Good News on Listing | Frost & Sullivan Assists Shenzhen Xunce Technology Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (3317.HK)

Shenzhen Xuncai Technology Co., Ltd. (hereinafter referred to as 'Xuncai Technology' or 'the Company') successfully went public on December 30, 2025. The Company issued 2,250 million H shares at a price of HK$48 per share, raising a total amount of approximately HK$1.08 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data, from January to December 2025, and over the past 36 months, Frost & Sullivan provided listing industry advisory services for 83 (accounting for 72%) and 180 (accounting for 71%) Hong Kong-listed IPOs respectively, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.

• The company focuses on the high-barrier segment of real-time data infrastructure and analytics, which is one of the fastest-growing areas in the Chinese data infrastructure market with a still-low penetration rate.

   

• In 2024, the company ranked first in both revenue and market share in the real-time data infrastructure and analytics market of China's asset management industry.

   

• The company possesses millisecond to second-level real-time processing capabilities, with a unified data infrastructure deeply integrated with vertical business functions, forming a complex technical and industry barrier that is difficult to replicate.

   

• The company's modular architecture is compatible with customized pricing models and can be replicated across multiple industries. It can be horizontally expanded into high-value sectors such as financial services, urban management, manufacturing, and telecommunications.

Data infrastructure refers to the systems that support data collection, cleaning, management, analysis, or governance within an organization. Based on processing mechanisms and efficiency, data infrastructure can be divided into real-time data infrastructure and non-real-time data infrastructure. These two types of data infrastructure are designed to meet different needs for processing data. The following table illustrates the main differences between the two types of data infrastructure:

Source: Frost & Sullivan report

The real-time data infrastructure is a unified data platform that can collect, cleanse, manage, analyze, and govern data from multiple sources within seconds.Heterogeneous dataData infrastructure is the foundational layer that supports all data-related activities (including analysis). Data analysis is the application layer situated above this infrastructure, utilizing collected, stored, and managed data to generate insights, make predictions, or inform decision-making. Real-time data infrastructure and analytics solutions leverage big data and artificial intelligence technologies to transform scattered data into business insights by building and analyzing data models, and develop intelligent analytics solutions based on actual business scenarios.

As data volume continues to grow and new data types and sources emerge, enterprises are increasingly complex about their data platform and application needs to fully realize the potential of their data value, including the following:

● Timely.The ability to process data in real time to meet the needs of real-time data processing and business strategy implementation.

●Unified.Automatically collects and manages data from various sources, processes structured and unstructured data, and avoids data and system silos.

● Efficiency.Build the next-generation real-time data infrastructure to build and run scalable applications in dynamic environments such as public, private, and hybrid clouds, thereby supporting diverse business scenarios and operational efficiency.

However, traditional data technologies and products often struggle to meet the above needs due to limited processing speed, high latency, and inability to handle large volumes of diverse data types. Specifically:

● Timely.Traditional data technologies mainly provide batch processing capabilities. Although stream processing technology is becoming increasingly popular, real-time processing capability remains a challenge.

●Unified.Most traditional data products only support one or a few data types. Therefore, enterprises often have to use multiple databases to meet their growing data needs. In addition, traditional databases rely on centralized architectures and store data in costly professional hardware devices, lacking scalability and cost-effectiveness.

● Efficiency.The construction of traditional data infrastructure often lacks systematic planning, resulting in multiple disconnected business and data systems within an enterprise, hindering efficient data flow and the strategic value of supporting business development and decision-making with data.

The mismatch between emerging demands generated by enterprises during the digital transformation process and traditional data technologies has led to the emergence and rapid growth of real-time data infrastructure and analytics markets in China.

With the vigorous development of China's real-time data infrastructure and analytics market, significant progress in technological innovation in China will give rise to a globalization trend. The continuous progress of the Internet, mobile connectivity, Internet of Things, 5G, and related information and communication technologies has led to exponential growth in global data. It is expected that more and more domestic enterprises will enter the international arena, exporting their profound industry expertise and advanced real-time data processing technologies to global customers.

The market scale of China's real-time data infrastructure and analytics market reached 187 billion yuan in 2024, with a compound annual growth rate of 46.1% from 2020 to 2024. As described below, driven by favorable national policies and the huge demand for cross-industry enterprise digital transformation, the market scale will continue to grow at a high rate and is expected to reach 505 billion yuan in 2029, with a compound annual growth rate of 22.0% from 2024 to 2029.

Source: Frost & Sullivan report

China's overall real-time data infrastructure and analytics market is in its infancy and expanding rapidly. The overall potential market size of China's real-time data infrastructure and analytics market will reach RMB 525.2 billion by 2024. Thanks to various favorable factors such as the implementation of policies that include data assets in financial statements, it is expected that the overall potential market size will reach RMB 1152.9 billion by 2029, as described below:

Source: Frost & Sullivan report

In terms of the potential budgets for real-time data infrastructure and analytics solutions across all industries and enterprises, the penetration rate of China's real-time data infrastructure and analytics market in 2024 is 3.6%, indicating tremendous market expansion potential.

The competition in the real-time data infrastructure and analytics market in China is fierce and dynamic, with major players from the technology industry making significant contributions. By the end of 2024, the total number of participants in the Chinese real-time data infrastructure and analytics market exceeded 400. Driven by increased investment in digital transformation and the growing demand for data and analytics solutions across various industries, the market is experiencing strong growth. Supported by technological advancements such as big data and AI, industry pioneers are developing rapidly. The top five participants in the market (by 2024 revenue) are as follows:

Source: Frost & Sullivan report

Based on their competitive advantages, leading players in the Chinese real-time data infrastructure and analytics market can maintain their leading position and create strong barriers for new entrants. Some of these competitive advantages include:

● Extensive industry knowledge

Market participants who first established business relationships with large and complex industry clients have accumulated a deep understanding of customer needs, business scenarios, as well as the underlying technical architecture and diverse data types of their clients. These participants have also invested significant funds in developing their products to meet industry demands. Therefore, newcomers face significant time and cost challenges in accumulating similar industry experience.

●Widely applicable value

Leading providers of real-time data infrastructure and application solutions offer comprehensive products covering all stages of data lifecycle management. These providers can quickly and comprehensively empower enterprise customers in various core business scenarios, making their solutions highly valuable and applicable across a wide range of industries.

●Highly standardized

By providing standardized core products, leading providers of real-time data infrastructure and application solutions can achieve cross-industry commercialization in a fast and cost-effective manner. This approach increases the market share of their products by promoting widespread adoption and compatibility with different business environments.

● Advanced technical capabilities

The leading provider of real-time data infrastructure and application solutions leverages years of technical accumulation and R&D achievements to consolidate its proprietary technologies. It prioritizes the integration of emerging technologies in industries such as big data, artificial intelligence, and cloud computing. This strategy focuses on enabling it to build strong R&D capabilities and maintain its position at the forefront of industry technological progress.

● Strong customer base

In the long-term development process, leading providers of real-time data infrastructure and application solutions have gained a large number of top-tier customers and valuable project experience. They achieve this by continuously providing enterprises with high-quality, practical, and reliable data analysis solutions. As a result, their customer base continues to expand, and customer loyalty steadily increases over time.

The real-time data infrastructure and analytics solutions in the asset management industry refer to data platforms and analytics applications that enable asset managers to collect, cleanse, manage, analyze, and govern thousands of external and internal data sources with high precision within seconds. They use the collected, stored, and managed data to generate insights, make predictions, or inform investment decisions.

The investment data retained by various asset managers is one of the most complex datasets, requiring the highest standards for data accuracy and timeliness. It contains numerous and complex data formats and is stored on incompatible systems. Specifically, the asset management industry faces the following unique challenges during the digitalization process:

● Timely.Traditional data platforms are built upon the previous generation of data technology, with data aggregation and analysis mainly relying on batch processing, with time intervals ranging from minutes to hours, or even days. Some data processing tasks require manual intervention, which limits efficiency and accuracy. This limitation poses a greater obstacle to the asset management industry, which deals with actual transactions every second, and requires real-time data processing and analysis capabilities.

●Unified.In the process of IT system construction and digital transformation, different business divisions within an asset management institution may develop independent systems, while market data is provided by multiple data providers, leading to system and data silos that hinder their ability to conduct investment research, formulate investment strategies, execute orders, monitor portfolios, manage risks, and comply with regulatory reporting obligations in a unified manner.

● Efficiency.As mentioned above, the data processing capabilities of the underlying data platform are limited in terms of timeliness and uniformity. Since the traditional IT systems of each business division of asset management institutions are closely connected to their underlying traditional data platforms, this has hindered the operational efficiency of asset managers.

With a variety of technologies, real-time data infrastructure and analytics solutions possess unique capabilities to automatically collect, standardize, and integrate heterogeneous data from multiple sources as well as data scattered across internal systems of asset management institutions. Driven by real-time data capabilities, these solutions support the business decision-making process throughout the entire asset management lifecycle, from investment decisions, portfolio monitoring and performance analysis, order execution, valuation to risk management and compliance.

Through the above features, real-time data infrastructure and analytics solutions bring the following value to asset managers:

●Provides end-to-end solutions for the asset management industry, greatly improving data integrity and traceability, solving system and data silos, and enhancing the efficiency of unified data management and utilization.

●Significantly improving the real-time data processing speed and capabilities of asset managers enables them to meet growing data management needs and enhance operational efficiency.

●Optimize the investment performance and risk management of asset managers through a combination of real-time data integration, processing, and output.

Due to high implementation costs and limited internal technical capabilities, most asset managers in China need to rely on third-party data infrastructure and analytics solution providers for real-time data management.

As asset managers continue to advance the digital transformation process, calculated based on actual revenue from vendors, the market size for real-time data infrastructure and analytics in China's asset management industry has grown significantly over the past few years. The market has increased from RMB 300 million in 2020 to RMB 21 billion in 2024, with a compound annual growth rate of 62.7% from 2020 to 2024. In particular, the market size decreased by 19.2% in 2024 compared to 2023, mainly due to short-term macroeconomic uncertainties and financial market fluctuations. As a result, corporate clients in the asset management industry generally adopt a cautious capital expenditure strategy, leading to a reduction in budget allocation and implementation timelines for IT infrastructure projects in the short term.

Looking ahead, as regulatory authorities put forward higher requirements for asset management institutions' real-time risk control and management, as well as their continuous investmentsHigh-frequency quantitative tradingFor algorithmic trading, real-time data infrastructure and analytics will become long-term and fundamental requirements for the digital transformation of asset management institutions. The actual revenue scale of manufacturers in the real-time data infrastructure and analytics market for China's asset management industry is expected to continue rising, reaching RMB 116 billion in 2029, with a compound annual growth rate of 40.7% from 2024 to 2029.

Source: Frost & Sullivan report

Based on the potential budget of asset management institutions for real-time data services, the overall potential market size of real-time data infrastructure and analytics in China's asset management industry will be RMB 752 billion in 2024, and it is expected to reach RMB 1839 billion by 2029, with a compound annual growth rate of 19.6% from 2024 to 2029.

However, in terms of the potential budget for real-time data infrastructure and analytics solutions for asset management institutions, the penetration rate of the real-time data infrastructure and analytics market in China's asset management industry is only 2.8% in 2024. The significant gap between market size and the overall potential market indicates tremendous growth potential.

The real-time data infrastructure and analytics market in China's asset management industry will continue to develop in the following trends:

●Product development

As asset managers in China increasingly adopt real-time data infrastructure and analytics solutions, third-party providers of real-time data infrastructure and analytics solutions have steadily accumulated rich capabilities for various business scenarios. As these providers continue to venture into various business scenarios within the asset management industry, real-time data infrastructure and analytics solutions will cover a wider range of assets and transactions, enriching their capabilities for business scenarios and data models, thereby meeting the more diverse business needs of asset managers across the industry.

● Industry competition

First-mover advantage: Asset managers are more cautious when changing real-time data infrastructure and analytics solution providers, as once a solid relationship is established, they tend to be highly dependent on the existing supplier. Therefore, real-time data infrastructure and analytics solution providers that entered the industry earlier and became trusted partners enjoy significant advantages.

Dominant Effect: The leading participants in the real-time data infrastructure and analytics market of China's asset management industry have established a good market reputation through their technical expertise, industry insights, and effective marketing strategies. This has led to significant advantages such as brand awareness, market share, resources, or network effects. This will help them further increase market share and maintain their leading position. In addition, asset managers have an extremely high demand for the stability of technology and systems. The service track records of leading participants prove their ability to provide highly stable and reliable products, putting them in a favorable position when acquiring new customers in this vertical field.

●Technical iteration

In addition to artificial intelligence, with the gradual wider adoption of emerging technologies such as cloud-native, privacy computing, and microservices, big data, cloud computing technology, real-time data infrastructure, and analysis solutions will continue to innovate. It is expected that issues such as delivery delays, inconsistent standards, and data security in traditional data architectures will be resolved, driving further development of real-time data infrastructure and analysis solutions— which can not only collect, manage, and analyze multi-source heterogeneous data with low latency and high efficiency but also gradually gain increasing system resilience and scalability, as well as data security and reliability.

● Market expansion

Leading market participants in China may export proven products to overseas asset management institutions, thereby seizing opportunities in overseas markets. Regions such as Hong Kong, Southeast Asia, and the Middle East, where asset management industries are developing rapidly or have established strategic development relationships with China, will be the primary choices for industry leaders to explore untapped opportunities.

As of the end of 2024, the total number of participants in the real-time data infrastructure and analytics market for China's asset management industry exceeded 50. The main participants in this market include specialized real-time data infrastructure and analytics solution providers, cloud service providers, and traditional financial IT solution providers:

●A dedicated provider of real-time data infrastructure and analytics solutions

We are committed to providing real-time data infrastructure and analytics solutions for the asset management industry and other industries.

● Cloud service provider

We provide diversified cloud services ranging from IT infrastructure to applications for various industries, and continue to expand our service offerings in multiple areas such as real-time data infrastructure and analytics.

● Traditional financial IT solution providers

Currently, it mainly provides traditional financial IT solutions to financial institutions and endeavors to increase investment in developing real-time data infrastructure and emerging technologies such as analytics to enhance its competitiveness.

In 2024, XunCe Technology ranked first in both revenue and market share in the real-time data infrastructure and analytics market of China's asset management industry, with a market share of 11.6%. Its revenue from specific industries exceeded 20 million RMB, far exceeding that of the other five major participants, as shown in the following chart.

Source: Frost & Sullivan report

With the widespread application of technologies such as 5G, artificial intelligence, and the Internet of Things, the digitalization process in various industries in China is accelerating continuously. Data application scenarios are increasing, data sources are becoming more diverse, and the volume of data is growing rapidly. In addition to the asset management industry, with the accelerating digital transformation of enterprises, the demand for real-time data management in many other industries has also increased. Some of these industries include financial services (excluding asset management), renewable energy, retail, logistics, manufacturing management, agriculture and telecommunications, as well as the public sector. The demand for real-time data infrastructure and analysis solutions, as well as key application scenarios, vary among these industries due to different business needs:

Source: Frost & Sullivan report

In recent years, the real-time data infrastructure and analytics market in industries other than asset management in China has grown rapidly. Calculated based on actual revenue from suppliers, it increased from RMB 3.8 billion in 2020 to RMB 16.6 billion in 2024, with a compound annual growth rate of 44.6% from 2020 to 2024. It is expected to reach RMB 389 billion by 2029, with a compound annual growth rate of 18.6% from 2024 to 2029.

The overall potential market for real-time data infrastructure and analytics in other industries in China is RMB 450 billion in 2024 and is expected to reach RMB 969 billion by 2029. The significant gap between market size and the overall potential market represents a large number of unexploited market opportunities.