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 Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for expanding existing solutions, developing new ones, and enhancing technical capabilities, despite facing continuous losses since its establishment [1][2]. Group 1: Financial Performance - From 2022 to the first half of 2025, the company reported a cumulative loss of approximately 366 million yuan [4]. - Revenue figures for the reporting period were approximately 288 million yuan, 530 million yuan, 632 million yuan, and 198 million yuan, with corresponding losses of 96.51 million yuan, 63.39 million yuan, 97.84 million yuan, and 108 million yuan [4]. - The company attributes its net losses primarily to significant R&D, administrative, and sales expenses incurred during rapid business expansion [4]. Group 2: Market Position and Revenue Sources - Xunce Technology ranks fourth in China's real-time data infrastructure and analytics market with a market share of 3.4% as of 2024, and it holds the top position in the asset management sector with an 11.6% market share [2]. - The revenue share from the asset management sector decreased from 74.4% to 47.3% during the reporting period, while revenue from diversified industries increased from 25.6% to 52.7% [2]. Group 3: Customer Metrics - The total number of paying customers decreased from 232 to 121, representing a year-on-year decline of 28.4% in the first half of 2025 [3]. - The net revenue retention rate dropped significantly from 98% in 2023 to 56% in 2024, further declining to 36% in the first half of 2025, primarily due to reduced spending and project delays in the asset management sector [3]. Group 4: Accounts Receivable and Credit Policy - Accounts receivable increased during the reporting period, with figures of 76.7 million yuan, 266 million yuan, 252 million yuan, and 254 million yuan [5]. - The accounts receivable turnover days increased from 63 days to 286 days, attributed to revenue growth and expansion into new verticals, leading to a more diverse customer base [5]. Group 5: Funding and Valuation - Since its establishment, Xunce Technology has completed seven rounds of financing, with notable investors including Tencent, Goldman Sachs, and Yunfeng Capital [6][8]. - The company's valuation surged from 150 million yuan before its A-round financing in 2017 to 6.22 billion yuan after its latest financing round in November 2023, marking a 4047% increase over six years [8].

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Insights - Xunce Technology is attempting its third submission for an IPO on the Hong Kong Stock Exchange after two previous failed attempts in March and September 2024, despite holding the title of the leading real-time data infrastructure provider in China's asset management industry and having prominent investors like Tencent and Goldman Sachs backing it [1][2][3] Financial Performance - The company reported revenue figures of 288 million yuan, 530 million yuan, and 632 million yuan for the years 2022, 2023, and 2024 respectively, indicating growth; however, losses increased from 96.51 million yuan in 2022 to 97.84 million yuan in 2024 [3][5] - In the first half of 2025, revenue fell to 198 million yuan, a decline of approximately 30% compared to 283 million yuan in the same period of 2024, while losses expanded to 108 million yuan, up from 97.76 million yuan year-on-year [3][10] Customer Metrics - The number of paying customers decreased from 169 in the first half of 2024 to 121 in the first half of 2025, representing a decline of 28% [5][6] - The net revenue retention rate dropped significantly from 81% to 36%, indicating challenges in customer retention [5][6] Market Position - Xunce Technology holds an 11.6% market share in the domestic asset management industry's real-time data infrastructure and analytics market, down from 13.5% in 2023 [2][10] - The company is diversifying its client base beyond asset management, with revenue from diversified industries accounting for 52.7% of total revenue in the first half of 2025 [6] Valuation and Funding - Following its latest funding round in November 2023, Xunce Technology's post-money valuation reached 6.22 billion yuan, a significant increase from 226 million yuan in 2017, marking a 27-fold rise [7][8] - The company has completed seven funding rounds since its inception in 2016, with notable investors participating, which has contributed to its soaring valuation despite ongoing operational challenges [7][8] IPO Submission Context - The third IPO submission is viewed as a critical "valuation defense" rather than just a listing attempt, as the company must demonstrate that its valuation aligns with its current operational performance and future growth potential [10]

继麦科田之后，近期，又有一家来自深圳的公司寻求上市。 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 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。 | | | ...

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for expanding existing solutions, developing new ones, and enhancing technical capabilities, despite facing continuous losses over the past three and a half years totaling approximately 366 million RMB [1][4][6]. Group 1: Financial Performance - The company reported revenues of approximately 288 million RMB, 530 million RMB, 632 million RMB, and 198 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][5]. - The net losses for the same periods were approximately 96.5 million RMB, 63.4 million RMB, 97.8 million RMB, and 108 million RMB [4][5]. - Cumulatively, the company has incurred losses of about 366 million RMB over the past three and a half years [4][6]. Group 2: Market Position and Revenue Sources - Xunce Technology is ranked fourth in China's real-time data infrastructure and analytics market with a market share of 3.4% as of 2024 [2]. - The company started in the asset management sector and holds the top position in that market with an 11.6% share [2]. - Revenue from asset management decreased from 74.4% in 2022 to 47.3% in 2025, while revenue from diversified industries increased from 25.6% to 52.7% during the same period [2][3]. Group 3: Customer Metrics and Retention - The total number of paying customers was 182, 200, 232, and 121 for the years 2022, 2023, 2024, and the first half of 2025, with a significant decline of 28.4% in the first half of 2025 [3]. - The net revenue retention rate dropped sharply from 98% in 2023 to 56% in 2024, and further to 36% in the first half of 2025 [3]. - The decline in retention rates is attributed to a slowdown in the financial sector due to global political and economic conditions, affecting customer spending and project delays [3]. Group 4: Funding and Valuation - Since its establishment, Xunce Technology has completed seven rounds of financing, with a valuation increase of 4047% from 150 million RMB in 2017 to 6.22 billion RMB in November 2023 [8][11]. - Major investors include Tencent, Goldman Sachs, and Yunfeng Capital, with the latest funding round in November 2023 raising 220 million RMB [8][11].

迅策科技自2017年完成首轮融资以来，已累计完成7轮融资。在最近一轮交叉轮融资后，公司估值约为 62.2亿元。 迅策科技冲刺港股，估值超60亿。 9月22日晚，深圳迅策科技股份有限公司（以下简称"迅策科技"）更新招股书，独家保荐人为国泰君安国际，拟冲刺 港股IPO。 | | | 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 | | | | | | (未經審核) | | | | | | (人民幣千元) | | | | 收入 | 287,899 | 530,458 | 631,978 | 282,544 | 197,845 | | 銷售成本 | (63,285) | (111,280) | (147,351) | (54,520) | (65,963) | | 毛利 | 224,614 | 419,178 | 484.627 | 228,024 | 131,882 | | 其他收入及收益或虧損 | 32.184 | 33,057 | 21 ...

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].

Core Viewpoint - Xunce Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as the sponsor [1] Group 1: Company Overview - Xunce Technology is a well-known provider of real-time data infrastructure and analytical solutions in China, serving enterprises across various industries, with a strategic focus on asset managers [1] - The company's product portfolio consists of real-time data infrastructure that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources at speeds ranging from milliseconds to seconds [1] Group 2: Market Position - According to projected revenue for 2024, Xunce Technology ranks fourth in the Chinese real-time data infrastructure and analytics market, holding a market share of 3.4% [1] - In the asset management sector, Xunce Technology is the leading provider in the real-time data infrastructure and analytics market, with a market share of 11.6% [1] Group 3: Solutions Offered - The solutions provided by Xunce Technology assist asset managers in optimizing various aspects such as portfolio monitoring, order execution, valuation, risk management, and compliance [1]