腾讯持股，“大模型Data Agent第一股”上市了，市值140亿

Core Viewpoint - Xunce Technology, known as the "first stock of Data Agent," has been listed on the Hong Kong Stock Exchange with an offering price of HKD 48 per share, resulting in a market capitalization of HKD 15.5 billion [1]. Company Overview - Founded in 2016 in Shenzhen, Xunce Technology is a provider of real-time data infrastructure and analytical solutions, with its founder and CEO Liu Zhijian being a graduate of Tsinghua University and Hong Kong University of Science and Technology [4]. - The company has achieved the highest market share in the domestic asset management industry's real-time data infrastructure [4]. - Its core product is a unified data platform capable of collecting, cleaning, managing, analyzing, and governing heterogeneous data from multiple sources within milliseconds to seconds [4]. Market Position - The real-time data infrastructure and analysis market in China is projected to be valued at RMB 18.7 billion in 2024, with Xunce Technology holding a 3.4% market share, ranking fourth [4]. - In the asset management sector, which constitutes 11.2% of the total market, Xunce Technology leads with an 11.6% market share [4]. Financial Performance - The company has not yet achieved profitability, recording net losses of RMB 97 million, RMB 63 million, RMB 98 million, and RMB 108 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Revenue figures for the same periods were RMB 288 million, RMB 530 million, RMB 632 million, and RMB 198 million, with a gross profit of RMB 225 million, RMB 419 million, RMB 485 million, and RMB 132 million, respectively [8][11]. - The gross profit margins were 78%, 79%, 76.7%, and 66.7% for the respective years [11]. Customer and Revenue Dynamics - The company has seen a 40% revenue growth in the first nine months of 2025, with total revenue reaching RMB 576 million compared to RMB 410 million in the same period of the previous year [12]. - Revenue from the asset management sector decreased by 16% year-on-year, while revenue from diversified industries increased by 86% [13]. - The top five customers contributed 42% of total revenue in the first half of 2025, with a total revenue of RMB 830 million [21]. Investment and Shareholding - Xunce Technology has undergone multiple rounds of financing, with the latest being a cross-round financing of RMB 220 million in December 2023, resulting in a post-money valuation of RMB 6.22 billion [29]. - Major shareholders include Tencent and Yunfeng Capital, with Tencent holding 7.02% and Yunfeng Capital holding 5.6% post-IPO [32]. Strategic Focus - The company aims to leverage its real-time data infrastructure to expand into various sectors, including urban management and manufacturing, while maintaining a focus on technological innovation and customer relationships [34].