腾讯、高盛押注！数据服务商迅策科技三闯IPO，成立9年尚未盈利

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange after two previous failed attempts, highlighting its ambition to secure funding despite ongoing losses and intense competition in the real-time data infrastructure and analytics market [1][2]. Company Overview - Xunce Technology was established in 2016 and is headquartered in Nanshan District, Shenzhen [4]. - The company specializes in real-time data infrastructure and analytics solutions, providing a unified data platform that can process heterogeneous data from multiple sources in milliseconds to seconds [12][28]. - As of December 2023, the company has undergone multiple rounds of financing, with significant investments from major firms including Tencent, Goldman Sachs, and Alibaba [5][6]. Financial Performance - The company reported revenues of RMB 288 million, RMB 530 million, RMB 632 million, and RMB 198 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [17][19]. - Cumulative losses over three and a half years amount to RMB 366 million, with net losses of RMB 965 million, RMB 634 million, RMB 978 million, and RMB 1.08 billion reported during the same periods [18][19]. - The company's R&D expenses have consistently exceeded 70% of its revenue, indicating a strong focus on innovation despite the lack of profitability [14][23]. Market Position - Xunce Technology holds approximately 3.4% market share in China's real-time data infrastructure and analytics market, ranking fourth in terms of revenue [28][32]. - The company is particularly strong in the asset management sector, where it commands an 11.6% market share, making it the leading player in that segment [34]. - The overall market for real-time data infrastructure and analytics in China is projected to reach RMB 18.7 billion by 2024, with a compound annual growth rate of 46.1% from 2020 to 2024 [29]. Customer Base and Revenue Streams - As of 2024, Xunce Technology has 232 paying customers, with 177 from the asset management industry and 55 from other sectors [15]. - The average revenue per user (ARPU) for 2024 is reported at RMB 2.724 million, with asset management clients contributing RMB 1.381 million and non-asset management clients contributing RMB 7.046 million [15][20]. - The company generates revenue through subscription and transaction models, with a significant portion of income derived from customized solutions for asset management clients [24]. Competitive Landscape - The company faces stiff competition from major internet giants such as Alibaba, Tencent, and Huawei, which dominate the real-time data infrastructure market [32][35]. - Despite its strong position in the asset management sector, the company must continue to invest in R&D to maintain its competitive edge and address the challenges posed by market fluctuations [35].