IPO 申购指南 迅策（3317.HK） | 【招股详情】 | | --- | | 保荐人 | 国泰海通 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上市日期 | 年 2025 | 月 12 | 30 | 日(周二) | | | | | | 招股价格 | 48.00 | 港元-55.00 | 港元 | | | | | | | 集资额 | 10.40 | | | | | | | 亿港元（扣除包销费用和全球发售有关的估计费用，以中位数计算） | | 每手股数 | 100 股 | | | | | | | | | 入场费 | 5,555.47 | 港元 | | | | | | | | 招股日期 | 2025 年 | 12 月 | 18 | 日-2025 | 年 | 12 | 月 23 | 日 | | 国元证券认购截止日期 | 2025 年 | 12 月 | 22 日 | | | | | | | 招股总数 | 2,250 | | | | | 万股(可予调整及视乎超额配售权的行使情况而定) | | | | 国际配售 | ...

智通财经APP获悉，据港交所12月17日披露，深圳迅策科技股份有限公司(简称：迅策科技)通过港交所主板上市聆讯，国泰君安国际为独家保荐 人。 招股书显示，迅策科技是中国实时数据基础设施及分析解决方案供应商。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。公司的系统整合服务促进客户拥有的环境（包括自主管理云端及本地部署系统）中的无缝部署。 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。2024年，中国实时数据基础设施及分析市场价值为人民币187亿元，占中国数据基础 设施及分析市场总量4.5%。按收入计算，公司在此分部中排名第四，市场份额为3.4%。实时及非实时的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，一个统一数据平台，可以在数毫秒至数秒内收集、清理、管理、分析及治理来自多个来源的异构数 据。这意味着数据一经收集后，几乎可以立即处理并可用于决策、分析或进一步行动。建立在该基础上的是公司的数据分析应用层面，利用相关 基础设施来产生洞察、作出预测或为业务决策提供资料。 公司从资产管理行业起步。于2024年，中国的资产管理占中国实时数据基础设施及分析 ...

| : [編纂]股H股(視乎[編纂]及 | [编纂]的[编纂]數目 | 超額配股權行使與否而定 | | | --- | --- | --- | --- | | [編纂]數目 | [編纂]股H股(視乎[編纂]行使 | : | 與否而定及可予重新分配) | | [编纂]數目 | [編纂]股H股(視乎[編纂]行使與否而定、可予重新分配 | : | 及視乎[编纂]行使與否而定) | | : | 每股H股[編纂]港元,另加1.0%經紀佣金、 | 最高 编纂] | 0.0027%證監會交易徵費、 | | 0.00565%香港聯交所交易費及 | 0.00015%會財局交易徵費 | | | | (須於[編纂]時以港元繳足,多繳股款可予退還) | 每股H股人民幣1.00元 | 面值 | : | | 编纂] | ■【 | | | | 獨家保薦人 | | | | | 1 | | | | 据港交所12月17日披露，深圳迅策科技股份有限公司(简称：迅策科技)通过港交所主板上市聆讯，国泰君安国际为独家保荐人。 招股书显示，迅策科技是中国实时数据基础设施及分析解决方案供应商。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 ...

集团已订立基石投资协议，据此，基石投资者已同意在若干条件的规限下，按发售价认购可以总金额约 3957万美元(约3.078亿港元)购买的若干数目的发售股份。假设发售价为51.50港元(即本招股章程所载发 售价范围的中位数)，则基石投资者将认购的发售股份总数为597.65万股发售股份。基石投资者包括中 视金桥(00623.HK)、Alphahill基金、New Golden Future Limited、富策控股有限公司("富策控股")、Infini Global Master Fund("Infini")、蔷薇控股(香港)有限公司("蔷薇香港")、Cithara基金、Factorial Master Fund("FMF")、Joy Mobile Network Pte. Ltd.("Joy Mobile")。 假设发售量调整权及超额配股权未获行使及假设发售价为每股51.50港元(本招股章程所述指示性发售价 范围的中位数)，集团将自全球发售收取所得款项净额约10.402亿港元。其中，所得款项净额约65%将用 于进一步推展集团的现有解决方案、开发新解决方案及提升技术能力；约15%用于深化集团在一系列其 他产业的渗透 ...

智通财经APP讯，迅策(03317)于2025年12月18日至12月23日招股，该公司拟全球发售2250万股，其中香 港发售占10%，国际发售占90%，另有15%超额配股权，每股发售价48-55港元。每手100股，预期股份 将于2025年12月30日在联交所开始买卖。 公司是中国实时数据基础设施及分析解决方案供应商。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。公司的系统整合服务促进客户拥有的环境(包括自主管理云端及本地部 署系统)中的无缝部署。 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。2024年，中国实时数据基础设施及分析市场 价值为人民币187亿元，占中国数据基础设施及分析市场总量4.5%。按收入计算，公司在此分部中排名 第四，市场份额为3.4%。实时及非实时的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，一个统一数据平台，可以在数毫秒至数秒内收集、清理、管 理、分析及治理来自多个来源的异构数据。这意味着数据一经收集后，几乎可以立即处理并可用于决 策、分析或进一步行动。建立在该基础上的是公司的数据分析应用层面，利用相关基础设施来产生洞 ...

截至发稿，Confluent盘前股价跳涨近30%至29.08美元，仍略低于 31 美元要约价，公告发布后该股很快 被暂停交易;IBM 盘前股价跌近1%。 在收购谈判消息披露之前，Confluent 今年的股价已然呈现出下跌态势，累计跌幅达 17%，相较于其在 2021 年 11 月完成首次公开募股(IPO)后盘中创下的 94.97 美元这一高点，股价出现了大幅折价。 当前，AI 热潮已然掀起了一股并购浪潮，数据中心开发商、软件制造商、生成式 AI 工具开发商以及数 据管理公司等均被卷入其中。总部位于加州山景城的 Confluent 公司处于"数据领域"的前沿，它所提供 的平台能够实现数据的实时收集(即流式传输)与分析，可替代传统的批量数据处理方式。 值得一提的是，今年 2 月，IBM 刚刚顺利完成对 HashiCorp 价值 64 亿美元的收购交易。而在此之前， IBM也曾考虑收购基础设施软件商 Informatica，不过最终 Informatica 被赛富时(CRM.US)成功纳入旗 下。 （原标题：豪掷110亿美元!IBM(IBM.US)收购数据流平台Confluent(CFLT.US) 加码AI实时数 ...

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]

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor, marking its third attempt to go public [1][4]. Company Overview - Xunce Technology is a prominent provider of real-time data infrastructure and analytical solutions in China, focusing on asset managers and offering comprehensive IT solutions that include data infrastructure and analytics [4]. - The company ranks fourth in the real-time data infrastructure and analytics market in China, with a market share of 3.4% as of 2024 [4]. Product and Service Offering - The company's core product is a unified data platform that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources within milliseconds to seconds [4]. - Xunce Technology's solutions enable asset managers to optimize various aspects of their asset management lifecycle, including portfolio monitoring, order execution, valuation, risk management, and compliance [5]. Market Position - In the asset management sector, Xunce Technology holds the top position in the real-time data infrastructure and analytics market in China, with a market share of 11.6% as of 2024 [4]. Financial Performance - The company reported revenues of approximately RMB 288 million, RMB 530 million, and RMB 632 million for the fiscal years 2022, 2023, and 2024, respectively [6]. - For the six months ending June 30, 2024, the revenue was approximately RMB 283 million, with a loss of about RMB 108 million reported for the same period [5][6].

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor, marking its third attempt to go public [1][4]. Company Overview - Xunce Technology is a prominent provider of real-time data infrastructure and analytical solutions in China, focusing on asset managers and offering comprehensive IT solutions that include data infrastructure and analytics [4]. - The company ranks fourth in the real-time data infrastructure and analytics market in China, holding a market share of 3.4% as of 2024 [4]. Product and Service Offering - The company's core product is a unified data platform that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources within milliseconds to seconds [4]. - Xunce Technology's solutions enable asset managers to optimize various aspects of their asset management lifecycle, including portfolio monitoring, order execution, valuation, risk management, and compliance [5]. Market Position - In the asset management sector, Xunce Technology is the leading provider of real-time data infrastructure and analytics, with a market share of 11.6% as of 2024 [4]. Financial Performance - The company reported revenues of approximately RMB 288 million, RMB 530 million, and RMB 632 million for the fiscal years 2022, 2023, and 2024, respectively [6]. - The net losses for the same periods were approximately RMB 96.5 million, RMB 63.4 million, and RMB 97.8 million [6]. - For the six months ending June 30, 2024, the revenue was approximately RMB 283 million, with a net loss of about RMB 108 million [6].