Perspective Innovation Technology (03317) goes to Hong Kong IPO: moving from advantaged sectors to diversification, possessing both scarcity and high growth characteristics.

In today's business logic reconstruction with AI technology, Data Agent is bringing a new paradigm revolution to the enterprise data analysis industry. IDC has predicted that by 2026, 50% of the top 500 Chinese companies' data teams will use AI Agents to achieve data preparation and analysis. Data engineering Agents will become important organizers and coordinators for enterprises. This data also directly indicates the new trend in the data analysis industry - which involves the fusion of "data + knowledge", insight into action loops, and human-machine collaborative evolution, Data Agents are breaking through the capability boundaries of traditional data analysis tools. This new trend has also brought unprecedented market attention to digital analysis companies that are leading the "AI-native" transformation. For example, Xunze Technology (03317), which provides "fuel" and "runway cars" for the Data Agent industry, is a leading real-time data infrastructure and analysis supplier in China. Business data infrastructure and data analysis applications are critical components of the Data Agent industry chain, hence the actions to go public in Hong Kong have also attracted extensive market attention. On December 18, Xunze Technology announced that it will be offering 22.5 million H-shares for public sale, with 10% available to the public in Hong Kong and the rest for international placement, at a price of HK$48 to HK$55 per share, raising up to HK$1.238 billion. The minimum subscription is 5555.47 Hong Kong dollars for 100 shares. Key cornerstone investors include Yunfeng Fund, Fuze Holdings led by Gong Hongjia, SINOMEDIA, Alphahill Fund, Infini Capital, Rose Hong Kong, Cithara Fund, Factorial Master Fund, and Joy Mobile, with a total subscription of approximately $39.57 million (around HK$3.078 billion). It is expected that the stock will be officially listed on the Hong Kong Stock Exchange by December 30. This means that with the successful listing of Xunze Technology on the Hong Kong stock market, the company is expected to become the first large-scale Data Agent stock on the Hong Kong stock market. In the current stage of Xunze Technology's sprint towards listing on the Hong Kong stock market, it is worth delving into the company's fundamentals and the potential for industry development - where does Xunze Technology's investment value mainly lie? Can it seize the opportunity for development amidst the industry's growth? Building a rare quality through multi-dimensional advantages Founded in 2016, Xunze Technology is a well-known real-time data infrastructure and analysis solution provider in China, offering real-time information technology solutions covering data infrastructure and analysis to enterprises across all industries. Its product portfolio mainly consists of two parts - data infrastructure, which is enabled by AI-powered cloud-native unified data platforms that collect, clean, manage, analyze, and govern heterogeneous data from multiple sources, deployed in customers' clouds or local systems; and data analysis applications, which use the underlying infrastructure to generate insights, make predictions, or provide real-time data for business decisions. Supported by strong technological capabilities, Xunze Technology rapidly became a leading player in the segment industry. According to Frost & Sullivan data, based on revenue in 2024, the company ranks first in the real-time data infrastructure and analysis market in the Chinese asset management industry, with a market share of 11.6%. In the overall Chinese real-time data infrastructure and analysis market, it ranks fourth with a market share of 3.4%. However, the leading position that Xunze Technology holds provides not only current market share but also a ticket that allows it to explore new markets at lower costs and higher success rates. For example, pricing power and profit potential. With technological barriers and a leading position, Xunze Technology also has an advantage in pricing negotiations, maintaining a high gross margin: according to the prospectus, the gross margin for the company was 78%, 79%, and 76.7% for 2022, 2023, and 2024 respectively, at a high-profit level. This also means that Xunze Technology has sufficient resources to continue to invest heavily in research and development, providing funds for business diversification. Additionally, the advantage of customer acquisition. Xunze Technology's clients mainly include insurance companies, mutual funds, bank asset management departments, securities companies, corporate finance units, and other asset management sectors. The company has maintained a high net revenue retention rate, demonstrating high customer stickiness. Moreover, the leading position itself is the most powerful "trust certificate", significantly reducing decision-making risks and verification costs for new clients, achieving "benchmark-driven sales". Therefore, Xunze Technology has successfully extended its solutions to industries beyond asset management, including financial services, urban management, and telecommunications, including China's three major state-owned telecommunications operators. Furthermore, the halo effect of being an industry leader also possesses a certain resource absorption capability. Looking at the company's shareholding structure, Xunze Technology's shareholding structure mainly consists of "founder holdings + star institutions", with the company's founder controlling nearly 30% of the shares, and shareholders including top capital firms such as Tencent, Yunfeng Fund (Alibaba), Goldman Sachs, KKR, among others. This "luxury" lineup itself serves as a strong resource endorsement, helping the company gather the best industry resources and creating a "strong get stronger" Matthew effect. From these performances, it is clear that Xunze Technology is a company that has established strong brand barriers in a niche field and has gained recognition from top capital and high-quality clients. This has enabled the company to build a strong competitive advantage - in the high-altitude racetrack of real-time data processing, Xunze Technology is one of the few with a full set of equipment and successful summit guides, laying a solid foundation for its future growth. "Technology cross-industry replication capability" drives high growth Looking at the industry prospects, with the explosion of large models and AI applications, there is an unprecedented demand for high-quality and real-time data supply, and the development track where Xunze Technology operates also demonstrates significant potential. According to a report by guanyanbaogao.com on "Analysis of the Current Development Status and Investment Prospects of the Chinese AI Agent Industry (2024-2031)", the Chinese AI Agent market size will reach 852 billion RMB by 2028, with a high annual compound growth rate of 72.7%. Under the explosive growth of the AI intelligent body industry, the development potential of the "real-time data infrastructure and analysis" track where Xunze Technology operates will also accelerate, with significant market potential: according to the prospectus, the overall potential market size for real-time data infrastructure and analysis in China is in the nascent and rapidly expanding stage, reaching 525.2 billion RMB in 2024, and is expected to reach 1,152.9 billion RMB by 2029. With high industry growth trends, Xunze Technology's revenue also shows high growth characteristics - from 2022 to 2024, the company's revenue was 288 million RMB, 530 million RMB, and 632 million RMB respectively, with a high compound annual growth rate of 48%. As the AI wave accelerates, the company's future business will also unleash more growth momentum. It is worth noting that Xunze Technology's technology cross-industry replication capability opens up a broader industry ceiling. Although the company started with asset management, its technology has now successfully been reused in multiple fields such as telecommunications, urban management, and others, further verifying the company's cross-industry reuse capability. As the business successfully achieves diversified transformation, the revenue structure of Xunze Technology has also fundamentally changed: in the first half of 2025, revenue from diversified industries such as telecommunications, urban management, and production management accounted for 52.7%, surpassing the proportion from its original asset management business for the first time. More importantly, these new industries have strong customer payment capabilities, and can provide Xunze Technology with higher and more sustainable revenue ceilings. Considering the demand for real-time data infrastructure and analysis solutions in different industries, Xunze Technology's cross-industry layout appears to be forward-looking. As enterprise digital transformation accelerates, in addition to the asset management industry, many other industries are also increasing their demand for real-time management data. For example, financial services (excluding asset management) can use real-time collection and processing of transaction data from various channels to identify fraudulent transactions in real-time; the telecommunications sector can optimize network resource allocation through real-time collection and processing of network performance and user behavior data for telecommunications operators. By extrapolation, as Xunze Technology continues to explore development opportunities in various segmented industries, the company will also reap the second, third, and nth growth curves. Of course, Xunze Technology's successful technology cross-industry replication capability opens up a ceiling for growth, which is also closely related to the construction of its technological barriers. From 2022 to 2024, the company's research and development investment reached 259 million, 379 million, and 450 million RMB respectively, with a proportion of revenue exceeding 70%, far higher than the industry average. Such high research and development investment is related to the construction of Xunze Technology's technological barriers. The company has invested heavily in the research and development of cloud-native unified data platforms and modular architectures (with over 300 modules), creating a technology moat that is difficult for competitors to replicate and further consolidating its market-leading position. With significant research and development investment, Xunze Technology is currently in a strategic stage of losses, but from a long-term perspective, the company's losses can be seen as "research and development capitalization". Every unit of investment today is transforming into a development gap that competitors cannot easily overcome tomorrow, such as the ability to cross-industry reuse and a growth curve with higher acceleration. Conclusion In summary, it is clear that Xunze Technology is a leading player in a niche field of real-time data processing, with established professional barriers and recognition from top capital firms. Its scarcity as a "high-growth track leader" and the high growth potential of its "technology cross-industry reuse" also provide it with a broad moat and expansive growth space. With the multiple competitive advantages mentioned above, the company's long-term development is also highly imaginative. As Xunze Technology successfully lands on the secondary market, investors may consider including it in their stock pool as a long-term observation target, because once the company's multi-growth curve growth potential is fully unleashed, its performance and value are expected to see significant upward potential.