025, significantly higher than major e-commerce players like Alibaba and JD.com [2][8]. - The revenue from the Yang Xiaomei platform accounted for 93.2% of the company's total revenue in 2024, increasing to 98.1% in the first five months of 2025 [8]. Group 2: Historical Context - Founded in 2014 as "Quantum Data Science," the company initially focused on a cash loan platform called "Credit Wallet," leveraging big data and AI for loan matching [3][5]. - The company faced regulatory challenges in 2017, leading to a suspension of its IPO application in the U.S. and a subsequent restructuring [5][7]. Group 3: Financial Insights - The company raised approximately HKD 131 million in its IPO, but after expenses, the net amount was only about HKD 12.37 million, with listing costs accounting for 90.56% of the total raised [11][12]. - The company has a significant financial obligation related to preferred shares, amounting to approximately RMB 1.839 billion (around HKD 2 billion), which could be converted to common shares upon successful listing [12][13]. Group 4: Market Position and User Behavior - Despite higher prices on the Yang Xiaomei platform, the company maintains a monthly active user base of 937,000 and an average consumer spending of RMB 25,600 [9]. - The platform has been linked to consumer finance platforms, allowing users to utilize shopping credits for purchases, indicating a complex relationship between e-commerce and financial services [10][11].

Core Viewpoint - The Hong Kong IPO market is experiencing a significant surge in demand, with record oversubscription rates for new listings, driven by regulatory improvements, visible profit potential, and concentration in popular sectors [2][6][8]. Group 1: Record Oversubscription - The recent IPO of Quantitative Group achieved an oversubscription rate of 9365.28 times, setting a new record for the Hong Kong main board [5]. - This follows a series of record-breaking oversubscription rates in 2025, including 11464 times for the GEM IPO of Golden Leaf International Group [2][7]. - Historical data shows that the previous record was held by Mow Kee Kwai Chong at 6289 times, which has now been surpassed multiple times in 2025 [7]. Group 2: Company Performance and Financials - Quantitative Group reported a revenue of 414 million yuan for the first five months of 2025, reflecting a year-on-year growth of 38.12%, with a profit of 126 million yuan, up 262% [5]. - The company plans to use 55% of the net proceeds from its IPO to enhance R&D capabilities and improve technical infrastructure, while 45% will be allocated to expanding operational models [5]. Group 3: Market Trends and Sector Focus - The oversubscription rates are concentrated in high-growth sectors such as new consumption, pharmaceuticals, and technology, indicating a strong market preference for companies with robust cash flows and growth potential [8]. - In 2025, nearly 30% of new IPOs on the Hong Kong main board have exceeded an oversubscription rate of 1000 times, with several surpassing 5000 times [7][8].

Core Insights - The Hong Kong IPO market is experiencing a surge in new stock subscriptions, with record oversubscription rates being achieved in 2025, driven by regulatory policy optimization, significant profit potential, and concentration in popular sectors [1][3][4] Group 1: New IPO Records - The latest IPO, Quantitative Group, achieved an oversubscription rate of 9365.28 times, setting a new record for the Hong Kong main board [1][3] - This follows a series of record-breaking oversubscription rates in 2025, including previous records set by companies like Jin Ye International Group and Di Pu Technology [1][3] - Historically, the record for oversubscription was held by Mao Ji Kui Chong at 6289 times until it was surpassed in 2025 [3] Group 2: Company Overview - Quantitative Group, established in 2014, operates in the online market sector and has launched platforms for consumer e-commerce and automotive retail [2] - The company reported a revenue of 414 million yuan in the first five months of 2025, marking a year-on-year growth of 38.12%, with a profit of 126 million yuan, up 262% [2] - Post-IPO, the founder and CEO, Zhou Hao, retains control with a 33.03% stake, while major institutional investors include Sunshine Life and Fosun International [2] Group 3: Market Trends - The concentration of oversubscribed stocks in high-growth sectors such as new consumption and biotechnology indicates a strong market preference for these areas [4] - In 2025, nearly 30% of new stocks on the Hong Kong main board have seen oversubscription rates exceeding 1000 times, with several exceeding 5000 times [3][4] - The small market capitalization of many oversubscribed stocks allows for significant fluctuations in subscription rates with relatively small amounts of capital [4]

Group 1 - The core point of the article highlights that Quantipai has finally listed on the Hong Kong Stock Exchange after an eight-year journey, but the IPO is characterized by significant financial strain, with 95% of the raised funds consumed by listing expenses [1][3]. - The company raised approximately HKD 124 million through its IPO, but after accounting for listing expenses of HKD 118 million, the net proceeds amount to only HKD 5.8 million, making it the smallest IPO in terms of issuance scale this year [3][5]. - Quantipai faces a critical financial challenge with a redemption obligation of RMB 1.839 billion due by September 2025, stemming from previous financing agreements, which poses a severe liquidity risk given its cash reserves of only RMB 362 million [5][9]. Group 2 - The company has undergone a significant business transformation from a lending platform to a consumer e-commerce platform, with its core product now being "Yang Xiaomei" [3][7]. - The revenue from its original lending services has drastically decreased from 76.8% in 2021 to just 3.2% in 2024, while the contribution from product trading has surged to 98.1% [7][9]. - Despite the transformation, there are concerns regarding the sustainability of its business model, particularly due to ongoing related-party transactions and a high volume of user complaints [9][11]. Group 3 - The company plans to allocate 55% of the net proceeds from the IPO to research and development and 45% to business promotion, but the amount raised is insufficient for substantial growth, covering only about 10% of its annual R&D expenses [13][15]. - The performance of its secondary growth initiative, the "Consumption Map" platform, has been disappointing, generating only RMB 1.447 million in revenue in the first half of 2024, which is just 3.8% of total revenue [13][15]. - The company is heavily reliant on a single revenue stream, which poses risks for future operations, especially in a competitive e-commerce landscape dominated by larger players [15].

Core Insights - Quantitative Technology Co., Ltd. (stock code: "2685") was listed on the Hong Kong Stock Exchange on the 27th, with an issue price of HKD 9.8 and raised a total of HKD 131 million, netting only HKD 12.37 million after expenses. The opening price surged to HKD 26, an increase of 165%, and closed at HKD 18.5, an 88.78% rise, giving the company a market capitalization of HKD 94.97 billion [1][2][3]. Company Overview - Quantitative Technology operates an online marketplace called "Yang Xiaomiao," which has been active since November 2020, offering a variety of retail products including electronics, food, appliances, cosmetics, jewelry, clothing, and personal care items. The company also runs an O2O platform called "Consumption Map" for automotive retail since April 2022 [2][4]. Revenue Breakdown - Revenue from Yang Xiaomiao accounted for approximately 93.2% and 98.1% of the total revenue for the fiscal years ending December 31, 2024, and May 31, 2025, respectively. The transaction value from Yang Xiaomiao for the years 2022, 2023, and 2024 was significantly driven by installment payment orders [4][5][6]. Financial Performance - Quantitative Technology's revenue for the years 2022, 2023, and 2024 was RMB 475.29 million, RMB 529.67 million, and RMB 993.03 million, respectively. The gross profit for the same years was RMB 312.76 million, RMB 367.66 million, and RMB 961.89 million [5][9]. - For the first five months of 2025, the company reported revenue of RMB 414.14 million, a 38% increase from RMB 300 million in the same period the previous year, with an operating profit of RMB 231.09 million [9][10]. User Metrics - In the first five months of 2025, the average revenue per user was RMB 25,622, with an average of 937,041 monthly active users and 66,888 monthly paying users [8][9]. Shareholding Structure - Prior to the IPO, the company underwent a restructuring, with significant shareholdings held by key individuals and investment firms, including Sunshine Insurance and Gaorong Capital. Post-IPO, the public shareholding is only 2.6% [20][23][24].

Core Points - Quantipai (2685.HK) debuted on the Hong Kong Stock Exchange, closing up 88.78% at HKD 18.5, with a total trading volume of HKD 1.27 billion and a market capitalization of approximately HKD 9.5 billion [1][2] Company Overview - Founded in 2014, Quantipai is an online market operator focused on the Chinese consumer sector, operating the e-commerce platform "Yangxiaomiao" and the automotive retail O2O platform "Consumption Map" [1] - The Yangxiaomiao platform has been operational since November 2020, offering a variety of retail products including consumer electronics, food and beverages, home appliances, cosmetics, jewelry, clothing, and personal care items, connecting these products with end consumers through online purchases [1] - Since April 2022, Quantipai has been operating the automotive retail O2O platform "Consumption Map," primarily collaborating with automotive retailers to attract online traffic, facilitating offline car purchases at local dealerships, and allowing limited online car purchases [1]

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]