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 since its establishment [1][2]. Group 1: Financial Performance - From 2022 to the first half of 2025, the company reported a cumulative loss of approximately 366 million yuan [4]. - Revenue figures for the reporting period were approximately 288 million yuan, 530 million yuan, 632 million yuan, and 198 million yuan, with corresponding losses of 96.51 million yuan, 63.39 million yuan, 97.84 million yuan, and 108 million yuan [4]. - The company attributes its net losses primarily to significant R&D, administrative, and sales expenses incurred during rapid business expansion [4]. Group 2: Market Position and Revenue Sources - Xunce Technology ranks fourth in China's real-time data infrastructure and analytics market with a market share of 3.4% as of 2024, and it holds the top position in the asset management sector with an 11.6% market share [2]. - The revenue share from the asset management sector decreased from 74.4% to 47.3% during the reporting period, while revenue from diversified industries increased from 25.6% to 52.7% [2]. Group 3: Customer Metrics - The total number of paying customers decreased from 232 to 121, representing a year-on-year decline of 28.4% in the first half of 2025 [3]. - The net revenue retention rate dropped significantly from 98% in 2023 to 56% in 2024, further declining to 36% in the first half of 2025, primarily due to reduced spending and project delays in the asset management sector [3]. Group 4: Accounts Receivable and Credit Policy - Accounts receivable increased during the reporting period, with figures of 76.7 million yuan, 266 million yuan, 252 million yuan, and 254 million yuan [5]. - The accounts receivable turnover days increased from 63 days to 286 days, attributed to revenue growth and expansion into new verticals, leading to a more diverse customer base [5]. Group 5: Funding and Valuation - Since its establishment, Xunce Technology has completed seven rounds of financing, with notable investors including Tencent, Goldman Sachs, and Yunfeng Capital [6][8]. - The company's valuation surged from 150 million yuan before its A-round financing in 2017 to 6.22 billion yuan after its latest financing round in November 2023, marking a 4047% increase over six years [8].

继麦科田之后，近期，又有一家来自深圳的公司寻求上市。 迅策科技成立于2016年，2023年12月完成股改，总部位于深圳市南山区粤海街道。 截至2025年9月12日，刘呈喜间接通过珠海恩圆、珠海富前、珠海股温及珠海亨呈控制公司约28.86%的股份。 2017年9月至2023年12月，迅策科技经历了多轮融资，主要投资机构包括腾讯、创新工场、高盛集团、大湾区基金、 源峰投资、粤财创投、泰康保险集团、KKR、中金公司等。 此外，阿里巴巴也通过云锋基金对迅策科技进行了投资。 在2023年11月的融资中，迅策科技的投后估值为62.2亿元。 公司的董事会由九名董事组成，包括五名执行董事、一名非执行董事及三名独立非执行董事。 格隆汇获悉，9月22日，深圳迅策科技股份有限公司（简称"迅策科技"）向港交所递交了招股书，由国泰君安国际担任 独家保荐人。 这是迅策科技在2024年3月12日以及2024年9月12日两次向港交所递表失效后，第三次冲刺港交所。 迅策科技是一家实时数据基础设施及分析解决方案供应商，行业面临着较为激烈的竞争，公司持续保持高研发投入， 目前尚未盈利。 01 总部位于南山区粤海街道，高盛、腾讯都投了 耿大为今年也 ...