HK IPO Subscription: Analysis and Subscription Plan for Xunce (03317.HK)!!
$INSILICO(03696.HK) $USAS BUILDING(02671.HK)$XUNCE(03317.HK)
Basic Information:
Subscription Period: December 18 - December 23, results announced on the 24th, grey market trading on the 29th, and listing on the 30th;
Issue Price: 48-55
Minimum Subscription Fee: 5555.47
1 Lot: 100 shares
Global Offering: 22.5 million shares
Cornerstone Investors: 9 investors subscribed to 26.56% of the shares
Greenshoe: Yes, with Guotai Junan as stabilizing agent
Sponsor: Solely sponsored by Guotai Junan
Allocation Mechanism: Mechanism B, 10% clawback
Xunce Technology was founded in 2016 and is a leading real-time data infrastructure and analytics solutions provider in China. Its core business is providing real-time data infrastructure and analytics solutions, building a full-chain "infrastructure + application services" Data Agent service loop that enables millisecond-level data integration and analysis.
In terms of 2024 revenue, it holds an 11.6% market share in China's asset management industry's real-time data market, ranking first, serving 100% of the domestic TOP10 asset managers; it ranks fourth in the overall real-time data infrastructure market.
In terms of business expansion, the company has extended from the asset management industry to diversified fields such as financial services, urban management, and telecommunications. In 2024, diversified industry revenue accounted for 61.3%, becoming the core engine of revenue growth. The customer base covers state-owned institutions and large enterprises, with paying customers growing from 182 in 2022 to 232 in 2024.
Financial Performance:
From 2022 to 2024, the company's revenue was RMB 288 million, RMB 530 million, and RMB 632 million, respectively, showing rapid growth. In the first half of 2025, revenue was RMB 198 million, down about 30% from RMB 283 million in the same period last year.
In terms of profit, it reached RMB 96.51 million, RMB 63.39 million, and RMB 97.85 million from 2022 to 2024, respectively; in the first half of 2025, losses further expanded to RMB 108 million, with a net loss rate of 54.6%.
R&D expenses are one of the main reasons for the losses. From 2022 to 2024, the company's R&D expenses continued to rise, accounting for 90%, 72%, and 71% of total revenue, respectively. In the first half of 2025, R&D expenses reached RMB 168 million, accounting for 85% of revenue during the same period.
Use of Proceeds:
Approximately 65% will be used to further expand the Group's existing solutions, develop new solutions, and enhance technical capabilities;
Approximately 15% will be used to deepen the Group's penetration in a range of other industries;
Approximately 10% will be used to enhance marketing capabilities;
Approximately 10% will be allocated for working capital and other general business purposes.
This IPO has 9 cornerstone investors, collectively subscribing to about 26%.
Xunce adopts Mechanism B with a 10% clawback;Global offering of 22.5 million shares, Hong Kong offering of 2.25 million shares, with 1 lot being 100 shares, totaling 22,500 lots;Tail-end subscription requires HK$450,000 capital, head-end subscription requires HK$560,000 capital; Insilico Medicine,Lin Qingxuan, Woan Robot, Wuyi Vision, Xunce, and Meilian Steel Structure all conflict; Solely sponsored by Guotai Junan,sponsored projects are still acceptable.
Xunce has a leading position in the asset management segment and a Tencent-backed investment background, which will attract investor attention. At the same time, its financials show high gross margins and growth potential, but the current valuation is high (PS ~26), with revenue declining in H1 2025. The company's continuous losses and high R&D investment are also not to be ignored. You can take a small position or skip it—there are many new listings, and sentiment is weak. For stability, you can skip it.
Insilico Medicine, Lin Qingxuan, Woan Robot, Wuyi Vision, Xunce, and Meilian Steel Structure all conflict; pick selectively,focus on Woan Robot, Lin Qingxuan, and Insilico Medicine, with a small position in Wuyi Vision.
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
