IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Xunce |
|---|---|
| Stock Code | 03317 |
| Company Full Name | Shenzhen Xunce Tech Co Ltd |
| Industry | Enterprise Software/SaaS |
| Principal Activities | real-time data infrastructure and analytics solutions provider in China |
| Listing Date | 2025-12-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國廣東省 深圳市南山區 粵海街道高新區社區 科苑南路3156號 深圳灣創新科技中心2棟A座66層 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1920室 |
| Place of Incorporation | To be extracted |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | xuncetech.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 48.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,800 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-18 to 2025-12-23 |
| Global Offering Shares | 22,500,000 shares |
| HK Public Offer Shares (Initial) | 2,250,000 shares (10.0%) |
| Public Offer Lots (Initial) | 22,500lots (Pool A11,250lots，Pool B11,250lots) |
| International Placing Shares (Initial) | 20,250,000 shares (90.0%) |
| Offer Ratio | ~6.98% |
| Total Shares Post-IPO | 322,500,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 国泰君安融资有限公司 CE AGS488 |
| Cornerstone Share | 26.6% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,080,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,800 |
| 2 lots | 200 | HK$ 9,600 |
| 3 lots | 300 | HK$ 14,400 |
| 4 lots | 400 | HK$ 19,200 |
| 5 lots | 500 | HK$ 24,000 |
| 6 lots | 600 | HK$ 28,800 |
| 7 lots | 700 | HK$ 33,600 |
| 8 lots | 800 | HK$ 38,400 |
| 9 lots | 900 | HK$ 43,200 |
| 10 lots | 1,000 | HK$ 48,000 |
| 15 lots | 1,500 | HK$ 72,000 |
| 20 lots | 2,000 | HK$ 96,000 |
| 25 lots | 2,500 | HK$ 120,000 |
| 30 lots | 3,000 | HK$ 144,000 |
| 35 lots | 3,500 | HK$ 168,000 |
| 40 lots | 4,000 | HK$ 192,000 |
| 45 lots | 4,500 | HK$ 216,000 |
| 50 lots | 5,000 | HK$ 240,000 |
| 60 lots | 6,000 | HK$ 288,000 |
| 70 lots | 7,000 | HK$ 336,000 |
| 80 lots | 8,000 | HK$ 384,000 |
| 90 lots | 9,000 | HK$ 432,000 |
| 100 lots | 10,000 | HK$ 480,000 |
| 200 lots | 20,000 | HK$ 960,000 |
| 300 lots | 30,000 | HK$ 1,440,000 |
| 400 lots | 40,000 | HK$ 1,920,000 |
| 500 lots | 50,000 | HK$ 2,400,000 |
| 600 lots | 60,000 | HK$ 2,880,000 |
| 800 lots | 80,000 | HK$ 3,840,000 |
| 1,000 lots | 100,000 | HK$ 4,800,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,200 lots | 120,000 | HK$ 5,760,000 |
| 1,400 lots | 140,000 | HK$ 6,720,000 |
| 1,600 lots | 160,000 | HK$ 7,680,000 |
| 2,000 lots | 200,000 | HK$ 9,600,000 |
| 3,000 lots | 300,000 | HK$ 14,400,000 |
| 5,000 lots | 500,000 | HK$ 24,000,000 |
| 11,250 lots | 1,125,000 | HK$ 54,000,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 33.56B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 15,480,000,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 12,815,093,088 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 97.8 million |
| Period-End Cash Balance | RMB 343.82 million |
| Listing Expenses | ~HK$ 118,500,000 |
| Listing Expenses / Funds Raised | ~10.2% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 48.5 |
|---|---|
| First Day Open | HK$ 48.02 |
| First Day Change | 1.04% |
| First Day Volume | 4380600.0 |
| First Day Turnover | 199806000.0 |
| Use of Proceeds | 1、約65%或676.2百萬港元將用于深化現有的解決方案、開發新的解決方案，并增強技術能力；
2、約15%或156.0百萬港元將用于深化對一系列其他產業的滲透；
3、約10%或104.0百萬港元將用于提升營銷能力；
4、約10%或104.0百萬港元將分配作營運資金及其他一般業務用途。 |
Underwriting Syndicate
Sole Sponsor (1)
国泰君安融资有限公司 CE AGS488(sole)
Sponsor cum Overall Coordinator (1)
国泰君安证券（香港）有限公司 CE ABY236(sole)
Overall Coordinators (3)
Joint Global Coordinators (4)
Joint Bookrunners (15)
国泰君安证券（香港）有限公司 CE ABY236
Deutsche Bank AG, Hong Kong Branch CE AAK077
Futu Securities International (HONG KONG) Limited CE AZT137
Hong Tai Securities Limited CE BJK437
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
North Beta International Securities Limited CE ARR717
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
TradeGo Markets Limited CE BRO637
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
ABCI CAPITAL LIMITED CE AWL249
BOCOM International Securities Limited CE APJ121
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
SOUTH CHINA SECURITIES LIMITED CE AAA874
Joint Lead Managers (15)
国泰君安证券（香港）有限公司 CE ABY236
Deutsche Bank AG, Hong Kong Branch CE AAK077
Futu Securities International (HONG KONG) Limited CE AZT137
Hong Tai Securities Limited CE BJK437
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
North Beta International Securities Limited CE ARR717
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
TradeGo Markets Limited CE BRO637
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
ABCI Securities Company Limited CE ACX411
BOCOM International Securities Limited CE APJ121
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
SOUTH CHINA SECURITIES LIMITED CE AAA874
Capital Market Intermediaries (13)
Hong Tai Securities Limited CE BJK437
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
North Beta International Securities Limited CE ARR717
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
建银国际金融有限公司 CE AJO225
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
TradeGo Markets Limited CE BRO637
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
ABCI Securities Company Limited CE ACX411
ABCI CAPITAL LIMITED CE AWL249
BOCOM International Securities Limited CE APJ121
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
SOUTH CHINA SECURITIES LIMITED CE AAA874
Stabilizing Manager (1)
国泰君安融资有限公司 CE AGS488
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 金杜律师事务所 DLA Piper Singapore Pte. Ltd. |
| Legal Advisor to Sponsors/Underwriters |
海问律师事务所有限法律责任合伙 海问律师事务所 |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | Somerley Capital Limited CE BAU754 |
| Receiving Banks |
招商永隆银行有限公司 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 中视金桥 | 10,000,000 USD | 1,510,400 | 6.71% | 5.84% | 6 months | 2026-06-30 |
| 2 | Alphahill基金 | 10,000,000 USD | 1,510,400 | 6.71% | 5.84% | 6 months | 2026-06-30 |
| 3 | 富策控股 | 5,000,000 USD | 755,200 | 3.36% | 2.92% | 6 months | 2026-06-30 |
| 4 | Infini | 5,000,000 USD | 755,200 | 3.36% | 2.92% | 6 months | 2026-06-30 |
| 5 | 蔷薇香港 | 20,000,000 HKD | 388,300 | 1.73% | 1.50% | 6 months | 2026-06-30 |
| 6 | New Golden Future Limited | 2,000,000 USD | 302,000 | 1.34% | 1.17% | 6 months | 2026-06-30 |
| 7 | Cithara基金 | 2,000,000 USD | 302,000 | 1.34% | 1.17% | 6 months | 2026-06-30 |
| 8 | FMF | 2,000,000 USD | 302,000 | 1.34% | 1.17% | 6 months | 2026-06-30 |
| 9 | Joy Mobile | 1,000,000 USD | 151,000 | 0.67% | 0.58% | 6 months | 2026-06-30 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 刘志坚 | LiuZhijian |
| Company Secretary / Executive Director | 宣然 | XuanRan |
| Non-Executive Director | 蔡祥 | CaiXiang |
| Independent Non-Executive Director | 汪棣 | WongTi |
| Executive Director | 耿大为 | GengDawei |
| Independent Non-Executive Director | 蒋昌建 | JiangChangjian |
| Executive Director | 杨阳 | YangYang |
| Independent Non-Executive Director | 田江川 | TianJiangchuan |
| Independent Non-Executive Director | 国可心 | GuoKexin |
| Executive Director | 姜春飞 | JiangChunfei |
| Independent Non-Executive Director | 孙正章 | SunZhengzhang |
| Independent Non-Executive Director | 郑圣磊 | ZhengShenglei |
Major Shareholders
| Major Shareholders & Holdings | Immediately after the completion of the Global Offering, Mr. 劉呈喜 will indirectly control approximately 26.84% of the total issued share capital of the Company through 珠海恩圓, 珠海富前, 珠海股溫 and 珠海亨呈, constituting the single largest shareholder group. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
迅策本次IPO获7.24倍超额认购，申购人数逾9700人，市场情绪温和。最终一手中签率约32.8%，未触发回拨机制，显示机构与散户需求相对均衡。最终发售价48港元，企业服务软件板块整体热度中规中矩。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（申购80,000股）期望获配仅0.64手，乙头（100,000股）期望获配0.82手，两者均未实现稳中一手，中签决定依赖随机分配。该档位结构未出现甲尾效率高于乙头的倒挂现象，但整体甲组和乙组资金效率极低，反映出散户密集申购导致的小手数极度分散。投资者需权衡中签率与手续费成本。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Demographics
本次招股未披露持有人地区及性别分布，总持有人数据暂缺。从有限的申请人数及超额倍数看，预计以本地散户为主，内地参与度可能受限于渠道或关注度较低。因缺乏人口画像细节，无法进一步分析投资者结构。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
