QUANTGROUP (02685) fell more than 4% again, bringing the total decline over the past four trading sessions to over 30%. At the time of writing, the stock was down 4.35%, trading at HK$25.5, with a turnover of HK$28.06 million. The drop follows recent controversies surrounding the company's e-commerce platform, Yang Xiao Mie Mall. An investigation revealed that the seemingly ordinary e-commerce platform involves issues such as collaboration between related entities, high product markups, and concealed cash-out methods. Its business model is closely linked to QUANTGROUP's transition from loan facilitation to e-commerce. The report indicated that Yang Xiao Mie Mall is embedded within the "credit limit provider" app, Bian Li Card Package, allowing users to cash out immediately after a purchase without even receiving the goods, through arrangements with recycling agents. Yang Xiao Mie Mall, QUANTGROUP's core e-commerce platform, has offered various retail products since November 2020. According to the company's disclosures, as of May 31, 2025, the platform contributed 98.1% of QUANTGROUP's revenue. The average monthly active users for Yang Xiao Mie were 960,000 and 930,000 in 2024 and the first five months of 2025, respectively.