迅策科技三闯港交所：成立10年未盈利，7轮外部融资后估值飙涨40倍

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for expanding existing solutions, developing new ones, and enhancing technical capabilities, despite facing continuous losses over the past three and a half years totaling approximately 366 million RMB [1][4][6]. Group 1: Financial Performance - The company reported revenues of approximately 288 million RMB, 530 million RMB, 632 million RMB, and 198 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][5]. - The net losses for the same periods were approximately 96.5 million RMB, 63.4 million RMB, 97.8 million RMB, and 108 million RMB [4][5]. - Cumulatively, the company has incurred losses of about 366 million RMB over the past three and a half years [4][6]. Group 2: Market Position and Revenue Sources - Xunce Technology is ranked fourth in China's real-time data infrastructure and analytics market with a market share of 3.4% as of 2024 [2]. - The company started in the asset management sector and holds the top position in that market with an 11.6% share [2]. - Revenue from asset management decreased from 74.4% in 2022 to 47.3% in 2025, while revenue from diversified industries increased from 25.6% to 52.7% during the same period [2][3]. Group 3: Customer Metrics and Retention - The total number of paying customers was 182, 200, 232, and 121 for the years 2022, 2023, 2024, and the first half of 2025, with a significant decline of 28.4% in the first half of 2025 [3]. - The net revenue retention rate dropped sharply from 98% in 2023 to 56% in 2024, and further to 36% in the first half of 2025 [3]. - The decline in retention rates is attributed to a slowdown in the financial sector due to global political and economic conditions, affecting customer spending and project delays [3]. Group 4: Funding and Valuation - Since its establishment, Xunce Technology has completed seven rounds of financing, with a valuation increase of 4047% from 150 million RMB in 2017 to 6.22 billion RMB in November 2023 [8][11]. - Major investors include Tencent, Goldman Sachs, and Yunfeng Capital, with the latest funding round in November 2023 raising 220 million RMB [8][11].