三度递表港交所！迅策科技关键指标“亮红灯”？

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor, after previous applications in March and September 2024 became invalid [1] Company Overview - Established in 2016, Xunce Technology is a provider of real-time data infrastructure and analytical solutions, primarily serving institutional asset managers, including insurance companies, bank asset management departments, securities firms, corporate treasury, family offices, and high-net-worth individuals [1] - The company is controlled by Liu Chengxi, who indirectly holds approximately 28.86% of the issued share capital through various entities [1] Financial Performance - Revenue for the reporting periods (2022 to 2024, and the first half of 2025) was reported as follows: CNY 288 million in 2022, CNY 530 million in 2023, CNY 632 million in 2024, and CNY 198 million in the first half of 2025 [2] - Despite steady revenue growth, the company has faced increasing losses, with net losses reported as CNY 96.51 million in 2022, CNY 63.39 million in 2023, CNY 97.85 million in 2024, and CNY 108 million in the first half of 2025 [3][4] Customer Metrics - The total number of paying customers was 182 in 2022, increasing to 200 in 2023, and 232 in 2024, but dropping to 121 in the first half of 2025, indicating a nearly 30% year-on-year decline [3][5] - The net revenue retention rate has also declined significantly, from 98% in 2023 to 36% in the first half of 2025, primarily due to a slowdown in client spending and project delays in the asset management sector [3][4] Market Position and Strategy - Xunce Technology emphasizes its focus on expanding revenue and market share rather than immediate profitability during its early business development phase [3] - The company has established a leading market position in the asset management industry and sees opportunities to expand its customer base across various sectors [5]