Micro Connect Startup Diligence Report
Proceed only with primary diligence that proves financial quality, DRO/DRP repayment performance, regulatory compliance, data integrity and customer/partner concentration; the public story is compelling but most underwriting variables are not public.
Micro Connect Startup Diligence Report
Micro Connect remains eligible for public-source private-unicorn diligence: public evidence supports active operations, a 2023 $1.70B valuation, Hong Kong Financial Services classification, and no completed Micro Connect Group IPO; the 2025 HKEX item is described by the company as an MIFC application, not a Micro Connect Group listing.
Audited financials, revenue, gross margin, cash runway, AR aging and forecasts are absent from public sources.
Diligence request: Require audited statements, management accounts, cash/debt schedules, KPI pack, forecast model and bank confirmations.
Returns depend on small-business revenue shares, daily collection, contract enforceability and portfolio default/loss performance that are not public.
Diligence request: Request cohort-level deployed capital, revenue shares, repayments, defaults, restructurings, write-offs and reconciliation controls.
MCEX is AMCM-regulated, critical-infrastructure-related, professional/institutional-investor limited and jurisdiction-restricted.
Diligence request: Obtain license conditions, compliance manual, regulatory correspondence, member onboarding files and cross-border legal memos.
Daily revenue collection, market infrastructure, data disclosure and critical-infrastructure designation heighten cyber, uptime and reconciliation risk.
Diligence request: Request architecture diagrams, SOC/penetration tests, incident logs, reconciliation reports, DR/BCP, third-party integration contracts and cybersecurity correspondence.
DRC/DRO/DRP accounting treatment is novel enough that Micro Connect released a position paper; investor/issuer accounting, tax and consolidation treatment could affect adoption.
Diligence request: Obtain auditor memos, tax opinions, regulatory accounting correspondence, sample issuer/investor accounting and board approvals.
Public aggregate counts do not disclose top merchants, brands, investors, revenue concentration, churn, severed relationships or reference quality.
Diligence request: Request top 15 merchants/brands/investors, concentration by revenue and deployed capital, churn, severed relationships and reference calls.
Adjacent providers market revenue, e-commerce, invoice, trade and SME financing; price, speed, distribution and data access can pressure Micro Connect.
Diligence request: Benchmark take rates, pricing, approval speed, merchant acquisition cost and win/loss against Choco Up, FundPark, Qupital and Funding Societies.
MCEX warned about unauthorized third-party websites/false information; IP registry ownership and litigation clearance remain unverified.
Diligence request: Run counsel-led litigation/IP searches, review takedown/enforcement history, insurance and customer/investor complaints.
Micro Connect has strong public funding and valuation evidence, but investment-grade revenue, margin, cash, cap-table, debt and forecast diligence remains private.
not publicly verifiable confidence: high
Public materials disclose funding and deployment metrics, not audited financial statements, backlog, AR aging or management financials.
| metric | public signal | verification status | diligence request |
|---|---|---|---|
| Revenue/ARR/gross margin | No audited revenue, ARR, gross margin or profitability found in public sources | not_publicly_verifiable | Audited financials, management accounts and revenue by product/channel/geography |
| Cash/debt/runway | Funding amounts public; cash burn, debt terms and runway not public | not_publicly_verifiable | Cash schedule, debt instruments, bank statements and runway model |
| Backlog, AR aging, collections | ARM/daily collection model is public; AR aging and exceptions are not | not_publicly_verifiable | Backlog, AR aging, collection exceptions and reconciliation reports |
| Deployment/non-GAAP scale | More than 12,000 businesses and over US$600M deployed reported in 2024 | partially_verified | Ledger-level deployed capital, repayments, defaults and write-offs |
Deployment metrics are not substitutes for GAAP/IFRS financial statements.
not publicly verifiable confidence: high
Public sources discuss growth ambitions and deployment scale but do not disclose forecast model, assumptions, capital expenditures or external financing assumptions.
not publicly verifiable confidence: high
Named investors and financing rounds are public; ownership percentages, preferences, debt terms and MIFC-related structure are not.
| stakeholder | public position | missing private detail | risk ids |
|---|---|---|---|
| Founders Charles Li and Gary Zhang | Identified as founders; Charles former HKEX CEO and Gary founder of OP Investment | Founder ownership, vesting, employment and board rights | R-008 |
| Series B investors | Sequoia China, ABC International, Adrian Cheng, Horizons Ventures, Lenovo Capital, Vectr Fintech and others named | Share classes, preferences, pro-rata and board rights | R-001/R-010 |
| Series C/new investors | US$458M Series C; Forbes identifies Baillie Gifford and returning investors | Post-money cap table, liquidation preferences and secondary components | R-001/R-010 |
| Credit/debt providers | CB reports latest Line of Credit-II and investor list includes HSBC | Debt covenants, security, maturity, interest and off-balance-sheet obligations | R-001/R-010 |
| MIFC/HKEX application structure | Founder blog says MIFC application is not Micro Connect Group listing | Related-party arrangements and current application/listing status | R-004 |
No ownership percentage should be inferred from named investors.
partially verified confidence: medium
Public financing history is reasonably developed; tax positions, revenue-recognition policy and accounting treatment need private/auditor confirmation.
| date | round or event | amount | investors or participants | valuation or note | verification status |
|---|---|---|---|---|---|
| 2021-08-03 | Platform launch | Not disclosed | Numa/Micro Connect founders | Launch of platform, no round amount disclosed | verified |
| 2022-03-31 | Series B | US$70M; US$120M total raised to date | Sequoia China, ABC International, Horizons Ventures, Lenovo Capital, Vectr Fintech and others | Round oversubscribed per company | verified |
| 2023-08-02 | Series C | US$458M | Broad global investor group; Forbes names Baillie Gifford and returning investors | Forbes/CB report implied US$1.7B valuation | verified |
| 2026 public profile | Line of Credit - II / total raised | CB profile: US$653M total raised; last raised US$50M | HSBC, HongShan, OMVC, Adrian Cheng, Horizons Ventures and others per CB | Debt/credit terms not public | partially_verified |
Public history must be reconciled to financing documents and capitalization records.
Micro Connect publicly markets a novel revenue-sharing product suite and exchange infrastructure; economic performance, security and detailed fee data are not public.
partially verified confidence: medium
Public evidence supports DRC/DRO/DRP, MCEX, MAP and Micro Star product existence, but growth, share, cost structure and profitability require private data.
| product | audience | public features | verification status |
|---|---|---|---|
| Daily Revenue Contract (DRC) | Micro/small business issuers and investors | Contract to share future digitally collected revenue; ARM collection mechanics | verified |
| Daily Revenue Obligation (DRO) | Investors and MCEX market participants | Revenue-share asset class traded/listed on MCEX; direct exposure to store cash flows | verified |
| Daily Revenue Portfolio (DRP) | Professional/institutional investors | Basket of DROs; Shariah-compliant DRPs described publicly | partially_verified |
| MCEX exchange / M-Terminal | Professional/institutional investors and members | Listing, trading, registration/custody, clearing/settlement, valuation and market-support functions | verified |
| MAP / Micro Star System | Market participants | MAP valuation/term protocol and Micro Star market operating structure | verified |
Product profitability, fees and adoption by SKU require private data.
| item | public evidence | verification status | follow up |
|---|---|---|---|
| MCEX fees | MCEX navigation exposes a Fees page, but detailed fee schedule was not extracted in public evidence used here | inconclusive | Obtain current fee schedule and historical realized fee revenue |
| Revenue-share ratio/contract tenor | MAP aims to guide valuation, revenue-sharing ratio and contract period | partially_verified | Request MAP methodology, contract samples and pricing waterfall |
| Issuer cost of capital | Company markets convenient/affordable long-term capital but no realized APR/IRR distribution is public | not_publicly_verifiable | Provide issuer APR/IRR, fees, discounts, losses and renewals |
| Competitor pricing comparison | Adjacent providers market flexible financing, but comparable pricing is not consistently public | inconclusive | Benchmark take rates and merchant cost against RBF/SME finance competitors |
No economics should be modeled without contract-level pricing data.
Aggregate merchant/store deployment and partnership evidence is public, but top customer concentration, revenue by customer, churn and severed relationships are private.
not publicly verifiable confidence: high
Public sources disclose aggregate store/business counts across retail, F&B, services and culture/sports, not top 15 customers or application-level revenue.
| date | public metric | scope | verification status |
|---|---|---|---|
| 2022-03-31 | More than 100 micro and small businesses; 15 subsectors; more than 10 provinces/municipalities | Proof-of-concept portfolio | partially_verified |
| 2022-11-30 | Nearly 1,800 stores, more than 170 brands/chains, more than 140 cities, 31 provinces/municipalities | China retail/F&B/services/culture/sports | partially_verified |
| 2023-08 | More than 9,000 brick-and-mortar businesses in 198 Chinese cities | Forbes article citing Micro Connect | partially_verified |
| 2023-12 | More than 10,000 businesses raised nearly RMB4B | MAP release; MCEX platform | partially_verified |
| 2024-05 | Over US$600M deployed to more than 12,000 micro and small businesses | Company summary in Gazette-related release | partially_verified |
Aggregate counts should be reconciled to active, defaulted, repaid and terminated cohorts.
partially verified confidence: medium
BOCM, Choco Up, Amanie and Micro Star participants are public, but economics and exclusivity are not.
| partner | relationship | public evidence | gap |
|---|---|---|---|
| Bank of China Macau Branch | Strategic partnership | Combine banking offerings with Micro Connect financing model; leverage network in Macau/Mainland China | Commercial terms, exclusivity and economics |
| Choco Up | First overseas ecosystem partner | List RBF products, data connectivity, e-commerce merchant access to global capital | Revenue contribution and integration status |
| Amanie Advisors | Shariah certification/methodology partner | Certification and screening methodology for Shariah-compliant products | Ongoing certification obligations and audit evidence |
| Micro Star participants | Funds, brokerages, consumer brands and RBF platforms | Hopu, Plum, Oriental Patron, GATHERING, Venturant, Gloryland, Choco Up and others participated in launch event | Participation agreements and volumes |
| CCX Green Finance International | Strategic cooperation on sustainable finance | Company announcement describes strategic cooperation signing ceremony and Micro Connect commitment to small-business finance. | Scope, fees, deliverables and any external-review reliance |
Public partner names do not prove revenue or customer concentration.
not publicly verifiable confidence: high
Revenue by customer or partner is not public.
not publicly verifiable confidence: low
No severed relationships were publicly verified.
not publicly verifiable confidence: medium
Public model implies dependencies on payment/data integrations, partners, MCEX infrastructure and regulators; supplier spend is private.
| dependency | role | public evidence | risk or request |
|---|---|---|---|
| Digital payment/ARM partners | Daily revenue collection and repayment mechanism | Launch and Series B releases describe ARM and digital payment controls | Validate contracts, exceptions and reconciliation controls |
| Chains/franchises/SaaS partners | Sourcing targets and information discovery | Series B release says Micro Connect partners with chains/franchises and SaaS companies | Request top supplier/partner list and agreements |
| Macao regulator and exchange infrastructure | Licensed exchange and market infrastructure | MCEX regulated by AMCM and critical-infrastructure designation | Review license conditions and cybersecurity obligations |
| Cloud/security/data processors | Not publicly specified | No public cloud/vendor list located | Request vendor inventory, DPAs, SOC reports and BCP/DR tests |
Top supplier spend is not public.
Micro Connect’s exchange/regulatory positioning is distinctive, but adjacent SME/RBF/e-commerce finance competitors pressure acquisition, pricing and data advantages.
partially verified confidence: medium
Public competitor sources show adjacent RBF, e-commerce and SME finance alternatives; direct win/loss, pricing and market share are private.
| company | segment | public product overlap | differentiator | source |
|---|---|---|---|---|
| Micro Connect / MCEX | Revenue-share exchange for micro/small businesses | Target company | Claims first licensed global exchange for RBF/revenue shares in Macao | MCEX/Micro Connect |
| Choco Up | Flexible financing/RBF for businesses | Sales-based financing, unsecured business financing, invoice financing, merchant cash advance | Partner and competitor-like RBF originator for APAC/e-commerce | Choco Up |
| FundPark | E-commerce SME financing | Revenue, inventory, PO and receivables financing | AI-powered credit model and partner ecosystem for cross-border e-commerce | FundPark |
| Qupital | Data-driven e-commerce funding/trade finance | Funding based on vendor platforms and settlements | Big-data credit assessment and securitisation facility messaging | Qupital |
| Funding Societies | Southeast Asia SME digital financing | Micro loans, term loans, AR/AP and trade financing | Broad SME loan product suite across Southeast Asia | Funding Societies |
Competitor funding and pricing should be separately benchmarked.
| axis | micro connect public position | competitor pressure | diligence question |
|---|---|---|---|
| Regulatory venue | Macao-licensed exchange; AMCM-regulated | Loan/RBF providers may operate under different/lighter licenses | Does licensing produce durable moat or higher compliance cost? |
| Merchant acquisition | Partner chains/SaaS, BOCM, Choco Up, Micro Star ecosystem | Competitors market direct digital onboarding and e-commerce integrations | Compare CAC, approval speed and partner economics |
| Data/analytics | ARM, daily data, AI analytics and MAP | Qupital/FundPark also market big-data/AI credit models | Validate predictive lift, fraud controls and data exclusivity |
| Investor liquidity | MCEX exchange for revenue shares and related products | Private lenders may compete on simplicity and lower friction | Measure actual secondary liquidity and bid/ask spreads |
Scores are qualitative diligence prompts, not investment ratings.
Public GTM appears ecosystem-led through MCEX, partnerships, standards and media; CAC, sales productivity and channel economics are private.
partially verified confidence: medium
Micro Connect publicly positions via MCEX, partnerships, MAP, Micro Star and media; channel weights and conversion are not public.
| channel | public evidence | status | gap |
|---|---|---|---|
| MCEX direct professional/institutional investors | MCEX site limits access to institutional/professional investors | verified | Member count, active trading volume and retention |
| Funds / structured products / DRP mandates | Company describes fund platform, structured products and DRPs | partially_verified | AUM, fees, mandates and realized returns |
| Bank and ecosystem partnerships | BOCM partnership and Micro Star participant ecosystem | verified | Revenue contribution and exclusivity |
| Overseas/e-commerce partner channel | Choco Up first overseas ecosystem partner | verified | Merchant pipeline and data-integration completion |
| Islamic investor channel | Shariah-certified product methodology | partially_verified | Demand, certification maintenance and product volume |
No public channel revenue mix was found.
not publicly verifiable confidence: high
Major customer relationship status, trends and pipeline are not public.
partially verified confidence: medium
Public avenues include MCEX direct access, bank/ecosystem partners, overseas/e-commerce partners, Shariah channel and media/standards.
| signal | date | public evidence | diligence value |
|---|---|---|---|
| Forbes unicorn coverage | 2023-08-08 | Latest Hong Kong unicorn, $458M round, $1.7B valuation | Third-party visibility and valuation corroboration |
| MAP release | 2024-01-16 | Market standard for valuation and revenue-sharing terms | Supports market education and standardization |
| Shariah certification | 2024 | Amanie methodology for Shariah-compliant DRPs | Potential investor-channel expansion |
| Micro Star launch | 2024-09-26 | New market operating structure and first batch of listed market vehicles | Product-market infrastructure evolution |
Marketing reach metrics, conversion and CAC are not public.
not publicly verifiable confidence: high
Sales compensation, quotas, sales cycle and hiring plan are not public.
not publicly verifiable confidence: high
Marketing budget and execution capacity cannot be verified publicly.
Public R&D signals are substantial but marketing-level; technical architecture, security, IP ownership, roadmap cost and delivery risk require private diligence.
partially verified confidence: medium
Public materials describe technology, platform development, ARM, AI analytics and exchange services, but not org structure or security controls.
| capability | public signal | verification status | requested evidence |
|---|---|---|---|
| Market infrastructure and platform development | About page lists market infrastructure, fintech and platform development professionals | partially_verified | Engineering org chart, roadmap and architecture |
| ARM/daily revenue collection | Launch/Series B describe automated repayment/digital collection | partially_verified | Integration contracts, reconciliation reports and exception handling |
| AI/data analytics | Series B says AI analytics optimize capital allocation decisions | partially_verified | Model documentation, performance tests and data lineage |
| Exchange services | MCEX site lists registration/custody, clearing/settlement, scoring, rating and valuation services | verified | System design, SLAs, vendor list and control reports |
Public R&D evidence is product/marketing-level, not technical diligence.
partially verified confidence: medium
Public pipeline/milestones include MCEX, MAP, Shariah products, Micro Star and MIFC/CCO structure; costs and delivery risks are private.
| project | status | timing | risk or request |
|---|---|---|---|
| MCEX launch | Officially started operations / first licensed exchange claim | 2023-08-03 public launch references | Confirm trading volumes and operating KPIs |
| MAP | Released as market accepted protocol | 2024-01-16 | Review methodology governance and revisions |
| Shariah-compliant DRPs | Certified and screening methodology announced | 2024 | Verify certification scope and transaction volumes |
| Micro Star System | New market operating structure launched | 2024-09-26 | Review rulebook, first market vehicles and performance |
| MIFC / CCO portfolio vehicle | HKEX Chapter 21 application submitted by MIFC, not Micro Connect Group | 2025-06-19 | Verify listing/application status and related-party agreements |
Development costs and roadmap dates beyond public launches are private.
Founders and employee scale are public, but full org chart, compensation, incentive plans, retention and turnover are private.
partially verified confidence: medium
Public sources identify founders and select senior roles but not a complete org chart.
Reporting lines are illustrative from public role hierarchy and must be validated.
partially verified confidence: medium
Public headcount grew from close to 100 in 2022 to hundreds/LinkedIn 201-500 in 2026; projections are private.
| date or period | public signal | regions or functions | verification status |
|---|---|---|---|
| 2022-03-31 | Close to 100 professionals | Mainland on-the-ground sourcing/deployment/technology; Hong Kong capital markets | partially_verified |
| 2026 site content | Hundreds of professionals | Hong Kong, Macao and Mainland China; finance, technology and consumer retail | partially_verified |
| 2026 LinkedIn public profile | 201-500 employees | Headquarters Hong Kong; Financial Services industry | partially_verified |
| Projected headcount | Not public | Not public | not_publicly_verifiable |
Public ranges require HRIS validation.
partially verified confidence: medium
Public founder biographies are available at high level; complete senior management biographies require company input.
| name | public role | background or signal | verification status |
|---|---|---|---|
| Charles Li | Founder / Chairman | Former CEO of HKEX; public founder statements and MCEX/Micro Star appearances | verified |
| Gary Zhang | Founder / CEO in Micro Star release; founder page references OP Investment | Founder of OP Investment; public founder statements | verified |
| Lin Tun | Chief Investment Officer in CCX partnership release | Signed memorandum of cooperation for Micro Connect Group | partially_verified |
| Samson Cheng | Head of Corporate Development in Choco Up partnership release | Signed partnership with Choco Up | partially_verified |
Roster is limited to public sources; validate titles and reporting lines with HR.
not publicly verifiable confidence: high
Compensation and benefits are not public.
not publicly verifiable confidence: high
Stock/option incentive plans are not public.
inconclusive confidence: low
No significant employee-relations problems were verified publicly, but public coverage is insufficient.
not publicly verifiable confidence: high
Turnover data and retention benefits are private.
| item | public signal | verification status | requested evidence |
|---|---|---|---|
| Executive departures | No specific executive departures identified in reviewed public materials | inconclusive | Departure log, board minutes and management references |
| Voluntary/involuntary turnover | No turnover rates public | not_publicly_verifiable | Two-year turnover by function/location and regretted attrition |
| Compensation and benefits | Not public | not_publicly_verifiable | Employment agreements, comp bands, bonus plans and benefit plans |
| Incentive stock plan | Not public | not_publicly_verifiable | Option plan, grants, vesting, exercise prices and option-pool schedule |
No adverse employee-relations public evidence was verified, but HR diligence is required.
Regulatory status is public and material; litigation, IP ownership, contracts, insurance and counsel-grade clearance remain open.
inconclusive confidence: low
No pending lawsuits against the company were identified in reviewed sources, but docket coverage was not exhaustive.
| case or search area | public result | verification status | next step |
|---|---|---|---|
| Company/regulatory materials reviewed | No specific pending lawsuits against Micro Connect surfaced in reviewed sources | inconclusive | Counsel-led docket searches in Hong Kong, Macao, Mainland China and holding-company jurisdictions |
| Investor/customer disputes | No dispute docket found in reviewed public sources; MCEX warnings indicate impersonation risk | inconclusive | Complaint logs, arbitration register and customer/investor notices |
Absence of identified lawsuits is not legal clearance.
inconclusive confidence: low
No company-initiated lawsuits were verified publicly; brand/impersonation enforcement may exist.
| matter type | public result | verification status | next step |
|---|---|---|---|
| Commercial/IP litigation by company | No specific company-initiated lawsuit identified in reviewed sources | inconclusive | Request counsel schedule of claims, demand letters and settlements |
| Brand/impersonation enforcement | MCEX warns of unauthorized third-party websites/platforms; public lawsuits or takedowns not listed | partially_verified | Request takedown and enforcement history |
Private counsel confirmation required.
inconclusive confidence: low
No material environmental/safety issues were publicly verified; business is mainly financial market infrastructure but has offices and employees.
partially verified confidence: low
Public brand/product names are visible, but registry-backed IP ownership and freedom to operate are unverified.
| asset | public use | registry status | diligence request |
|---|---|---|---|
| Micro Connect / 滴灌通 | Company and LinkedIn brand use | Not verified in registry during this run | Trademark registrations and ownership chain in HK/Macao/Mainland China/WIPO |
| MCEX | Official exchange website and regulatory/Gazette references | Regulatory existence verified; trademark status not verified | Trademark, company registry and license documents |
| DRC / DRO / DRP | Position paper and product descriptions | Product terminology/public use verified; patent/trademark status not verified | IP searches, product documentation and freedom-to-operate memo |
| MAP / Micro Star | MAP release and Micro Star launch | Public use verified; IP ownership not verified | Rulebook ownership, software/IP assignments and trademark filings |
Registry-backed IP diligence remains open.
not publicly verifiable confidence: high
Insurance coverage is not public.
not publicly verifiable confidence: high
Public partnership announcements exist, but material contracts and MIFC-related agreements are private.
partially verified confidence: medium
MCEX regulatory status and warnings are public; no enforcement action was verified, but regulatory obligations are material.
| item | public evidence | verification status | diligence request |
|---|---|---|---|
| MCEX approval/regulation | Established under Executive Order No. 47/2022; regulated by AMCM | verified | License conditions and regulatory correspondence |
| Critical infrastructure designation | Order No. 71/2024 added Micro Connect Macao financial-assets exchange under AMCM critical-infrastructure supervision | verified | Current status under later Order 119/2024 and cybersecurity obligations |
| Investor restrictions/disclaimers | Professional/institutional-only, jurisdiction restrictions, no offer/advice, loss-of-principal warning | verified | Compliance testing, KYC/suitability files and member policies |
| Material contracts/insurance | Partner names public; contracts and insurance not public | not_publicly_verifiable | Material-contract schedule, insurance policies and counsel memo |
Regulatory review should be counsel-led.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | Micro Connect is publicly listed by CB Insights as a Hong Kong Financial Services unicorn at a $1.70B valuation with date joined 2023-08-02. | verified high | SRC-002SRC-008 |
| EC-002 | CB Insights profile shows Micro Connect founded in 2021, headquartered in Hong Kong, alive, with total raised $653M and latest round Line of Credit - II. | verified medium | SRC-001 |
| EC-003 | Micro Connect publicly describes a revenue-sharing financing model connecting global capital with micro and small businesses. | verified high | SRC-003SRC-005SRC-006SRC-007SRC-010 |
| EC-004 | Micro Connect launched publicly in August 2021 and identifies Charles Li and Gary Zhang as founders. | verified high | SRC-004SRC-005 |
| EC-005 | Public funding evidence shows at least a US$70M Series B and US$458M Series C, with additional CB Insights total-raised and line-credit signals. | partially verified high | SRC-001SRC-006SRC-007SRC-008SRC-009 |
| EC-006 | Micro Connect discloses rapid portfolio/deployment growth, but these are company-reported operating metrics rather than audited financials. | partially verified medium | SRC-006SRC-008SRC-014SRC-015SRC-011 |
| EC-007 | MCEX is publicly described as Macao-regulated and the first licensed global exchange for revenue-based financing/revenue shares. | verified high | SRC-010SRC-011SRC-012SRC-013 |
| EC-008 | MCEX materials warn that website information is for institutional/professional investors, not investment advice, and products carry principal-loss risk. | verified high | SRC-010 |
| EC-009 | Micro Connect publicly released MAP and an accounting-treatment position paper, indicating product-standard and accounting complexity. | verified medium | SRC-014SRC-020 |
| EC-010 | Micro Connect has public strategic partnerships and ecosystem participants, including BOC Macau, Choco Up, CCX Green Finance, Amanie Advisors and Micro Star market participants. | verified medium | SRC-013SRC-015SRC-016SRC-017SRC-026 |
| EC-011 | Micro Connect competes in a crowded SME/RBF financing landscape with alternatives offering revenue, invoice, trade, e-commerce and SME digital financing. | verified medium | SRC-021SRC-022SRC-023SRC-024 |
| EC-012 | Public team signals indicate growth from close to 100 professionals in 2022 to hundreds/LinkedIn 201-500 employees by 2026. | partially verified medium | SRC-003SRC-006SRC-018 |
| EC-013 | R&D/technology public signals center on ARM, AI analytics, MCEX market infrastructure, M-Terminal, MAP, Micro Star and Shariah screening. | partially verified medium | SRC-006SRC-010SRC-013SRC-014SRC-017 |
| EC-014 | Top customers, merchant-level concentration, customer revenue, churn and severed relationships are not publicly verifiable. | not publicly verifiable high | SRC-006SRC-008SRC-014SRC-015 |
| EC-015 | Audited financial statements, ARR/revenue, gross margin, cash runway, AR aging, backlog and forecasts are not publicly verifiable. | not publicly verifiable high | SRC-001SRC-002SRC-006SRC-007SRC-008 |
| EC-016 | Current cap table, shareholdings, preferences, options/warrants, debt terms and off-balance-sheet obligations are not publicly verifiable. | not publicly verifiable high | SRC-001SRC-006SRC-008 |
| EC-017 | A June 2025 HKEX listing application was for MIFC, not Micro Connect Group, so it does not by itself make Micro Connect Group public. | partially verified high | SRC-019SRC-025SRC-001 |
| EC-018 | MCEX publicly warned about unauthorized third-party websites/false information, creating fraud, brand and investor-protection risk. | verified high | SRC-010 |
| EC-019 | Micro Connect publicly uses Micro Connect, MCEX, DRC, DRO, DRP, MAP and Micro Star names, but registry-backed IP ownership was not verified. | partially verified low | SRC-010SRC-013SRC-014SRC-020 |
| EC-020 | Shariah-compliant product certification and screening methodology are public claims by Micro Connect/Amanie Advisors. | verified medium | SRC-017 |
| EC-021 | Micro Connect’s GTM is visibly partnership/media/ecosystem-led, but sales productivity, CAC, quotas and budget are not public. | partially verified medium | SRC-010SRC-013SRC-015SRC-016SRC-017 |
| EC-022 | No specific pending lawsuits were identified in reviewed public company/regulatory sources, but docket coverage was not exhaustive. | inconclusive low | SRC-010SRC-012SRC-019 |
| EC-023 | Insurance, material contracts, employee agreements, compensation, incentive plans and supplier agreements are not publicly verifiable. | not publicly verifiable high | SRC-015SRC-016SRC-018 |
| EC-024 | Micro Connect’s model depends on merchant revenue data, partner integrations and daily collection mechanics that create data-quality and operational-dependency risk. | partially verified medium | SRC-005SRC-006SRC-010 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.