On the 5th anniversary of DiGuantong's 5th anniversary, the major launch of the “Niumao New Market” opens up a new financing circuit in the contract market

The Zhitong Finance App learned that Micro Connect (Micro Connect), founded by Li Xiaojia, held the “New Markets, NUMA (New Markets, NUMA) General Agreement Press Conference and DiGuantong 5th Anniversary Celebration” at 2:30 p.m. on Monday (August 3) at the Seascape Auditorium on the 4th floor of the Four Seasons Hotel Hong Kong. Li Xiao emphasized that the “new bullish market” is a market infrastructure connecting the asset side of contract law and the capital side of securities law. It is not intended to replace the existing stock or bond market, but rather to make commercial contracts that generate cash flow in the real world investable. Over the past five years of experience, we have accumulated and launched a “new bullish market” for the contract market in the original business, opening up a financing market belonging to the contract world in addition to the stock and bond markets.

In terms of the operating model, Li Xiaojia pointed out that Niuma Xinshi “does not involve money, goods, and settlement of collated transactions”, outsources fund custody, transaction execution, and investment decisions to licensed intermediaries as much as possible, minimizes the platform's own control over customer funds and transactions, and continues to explore further divestment of related risks. At the same time, the platform imposes strict entry restrictions and is only open to overseas institutional investors and professional investors (including sovereign rights, private equity, insurance, asset management, household management, etc.), and does not accept capital investment within China.

On the asset side, products listed and traded in the new market are collectively known as “bullish contracts.” He explained that this is not a single contract, but rather a three-tier contract interlaced: the bottom layer is a native contract that already exists in real life, the middle is a listing contract that puts equity discounts on the market, and the top is a transaction contract where investors subscribe one by one.

He added that in a “bullish contract,” Party A is the one who gives value first, and Party B is the one who gives back later. This means that in the new market, only people who have been party A in the original contract are eligible to take the rights in their hands to the new market and finance them as party B of the listing contract.

In other words, NiumaXinshi is not a market where financiers directly finance with underlying contracts. It is a market where a party that has already invested in the original contract, sold goods, or worked in other ways that have contributed value, and took its rights in the original contract to NiumaXinshi to be listed for discount or transfer financing.

Li Xiaojia looked back on her 5-year entrepreneurial path and confessed that she “stepped on countless pits” during the process. It wasn't until the maturity of autonomous artificial intelligence (AI) technology in early 2026 that the accumulated data, contracts, and business logic were fully implemented, and lamented “I think we're finally embarking on the road to success (I think we're finally embarking on the road to success).”

Regarding the key role of AI in the new market of Niusha, he admits that the team was by no means prescient from the beginning, but only found a solution after being forced into a corner by countless problems. “We're not smart enough to see AI in advance. Every pit we've stepped on in the past five years, looking back, tells us what this market really needs.”

“If on the day we started our business, I knew that there were so many walls to hit, and that we had to rely on something we couldn't even name at the time to save us, I really wouldn't have dared to start a business.”

Li Xiaojia lamented that Drip Irrigation was able to get through this period, “half by luck, half by persistence,” and bluntly stated that without AI technology in place, “it won't be possible to do it even after 30 more years of searching.”

He explained that what the new market is dealing with is a large number of “broken, small, scattered, non-standard, high-frequency” contracts in the real economy. This is not an efficiency difference between “people doing things slower and AI doing things a little faster,” but rather a magnitude barrier where “people can't do it at all.” No matter how many talents are hired, millions of contracts cannot be processed manually; only autonomous intelligent AI can complete the complete link of interpretation, structuring, and portfolio matching.

Li Xiaojia pointed out that in 2025, Dripping Connect applied for listing on the Hong Kong Stock Exchange using the carrier of Chapter 21 of the Listing Rules. The main consideration was to use a listed fund model to launch a new market in Niusha. To this end, we had several rounds of pre-listing communication with regulators. At the end of the day, we became more and more aware — these two paths require completely different resources, capabilities, and team building; and building a market has always been our original intention. As a result, we stopped the 21-chapter listed company process in November 2025 and returned to the main line of “becoming a market.” Looking back today, it was the right decision.

He admits that the past five years of Drip Irrigation Pass have not been easy. We had good luck in the early days of our business — we raised 600 million US dollars, quickly entered the 1.0 phase, and invested in small stores one by one using drip irrigation. We've hired quite a few teams and invested 4.4 billion dollars. However, during the pandemic, the challenges were huge. In addition, it was being carried out in the form of a pilot at the time. At that time, we didn't know if all the money would be successfully returned. So the first priority at the time became to stop investing and concentrate on getting the money back. Fortunately, most of the investment has been paid back today, and some are on the way. More importantly, this experience validated the return potential of this asset class. If we had the knowledge and tools we have today at the time, the quality of contract assets would definitely be more fully explored.

As for the profit schedule that the market is most concerned about, Li Xiaojia said that currently “I don't know, but I hope it will be soon.”