Company Overview - Shenzhen Xunce Technology Co., Ltd. has officially listed on the Hong Kong Stock Exchange under the stock code 3317.HK, marking it as the first company in the AI data sector to go public in China [1] - The company raised HKD 1.08 billion through its IPO, with an issue price of HKD 48 per share and an opening price of HKD 48.02, reflecting a slight increase of 0.04% [3] Business Model and Offerings - Xunce, established in 2016, is a prominent provider of real-time data infrastructure and analytics solutions, offering services across various industries [4] - The product portfolio includes a cloud-native unified data platform for data collection, management, and analysis, as well as data analytics applications that provide insights and support real-time business decision-making [4] Client Base and Market Position - The company initially focused on the asset management sector, serving clients such as insurance companies, mutual funds, and banks, and has since expanded its solutions to diverse industries including financial services, urban management, and telecommunications [5][6] - Xunce maintains a high net revenue retention rate, indicating strong customer loyalty, and ranks fourth in the overall market for real-time data infrastructure and analytics in China, while holding the top position in the asset management segment [6][8] Growth Potential and Industry Outlook - The AI data sector is poised for significant growth, with the Chinese AI Agent market projected to reach RMB 852 billion by 2028, reflecting a compound annual growth rate (CAGR) of 72.7% [8] - Xunce's revenue is also on an upward trajectory, with projected revenues of RMB 288 million, RMB 530 million, and RMB 632 million for the years 2022, 2023, and 2024 respectively, indicating a CAGR of 48% [8] Strategic Importance of Listing - Listing on the Hong Kong Stock Exchange is a strategic move for Xunce, providing access to international capital markets and enhancing its global brand exposure [10] - The Hong Kong market is recognized for its support of technology companies, particularly in AI and big data, which will help attract long-term strategic capital for ongoing R&D and market expansion [10] Regional Support and Ecosystem - Nanshan District, where Xunce is located, has a high density of listed companies and has seen multiple successful IPOs this year, supported by favorable policies and a conducive business environment [11] - The district has established a comprehensive support mechanism for companies throughout their listing journey, focusing on policy support, technological innovation, and talent development [11]

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式 和经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨漫步 编辑丨关雎 图源丨Midjourney 被视为港股"大模型 Data Agent第一股"的迅策科技（Xunce Tech），刚刚在香港交易所上市敲钟。 迅策科技成立于2016年，是一家实时数据基础设施和分析解决方案提供商。公司从资产管理行业起步，逐步把客户拓展至金融服务（资产管理除外）、城 市管理、生产管理及电信行业。按2024年收入计，公司在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16%。 此次上市，迅策科技全球发售2250万股H股，发售价为每股55.0港元，募资总额约为12亿港元。截至发稿，市值150亿港元。 在本次IPO发行中，迅策科技共引入9家基石投资者，累计认购约4000万美元。其中，包括云锋基金、富策控股、Infini无极资本、中视金桥、Alphahill基 金、蔷薇控股、Cithara基金、FMF、Joy Mobile等知名机构。 成立10年来，迅策科技已完成7轮外部融资，投资机构包括腾讯、KKR、云锋基 ...

智东西12月30日报道，刚刚，"大模型Data Agent第一股"迅策科技在港交所挂牌上市。迅策科技发售价为48港元/股（约合人民币43.24元/股），市值为 155亿港元（约合人民币139亿元）。 根据招股书，该公司的核心产品是一个统一数据平台，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。2024年中国实时 数据基础设施及分析市场价值为187亿元人民币，讯策科技收入市场份额排名第四，达3.4%。 在行业落地方面，讯策科技从资产管理行业起步。2024年，中国的资产管理占中国实时数据基础设施及分析市场总量的11.2%，该公司市场份额在该市场 中份额中排名第一，为11.6%。除资产管理，该公司业务还覆盖多元化行业，包括金融服务、城市管理、制造管理及电信等领域。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 ...

就拿与Data Agent行业提供"燃料"和"跑道车"的迅策科技(03317)来说，该公司是国内领先的实时数据基 础设施及分析供应商，业务数据基础设施和数据分析应用亦是 Data Agent产业链上最关键的一环，故此 次赴港上市的动作也吸引了市场广泛关注。 12月18日，迅策科技发布公告表示，自今日起至下周二(23日)招股，发售2250万股H股，香港公开发售 占10%，其余为国际配售，每股招股价介乎48港元至55港元，集资最多12.38亿港元。一手100股，入场 费5555.47港元。基石方面，公司本次共引入云锋基金、龚虹嘉执掌的富策控股、中视金桥、Alphahill 基金、无极资本Infini、蔷薇香港、Cithara基金、Factorial Master Fund以及Joy Mobile等9名基石投资 者，合计认购约3957万美元(约3.078亿港元)。 在AI技术重构商业逻辑的今天，Data Agent正为企业数据分析行业带来全新的范式革命。 IDC曾预测指出,到2026年，将有50%的中国500强数据团队使用AI Agent来实现数据准备和分析，数据 工程Agent将成为企业的重要组织者和协调者。这一 ...

作为中国实时数据基础设施及分析领域的隐形冠军，迅策科技凭借其技术壁垒与头部机构背书，已成为 赛道内备受瞩目的独角兽。迅策科技近年营收快速增长，2022年-2024年，迅策科技实现收入分别为约 2.88亿元、5.30亿元、6.32亿元。 据港交所文件显示，深圳迅策科技股份有限公司更新聆讯后资料集，意味着该公司港交所IPO通过聆 讯。 迅策科技成立于2016年，是一家实时数据基础设施及分析解决方案供应商，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。迅策科技聚焦"数据计算平台 + 智能体"的全栈能力构 建，成为企业级 AI 落地的关键赋能者，助力各行各业实现实时智能决策。按2024年收入计，迅策科技 在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，在中国实时数据基础设施及分析市场 中排名第四。 迅策科技从资产管理行业起步，深耕高壁垒的垂直领域。目前客户已涵盖资产管理、电信、能源、城市 运营、医疗健康等行业，包括三大国有电信运营商等头部机构，已形成多元化业务格局。自成立以来， 迅策科技吸引了腾讯、KKR、高盛集团、中金公司等众多顶级机构的青睐。强大的资本背书阵容彰显 市场对其赛道领先 ...

Core Viewpoint - The company, Xunce Technology, is making a third attempt to list on the Hong Kong Stock Exchange, highlighting its status as a unicorn in the real-time data infrastructure and analytics sector, despite facing significant financial challenges [1][2]. Financial Performance - Xunce Technology's revenue has shown substantial growth, increasing from 288.99 million RMB in 2022 to 631.98 million RMB in 2024, reflecting over 100% growth in three years [2][3]. - However, the company has reported continuous losses, with a cumulative loss of 366 million RMB over three and a half years, and the loss for the first half of 2025 is projected to exceed that of the entire year of 2023 [2][3]. Business Diversification - The company has successfully diversified its revenue streams, with the share of income from the asset management sector dropping from 74.4% in 2022 to 47.3% in the first half of 2025, while income from diversified industries has increased from 25.6% to 52.7% during the same period [5][6]. - The average revenue per user (ARPU) for non-asset management clients is significantly higher at 704.6 million RMB compared to 138.1 million RMB for asset management clients, indicating a shift towards more lucrative customer segments [6][7]. Challenges in Core Business - Despite diversification, the company faced a decline in revenue in the first half of 2025, primarily due to a reduction in the number of paying clients in the asset management sector, which decreased by nearly 30% year-on-year [7][8]. - The gross margin has dropped to 66.7% in the first half of 2025, attributed to increased demand for customized solutions from asset management clients, which typically have lower margins compared to standardized solutions [8][9]. Financial Risks - The company has high research and development expenditures, which accounted for 89.93% to 71.2% of revenue during the reporting period, contributing to ongoing losses [9][10]. - Trade receivables have surged, with the proportion of receivables to revenue reaching 128.28% in the first half of 2025, indicating a significant risk in cash flow management [9][10]. Strategic Importance of IPO - The upcoming IPO is seen as a critical opportunity for the company to alleviate cash flow pressures and secure funding for continued R&D and market expansion [10]. - The company needs to present a clear narrative to investors that its current losses are strategic and manageable, while also demonstrating the potential for profitability through its diversified business model [10].

Core Viewpoint - The company, Xunce Technology, is making a third attempt to list on the Hong Kong Stock Exchange after two previous applications lapsed, highlighting its status as a unicorn in the real-time data infrastructure and analytics sector in China, backed by major investors like Tencent and Yunfeng Fund [1][2] Financial Performance - Xunce Technology has shown significant revenue growth, with projected revenues increasing from 288 million RMB in 2022 to 632 million RMB in 2024, reflecting over 100% growth in three years [2][3] - Despite revenue growth, the company has faced continuous losses, with cumulative losses reaching 366 million RMB over three and a half years, and the loss for the first half of 2025 exceeding the total loss for 2023 [2][3] Business Diversification - The company has successfully diversified its revenue streams, reducing its reliance on the asset management sector from 74.4% in 2022 to 47.3% in the first half of 2025, while increasing revenue from diversified sectors from 25.6% to 52.7% [5][6] - The average revenue per user (ARPU) in non-asset management sectors is significantly higher at 704.6 million RMB compared to 138.1 million RMB in asset management, indicating a stronger revenue potential from diversified clients [6] Challenges in Core Business - In the first half of 2025, the company experienced a revenue decline to 198 million RMB, primarily due to a reduction in paying clients in the asset management sector, which decreased by nearly 30% year-on-year [7] - The company's high gross margin, which fluctuated between 76% and 79%, dropped to 66.7% in the first half of 2025, attributed to increased demand for customized solutions from asset management clients [8] Financial Risks - The company has maintained high R&D expenditures, which accounted for 89.93% to 71.2% of revenue during the reporting periods, contributing to ongoing losses [9] - Trade receivables have surged, with the ratio of receivables to revenue reaching 128.28% in the first half of 2025, indicating a significant portion of sales is not converting into cash flow [9] - Cash reserves have drastically decreased from 749 million RMB at the end of 2022 to 222 million RMB by mid-2025, raising concerns about the company's liquidity [9] Strategic Importance of IPO - The upcoming IPO is seen as a critical opportunity for the company to alleviate cash flow pressures and secure funding for continued R&D and market expansion [10] - The company needs to present a clear narrative to investors that its current losses are strategic and manageable, with a focus on transitioning to a more profitable market through its diversification efforts [10] - Balancing growth with financial health will be essential, as investors will increasingly scrutinize profitability, cash flow management, and customer retention metrics [10]

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]