Core Viewpoint - XunCe Technology, often referred to as the "Chinese version of Palantir," is set to launch its IPO on December 30, aiming to raise approximately HKD 1.2375 billion with a market valuation of around HKD 17.7 billion, backed by prominent investors like Tencent and KKR [1][2]. Group 1: Company Overview - XunCe Technology plans to issue 22,500,000 H-shares, with 2,250,000 shares available for public offering and 20,250,000 for international investors, at a maximum price of HKD 55 per share [1]. - The company is positioned in the high-growth data analytics sector, leveraging strong technological barriers and a leading market position [1][4]. Group 2: Growth Potential - XunCe Technology is expected to replicate Palantir's growth trajectory, which saw its market capitalization soar from USD 19.9 billion at IPO to USD 460.9 billion by December 19, driven by a strategic focus on high-difficulty core scenarios [2][3]. - The company has established a strong foothold in the asset management sector, holding an 11.6% market share in China's real-time data infrastructure and analytics market [8]. Group 3: Strategic Approach - The company adopts a similar market penetration strategy as Palantir, starting with complex data challenges in the financial sector and expanding into telecommunications and urban management [5][6]. - XunCe Technology aims to build a unified data intelligence operating system, integrating various data sources to provide real-time insights for investment decisions [6][7]. Group 4: Financial Performance - The average revenue per user (ARPU) for asset management clients is projected to increase from CNY 158.2 million in 2022 to CNY 272.4 million in 2024, while non-asset management ARPU is expected to rise from CNY 184.6 million to CNY 704.6 million in the same period [10]. - The company's total revenue is anticipated to grow significantly, from CNY 288 million in 2022 to CNY 632 million in 2024, reflecting a more than twofold increase [12]. Group 5: Market Outlook - The asset management market is projected to grow from CNY 75.2 billion in 2024 to CNY 183.9 billion by 2029, with a compound annual growth rate (CAGR) of 19.6% [11]. - The overall market for real-time data infrastructure and analytics in China is expected to expand from CNY 525.2 billion in 2024 to CNY 1,152.9 billion by 2029, with a CAGR of 17.0% [11].

Core Viewpoint - The Hong Kong stock market is entering a significant phase for annual IPOs, with six companies launching their offerings and scheduled to list on December 30, reflecting a strong demand for quality enterprises to utilize market opportunities [1][2]. Group 1: Companies and Their Offerings - Six companies, including Insilico Medicine, Wuyishijie, Xunce, Meilian Holdings, Woan Robotics, and Linqingxuan, are set to launch IPOs, covering diverse sectors such as AI pharmaceuticals, digital twins, home robotics, and high-end skincare [1][2]. - Insilico Medicine, known as a pioneer in AI pharmaceuticals, has set its IPO price at HKD 24.05, aiming to raise HKD 2.277 billion, making it the largest among the six [1]. - Wuyishijie, focusing on digital twin and Physical AI technologies, plans to issue 23.975 million shares at HKD 30.5 each, with a potential fundraising of up to HKD 841 million if the over-allotment option is exercised [2]. - Xunce, a real-time data infrastructure service provider, is expected to raise between HKD 1.08 billion and HKD 1.23 billion, with a share price range of HKD 48-55 [2]. - Woan Robotics, backed by industry figure Li Zexiang, is entering the home robotics sector, while Linqingxuan is offering 13.96645 million shares at HKD 77.77 each [2]. Group 2: Market Trends and Analysis - The concentration of tech and new consumer companies in the IPO market indicates a shift in the structure of IPOs, with technology and new consumption becoming the dominant forces [1][3]. - The traditional industrial sector, represented by Meilian Holdings, highlights the financing needs of transforming traditional industries, aligning with the "technology-led, diversified supplement" structure of the Hong Kong IPO market [3]. - The influx of new IPOs may lead to market differentiation, where the quality of cornerstone investors and the ability to deliver on performance will be critical in distinguishing the companies [3]. - The simultaneous issuance of multiple new stocks may create a fund diversion effect, impacting the demand for public offerings and international placements [3].

New IPOs - The largest biotech IPO in Hong Kong for 2025 is initiated by Insilico Medicine (03696), which boasts the fastest global progress in AI drug development [1] - Lin Qingxuan (02657) will conduct its IPO from December 18 to December 23, attracting cornerstone investors like Fidelity [1] - Woan Robotics (06600) is set to launch its IPO during the same period, with an expected listing date of December 30 [1] - Meilian Holdings (02671) and Wuyi Vision (06651) will also hold their IPOs from December 18 to December 23, both expected to list on December 30 [1] - Xun Ce (03317) will follow the same IPO schedule, with a listing anticipated on December 30 [1] - Zhihui Mining (02546) achieved a remarkable 5248.15 times subscription in its public offering, with a listing date of December 19 [1] - China National Airlines (00753) plans to invest in Shenzhen Airlines' equity financing, with Kunhang Investment, a state-owned entity, being shortlisted [1] - Sensetime-W (00020) intends to place 1.75 billion new Class B shares, aiming to raise approximately HKD 3.146 billion [1] - Fosun Pharma (02196) is enhancing its overseas innovative drug strategy by signing a cooperation and option agreement with Clavis Bio [1] - WuXi AppTec (02359) invested around EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [1] - Minhua Holdings (01999) plans to acquire 100% equity in the American soft furniture company Gainline Recline Intermediate Corp [1] Share Buybacks - Tencent Holdings (00700) repurchased 1.055 million shares for HKD 636 million on December 18 [2] - Xiaomi Group-W (01810) spent HKD 151 million to buy back 3.75 million shares on the same day [2] - COSCO Shipping Holdings (01919) repurchased 5.9 million shares for HKD 80.557 million [2] - Country Garden Services (06098) bought back 2.7 million shares for HKD 17.136 million [2] - Jiangsu Ninghu Expressway (00177) saw an increase of 52.862 million shares by Yunsong Capital [2]

Investment Rating - The report suggests a cautious subscription for the company’s IPO [2]. Core Insights - The company is a leading provider of real-time data infrastructure and analytical solutions in China, primarily serving the asset management industry with a market share of 11.6% as of 2024 [2][3]. - The real-time data infrastructure market in China is projected to grow from RMB 18.7 billion in 2024 to RMB 50.5 billion by 2029, with a compound annual growth rate (CAGR) of 22.0% from 2024 to 2029 [3]. - The company’s revenue growth is expected to decline significantly, with a forecasted drop from 84.3% in 2023 to a negative 30.0% in the first half of 2025, alongside an increase in net loss margin from 12.0% in 2023 to 54.6% in the first half of 2025 [3]. Summary by Sections IPO Details - The IPO price range is set between HKD 48.00 and HKD 55.00, with a total fundraising amount of approximately HKD 1.04 billion [1]. - The total number of shares available for subscription is 2.25 million, with 90% allocated for international placement and 10% for public offering [1]. Market Position - The company has established a strong foothold in the asset management sector and is expanding its client base to include diverse industries such as financial services (excluding asset management), urban management, production management, and telecommunications [2][3]. - The company’s solutions are designed to facilitate seamless deployment in both cloud and on-premise environments, enabling rapid data processing for decision-making [2].

12月18日，受美股科技股集体下挫影响，港股今日维持低位震荡走势，截止收盘，恒生指数涨0.12%报 25498.13点，恒生科技指数跌0.73%报5418.29点，国企指数跌0.02%报8841.51点，红筹指数跌0.26%报 4049.62点。 盘面上，大型科技股走势分化，阿里巴巴跌1.3%，京东集团跌0.09%，小米集团跌2.47%，网易涨 0.67%，美团涨0.1%，快手涨0.23%，哔哩哔哩涨0.26%；航空股延续涨势，东方航空涨超7%；煤炭股 午后走强，汇力资源涨超9%；锂电池股跌幅居前，宁德时代跌超3%；新消费概念股走弱，名创优品跌 超3%；其他股票中，舜宇光学科技跌超1%；曹操出行跌超12%，恒大物业跌超9%，中国中免跌超 5%；上海复旦涨超7%，招金矿业涨超6%。 企业新闻 远大医药(00512.HK)：自主研发的重磅全球创新放射性核素偶联药物 GPN01530 在美国获批开展临床研 究。 和谐汽车(03836.HK)：附属iCar Group Limited可能通过引入新投资者开展进一步股权融资，涉资4000万 美元。 中国中车(01766.HK)：集团及下属企业近三个月合计签订约533.1 ...

Core Insights - The article highlights the transformative impact of AI technology on the data analysis industry, with Data Agents emerging as a new paradigm for data preparation and analysis, expected to be utilized by 50% of China's top 500 companies by 2026 [1] Company Overview - Xunce Technology, established in 2016, is a leading provider of real-time data infrastructure and analysis solutions in China, offering comprehensive IT solutions for data infrastructure and analysis across various industries [2][3] Product Offerings - The company's product portfolio includes a cloud-native unified data platform for data collection, cleaning, management, analysis, and governance, as well as data analysis applications that leverage this infrastructure for insights and real-time decision-making [3] Market Position - According to Frost & Sullivan, Xunce Technology ranks first in China's asset management sector for real-time data infrastructure and analysis, holding an 11.6% market share, and ranks fourth in the overall real-time data infrastructure and analysis market with a 3.4% share [4] Competitive Advantages - The company benefits from a strong market position that allows it to maintain high gross margins, with reported gross margins of 78%, 79%, and 76.7% from 2022 to 2024, enabling substantial investment in R&D and business diversification [4][5] - Xunce Technology has a high customer retention rate, primarily serving clients in asset management, which enhances its credibility and reduces customer acquisition costs [5][6] Growth Potential - The AI Agent market in China is projected to reach 852 billion yuan by 2028, with a compound annual growth rate (CAGR) of 72.7%, indicating significant growth potential for Xunce Technology's sector [7] - The overall real-time data infrastructure and analysis market in China is expected to grow from 525.2 billion yuan in 2024 to 1,152.9 billion yuan by 2029, providing a substantial opportunity for revenue growth [7] Revenue Growth - Xunce Technology's revenue is projected to grow from 288 million yuan in 2022 to 632 million yuan in 2024, reflecting a CAGR of 48% [7] Industry Diversification - The company has successfully expanded its technology from asset management to telecommunications and urban management, with revenue from these sectors expected to exceed 52.7% of total revenue by mid-2025 [8][9] R&D Investment - Xunce Technology invests heavily in R&D, with expenditures of 259 million yuan, 379 million yuan, and 450 million yuan from 2022 to 2024, representing over 70% of its revenue, which is significantly higher than the industry average [9][10] Long-term Outlook - The company's strategic investments in technology and its ability to replicate solutions across industries position it for sustained growth, making it a compelling candidate for long-term investment consideration [11]

Core Insights - The article highlights the transformative impact of AI technology on the data analysis industry, with Data Agents emerging as a new paradigm for data preparation and analysis in enterprises [1] - The trend indicates a significant shift towards integrating "data + knowledge," creating a closed loop from insights to action, and evolving human-machine collaboration [1] Company Overview - XunCe Technology, a leading real-time data infrastructure and analytics provider in China, is set to attract market attention with its upcoming IPO in Hong Kong [2] - The company plans to issue 22.5 million H shares, with a price range of HKD 48 to 55 per share, aiming to raise up to HKD 1.238 billion [2] Market Position - XunCe Technology is positioned as the "first stock of Data Agent" in the Hong Kong market, with a strong foothold in the real-time data infrastructure and analytics sector [3] - The company ranks first in China's asset management industry for real-time data infrastructure and analytics, holding an 11.6% market share [4] Competitive Advantages - XunCe Technology benefits from a strong technical barrier, allowing it to maintain high gross margins of 78%, 79%, and 76.7% from 2022 to 2024, respectively [4] - The company has a high customer retention rate, indicating strong client loyalty, and has successfully expanded its solutions beyond asset management to various sectors, including financial services and telecommunications [5] Growth Potential - The AI Agent market in China is projected to reach CNY 852 billion by 2028, with a compound annual growth rate (CAGR) of 72.7%, indicating significant growth potential for XunCe Technology [7] - The overall real-time data infrastructure and analytics market in China is expected to grow from CNY 525.2 billion in 2024 to CNY 1.1529 trillion by 2029 [7] Revenue Growth - XunCe Technology's revenue is projected to grow from CNY 288 million in 2022 to CNY 632 million in 2024, reflecting a CAGR of 48% [7] - The company has diversified its revenue streams, with income from telecommunications, urban management, and production management expected to exceed 52.7% by mid-2025 [8] Research and Development - The company invests heavily in R&D, with expenditures of CNY 259 million, CNY 379 million, and CNY 450 million from 2022 to 2024, representing over 70% of its revenue [9] - This investment supports the development of a cloud-native unified data platform and modular architecture, creating a significant technological moat [9] Long-term Outlook - XunCe Technology is recognized as a leader in the real-time data processing niche, with strong brand barriers and top-tier capital backing, positioning it for long-term growth [11] - The company's ability to replicate its technology across industries opens up multiple growth avenues, enhancing its long-term investment appeal [10][11]

预计至12月30日，该股将正式在港交所主板挂牌上市。这也意味着，随着迅策科技成功登陆港股市场， 公司将有望成为港股"大模型Data Agent第一股"。 在AI技术重构商业逻辑的今天，Data Agent正为企业数据分析行业带来全新的范式革命。 IDC曾预测指出,到2026年，将有50%的中国500强数据团队使用AI Agent来实现数据准备和分析，数据 工程Agent将成为企业的重要组织者和协调者。这一数据背后也直接道出了数据分析行业新趋势——即 通过"数据+知识"融合、洞察到行动闭环、人机协同进化三大核心价值，Data Agent正在突破传统数据 分析工具的能力边界。 这一新趋势下，也给那些率先完成"AI原生"转型的数字分析企业带来了空前的市场关注度。 就拿与Data Agent行业提供"燃料"和"跑道车"的迅策科技(03317)来说，该公司是国内领先的实时数据基 础设施及分析供应商，业务数据基础设施和数据分析应用亦是 Data Agent产业链上最关键的一环，故此 次赴港上市的动作也吸引了市场广泛关注。 12月18日，迅策科技发布公告表示，自今日起至下周二(23日)招股，发售2250万股H股，香港公开发 ...

Group 1: IPO Information - The IPO for 英矽智能 (03696.HK) is open for subscription from December 18 to December 23, with a global offering of 94,690,500 shares, where 10% is for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 24.05 per share, with a minimum investment of HKD 12,146.27 for 500 shares [2][4] - The IPO for 五一视界 (06651.HK) is also open for subscription from December 18 to December 23, with a global offering of 23,975,200 shares, where 5% is for public offering in Hong Kong and 95% for international offering. The offer price is set at HKD 30.50 per share, with a minimum investment of HKD 6,161.51 for 200 shares [8][10] - 迅策 (03317.HK) is offering 22,500,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 48.00 to HKD 55.00 per share, with a minimum investment of HKD 5,555.47 for 100 shares [13][15] - 美联股份 (02671.HK) is offering 24,600,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 7.10 to HKD 9.16 per share, with a minimum investment of HKD 2,775.71 for 300 shares [19][21] - 卧安机器人 (06600.HK) is offering 22,222,300 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 63.00 to HKD 81.00 per share, with a minimum investment of HKD 8,181.69 for 100 shares [25][27] - 林清轩 (02657.HK) is offering 13,966,500 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 77.77 per share, with a minimum investment of HKD 3,927.72 for 50 shares [30][32] Group 2: Financial Performance - 英矽智能 reported revenues of USD 30.15 million, USD 51.18 million, USD 85.83 million, USD 59.69 million, and USD 27.46 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net losses for the same periods were USD 221.83 million, USD 211.64 million, USD 17.10 million, USD 8.03 million, and USD 19.22 million [7] - 五一视界's revenue grew from RMB 169.98 million in 2022 to RMB 256.30 million in 2023, and further to RMB 287.36 million in 2024. The revenue for the six months ending June 30, 2025, was RMB 53.82 million, showing a 62.0% increase from the same period in 2024. The net losses for the same periods were RMB 189.79 million, RMB 87.08 million, RMB 78.97 million, RMB 65.07 million, and RMB 94.05 million [12][12] - 迅策's revenue for the years 2022, 2023, and 2024 was RMB 288 million, RMB 530 million, and RMB 632 million, respectively, with net losses of RMB 97 million, RMB 63 million, and RMB 98 million for the same years [18] - 美联股份 reported revenues of RMB 1,902.84 million, RMB 1,453.18 million, RMB 1,523.03 million, RMB 509.51 million, and RMB 1,424.11 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net profits for the same periods were RMB 87.71 million, RMB 62.13 million, RMB 70.78 million, RMB 13.61 million, and RMB 62.63 million [23] - 卧安机器人的 revenue for the years 2022, 2023, and 2024 was RMB 274.60 million, RMB 457.26 million, and RMB 609.92 million, respectively, with net losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million. The company reported a net profit of RMB 27.90 million for the six months ending June 30, 2025 [29][29] - 林清轩's total revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was RMB 691.15 million, RMB 805.00 million, RMB 1,209.64 million, RMB 530.45 million, and RMB 1,051.77 million, respectively. The company transitioned from a net loss of RMB 5.93 million in 2022 to a net profit of RMB 84.52 million in 2023 and further increased to RMB 186.83 million in 2024 [34]

本次发行已获得9家基石投资者支持，包括中视金桥（00623.HK）、Alphahill基金、富策控股、无极资 本旗下Infini、蔷薇香港等等。基石投资者已同意在若干条件的规限下，按发售价认购总金额约3957万 美元（约3.08亿港元，不含经纪佣金、证监会交易征费等费用）购买的若干数目的发售股份。 迅策是一家实时数据基础设施及分析解决方案供应商，为全行业企业提供涵盖数据基础设施及数据分析 的实时信息技术解决方案。其实时数据基础设施可以在数毫秒至数秒内收集、清理、管理、分析及治理 来自多个来源的异构数据。 于2024年，迅策的客户将涵盖资产管理以外的多元化行业，主要包括金融服务（资产管理除外）、城市 管理、制造管理及电信，而公司为中国主要国有电信营运商的分公司提供服务。 经营业绩方面，2022年至2024年期间，迅策的收入稳步增长，但2025年上半年业绩变脸，收入同比下降 约30%至1.98亿元，亏损亦扩大至1.08亿元，2022年以来公司未曾实现过盈利。 若希望进一步了解迅策的基本面解读及业务线分析，可查阅财华社过往相关报道《一图解码：迅策科技 再闯港交所，亏损扩大，但毛利率稳增》。 财华社12月18日讯，今 ...