140亿，清华校友干出“大模型 Data Agent第一股”，腾讯押注

Core Viewpoint - Xunce Tech, recognized as the first "Data Agent" stock in Hong Kong, has recently gone public, focusing on real-time data infrastructure and analytics solutions, primarily serving the asset management industry and expanding into other sectors [2][3]. Company Overview - Founded in 2016, Xunce Tech started in the asset management sector and has since expanded its client base to include financial services (excluding asset management), urban management, production management, and telecommunications [2]. - The company ranks first in China's real-time data infrastructure and analytics market within the asset management industry, holding a market share of 16% as of 2024 [2]. IPO Details - Xunce Tech issued 22.5 million H-shares at a price of HKD 55.0 per share, raising approximately HKD 1.2 billion, with a current market capitalization of HKD 15 billion [2]. - The IPO attracted nine cornerstone investors, collectively subscribing to about USD 40 million [2]. Funding History - Over its 10 years, Xunce Tech has completed seven rounds of external financing, raising over RMB 2.1 billion, with notable investors including Tencent, KKR, and Yunfeng Capital [3][6]. Leadership Background - The founder and CEO, Liu Zhijian, has extensive experience in financial institutions, having worked at the Royal Bank of Scotland and as an executive director at a Hong Kong investment company before establishing Xunce Tech [5]. - Liu's father, Liu Chengxi, is the largest shareholder through various entities, holding 28.86% of the shares [5]. Product and Service Offering - Xunce Tech's core product is a cloud-native unified data platform that collects, cleans, manages, analyzes, and governs heterogeneous data from multiple sources [9]. - The company focuses on developing trading management systems and trading robots for the asset management industry, targeting institutional investors and large individual investors [9]. Financial Performance - Xunce Tech is currently in a "burning cash" phase, with revenues of approximately 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 [10][12]. - The company reported net losses of RMB 96.5 million, RMB 63.4 million, RMB 97.8 million, and RMB 108 million for the same periods [10][12]. R&D Expenditure - The company attributes its net losses to significant R&D expenditures, which accounted for 89.9%, 71.5%, 71.3%, and 85.0% of revenue from 2022 to the first half of 2025 [13]. - The gross margin for the asset management business has decreased from 82.5% in 2022 to 71.1% in 2023, primarily due to increased equipment deployment costs [13][14]. Market Position and Competition - The real-time data infrastructure and analytics market in China is rapidly growing, with over 400 participants and a market size of RMB 18.7 billion by the end of 2024 [19]. - Xunce Tech ranks fourth in the overall real-time data infrastructure and analytics market and first in the asset management sector [19]. - The company faces competition from major cloud service providers like Alibaba Cloud and Tencent Cloud, which offer comprehensive product lines [20][22]. Future Outlook - Xunce Tech is at a critical juncture in its profitability model transition, needing to effectively manage resource allocation for customized projects and convert initial investments in new industries into sustainable revenue [17].