| Stock Name | Quantgroup |
|---|---|
| Stock Code | 02685 |
| Company Full Name | Quantgroup Holding Limited |
| Industry | Consumer Discretionary |
| Principal Activities | 我們是一家中國線上市場營運商。我們的消費電商平台羊小咩自2020年11月起涵蓋各式零售商品，如第三方市場供應商提供的消費電子產品、食品及飲料、家電、化妝品、珠寶、服裝及個人日常護理用品，並透過線上購買將該等消費品與我們的羊小咩用戶進行匹配。我們亦自2022年4月經營汽車零售線上到線下(O2O)平台消費地圖，該平台目前主要與汽車零售商合作吸引線上流量，使其能夠在當地實體店線下購車；及在較小程度上，自2024年起，消費地圖亦可讓消費者在線上購車。 |
| Listing Date | 2025-11-27 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國北京市海淀區中關村街19號7樓B711室 |
| Business Address (Hong Kong) | 中國香港銅鑼灣勿地臣街1號時代廣場二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | quantgroup.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 9.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 0.0001 / shares |
| Offer Period | 2025-11-19 to 2025-11-24 |
| Global Offering Shares | 13,347,500 shares |
| HK Public Offer Shares (Initial) | 1,335,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 12,012,500 shares (90.0%) |
| Offer Ratio | ~2.6% |
| Total Shares Post-IPO | 513,347,500 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 130,805,500 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 4,900 |
| 1 lots | 500 | HK$ 4,900 |
| 2 lots | 1,000 | HK$ 9,800 |
| 2 lots | 1,000 | HK$ 9,800 |
| 3 lots | 1,500 | HK$ 14,700 |
| 3 lots | 1,500 | HK$ 14,700 |
| 4 lots | 2,000 | HK$ 19,600 |
| 4 lots | 2,000 | HK$ 19,600 |
| 5 lots | 2,500 | HK$ 24,500 |
| 5 lots | 2,500 | HK$ 24,500 |
| 6 lots | 3,000 | HK$ 29,400 |
| 6 lots | 3,000 | HK$ 29,400 |
| 7 lots | 3,500 | HK$ 34,300 |
| 7 lots | 3,500 | HK$ 34,300 |
| 8 lots | 4,000 | HK$ 39,200 |
| 8 lots | 4,000 | HK$ 39,200 |
| 9 lots | 4,500 | HK$ 44,100 |
| 9 lots | 4,500 | HK$ 44,100 |
| 10 lots | 5,000 | HK$ 49,000 |
| 10 lots | 5,000 | HK$ 49,000 |
| 12 lots | 6,000 | HK$ 58,800 |
| 12 lots | 6,000 | HK$ 58,800 |
| 14 lots | 7,000 | HK$ 68,600 |
| 14 lots | 7,000 | HK$ 68,600 |
| 16 lots | 8,000 | HK$ 78,400 |
| 16 lots | 8,000 | HK$ 78,400 |
| 18 lots | 9,000 | HK$ 88,200 |
| 18 lots | 9,000 | HK$ 88,200 |
| 20 lots | 10,000 | HK$ 98,000 |
| 20 lots | 10,000 | HK$ 98,000 |
| 30 lots | 15,000 | HK$ 147,000 |
| 30 lots | 15,000 | HK$ 147,000 |
| 40 lots | 20,000 | HK$ 196,000 |
| 40 lots | 20,000 | HK$ 196,000 |
| 50 lots | 25,000 | HK$ 245,000 |
| 50 lots | 25,000 | HK$ 245,000 |
| 60 lots | 30,000 | HK$ 294,000 |
| 60 lots | 30,000 | HK$ 294,000 |
| 70 lots | 35,000 | HK$ 343,000 |
| 70 lots | 35,000 | HK$ 343,000 |
| 80 lots | 40,000 | HK$ 392,000 |
| 80 lots | 40,000 | HK$ 392,000 |
| 90 lots | 45,000 | HK$ 441,000 |
| 90 lots | 45,000 | HK$ 441,000 |
| 100 lots | 50,000 | HK$ 490,000 |
| 100 lots | 50,000 | HK$ 490,000 |
| 120 lots | 60,000 | HK$ 588,000 |
| 120 lots | 60,000 | HK$ 588,000 |
| 140 lots | 70,000 | HK$ 686,000 |
| 140 lots | 70,000 | HK$ 686,000 |
| 160 lots | 80,000 | HK$ 784,000 |
| 160 lots | 80,000 | HK$ 784,000 |
| 180 lots | 90,000 | HK$ 882,000 |
| 180 lots | 90,000 | HK$ 882,000 |
| 200 lots | 100,000 | HK$ 980,000 |
| 200 lots | 100,000 | HK$ 980,000 |
| 240 lots | 120,000 | HK$ 1,176,000 |
| 240 lots | 120,000 | HK$ 1,176,000 |
| 280 lots | 140,000 | HK$ 1,372,000 |
| 280 lots | 140,000 | HK$ 1,372,000 |
| 320 lots | 160,000 | HK$ 1,568,000 |
| 320 lots | 160,000 | HK$ 1,568,000 |
| 360 lots | 180,000 | HK$ 1,764,000 |
| 360 lots | 180,000 | HK$ 1,764,000 |
| 400 lots | 200,000 | HK$ 1,960,000 |
| 400 lots | 200,000 | HK$ 1,960,000 |
| 500 lots | 250,000 | HK$ 2,450,000 |
| 500 lots | 250,000 | HK$ 2,450,000 |
| 600 lots | 300,000 | HK$ 2,940,000 |
| 600 lots | 300,000 | HK$ 2,940,000 |
| 700 lots | 350,000 | HK$ 3,430,000 |
| 700 lots | 350,000 | HK$ 3,430,000 |
| 800 lots | 400,000 | HK$ 3,920,000 |
| 800 lots | 400,000 | HK$ 3,920,000 |
| 1,000 lots | 500,000 | HK$ 4,900,000 |
| 1,000 lots | 500,000 | HK$ 4,900,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 600,000 | HK$ 5,880,000 |
| 1,200 lots | 600,000 | HK$ 5,880,000 |
| 1,335 lots | 667,500 | HK$ 6,541,500 |
| 1,335 lots | 667,500 | HK$ 6,541,500 |
| HK Market Cap | 134亿港元 |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
| Market Cap (at Offer Price) | HK$ 5,030,805,500 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 截至2024年12月31日止年度溢利約人民幣147.1百萬元 |
| Period-End Cash Balance | 人民币313,936千元 |
| Listing Expenses | ~HK$ 118,400,000 |
| Listing Expenses / Funds Raised | ~90.52% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 18.5 |
|---|---|
| First Day Open | HK$ 26.0 |
| First Day Change | 88.78% |
| First Day Volume | 4893100.0 |
| First Day Turnover | 126724000.0 |
| Use of Proceeds | 1、約55%或3.2百萬港元將獲分配用于提高研發能力及改善撮合服務的技術基礎設施； 2、約45%或2.6百萬港元將獲分配用于推廣業務模式。 |
|---|
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Jia Yuan Law Offices 国枫律师事务所 衡力斯律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 通商律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | China CITIC Bank International Limited |
| Chairman | 周灝 |
|---|---|
| Company Secretary | 于善玲 |
| Major Shareholders & Holdings | 緊隨全球發售完成後（假設超額配股權未獲行使），Mars Legend持有約30.72%，陽光人壽保險持有約15.03%，Jupiter Rock持有約6.99%，East Asia Star持有約9.68%。 |
|---|
Market Sentiment
The IPO 量化派 (02685) attracted extraordinary demand with an oversubscription ratio of 9,366 times, signaling intense retail enthusiasm. The overall hit rate was just 1.68%, far below typical hot IPOs, reflecting extreme allocation scarcity. The offer price was fixed at HK$9.80, with no range to benchmark. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency is observed: 甲尾 (last A-tier) applicants applying 500,000 shares received an expected allocation of only 0.0507 lots, while 乙头 (first B-tier) applicants with 600,000 shares secured 0.1077 lots—more than double the allocation. This suggests that marginal applications at the top of the A-pool were poorly rewarded compared to a minimum B-pool entry. Broker fee structures vary, so actual cost efficiency may differ. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is unavailable, with total holders, Mainland China participation, and regional distribution all reported as zero. This absence of data prevents any meaningful analysis of investor demographics or regional concentration patterns. It may indicate incomplete reporting or a lack of granular breakdown. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
