HK Stock Market Move | QUANTGROUP (02685) falls by over 4% again, with the stock price dropping by 30% in the past four trading days. Its subsidiary, the Sheep Xiao Mie Mall, is embroiled in controversy.

QUANTGROUP (02685) dropped by over 4% again, with the stock price falling by more than 30% in the past four trading days. As of the time of writing, it fell by 4.35% to 25.5 Hong Kong dollars, with a turnover of 28.0558 million Hong Kong dollars. On the news front, recently, QUANTGROUP's subsidiary, Yang Xiaomiao Mall, has been embroiled in controversy. According to Xinhua News Agency, an investigation by reporters found that this seemingly conventional e-commerce platform has hidden multiple problems such as associated entities collaborating, high markups on goods, and covert cashing out, with its business model closely intertwined with QUANTGROUP's transition from lending assistance to e-commerce. The report points out that Yang Xiaomiao Mall is embedded within the "Quota Fang" convenience LiKaBao App, where users can even achieve "shopping as cashing out" through operations carried out by recycling merchants without actually receiving the products. It is reported that "Yang Xiaomiao Mall, as the core e-commerce platform under QUANTGROUP, has covered various retail goods since November 2020. According to QUANTGROUP's disclosure, as of May 31, 2025, Yang Xiaomiao contributed 98.1% of QUANTGROUP's revenue. In the first five months of 2024 and 2025, the average monthly active users on Yang Xiaomiao were 960,000 and 930,000 respectively.