Sunac (03317) will be open for subscription from December 18th to December 23rd, and is expected to be listed on December 30th.

Junze (03317) will be listed from December 18 to December 23, 2025. The company plans to globally issue 22.5 million shares, with 10% allocated for sale in Hong Kong and 90% for international sale, with an additional 15% overallotment option. The offering price per share is HK$48-55. Trading of the shares is expected to begin on December 30, 2025 on the Hong Kong Stock Exchange. The company is a Chinese real-time data infrastructure and analytics solutions provider. They offer real-time information technology solutions covering data infrastructure and analytics to enterprises across various industries. Their integrated services facilitate seamless deployment within clients' environments (including self-managed cloud and on-premise systems). Data infrastructure is classified into real-time and non-real-time based on processing mechanisms and efficiency. In 2024, the market value of the real-time data infrastructure and analytics market in China was RMB 18.7 billion, accounting for 4.5% of the total market. By revenue, the company ranks fourth in this segment with a market share of 3.4%. Real-time and non-real-time classifications cater to different data processing needs and are not interchangeable. The core of the company's product portfolio is real-time data infrastructure, a unified data platform that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources in milliseconds to seconds. This means that once data is collected, it can be processed almost immediately for decision-making, analysis, or further action. Built on this foundation is the company's data analytics application layer, which utilizes the underlying infrastructure to generate insights, make predictions, or provide information for business decisions. The company started in the asset management industry. In 2024, asset management in China accounted for 11.2% of the total real-time data infrastructure and analytics market. By revenue in 2024, the company ranked first in the real-time data infrastructure and analytics market for asset management in China, with a market share of 11.6%. Their solutions enable asset managers to optimize various aspects of the asset management lifecycle, from portfolio monitoring, order execution, valuation, to risk management and compliance. The asset management industry is one of the most complex in terms of data sets and demands high accuracy and timeliness of data. With rich experience and a proven track record in the asset management industry, the company's solutions can adapt to various needs across different verticals. In 2024, the company's clients will span diversified industries beyond asset management, primarily including financial services (excluding asset management), urban management, manufacturing management, and telecommunications, serving as a subsidiary of a major state-owned telecommunications operator in China. The real-time data infrastructure and analytics market in China, particularly in the asset management industry, is facing intense competition, price pressure, and rapid technological development. By continuously enhancing their technological capabilities, the company believes they can create remarkable real-time data infrastructure for digitalization across various industries in the foreseeable future. As the company only assists clients in designing and providing the software systems they require, without engaging in substantive asset management activities, their operations do not require asset management-related licenses. The company has entered cornerstone investment agreements with SINOMEDIA, Alphahill Fund, Rich Power Holdings, Infini, Rose Hong Kong, New Golden Future Limited, Cithara Fund, FMF, and Joy Mobile. The cornerstone investors have agreed to subscribe for a total amount of approximately USD 39.57 million under certain conditions and restrictions at the offering price. The company estimates that after deducting underwriting commissions, expenses payable for the global offering, and estimated expenses, and assuming the overallotment option and the additional allotment option are not exercised, and assuming a offering price of HK$51.50 per share, the company will receive a net proceeds of approximately HK$1.04 billion from the global offering. Based on the company's strategy, they plan to utilize approximately 80% of the net proceeds for ongoing and future research and development of company solutions; approximately 10% for enhancing marketing capabilities; and the remaining 10% for allocation towards operating capital and other general business purposes.