Xunce Technology Co., Ltd.

Date of Prospectus: December 18, 2025

Xunce Technology IPO: Data Infrastructure Innovator Targets Hong Kong Listing with Robust Growth Prospects

Xunce Technology, a leading real-time data infrastructure and analytics solutions provider in China, is launching its initial public offering (IPO) on the Hong Kong Stock Exchange. With a strong focus on technology-driven growth, a clear use of proceeds, and the backing of institutional cornerstone investors, Xunce Technology aims to capitalize on the booming demand for advanced analytics across multiple industries. This article provides a detailed, investor-focused analysis of the IPO, examining offer specifics, deal structure, financial health, risks, growth strategy, and the likely listing outlook.

IPO Snapshot

Xunce Technology will trade under the stock code 3317 on the Main Board of the Hong Kong Stock Exchange.

Use of Proceeds: The IPO is strongly growth-driven, with 65% of the net proceeds (HK\$676.2 million) designated for advancing current solutions and R&D, 15% (HK\$156.0 million) to deepen industry penetration, 10% (HK\$104.0 million) to improve marketing capabilities, and 10% (HK\$104.0 million) for working capital and general business purposes. Total estimated net proceeds are HK\$1,040.2 million (assuming Offer Price at HK\$51.50, mid-point) [[28]], [[29]], [[349]].

Placement and Issuance Breakdown

The Global Offering comprises:

• Hong Kong Public Offering: 2,250,000 H Shares (10% of initial shares offered)
• International Offering: 20,250,000 H Shares (90% of initial shares offered)
• Cornerstone Investors: Up to 26.56% of the H Shares offered (exact shares dependent on final allocation)

No shares are allocated for employee or related-party placement. There is a clear restriction that cornerstone and pre-IPO investors are subject to a one-year lock-up post-listing [[339]], [[341]], [[366]], [[367]].

Dividend Policy

Xunce Technology has not declared or paid any dividends to date. The company expects to retain all future earnings for business operations and expansion. There is no established dividend policy, and future payout decisions will depend on profitability, capital requirements, and board discretion. Under PRC law, dividends can only be declared after covering accumulated losses and allocating sufficient net profit to statutory reserves [[28]].

Investor Participation and Book Quality

Cornerstone Investors have committed to a significant portion of the IPO:

Total cornerstone commitments amount to up to 26.56% of H Shares offered (5,976,500 shares at the midpoint, slightly less at the top end of the price range). These allocations suggest strong institutional confidence in the IPO’s long-term prospects [[339]], [[341]].

Deal Parties and Structure

Sole Sponsor: Guotai Junan Capital Limited
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: Guotai Junan Securities (Hong Kong) Limited, Deutsche Bank AG (Hong Kong Branch), Futu Securities International (Hong Kong) Limited, Hong Tai Securities Limited, Orient Securities (Hong Kong) Limited, North Beta International Securities Limited, ICBC International Securities Limited, CCB International Capital Limited, China Galaxy International Securities (Hong Kong) Co., Limited, TradeGo Markets Limited, China Merchants Securities (HK) Co., Limited, ABCI Securities Company Limited, BOCOM International Securities Limited, Tiger Brokers (HK) Global Limited [[355]], [[356]].

Underwriting: The IPO is fully underwritten with an overallotment (“greenshoe”) option for up to 15% additional shares, providing post-listing price support and flexibility in allocation [[363]].

Company Overview

Xunce Technology is a real-time data infrastructure and analytics solutions provider serving China’s asset management and diversified industries. The company offers both data infrastructure and analytics platforms, supporting business-critical decision-making for clients through advanced technology and industry-specific solutions.

Business Model & Revenue Streams:

• Monetizes through solution sales, recurring service fees, and integrated hardware-AI data analytics platforms.
• Key customer segments include asset managers, financial institutions, and diversified industry clients seeking digital transformation.

Industry/Sector: Real-time data infrastructure and analytics for the asset management industry and broader verticals. The sector is described as emerging and rapidly evolving, with Xunce positioned as a leading innovator in the space [[49]].

Geographies: Primarily PRC (China), with expansion potential into new industries and regions.

Financial Health

Profitability and Capital Structure: Xunce Technology has maintained steady revenue growth, with no material adverse change reported since June 30, 2025. The company expects sufficient working capital for the next 12 months, supported by operational cash flow, equity financing, and proceeds from the IPO [[337]], [[338]].

Dividends: No dividend paid or declared; all earnings are retained for growth [[28]].

Leverage: No outstanding loan or guarantee from the single largest shareholder group; financing is independent [[279]].

Major Shareholders and Lock-Ups: Pre-IPO investors and existing shareholders are subject to a 12-month lock-up post-listing. The public float will exceed the 15% minimum requirement [[170]], [[157]], [[158]].

Market Position and Competitive Advantages

Xunce Technology is positioned as a leading player in China’s real-time data infrastructure and analytics industry. Competitive advantages include:

• Proprietary real-time data platforms
• Strong R&D and product innovation pipeline
• Expanding customer base across asset management and diversified industries
• Backed by prominent pre-IPO investors with deep industry experience and international reach

Market share and ranking figures are not numerically provided, but the company describes itself as a sector leader [[49]], [[157]].

Management Team

The prospectus outlines a seasoned management team and board, with extensive experience in technology, finance, and business development. Directors and supervisors are listed with full backgrounds in the relevant section, and the company has adopted a corporate governance code in line with Hong Kong listing requirements [[85]], [[549]].

Trends, Timing, and Market Environment

Sector Growth: The real-time data analytics market in China—and in asset management in particular—is described as rapidly growing but still at an early stage, with considerable uncertainty around ultimate market size and adoption rates. Xunce Technology’s solutions are positioned to benefit from digital transformation trends in finance and other industries [[49]].

Timing: The IPO comes amidst increasing digitalization and regulation in China’s technology and data sectors. The Hong Kong public offering opens December 18, 2025, closes December 23, 2025, with listing expected on December 30, 2025 [[5]].

Macro Environment: The company notes strong government and investor focus on ESG, digitalization, and compliance, which may support demand but also heighten regulatory risks and costs [[83]].

Recent Developments: No adverse financial or operational changes since June 30, 2025. Recent business growth includes new technology breakthroughs, growing customer numbers, and increased market coverage [[30]], [[157]].

Market Conditions: The presence of major cornerstone investors, full underwriting, and a supportive regulatory backdrop suggest a favorable environment for the IPO.

Risk Factors

Xunce Technology’s risks include:

• Emerging Industry Risk: The company operates in a nascent and rapidly evolving sector, with uncertainty over market size and adoption rates.
• Technology and Customer Needs: Failure to anticipate or respond to technological change or changing client demands could materially impact performance.
• Regulatory Risks: As a Chinese company seeking an overseas listing, Xunce is subject to PRC and Hong Kong regulatory filings and approvals; failure or delay may result in sanctions or hinder capital flows.
• ESG and Compliance: Heightened scrutiny from regulators and investors on ESG practices may increase compliance costs and impact capital access.
• No Dividend Policy: Investors seeking income may be disappointed by the company’s explicit intention to retain all earnings for growth.
• Lock-up and Illiquidity Risks: Pre-IPO and cornerstone investors are subject to lock-ups, and there is a risk that no active trading market develops post-listing.

Other risks include reliance on management discretion for use of proceeds, accuracy of third-party data, and the potential impact of macroeconomic or market disruptions [[49]], [[76]], [[83]], [[85]].

Growth Strategy

Xunce Technology’s strategy is aggressive and growth-oriented:

• R&D and Product Development: 65% of IPO proceeds to enhance current solutions and accelerate new product innovation.
• Industry Diversification: 15% of proceeds to deepen penetration in new verticals, expanding beyond core asset management clients.
• Marketing and Brand Building: 10% of proceeds to strengthen market presence and customer acquisition.
• Working Capital: 10% for flexible operational support and potential future expansion.

No significant M&A or debt repayment is planned; the focus is on organic growth and technology leadership [[349]], [[353]].

Ownership and Lock-ups

Major pre-IPO investors include Yunfeng Xincheng and Yunfeng Qitai (private equity funds), among others. All pre-IPO and cornerstone shares are subject to a 12-month trading restriction [[157]], [[158]], [[170]], [[171]].

Valuation

At the indicative price range, Xunce Technology’s expected market capitalization is HK\$15.5 billion – HK\$17.7 billion. Unaudited pro forma adjusted net tangible assets per share are HK\$7.38 – HK\$7.84. The implied valuation multiples (P/E, P/B, etc.) are not explicitly disclosed. No peer comparison table is available, as no peer figures or symbols are given [[27]], [[28]].

Research & Opinions

No external analyst, broker, or institutional opinions or price targets are included in the document. The company, through its prospectus, expresses optimism about ongoing growth, technology breakthroughs, and expanding customer base [[157]].

Listing Outlook

The IPO is fully underwritten, strongly supported by cornerstone investors, and features robust use of proceeds for growth. The company’s leadership in a rapidly expanding sector, prudent capital management, and the presence of blue-chip institutional investors suggest solid prospects for both the IPO and post-listing performance.

First-day trading is likely to be firm, with support from the over-allotment option and strategic book-building among institutional investors. The absence of a dividend and the sector’s risks may moderate speculative retail demand, but the overall setup points to a successful debut, with potential for the shares to trade at or above the midpoint of the offer price range, contingent on market conditions and execution [[339]], [[363]], [[364]], [[376]].

Prospectus Access

The full prospectus and related documents are available for viewing at: www.hkexnews.hk and www.xuncetech.com

How to Apply

Application Channels: Investors can apply via the White Form eIPO service at www.eipo.com.hk or electronically through the HKSCC EIPO channel via their broker or custodian (HKSCC Participant). The company does not accept paper applications; all applications are electronic.

Application Window: Opens at 9:00 a.m. on December 18, 2025 and closes at 12:00 noon on December 23, 2025.

Minimum Application: One board lot of 100 H Shares. Full payment of the maximum offer price plus associated fees is required at the time of application [[3]], [[5]], [[388]], [[390]].

For further details on application steps and eligibility, refer to www.eipo.com.hk and www.hkexnews.hk.