Quantgroup Holding Limited (2685.HK) has launched its Hong Kong IPO. The subscription period will run from November 19 to November 24, with the company offering 13,347,500 shares globally, and a 15% over-allotment option. The offering price ranges from HKD 8.80 to 9.80 per share, with a minimum lot size of 500 shares, and the entry fee is approximately HKD 4,949.42. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on November 27. The joint sponsors are CICC and CITIC Securities.

Quantgroup: AI-empowered Consumer E-commerce Platform

Offering Ratio: Around 10% (1,335,000 shares) for the Hong Kong public offering and around 90% (12,012,500 shares) for international placement.

Offering Price: HKD 8.80–9.80 per share; 500 shares per lot; entry fee approximately HKD 4,949.42.

Subscription Period: November 19 to November 24 (expected pricing date is November 25).

Listing Date: November 27.

IPO Sponsors: CICC and CITIC Securities.

Company Overview

Quantgroup is an online market operator in China, with two main platforms: the consumer e-commerce platform “Yangxiaomei” and the automotive retail O2O platform “Consumer Map”. The company uses its proprietary technology platform “Quantplanet” to leverage AI algorithms to analyze user preferences, enabling accurate product recommendations and matching. As of May 31, 2025, revenue from Yangxiaomei accounted for approximately 98.1% of total revenue.

Financial Information

According to the prospectus, Quantgroup’s revenue from 2022 to 2024 was approximately RMB 475 million, RMB 530 million, and RMB 993 million, respectively. Net profits during the same period were -RMB 3 million, RMB 36 million, and RMB 147 million, respectively. In the first five months of 2025, revenue was approximately RMB 414 million, with a net profit of approximately RMB 126 million. At the mid-point price of HKD 9.30, assuming no over-allotment, the company expects to raise a net amount of approximately HKD 58 million, which will be used for research and development and technical infrastructure (around 55%) and local consumer application development and business model expansion (around 45%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Quantgroup via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Quantgroup, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)