XUNCE partners with Deep Data Institute to create data alchemy in the AI era

XUNCE has reached a cooperation with Shenzhen Data Exchange to bring data assetization narratives to the forefront, and the market is paying attention to whether it can transform data into tradable assets. Key Points: XUNCE and Shenzhen Data Exchange will jointly promote the construction of data assetization and entry service system. Since its listing at the end of last year, the company's stock price has increased by 6.5 times. Li Shida After years of data being regarded as a new production factor, the market is beginning to give a more direct price response to this concept. Data intelligence company Shenzhen XunCe Technology Co., Ltd. (3317.HK) announced on Sunday that it has signed a strategic cooperation agreement with Shenzhen Data Exchange. According to the announcement, both parties will jointly promote the construction of data assetization and entry service system, expand data elements and artificial intelligence-related businesses, and participate in establishing high-quality data standards and application scenarios for robots, autonomous driving, and smart terminals. Following the announcement, XunCe's stock price showed significant fluctuations, rising 15.61% on the first trading day, closing at HKD 358.4, which is 6.5 times higher than the listing price on December 30 last year. The company has continued to strengthen since its listing, and this cooperation news has given the market more confidence in its long-term logic. Founded in 2016, XunCe's initial core business was to build "real-time data infrastructure" for financial institutions. Founder Liu Zhijian previously served as a director at the Royal Bank of Scotland, leveraging his experience in the financial system to address the data processing needs of asset management institutions and entering the market with low-latency data integration capabilities. As technology matured, the company's business gradually extended from underlying data processing to cloud asset management and data analysis platforms, providing functions such as risk control, investment decision support, and compliance management. By around 2023, XunCe further integrated large model capabilities, upgrading the system to "Data Agent," allowing data to no longer be just passively input but to directly participate in analysis and decision-making. Data Fuel Supplier In China, data circulation must rely on a compliance framework, and data exchanges simultaneously undertake market and regulatory functions, serving as a key node for transforming data from resources to assets. The Shenzhen Data Exchange was established under the leadership of the Shenzhen municipal government and is a state-owned institution that encompasses functions such as data rights confirmation, compliance review, pricing mechanisms, and transaction matching. For XunCe, the significance of this cooperation lies in completing the last piece of the industrial chain puzzle. In the past, the company was mainly responsible for data collection, cleaning, and analysis, which belonged to the data usage and value extraction level. Through cooperation with the exchange, its capabilities have the opportunity to extend to data assetization and circulation, transforming data from internal corporate resources into tradable and priceable assets. More critically, AI applications are shifting from model training to inference and practical use, with enterprises focusing their attention from computing power to token efficiency and cost. In this process, XunCe is viewed by the market as a data fuel supplier within the AI system, transforming data that was originally difficult for enterprises to use directly into standardized tokens that are readable and computable by models, thereby influencing the operational efficiency and cost structure of AI systems XUNCE is currently in a rapid expansion phase, with company revenue reaching 1.285 billion yuan (USD 188 million) in 2025, a year-on-year increase of 103.3%, officially crossing the billion yuan threshold. The gross profit margin during the same period was 61.7%, down from 76.7% in 2024, mainly due to changes in the business structure, as the company's clients expanded from financial institutions to industries such as electricity, energy, and manufacturing. The products are shifting from high-margin technology output to a larger-scale industrial implementation phase. Last year, the company recorded a slight increase in net loss attributable to the parent company to 94.06 million yuan, but the adjusted net loss narrowed to 54.85 million yuan, improving by over 30% year-on-year. Annual R&D expenditure reached 616 million yuan, accounting for nearly half of the revenue, primarily invested in AI data infrastructure and new application scenarios such as robotics and autonomous driving. In terms of growth pace, XUNCE's explosive growth is concentrated in the second half of 2025. Revenue in the first half was only about 198 million yuan, while it surged to 1.087 billion yuan in the second half, indicating that the demand for AI applications is rapidly being released on the enterprise side, with XUNCE positioned at the core of this demand explosion. At the same time, the company is also promoting a transformation of its business model, gradually exploring a charging and revenue-sharing model based on token usage instead of the traditional project-based and subscription models, directly linking revenue to customer usage. Under this model, if the scale of customer AI applications expands, XUNCE's revenue also has the opportunity to increase correspondingly, creating a more direct connection between its growth and AI penetration rates. From a valuation perspective, XUNCE currently has a market-to-sales ratio of about 63 times, far higher than FanShi ZhiNeng (6682.HK) at 2.6 times, but slightly lower than the U.S. Palantir (PLTR.US) at about 73 times. This reflects that the market does not view it as a typical AI software company but rather benchmarks it against data platform companies with high stickiness and long-term expansion capabilities, pricing in its potential position in advance. XUNCE is positioned by the market as a part of the "data factor" chain, corresponding to a potentially larger market. However, this valuation essentially represents a forward pricing of the future, and whether data assetization and trading can truly materialize remains to be verified. After a significant surge, XUNCE, with revenue still only around 1 billion yuan, has a market capitalization that has surpassed 100 billion Hong Kong dollars, but its current valuation may already reflect a considerable amount of long-term expectations, so investors should proceed with caution