Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange after two previous unsuccessful attempts in March and September 2024 [1] Company Overview - Established in 2016, Xunce Technology is a provider of real-time data infrastructure and analytical solutions, currently not profitable [2] - The company focuses on asset management data analysis, offering real-time IT solutions that encompass data infrastructure and analysis [3] Business Focus - Xunce Technology's core product is its real-time data infrastructure, which can collect, clean, manage, and analyze heterogeneous data from multiple sources within milliseconds to seconds [3] - The company holds a leading position in China's asset management industry for real-time data infrastructure and analysis, with a market share of 11.6% as of 2024 [3] Client Applications - The solutions provided by Xunce Technology enable asset managers and other enterprises to focus on investment and business decisions by aggregating data and offering a unified data platform with real-time processing capabilities [3] - The company has expanded its client base beyond asset management to include financial services, urban management, production management, and telecommunications, covering China's three major state-owned telecom operators [4] Financial Performance - Xunce Technology has not yet achieved profitability, with revenues of RMB 288.99 million, RMB 530.46 million, RMB 631.98 million, and RMB 197.84 million projected for 2022, 2023, 2024, and the first half of 2025, respectively [5][6] - The company recorded net losses of RMB 96.51 million, RMB 63.39 million, RMB 97.85 million, and RMB 107.99 million for the same periods [5][6] Reasons for Losses - The primary reasons for the losses are attributed to significant R&D, administrative, and distribution expenses resulting from rapid business expansion [7]

Core Insights - Shenzhen Xunce Technology is facing significant financial challenges as it approaches its IPO, with a drastic decline in revenue growth and an increase in net loss rate from 12.0% in 2023 to 54.6% in the first half of 2025 [1] Group 1: Business Focus - The company specializes in real-time data infrastructure and analysis solutions, primarily serving asset managers, and ranks fourth in the Chinese market for real-time data infrastructure and analysis, holding an 11.6% market share [2] - The solutions are modular, consisting of over 300 modules forming seven major solutions, with a customized pricing model based on data volume and processing speed [3] Group 2: Financial Performance - Revenue growth has fluctuated significantly, with a peak of 84.3% in 2023, followed by a decline to -30.0% in the first half of 2025, attributed to intensified market competition and project delays [4] - The net loss has widened, with the net loss rate increasing from 12.0% in 2023 to 54.6% in the first half of 2025, primarily due to increased R&D, administrative, and sales expenses amid declining revenue [5][8] - Gross margin has shown a downward trend, dropping to 66.7% in the first half of 2025, likely due to rising costs associated with customized solutions and new market expansions [6] Group 3: Revenue Composition - The revenue composition indicates a decline in the asset management sector's share, from 74.4% in 2022 to 47.3% in the first half of 2025, while the share from diversified industries has increased, reflecting the company's strategic expansion efforts [9] Group 4: Risks and Challenges - The company faces potential risks from related party transactions, which are not disclosed in the prospectus but could arise in the future [10] - Continuous losses present financial challenges, necessitating substantial funding for R&D and market expansion, with potential impacts on cash flow if profitability does not improve [11] - Intense competition in the asset management sector requires the company to maintain innovation and enhance competitiveness [12] - High customer concentration poses a risk, as revenue from the top five clients accounted for significant portions of total revenue, indicating vulnerability to client loss [13] Group 5: Governance and Management - The ownership structure is relatively concentrated, with a major shareholder controlling approximately 28.86% of the issued share capital, which may enhance decision-making efficiency but also raises concerns about minority shareholder interests [15] - The lack of detailed disclosures regarding the compensation and incentive mechanisms for core management may impact talent retention and company growth [16]

招股书显示，迅策科技是中国着名实时数据基础设施及分析解决方案供应商。该公司为全行业企业提供涵盖数据基础设 施及数据分析的实时信息技术解决方案，战略重点是资产管理人。迅策科技的系统整合服务提升公司的解决方案，确保 在客户的自主管理云端环境或本地计算系统中无缝部署。 智通财经APP获悉，据港交所9月22日披露，深圳迅策科技股份有限公司(简称：迅策科技)向港交所主板提交上市申请 书，国泰君安国际为独家保荐人。该公司曾分别于2024年3月12日以及2024年9月12日向港交所递交上市申请。 迅策科技从资产管理行业起步。按2024年收入计，公司于中国资产管理行业的实时数据基础设施及分析市场中排名第 一，市场份额为11.6%。公司的解决方案使资产管理人优化其资产管理生命週期的各个方面，从投资组合监控、订单执 行、估值，乃至风险管理及合规。 以迅策科技资产管理行业的客户为例，当发布一条可能影响客户投资组合内公司股票价格的重大市场新闻时，公司的数 据基础设施解决方案可以立即收集该数据点，将其标准化以适应客户的内部格式，并将其与其他相关数据点集成。同样 在几毫秒到几秒鐘的时间内，公司的数据分析解决方案可处理该数据点，更新客户投 ...

迅策科技从资产管理行业起步。按2024年收入计，公司于中国资产管理行业的实时数据基础设施及分析市场中排名第 一，市场份额为11.6%。公司的解决方案使资产管理人优化其资产管理生命週期的各个方面，从投资组合监控、订单执 行、估值，乃至风险管理及合规。 据港交所9月22日披露，深圳迅策科技股份有限公司(简称：迅策科技)向港交所主板提交上市申请书，国泰君安国际为独 家保荐人。该公司曾分别于2024年3月12日以及2024年9月12日向港交所递交上市申请。 招股书显示，迅策科技是中国着名实时数据基础设施及分析解决方案供应商。该公司为全行业企业提供涵盖数据基础设 施及数据分析的实时信息技术解决方案，战略重点是资产管理人。迅策科技的系统整合服务提升公司的解决方案，确保 在客户的自主管理云端环境或本地计算系统中无缝部署。 数据基础设施根据处理机制及效率分为实时及非实时两类。迅策科技产品组合均为实时，按2024年收入计，公司在中国 实时数据基础设施及分析市场排名第四，市场份额为3.4%。该等分类满足不同的资料处理需求且不可互换。公司产品组 合的核心是实时数据基础设施，一个云源生的统一数据平台，可以在数毫秒至数秒内收集、清理、 ...