“China’s Palantir” Xunce Technology Launches Hong Kong IPO, Eyes First Listing in the Large-Model Data Agent Space
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AI data infrastructure provider Xunce Technology has launched its Hong Kong IPO, positioning itself to become the first listed “large-model Data Agent” company. Dubbed “China’s Palantir,” it boasts a 124.5% revenue CAGR and backing from Tencent and cornerstone investors.
Shenzhen Xunce Technology Co., Ltd. has officially launched its Hong Kong IPO as of December 17, according to IPOzaozhidao. The company plans to list on the Main Board of the Hong Kong Stock Exchange on December 30 under the stock code “03317.HK.”
If successful, Xunce would become the first listed “large-model Data Agent” company in Hong Kong, as well as China’s first AI data-infrastructure company to enter public markets.
The company is offering 22.5 million H shares, with an indicative price range of HK$48.00 to HK$55.00 per share (approx. US$6.15 – US$7.05). At the top end of the range, the IPO is expected to raise up to HK$1.2375 billion (approx. US$158.7 million). The offering has attracted nine cornerstone investors, including Yunfeng Capital and Fuce Holdings, an investment vehicle controlled by Gong Hongjia, with total cornerstone commitments of approximately US$39.57 million (around HK$307.8 million).
Prior to the IPO, Tencent, through its affiliated entities, held approximately 7.55% of Xunce Technology, making it the company’s largest institutional shareholder.
Founded in 2016, Xunce Technology is a provider of real-time data infrastructure and analytics solutions. Its business model closely mirrors that of global data analytics giant Palantir, earning it the industry nickname “China’s Palantir.” The company’s core product is a cloud-native unified data platform capable of processing multi-source, heterogeneous data streams at millisecond latency.
Xunce initially entered the market through the asset management sector, where requirements for data timeliness and accuracy are particularly stringent. It now serves all of China’s top 10 asset managers and holds the leading market share in that segment. Building on this foundation, the company has successfully expanded into financial services, urban governance, and telecommunications, where it counts all three major state-owned telecom operators among its clients.
Financially, Xunce has delivered rapid growth. Revenue increased from RMB 288 million (approx. US$40 million) in 2022 to RMB 632 million (approx. US$87.8 million) in 2024, representing a compound annual growth rate (CAGR) of 124.5%. Over the same period, the company maintained a consistently high gross margin of 76%–79%.
Analysts note that Xunce’s modular product architecture directly targets the core challenges enterprises face in deploying AI at scale. Its public listing is widely seen as a milestone, signaling that China’s AI data-infrastructure sector has entered a new phase of capital-market validation.
Source: IPOzaozhidao
