继麦科田之后，近期，又有一家来自深圳的公司寻求上市。 迅策科技成立于2016年，2023年12月完成股改，总部位于深圳市南山区粤海街道。 截至2025年9月12日，刘呈喜间接通过珠海恩圆、珠海富前、珠海股温及珠海亨呈控制公司约28.86%的股份。 2017年9月至2023年12月，迅策科技经历了多轮融资，主要投资机构包括腾讯、创新工场、高盛集团、大湾区基金、 源峰投资、粤财创投、泰康保险集团、KKR、中金公司等。 此外，阿里巴巴也通过云锋基金对迅策科技进行了投资。 在2023年11月的融资中，迅策科技的投后估值为62.2亿元。 公司的董事会由九名董事组成，包括五名执行董事、一名非执行董事及三名独立非执行董事。 格隆汇获悉，9月22日，深圳迅策科技股份有限公司（简称"迅策科技"）向港交所递交了招股书，由国泰君安国际担任 独家保荐人。 这是迅策科技在2024年3月12日以及2024年9月12日两次向港交所递表失效后，第三次冲刺港交所。 迅策科技是一家实时数据基础设施及分析解决方案供应商，行业面临着较为激烈的竞争，公司持续保持高研发投入， 目前尚未盈利。 01 总部位于南山区粤海街道，高盛、腾讯都投了 耿大为今年也 ...

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]