Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor, after previous applications in March and September 2024 became invalid [1] Company Overview - Established in 2016, Xunce Technology is a provider of real-time data infrastructure and analytical solutions, primarily serving institutional asset managers, including insurance companies, bank asset management departments, securities firms, corporate treasury, family offices, and high-net-worth individuals [1] - The company is controlled by Liu Chengxi, who indirectly holds approximately 28.86% of the issued share capital through various entities [1] Financial Performance - Revenue for the reporting periods (2022 to 2024, and the first half of 2025) was reported as follows: CNY 288 million in 2022, CNY 530 million in 2023, CNY 632 million in 2024, and CNY 198 million in the first half of 2025 [2] - Despite steady revenue growth, the company has faced increasing losses, with net losses reported as CNY 96.51 million in 2022, CNY 63.39 million in 2023, CNY 97.85 million in 2024, and CNY 108 million in the first half of 2025 [3][4] Customer Metrics - The total number of paying customers was 182 in 2022, increasing to 200 in 2023, and 232 in 2024, but dropping to 121 in the first half of 2025, indicating a nearly 30% year-on-year decline [3][5] - The net revenue retention rate has also declined significantly, from 98% in 2023 to 36% in the first half of 2025, primarily due to a slowdown in client spending and project delays in the asset management sector [3][4] Market Position and Strategy - Xunce Technology emphasizes its focus on expanding revenue and market share rather than immediate profitability during its early business development phase [3] - The company has established a leading market position in the asset management industry and sees opportunities to expand its customer base across various sectors [5]

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor, after previous applications in March and September 2024 became invalid [1]. Company Overview - Established in 2016, Xunce Technology is a provider of real-time data infrastructure and analytical solutions, primarily serving institutional asset managers, including insurance companies, bank asset management departments, securities firms, corporate treasury, family offices, and high-net-worth individuals [1]. - The company's current shareholders include Liu Chengxi, who indirectly controls approximately 28.86% of the issued share capital, and major shareholders such as Guangxi Tencent Venture Capital Co., Ltd. and Taikang Life Insurance Co., Ltd. [1]. Financial Performance - Revenue for the reporting periods (2022 to 2024, and the first half of 2025) was reported as follows: RMB 288 million, RMB 530 million, RMB 632 million, and RMB 198 million respectively [2]. - Despite steady revenue growth, the company has faced increasing losses, with net losses reported as RMB 96.51 million, RMB 63.39 million, RMB 97.85 million, and RMB 108 million for the respective periods [3]. Customer Metrics - The total number of paying customers increased from 182 to 232, but there was a significant decline in the number of paying customers in the first half of 2025, dropping nearly 30% year-on-year [3][4]. - The net revenue retention rate has decreased significantly from 98% in 2023 to 36% in the first half of 2025, primarily due to a slowdown in the financial industry and reduced spending from clients, particularly in asset management [3][4]. Market Position and Strategy - Xunce Technology emphasizes its focus on expanding revenue and market share rather than immediate profitability during its early development stages [3]. - The company has established a leading market position in the asset management sector and sees opportunities to expand its customer base across various industries [5].