Core Viewpoint - XunCe Technology, often referred to as the "Chinese version of Palantir," is set to launch its IPO on December 30, aiming to raise approximately HKD 1.2375 billion with a market valuation of around HKD 17.7 billion, backed by prominent investors like Tencent and KKR [1][2]. Group 1: Company Overview - XunCe Technology plans to issue 22,500,000 H-shares, with 2,250,000 shares available for public offering and 20,250,000 for international placement, at a maximum price of HKD 55 per share [1]. - The company is positioned in the high-growth data analytics sector, leveraging strong technological barriers and a leading market position [1][4]. Group 2: Growth Potential - XunCe Technology aims to replicate Palantir's growth trajectory, which saw its market capitalization soar from USD 19.9 billion at IPO to USD 460.9 billion by December 19, driven by a strategic focus on high-difficulty core scenarios [2][3]. - The company has established a strong foothold in the asset management sector, with a market share of 11.6% in China's real-time data infrastructure and analytics market, and plans to expand into telecommunications and urban management [8]. Group 3: Strategic Approach - The company adopts a similar market penetration strategy as Palantir, starting with complex data challenges in the financial sector and expanding into other industries after proving its technology's reliability [5]. - XunCe Technology's core offering is a unified real-time data platform that integrates various data systems, aiming to eliminate fragmentation and enhance operational efficiency [6][7]. Group 4: Financial Performance - The average revenue per user (ARPU) for asset management clients is projected to increase from CNY 1.582 million in 2022 to CNY 2.724 million in 2024, while non-asset management ARPU is expected to rise from CNY 1.846 million to CNY 7.046 million in the same period [10]. - The company's total revenue is anticipated to grow significantly, from CNY 288 million in 2022 to CNY 632 million in 2024, reflecting a robust growth trajectory [12]. Group 5: Market Outlook - The asset management market is expected to grow from CNY 75.2 billion in 2024 to CNY 183.9 billion by 2029, with a compound annual growth rate (CAGR) of 19.6%, while the overall market for real-time data infrastructure is projected to expand from CNY 525.2 billion to CNY 1,152.9 billion, with a CAGR of 17.0% [11]. - XunCe Technology is well-positioned to capitalize on the impending market expansion, potentially achieving significant market share and revenue growth [11].

Group 1: Company Development and Business Transformation - The company has evolved from focusing on asynchronous motors and brushless/brush DC motors (1995-2005) to a "motor+" strategic transformation, introducing products like magnetic coupling pumps and control components from 2005 to 2025 [1] - By 2025, the company aims to extend its product layout into the smart industry, establishing joint ventures in industrial and humanoid robotics [1] Group 2: Revenue Composition and Future Trends - In 2024, motor products will account for 46.82% of revenue, primarily from brushless/brush DC motors and asynchronous motors, used in industrial equipment and new energy vehicles [2] - Fan products will represent 50.26% of revenue, mainly from external rotor and brushless fans, applied in data centers and thermal management systems for new energy vehicles [2] - Intelligent components and others will make up 2.92% of revenue, including driver assemblies and control systems, indicating a shift towards system integration and globalization [2] Group 3: Market Opportunities and Growth Drivers - The electric motor industry is closely linked to global energy transition, smart upgrades, and green manufacturing trends, suggesting a promising future [2] - The expansion of the new energy vehicle market and the increasing demand for thermal management systems are expected to enhance market share for the company's heat pipe systems [2] - Continuous development in communication technologies like 5G will drive demand for communication base stations and data centers, providing further business expansion opportunities [2] - The rapid growth of the robotics industry is anticipated to become a significant business growth point for the company, alongside automotive electronics and healthcare sectors [2]