Tencent-affiliated enterprises are vying to become the "first stock in asset management data"

Since its first round of financing in 2017, Xunce Technology has completed a total of 7 rounds of financing. After the latest cross - round financing, the company's valuation is approximately 6.22 billion yuan.

Xunce Technology aims for a Hong Kong IPO with a valuation exceeding 6 billion yuan.

On the evening of September 22, Shenzhen Xunce Technology Co., Ltd. (hereinafter referred to as "Xunce Technology") updated its prospectus. Guotai Junan International is the sole sponsor, and the company plans to pursue an IPO on the Hong Kong stock market.

As a pre - listing step, Xunce Technology obtained a record - filing notice from the China Securities Regulatory Commission on January 17 for overseas issuance and listing and the "full circulation" of unlisted domestic shares. According to the filing, the company plans to issue no more than 86.25 million overseas - listed ordinary shares.

Increasing revenue but not profit, with a loss of over 100 million in the first half of the year

Founded in 2016, Xunce Technology is a provider of real - time data infrastructure and analysis solutions. It aggregates multi - source data through a unified data platform and performs real - time processing. Its target customers mainly include institutional asset managers and are gradually expanding to other diversified industries, including financial services, urban management, and telecommunications.

According to public data, Xunce Technology has long been in a difficult situation where it is difficult to increase profits while increasing revenue, and the cumulative loss is relatively large.

The prospectus released by Xunce Technology shows that from 2022 to 2024, the company's revenues were 288 million yuan, 530 million yuan, and 632 million yuan respectively; the gross profits in the same period were 225 million yuan, 419 million yuan, and 485 million yuan respectively. However, the company recorded losses during these three years, reaching 96.51 million yuan, 63.39 million yuan, and 97.85 million yuan respectively.

In the first half of 2025, Xunce Technology achieved a revenue of 198 million yuan, a decrease of approximately 30% compared with 283 million yuan in the same period of the previous year; the gross profit was 132 million yuan, also lower than 228 million yuan in the same period of the previous year. In addition, the loss during the period further expanded to 108 million yuan, with a net loss rate of 54.6%. The loss in the same period of the previous year was 97.76 million yuan.

According to the prospectus, the losses incurred by Xunce Technology in recent years are closely related to its high expenses in research and development, administration, and sales and distribution.

Xunce Technology clearly stated: "Our net losses are mainly attributable to a large amount of research and development expenses, administrative expenses, and distribution expenses incurred due to the rapid expansion of our business."

The prospectus shows that from 2022 to 2024, the company's research and development expenses continued to rise, reaching 259 million yuan, 379 million yuan, and 450 million yuan respectively, accounting for 90%, 72%, 71%, and 85% of the total revenue. In the first half of 2025, the research and development expenses further reached 168 million yuan, accounting for 85% of the revenue in the same period.

Meanwhile, Xunce Technology's sales and distribution expenses also increased from 24.14 million yuan in 2022 to 41.04 million yuan in 2024, mainly used for expanding the sales team, marketing activities, etc.

In addition, Xunce Technology's net revenue retention rate also showed a significant downward trend, dropping from 98% in 2023 to 56% in 2024. In the first half of 2025, this ratio dropped to 36%, far lower than 81% in the same period of 2024.

In response, Xunce Technology explained: "The temporary decline in the net revenue retention rate is mainly due to the temporary slowdown in the growth of the financial industry caused by the global political atmosphere and economic downturn, which has led to reduced spending and delayed projects of some customers (especially in the asset management industry)."

As of July 31, 2025, Xunce Technology held cash and cash equivalents of 226 million yuan.

Yunfeng Capital and Tencent back it, with a valuation exceeding 6 billion yuan

Since its first round of financing in 2017, Xunce Technology has completed a total of 7 rounds of financing. After the latest cross - round financing, the company's valuation is approximately 6.22 billion yuan. Its investors include Yunfeng Capital founded by Jack Ma, the founder of Alibaba, and Yu Feng, the founder of Focus Media, as well as many well - known institutions and enterprises such as Tencent, Goldman Sachs Group, and the Greater Bay Area Fund.

In the early financing layout of Xunce Technology, Yunfeng Capital, Sinovation Ventures, and Hongtai Fund were all important participants. In 2017, they participated in the Series A financing. At that time, the pre - investment valuation of the company was 150 million yuan, and the post - investment valuation rose to 230 million yuan. In September of the same year, Xunce Technology immediately completed the Series A+ financing. Yunfeng Capital chose to increase its investment again, and Goldman Sachs Group also participated in this financing. The pre - investment valuation of this round reached 600 million yuan.

After that, Xunce Technology continued to be favored by capital. Enterprises and institutions such as Tencent and Yuxin Capital made multiple additional investments, successfully promoting and completing the Series B and Series C financings. According to the sorting by reporters from the Venture Capital Daily, after the Series C+ financing, the company's valuation further climbed to 2.5 billion yuan.

When the financing process advanced to the Series D, the pre - investment valuation of Xunce Technology had reached 4 billion yuan. The prospectus data shows that as of the completion of the cross - round financing, the final post - investment valuation of Xunce Technology reached 6.22 billion yuan.

According to public information, in Xunce Technology's final equity structure, Liu Chengxi indirectly controls 28.86% of the equity through Zhuhai Enyuan, Zhuhai Fuqian, and Zhuhai Guwen under Zhuhai Hengcheng, forming the single largest shareholder group.

Tencent participated in the investment through two of its subsidiaries. Its shareholding follows Liu Chengxi. Among them, Guangxi Tencent Venture Capital Co., Ltd. holds 7.55% of the shares, and Shenzhen Tencent Industry Win - win Co., Ltd. holds 0.04% of the shares.

Special statement: The content of this article is for reference only and does not constitute investment advice. Investors shall bear the risks on their own if they operate based on this.

This article is from the WeChat public account "Venture Capital Daily", author: Li Jiayi. It is published by 36Kr with authorization.