Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][23]. Core Insights - The company is a leading provider of real-time data infrastructure in China, having built a competitive moat based on its decade-long experience in the asset management industry, and is now diversifying into various sectors [2][24]. - The real-time data processing market in China is in a high-growth phase, with a projected CAGR of 46.1% from 2020 to 2024, and expected to reach 50.5 billion yuan by 2029 [11][52]. - The company has a market share of 3.4% in the real-time data infrastructure and analytics market, ranking fourth, and holds the top position in the asset management sector with an 11.6% market share [27][32]. Financial Summary - Revenue projections (in million RMB) are as follows: - 2024: 632 - 2025: 1,183 - 2026: 2,177 - 2027: 3,311 - Corresponding growth rates are 19%, 87%, 84%, and 52% respectively [4][11]. - The company is expected to achieve a net profit of 311 million yuan by 2027, with an EPS of 0.97 yuan [11][19]. Business Segmentation - The company started in the asset management sector, providing comprehensive real-time data solutions, and is now expanding into diversified industries such as financial services, urban management, production management, and telecommunications [24][42]. - Revenue from diversified industries is projected to grow significantly, with expected growth rates of 120%, 105%, and 60% from 2025 to 2027 [16][17]. Market Potential - The report highlights the potential of the real-time data processing market in China, driven by AI advancements and increasing demand for data processing solutions [11][52]. - The penetration rate of real-time data processing in China is currently below 4%, indicating substantial room for growth [11][52]. Valuation - The target market capitalization is set at 33.8 billion HKD, with a target price of 104.78 HKD per share, based on a combination of PE and PS valuation methods [11][23][21].

Core Viewpoint - The Hong Kong stock market saw a significant rise in AI application stocks, particularly Xunce (3317.HK), which surged nearly 17% to HKD 61.8, indicating growing market recognition and investment value in AI infrastructure companies [1]. Group 1: Company Overview - Xunce is a real-time data infrastructure and analytics solution provider, offering real-time IT solutions that encompass data infrastructure and data analysis for enterprises across various industries [1]. - The company focuses on building a full-stack capability of "data computing platform + intelligent agents," positioning itself as a key enabler for enterprise-level AI implementation [1]. Group 2: Strategic Value - Xunce's strategic value lies in its high-moat AI underlying data operating system, which constructs a millisecond-level AI data agent platform [1]. - This platform drives real-time data analysis and efficient decision-making across diverse sectors such as finance, urban operations, energy, high-end manufacturing, healthcare, satellite, robotics, telecommunications, and consumer markets, thereby replacing traditional software decision-making functions [1]. Group 3: Market Recognition - Analysts note that Xunce's AI infrastructure capabilities are gradually being recognized by the market, leading to an acceleration in the release of its investment value and valuation [1].

Core Viewpoint - The announcement highlights a non-binding strategic cooperation memorandum between King Yung Investment and Xun Ce Technology, focusing on potential collaboration in real-time data infrastructure and smart investment research, among other areas [1][2]. Group 1: Strategic Cooperation Areas - The cooperation will explore the establishment of a unified real-time data infrastructure to enhance investment research, trading, and risk management, addressing data silos and improving portfolio management effectiveness and decision-making accuracy [1]. - There will be an emphasis on innovation and commercialization of wealth management technology products, particularly in the application of real-time data technology for smart valuation, risk monitoring, and compliance, aimed at developing standardized SaaS solutions for industry clients [1]. - Investment in data infrastructure, artificial intelligence, and fintech innovation projects will be pursued to explore business opportunities and promote the integration of a "data + capital" ecosystem [1]. - The company plans to provide a range of services to Xun Ce, including business development and expansion consulting, investment financial advice, cash management products, and/or asset allocation services, based on further negotiations for a definitive agreement [1]. Group 2: Company and Industry Background - Xun Ce is a provider of real-time data infrastructure and analytical solutions in China, primarily serving asset managers and other enterprise clients by collecting, cleaning, managing, and analyzing heterogeneous data from multiple sources within milliseconds to seconds [2]. - The business of Xun Ce originated in the asset management industry, extending to broader financial services, urban management, manufacturing management, and telecommunications [2]. - The strategic cooperation memorandum is viewed as a strong testament to the company's business capabilities and potential, representing an opportunity for revenue diversification, aligning with the overall interests of the company and its shareholders [2].

Core Viewpoint - The announcement highlights a non-binding strategic cooperation memorandum between Jinyong Investment and Xunce Technology, focusing on potential collaborative opportunities in various sectors, particularly in real-time data infrastructure and financial technology [1][2]. Group 1: Strategic Cooperation Areas - The cooperation will explore the establishment of a unified real-time data infrastructure to enhance investment research, trading, and risk management, addressing data silos and improving portfolio management effectiveness and decision-making accuracy [1]. - There will be an emphasis on innovation and commercialization of wealth management technology products, particularly in the application of real-time data technology for smart valuation, risk monitoring, and compliance, aimed at developing standardized SaaS solutions for industry clients [1]. - Investment in data infrastructure, artificial intelligence, and fintech innovation projects will be pursued to explore business opportunities and promote the integration of a "data + capital" ecosystem [1]. - The company plans to provide a range of services to Xunce, including business development and expansion consulting, investment financial advice, cash management products, and/or asset allocation services, based on further negotiations for a final agreement [1]. Group 2: Company and Industry Background - Xunce Technology is a provider of real-time data infrastructure and analytical solutions in China, primarily serving asset managers and other corporate clients by collecting, cleaning, managing, and analyzing heterogeneous data from multiple sources within milliseconds to seconds [2]. - The business of Xunce has expanded from the asset management sector to other verticals, including broader financial services, urban management, manufacturing management, and telecommunications [2]. - The strategic cooperation memorandum is seen as a strong testament to the company's business capabilities and potential, representing an opportunity for revenue diversification, which aligns with the overall interests of the company and its shareholders [2].

Group 1: New Listings - Jiangsu Xihua New Energy Technology Co., Ltd. listed on the Shanghai Stock Exchange main board on December 23, raising 1.01 billion yuan, with a first-day stock price increase of 264.46% and a market cap of approximately 11.4 billion yuan as of December 29 [3][5] - Ningbo Jianxin Superconducting Technology Co., Ltd. listed on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, raising 779 million yuan, with a first-day stock price increase of 212.81% and a market cap of approximately 7.9 billion yuan as of December 29 [3][5] - Shenzhen Tian Su Measurement and Testing Co., Ltd. listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 600 million yuan, with a first-day stock price increase of 174.48% and a market cap of approximately 6.8 billion yuan as of December 29 [4][5] - Nabai Chuan New Energy Co., Ltd. also listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 632 million yuan, with a first-day stock price increase of 408.17% and a market cap of approximately 10.1 billion yuan as of December 29 [4][5] Group 2: Companies Passing Review - Shijiazhuang Vision Technology Co., Ltd. passed the review for listing on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, focusing on micro-display solutions [6][8] - Luoyang Shenglong Mining Group Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 23, engaged in non-ferrous metal mining [9][10] - Hangzhou Fuen Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 26, specializing in eco-friendly fabric [9][10] - Shenzhen Dapu Microelectronics Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 25, focusing on enterprise-level SSD products [9][10] - Nanchang Sanrui Intelligent Technology Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 26, specializing in drone and robot power systems [9][10] Group 3: Companies Submitting IPO Applications - Tianjin Fujida Bicycle Industrial Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 24, planning to raise 773 million yuan [12][14] - Shenyang Compressor Group Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 25, planning to raise 2.134 billion yuan [12][19] - Shenzhen Hanno Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 23, planning to raise 1.062 billion yuan [12][23] - Dandong Oriental Measurement and Control Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 25, planning to raise 1.1 billion yuan [12][25] - Suzhou Tongxin Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.064 billion yuan [12][27] - Shenzhen Deep Blue Ocean Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.5 billion yuan [12][29] Group 4: Financial Data Highlights - Fujida projected revenues of 4.371 billion yuan, 3.621 billion yuan, and 4.880 billion yuan from 2022 to 2024, with net profits of 348 million yuan, 285 million yuan, and 408 million yuan respectively [17][18] - Shenyang Compressor Group projected revenues of 7.396 billion yuan, 8.206 billion yuan, and 9.309 billion yuan from 2022 to 2024, with net profits of 181 million yuan, 355 million yuan, and 442 million yuan respectively [20][21] - Hanno Medical projected revenues of 0, 298 million yuan, and 493 million yuan from 2022 to 2024, with net losses of 647 million yuan, 3.41 billion yuan, and 1.83 billion yuan respectively [24] - Oriental Measurement and Control projected revenues of 603 million yuan, 521 million yuan, and 567 million yuan from 2022 to 2024, with net profits of 92.5 million yuan, 74.8 million yuan, and 73.1 million yuan respectively [26] - Tongxin Medical projected revenues of 8.611 million yuan, 50.453 million yuan, and 77.351 million yuan from 2022 to 2024, with net losses of 1.89 billion yuan, 3.06 billion yuan, and 3.72 billion yuan respectively [28]

Group 1 - The next periodic adjustment for the Hang Seng Index will take effect in March 2026, with the review data period from January 1, 2025, to December 31, 2025 [1] - Xunce (3317.HK), a real-time data infrastructure and analytics solution provider, is expected to be included in the Hong Kong Stock Connect during the periodic review on March 9, 2026 [1] - Xunce focuses on building full-stack capabilities with a "data computing platform + intelligent body" approach, positioning itself as a key enabler for enterprise-level AI implementation [1] Group 2 - Xunce was listed on the Hong Kong Stock Exchange on December 30, 2025, and currently has a market capitalization of HKD 16.3 billion [1]

認購迅策股份 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1328） 自願公告 認購上市證券 於二零二五年十二月二十四日，本公司全資附屬公司Redwood通過於聯交所進行首次 公開發售以代價23,040,000港元（不包括交易成本）認購480,000股迅策股份（「認購事 項」），即每股迅策股份48.0港元。 認購事項後，本集團持有480,000股迅策股份，佔於本公告日期迅策已發行股份總數 約0.1488%。 認購迅策股份 本公告乃由本公司按自願基準作出。 董事會宣佈，於二零二五年十二月二十四日，本公司全資附屬公司Redwood通過於聯交 所進行首次公開發售以代價23,040,000港元（不包括交易成本）認購480,000股迅策股份， 即每股迅策股份48.0港元。 –1– 認購事項後，本集團持有480,000股迅策股份，佔於本 ...

Core Viewpoint - Xunce Technology Co., Ltd. (stock code: 03317.HK) has been listed on the Hong Kong Stock Exchange, with its share price fluctuating and closing at HKD 48.50, a 1.04% increase from the initial offering price of HKD 48.00 [1][3]. Group 1: IPO Details - The total number of shares issued in this offering is 22,500,000, with 2,250,000 shares allocated for public sale in Hong Kong and 20,250,000 shares for international sale [2][3]. - The net proceeds from the offering, after deducting estimated listing expenses of HKD 114.2 million, amount to HKD 965.8 million [2][3]. Group 2: Use of Proceeds - The company plans to use the proceeds from the global offering to further develop existing solutions, create new solutions, enhance technical capabilities, deepen penetration in various industries, improve marketing capabilities, and for working capital and other general business purposes [3]. Group 3: Financial Performance - Xunce's revenue for the years ending December 31 for 2022, 2023, and 2024 is projected to be RMB 287.9 million, RMB 530.5 million, and RMB 632.0 million, respectively, with net losses of RMB 96.5 million, RMB 63.4 million, and RMB 97.8 million for the same periods [9][10]. - The company reported a net cash outflow from operating activities of RMB 185.0 million for 2022, RMB 194.0 million for 2023, and RMB 170.2 million for 2024 [11].

Group 1 - The core viewpoint of the news is that ICBC International successfully assisted Shenzhen Xunce Technology Co., Ltd. in its IPO on the Hong Kong Stock Exchange, highlighting the company's commitment to supporting fintech innovation and its strong market position in this sector [1] - The IPO involved the issuance of 22,500,000 shares at a price of HKD 48.00 per share, resulting in a total issuance scale of approximately USD 139 million before the exercise of the over-allotment option [1] - ICBC International's role as a joint bookrunner and lead underwriter demonstrates its professional capabilities and leadership in the fintech IPO market, having previously completed significant projects for other fintech companies since 2020 [1] Group 2 - Xunce Technology is a leading provider of real-time data infrastructure and analytical solutions in China, offering IT solutions that cover data infrastructure and analysis across various industries [2] - The company's core products are characterized by high speed, accuracy, and scalability, serving clients in asset management, financial services, urban management, manufacturing, and telecommunications [2] - According to revenue projections for 2024, Xunce Technology ranks first in the domestic asset management sector for real-time data infrastructure and analysis, and fourth in the overall market [2]

Core Viewpoint - Xunce Technology, known as the "first stock of Data Agent," has been listed on the Hong Kong Stock Exchange with an offering price of HKD 48 per share, resulting in a market capitalization of HKD 15.5 billion [1]. Company Overview - Founded in 2016 in Shenzhen, Xunce Technology is a provider of real-time data infrastructure and analytical solutions, with its founder and CEO Liu Zhijian being a graduate of Tsinghua University and Hong Kong University of Science and Technology [4]. - The company has achieved the highest market share in the domestic asset management industry's real-time data infrastructure [4]. - Its core product is a unified data platform capable of collecting, cleaning, managing, analyzing, and governing heterogeneous data from multiple sources within milliseconds to seconds [4]. Market Position - The real-time data infrastructure and analysis market in China is projected to be valued at RMB 18.7 billion in 2024, with Xunce Technology holding a 3.4% market share, ranking fourth [4]. - In the asset management sector, which constitutes 11.2% of the total market, Xunce Technology leads with an 11.6% market share [4]. Financial Performance - The company has not yet achieved profitability, recording net losses of RMB 97 million, RMB 63 million, RMB 98 million, and RMB 108 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Revenue figures for the same periods were RMB 288 million, RMB 530 million, RMB 632 million, and RMB 198 million, with a gross profit of RMB 225 million, RMB 419 million, RMB 485 million, and RMB 132 million, respectively [8][11]. - The gross profit margins were 78%, 79%, 76.7%, and 66.7% for the respective years [11]. Customer and Revenue Dynamics - The company has seen a 40% revenue growth in the first nine months of 2025, with total revenue reaching RMB 576 million compared to RMB 410 million in the same period of the previous year [12]. - Revenue from the asset management sector decreased by 16% year-on-year, while revenue from diversified industries increased by 86% [13]. - The top five customers contributed 42% of total revenue in the first half of 2025, with a total revenue of RMB 830 million [21]. Investment and Shareholding - Xunce Technology has undergone multiple rounds of financing, with the latest being a cross-round financing of RMB 220 million in December 2023, resulting in a post-money valuation of RMB 6.22 billion [29]. - Major shareholders include Tencent and Yunfeng Capital, with Tencent holding 7.02% and Yunfeng Capital holding 5.6% post-IPO [32]. Strategic Focus - The company aims to leverage its real-time data infrastructure to expand into various sectors, including urban management and manufacturing, while maintaining a focus on technological innovation and customer relationships [34].