Core Viewpoint - XunCe (03317) has seen a significant increase in stock price, rising over 20% to reach a new high of 65 HKD, which is more than a 30% increase from its IPO price [1] Company Overview - XunCe is a provider of real-time data infrastructure and analytical solutions in China, offering IT solutions that encompass data infrastructure and data analysis for enterprises across various industries [1] - The product portfolio includes two main components: data infrastructure, which is an AI-enabled cloud-native unified data platform that collects, cleans, manages, analyzes, and governs heterogeneous data from multiple sources, and data analysis applications that leverage the underlying infrastructure to generate insights, make predictions, or provide data for real-time business decisions [1] Market Position - XunCe has successfully expanded its solutions beyond asset management into diversified industries, including financial services, urban management, and telecommunications, serving all three major state-owned telecom operators in China [1] - According to revenue projections for 2024, XunCe ranks fourth in the overall market for real-time data infrastructure and analysis in China, while holding the top position in the asset management segment [1]

Core Viewpoint - Xunce (03317) has seen a significant increase in stock price, rising over 20% to reach a new high of 65 HKD, which is more than a 30% increase from its IPO price [1] Company Overview - Xunce is a provider of real-time data infrastructure and analytical solutions in China, offering IT solutions that encompass data infrastructure and data analysis for enterprises across various industries [1] - The product portfolio includes two main components: a cloud-native unified data platform powered by AI for collecting, cleaning, managing, analyzing, and governing heterogeneous data from multiple sources, and data analysis applications that leverage the underlying infrastructure to generate insights, make predictions, and support real-time business decision-making [1] Market Position - Xunce has successfully expanded its solutions beyond asset management into diversified industries, including financial services, urban management, and telecommunications, serving all three major state-owned telecom operators in China [1] - According to revenue projections for 2024, Xunce ranks fourth in the overall market for real-time data infrastructure and analysis in China, while holding the top position in the asset management segment [1]

Core Insights - Xunce Technology has officially listed on the Hong Kong Stock Exchange on December 30, 2025, becoming the first "Data Agent" stock in the Hong Kong market and the first company in China's AI data sector to complete an IPO in Hong Kong [1][3]. Company Overview - Founded in 2016, Xunce Technology specializes in real-time data infrastructure and analytics solutions, providing IT solutions that encompass data infrastructure and analysis for enterprises across various industries [3]. - The company operates a cloud-native unified data platform capable of collecting, cleaning, managing, analyzing, and governing heterogeneous data from multiple sources within milliseconds to seconds, enabling immediate processing for decision-making and analysis [3]. IPO Details - In the IPO, Xunce Technology issued a total of 22,500,000 H-shares, raising over 1 billion Hong Kong dollars. The offering attracted nine cornerstone investors who collectively subscribed approximately 40 million USD [5]. - Notable investors include well-known institutions such as Yunfeng Fund, Fucai Holdings, Infini Capital, and others [5]. Future Outlook - The CEO of Xunce Technology, Liu Zhijian, emphasized that the listing marks a new starting point for the company's data business and reflects a deeper connection with global capital markets [6]. - The company aims to leverage favorable national policies and the strong demand for digital transformation across industries to drive growth by integrating cutting-edge AI technology with industry practices [6].

Core Viewpoint - Xunce's debut on the Hong Kong Stock Exchange was disappointing, with its stock price dropping over 35% in pre-listing trading, reflecting market skepticism about the company's value and exposing multiple operational and capital risks [1] Group 1: Financial Performance - In 2021, Xunce reported revenue of 120 million RMB but incurred a net loss of 119 million RMB, resulting in a net loss rate of 99.1%, failing to meet its profitability target [2] - The company's revenue growth from 2022 to 2024 was from 290 million RMB to 630 million RMB, but in 2025, revenue dropped nearly 30% in the first half, totaling 200 million RMB [5] - The gross margin declined significantly from over 76% in 2022-2024 to 66.7% in the first half of 2025, and further down to 12% in October 2025, indicating a severe reduction in profitability [5][4] - The net loss rate increased from 33.5% in 2022 to an expected 54.6% in the first half of 2025, with projections for further losses due to ongoing R&D investments and credit loss provisions [5][6] Group 2: Client and Market Dynamics - The number of paying clients decreased sharply from 232 in 2024 to 121 in the first half of 2025, with a notable drop in clients from the asset management sector [7][9] - The average revenue per user (ARPU) declined from 1.67 million RMB in 2024 to 1.64 million RMB in the first half of 2025, indicating weakened client spending [7][9] - The revenue retention rate plummeted from 98% in 2023 to 36% in the first half of 2025, highlighting increasing client churn and reduced loyalty [7][9] Group 3: Strategic and Operational Risks - Xunce's management has shown a lack of accurate forecasting ability, as evidenced by the significant discrepancy between their 2021 profit expectations and actual performance [3] - The company's strategy of diversifying into multiple industries has come at the cost of profitability, as investments in hardware integration and AI data analysis have led to a drastic reduction in gross margins [8] - The change in underwriting institutions during the IPO process raises concerns, particularly with the exit of key sponsors like CICC after significant progress in the listing process [10] Group 4: Investment and Valuation Concerns - Following the last round of financing in November 2023, Xunce's post-money valuation reached 6.2 billion RMB, while its IPO valuation was set at 15.5 billion HKD, raising questions about the sustainability of such high valuations given the lack of performance support [5][10] - The cornerstone investors in the IPO included entities with limited relevance to Xunce's core business, which may indicate potential issues with the quality and stability of the investment base [10][11]

Group 1 - The company Xunce (03317) officially listed on the stock market, pricing each share at HKD 48 and issuing 22.5 million shares, resulting in a net proceeds of approximately HKD 966 million [1] - On its first trading day, Xunce's stock price remained at HKD 48 with a trading volume of HKD 124 million [3] - Xunce is a provider of real-time data infrastructure and analytical solutions in China, offering IT solutions that encompass data infrastructure and analysis for enterprises across various industries [3] Group 2 - The market value of China's real-time data infrastructure and analysis market is projected to reach RMB 18.7 billion in 2024, accounting for 4.5% of the total data infrastructure and analysis market in China [3] - Xunce ranks fourth in this segment with a market share of 3.4% [3] - In the asset management sector, Xunce holds a leading position, ranking first in the real-time data infrastructure and analysis market with a market share of 11.6%, while the asset management sector represents 11.2% of the total market [3]

Core Viewpoint - Xunce is launching an IPO to raise up to HKD 1.238 billion, with shares priced between HKD 48 and HKD 55, indicating strong market interest in real-time data infrastructure and analytics solutions [1] Group 1: IPO Details - The IPO will offer 22.5 million H-shares, with 10% allocated for public sale in Hong Kong and the remaining for international placement [1] - The expected listing date for the shares is December 30 [1] - The entry fee for one lot of shares (100 shares) is HKD 5,555.47 [1] Group 2: Company Overview - Xunce is a provider of real-time data infrastructure and analytics solutions, catering to enterprises across various industries [1] Group 3: Use of Proceeds - 80% of the net proceeds from the IPO will be allocated to ongoing and future research and development of solutions [1] - 10% will be used to enhance marketing capabilities [1] - The remaining 10% will be allocated for working capital and other general business purposes [1]

Core Viewpoint - Xunce (3317.HK) is launching an IPO to raise up to HKD 1.238 billion, with shares priced between HKD 48 and HKD 55, indicating strong market interest in data infrastructure and analytics solutions [1] Group 1: IPO Details - The IPO will run from December 18 to December 23, offering 22.5 million H-shares, with 10% allocated for public sale in Hong Kong and the remainder for international placement [1] - The expected listing date for the shares is December 30 [1] - The entry fee for one board lot of 100 shares is HKD 5,555.47 [1] Group 2: Company Overview - Xunce is a provider of real-time data infrastructure and analytics solutions, catering to enterprises across various industries [1] - The company aims to utilize 80% of the net proceeds from the IPO for ongoing solution development and future R&D efforts [1] - 10% of the funds will be allocated to enhance marketing capabilities, while the remaining 10% will be used for working capital and other general business purposes [1]

Core Viewpoint - Xunce Technology has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, highlighting its strong market position and growth potential in the real-time data infrastructure and analytics sector [1][2]. Group 1: Company Overview - Xunce Technology, established in 2016, specializes in real-time data infrastructure and analytics solutions, providing IT solutions for various industries [1]. - The company focuses on building a full-stack capability of "data computing platform + intelligent body," positioning itself as a key enabler for enterprise-level AI implementation [1]. - Xunce Technology ranks first in the real-time data infrastructure and analytics market within China's asset management industry and fourth overall in the real-time data market in China, based on projected 2024 revenues [1]. Group 2: Market Position and Growth - The company has a diverse client base across multiple sectors, including asset management, telecommunications, energy, urban operations, and healthcare, with notable clients such as the three major state-owned telecommunications operators [1]. - Xunce Technology has attracted significant investment from top-tier institutions like Tencent, KKR, Goldman Sachs, and China International Capital Corporation, indicating strong market recognition of its leading position and growth prospects [1]. - The company has experienced rapid revenue growth, with projected revenues of approximately 288 million yuan, 530 million yuan, and 632 million yuan for the years 2022, 2023, and 2024, respectively [2].