Shenzhen Xunce Technology Co., Ltd. (03317.HK) has launched its Hong Kong IPO, with the subscription period running from December 18 to December 23. The company plans to issue approximately 22,500,000 H-shares globally, with a 15% over-allotment option. The offer price ranges from HK$48.00 to HK$55.00 per share, with 100 shares per board lot, and the entry fee is approximately HK$5,555.47. The shares are expected to be listed on the Hong Kong Stock Exchange on December 30, with Guotai Junan Securities as the sole sponsor.

Xunce: Fourth in China's Real-time Data Infrastructure and Analytics Market

Issuance Ratio: 10% for Hong Kong public offering (2,250,000 shares), 90% for international placing (20,250,000 shares).

Offer Price: HK$48.00—55.00 per share; 100 shares per lot; entry fee is approximately HK$5,555.47.

Offering Period: December 18—23 (Expected pricing date: December 24).

Listing Date: December 30.

IPO Sponsor: Guotai Junan Securities.

Company Overview

Xunce Technology is a provider of real-time data infrastructure and analytics solutions in China, offering real-time IT solutions covering data infrastructure and analytics to businesses across various industries. Based on 2024 revenue, the company ranks fourth in China’s real-time data infrastructure and analytics market with a market share of about 3.4%. It also leads the market in China’s asset management industry with a market share of approximately 11.6%.

Financial Information

According to the prospectus, Xunce’s revenue for the years 2022–2024 was approximately RMB 288 million, RMB 530 million, and RMB 632 million, respectively, with net losses of approximately RMB 97 million, RMB 63 million, and RMB 98 million for the same periods. In the first half of 2025, the company achieved a revenue of approximately RMB 198 million, with a net loss of approximately RMB 108 million. Assuming the offer price is set at the median of HK$51.50, and the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$1.04 billion. The funds are planned to be used for the further development of existing solutions, new solution development, and enhancing technological capabilities (about 65%), deepening penetration in other industries (about 15%), enhancing marketing capabilities (about 10%), and for general working capital and other business uses (about 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Xunce via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Xunce, tap "Public Offer," enter your subscription quantity, and submit your order.

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