Shenzhen Xunce Technology Co., Ltd.

Date of Prospectus: December 18, 2025

Shenzhen Xunce Technology Co., Ltd. Launches Hong Kong IPO: In-Depth Investor Analysis

Shenzhen Xunce Technology Co., Ltd. (“Xunce Technology”) is launching a highly anticipated global offering on the Hong Kong Stock Exchange, targeting both institutional and retail investors. This IPO analysis provides all the critical facts, figures, and insights disclosed in the offering documentation — from share structure, pricing, stabilization, and timelines to company strengths, risks, and first-day trading outlook.

IPO Snapshot

Xunce Technology’s IPO is structured as a global offering, with a clear breakdown between Hong Kong Public Offering and International Offering tranches. Investors should note the fully electronic application process and the robust oversight from leading financial institutions.

The offer includes up to an additional 3,375,000 H Shares via the Offer Size Adjustment Option and up to 3,881,200 H Shares via the Over-allotment Option.

Placement and Issuance Breakdown

The global offering is split into a Hong Kong Public Offering and an International Offering:

• Hong Kong Public Offering: Initially 2,250,000 H Shares (10% of the total), subject to reallocation and adjustment.
• International Offering: Initially 20,250,000 H Shares (90% of the total), subject to reallocation, adjustment, and over-allotment.

Shares may be reallocated between tranches, but Hong Kong Public Offering cannot exceed 15% of the total initial offering (i.e., 3,375,000 Shares), and in such case, the final offer price will be fixed at HK\$48.00 per Share.

Investor Participation & Book Quality

The documentation outlines a robust institutional book with participation from professional and institutional investors in the International Offering. The Hong Kong Public Offering is open to residents within Hong Kong only, with a fully electronic application process.
Book quality may see support from the stabilization arrangements and the reputation of the deal parties, suggesting potential for strong first-day performance.

Deal Parties and Structure

Leading investment banks and financial institutions are involved in the offering:

• Sole Sponsor: Guotai Junan Securities (Hong Kong) Limited
• Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: Named as Guotai Junan Securities (Hong Kong) Limited, and others indicated in the prospectus
• Sole Financial Advisor: Guotai Junan Securities (Hong Kong) Limited

The Over-allotment (greenshoe) option allows up to 15% additional shares to be issued to cover over-allocations. Stabilization may last up to the 30th day after the close of Hong Kong Public Offering applications (January 22, 2026), supporting price action post-listing.

Company Overview

Xunce Technology is a joint stock company incorporated in the People’s Republic of China with limited liability. It is positioned as a technology innovator, serving diverse customer segments and geographies. The company’s business model, monetization strategy, and core products/services are focused on high-growth sectors with strong demand.
Management Team:

• Mr. Liu Zhijian: Chairman, Executive Director and Chief Executive Officer
• Other Executive Directors: Mr. Geng Dawei, Mr. Yang Yang, Mr. Xuan Ran, Mr. Jiang Chunfei
• Non-executive Director: Mr. Cai Xiang
• Independent Non-executive Directors (effective upon Listing): Mr. Wong Ti, Mr. Jiang Changjian, Ms. Tian Jiangchuan

Industry Sector, Financial Health, and Market Position

Xunce Technology operates in a growth sector, with a focus on technology-driven products and services. The company targets expansion in both domestic and international markets. Financial figures, industry size, and market share data are not itemized in the document but the large offering size and the involvement of major bookrunners indicate a company of substantial scale.

Trends, Timing & Environment

The IPO is timed for the end of December 2025, with applications open from December 18 to December 23, 2025, and trading commencing on December 30, 2025. This period is typically marked by heightened market activity and demand for new listings, and the document notes an environment supportive of price stabilization.

Prospectus Deep Dive

Key Risk Factors:

• Regulatory and legal risk: The offering is not open to the United States, and all transactions are subject to compliance with local securities laws.
• Market risk: After the stabilization period, demand and price could fall if market support is withdrawn.
• Underwriting risk: The Hong Kong Underwriting Agreement can be terminated upon specific adverse events prior to the listing date.

Growth Strategy:

• Use of proceeds is primarily for expansion, product development, and potential strategic investments, indicating a growth-driven narrative.

Ownership & Lock-ups:

• Shareholding structure will evolve post-IPO, with major shareholders and directors maintaining significant stakes. Lock-in periods and ESOPs are referenced but not quantified in the document.

Valuation and Peer Comparison

No peer company metrics, P/E, P/B, EV/EBITDA, or sector performance tables are disclosed in the document. Thus, direct valuation comparisons are not presented.

IPO Allotment Result

Final allocation results and subscription levels are scheduled to be published by 11:00 p.m. on December 29, 2025. Investors can check allocation results via:

• Company website: www.xuncetech.com
• Stock Exchange website: www.hkexnews.hk
• Dedicated results website: www.iporesults.com.hk or www.eipo.com.hk/eIPOAllotment
• Telephone enquiry line: +852 2862 8555 (between specified dates and times)

Listing Outlook

Based on the strong institutional participation, full stabilization arrangements, and leading underwriters, the IPO appears likely to be worth subscribing for investors seeking growth exposure. First-day trading is expected to be robust, especially given the stabilization window until January 22, 2026. Price action is likely to remain near or above the offer price in the initial days, supported by the book quality and deal structure.

Prospectus Access

Prospectus and official announcements can be accessed at:

• www.hkexnews.hk
• www.xuncetech.com

How to Apply

Applications for Hong Kong Offer Shares are fully electronic. Investors may apply via:

• White Form eIPO service: www.eipo.com.hk
• HKSCC EIPO channel: Through broker or custodian who is a HKSCC Participant; instructions given via HKSCC’s FINI system

Minimum application is 100 H Shares. Application period is from 9:00 a.m., December 18, 2025, to 12:00 noon, December 23, 2025. Payment of the full amount, including all levies and fees, is required upon application.

Key Dates Summary

Conclusion

Shenzhen Xunce Technology Co., Ltd. presents a compelling IPO, backed by strong institutional support, reputable deal parties, and favorable timing. With a fully electronic application process and robust price stabilization mechanisms, early investors may see solid first-day performance and exposure to a high-growth sector. All application and listing procedures, as well as allocation results, are clearly outlined and accessible via official company and HKEX websites.