Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange after two previous failed attempts, highlighting its ongoing efforts to secure funding despite facing intense competition in the real-time data infrastructure and analytics market [1][30]. Company Overview - Founded in 2016, Xunce Technology specializes in real-time data infrastructure and analytics solutions, with a focus on high R&D investment and a current lack of profitability [1][9]. - The company has received significant investments from major firms including Tencent, Alibaba, and Goldman Sachs, with a post-money valuation of 6.22 billion yuan as of November 2023 [2][3][4]. Financial Performance - Xunce Technology reported cumulative losses of 366 million yuan over three and a half years, with R&D expenses exceeding 70% of revenue [11][14]. - Revenue figures for the years 2022, 2023, and 2024 were 288.99 million yuan, 530.46 million yuan, and 631.98 million yuan respectively, with a decline in revenue noted in the first half of 2025 [14][15]. - The company’s gross profit margins fluctuated between 66.7% and 79% during the reporting periods, with a notable decrease in 2025 due to increased demand for customized solutions from asset management clients [16][17]. Market Position - Xunce Technology holds approximately 3.4% market share in China's real-time data infrastructure and analytics market, ranking fourth by revenue in 2024 [22][28]. - The company is particularly strong in the asset management sector, where it commands an 11.6% market share, making it the leading player in that niche [28][30]. - The overall market for real-time data infrastructure and analytics in China is projected to grow significantly, reaching 18.7 billion yuan in 2024, with a compound annual growth rate of 46.1% from 2020 to 2024 [25][28]. Client Base and Revenue Model - As of 2024, Xunce Technology had 232 paying clients, with 177 from the asset management sector and 55 from other industries, indicating a diversification in its client base [12][14]. - The average revenue per user (ARPU) for asset management clients was 1.38 million yuan, while for clients in other sectors, it was significantly higher at 7.05 million yuan [12][14]. R&D and Human Resources - The company employs around 320 R&D personnel, accounting for approximately 67% of its total workforce, reflecting its commitment to innovation [18]. - R&D expenditures have consistently represented a large portion of revenue, with figures of 2.59 billion yuan, 3.79 billion yuan, and 4.5 billion yuan reported over the last three years [18].

老牌软件巨头甲骨文因人工智能数据中心热潮、未来云业务年增长目标翻倍而引爆股票市场。 9月10日纽交所开盘，甲骨文公司股价涨幅迅速扩大近43%，推动其联合创始人埃里森的财富在一天内暴增近1000 亿美元，创下有史以来单日最大财富增长纪录。在甲骨文的带动下，英伟达、博通、台积电等股价涨幅也都达到 了5%以上。 根据彭博亿万富豪指数，截至9月10日，埃里森的财富达到3930亿美元，超越马斯克，成为全球首富。随后，福布 斯实时富豪榜显示，埃里森总财富达4019亿美元，日增37%，成为史上第二个净资产突破4000亿美元大关的人， 第一个正是马斯克。 成立于1977年的甲骨文核心业务包括数据库管理系统、企业应用软件、云计算平台与基础设施、硬件系统及数据 分析解决方案。 美国总统特朗普第二次入主白宫之后，甲骨文与OpenAI、软银联合成立了"星际之门"项目，预计在他的任期内为 美国人工智能基础设施投资至少5000亿美元，以及创造10万个工作岗位。甲骨文随后还单独与OpenAI签约，共同 在美国开发容量达到4.5吉瓦的数据中心。 9月9日，甲骨文发布截至8月的2026财年第一季度财务业绩：总营收149亿美元，按固定汇率计算同 ...