On September 17, XUNCE (03317.HK), the first company in Hong Kong's stock market centered on the Token economy, announced a partnership with GP Capital, an entity within the Shanghai International Group system. The collaboration will combine the resources and strengths of both parties, leveraging XUNCE's TokenOS and other AI data infrastructure to deliver comprehensive Tokenization services for Hongtai and its portfolio companies, while jointly exploring commercial Token solutions for vertical scenarios.

For XUNCE, this goes beyond signing another major institutional client—it marks the official entry of its TokenOS and TokenCloud data infrastructure into the highly competitive arena of state-owned industrial investment funds. These funds manage over 70 billion yuan in total assets and hold stakes in more than 600 companies across key national sectors such as fintech, artificial intelligence, new quality productive forces, green low-carbon initiatives, high-end manufacturing, and future industries. This vast ecosystem is becoming the next battleground for scaling XUNCE's Token commercialization efforts.

Expanding into the State-Backed Ecosystem to Deepen Industrial Synergy

GP Capital, a strategically held institution under the Shanghai International Group, specializes in establishing, managing, and operating industrial investment funds and other types of equity investment funds. Its portfolio spans critical national industries including fintech, AI, new quality productive forces, green low-carbon, high-end manufacturing, and future industries, with a cumulative fund scale exceeding 70 billion yuan and investments in over 600 technology startups.

For XUNCE, the value of working with GP Capital extends well beyond serving a single leading PE firm—it opens a pathway from servicing individual clients to permeating an entire ecosystem. Traditional industrial investment funds have long struggled with data fragmentation in areas like pre-investment due diligence, post-investment management, and risk monitoring. Operational data from portfolio companies is scattered across disparate systems, making real-time aggregation, cleansing, and governance difficult. Risk exposure lacks dynamic monitoring tools, and post-investment support often stops at capital and resource matching, failing to provide tangible digital capabilities.

XUNCE's TokenOS and TokenCloud directly address these pain points. TokenOS focuses on data capabilities, converting multi-source, heterogeneous enterprise data into standardized scenario-based Tokens in real time, solving the problem of data usability. TokenCloud, on the other hand, is dedicated to model training, inference, and the fusion of data with models. Together, the two operate in software-hardware synergy, aggregating, cleansing, labeling, and governing data from investment research and post-investment management scenarios to build high-quality industry datasets. Building on this, they explore the development and deployment of vertical small models and intelligent agents, laying the groundwork for an AI-native, Token-native management infrastructure for industrial investment funds.

More importantly, GP Capital's portfolio of invested companies itself serves as a natural testing ground for AI applications. Many hard-tech firms urgently need data governance, model deployment, and intelligent upgrades, yet they lack the foundational infrastructure to do so. Through this collaboration with GP Capital, XUNCE gains access to these high-barrier enterprises in one move—an efficiency leap far greater than pursuing clients one by one.

Token Commercialization Moves into an Ecosystem Replication Phase

This industrial collaboration with GP Capital holds special benchmark significance for XUNCE's Token commercialization journey. Partnering with GP Capital signals a shift from point-based breakthroughs to ecosystem replication—leveraging the network effect of a leading industrial investment institution to deliver TokenOS capabilities in bulk to its cluster of portfolio companies, forming a "platform + ecosystem" model for scalable implementation.

Specifically, XUNCE will provide GP Capital and its portfolio companies with AI data infrastructure including TokenOS and TokenCloud, covering services such as large model integration, Token-based data governance, and the deployment of enterprise small models and intelligent agents. The two parties will also jointly explore a pay-as-you-go Token business model, as well as the application of AI data infrastructure products and computing services in vertical scenarios, aiming to create replicable, standardized implementation cases.

This "point-to-area" expansion strategy mirrors the path XUNCE successfully followed in the asset management industry: first, entering a core scenario with high real-time data demands and strong willingness to pay, establishing benchmark cases, and then naturally extending upstream, downstream, and into related scenarios. Now, industrial investment funds and the hard-tech enterprise ecosystem behind them are becoming the next key node on this trajectory.

From a financial perspective, this industrial collaboration also injects new certainty into XUNCE's sustained growth. In the first half of 2026, XUNCE's ARPU rose from 1.64 million yuan to 5.56 million yuan, a year-on-year increase of 239.89%. Per-capita revenue generation grew 379% year-on-year, while client retention remained solidly above 90%. These metrics indicate that XUNCE's products are evolving from tool-based software into platform-level infrastructure, with clients' payment depth and stickiness continuously improving.

The entry into the industrial investment fund scenario is expected to further boost XUNCE's operational indicators. Compared to single enterprise clients, industrial investment institutions and their portfolio company clusters offer higher per-client spending, longer collaboration cycles, and greater scalability. A single contract with a top PE firm may unlock demand from dozens of portfolio companies—directly driving growth in ARR and customer lifetime value.

XUNCE's successful deployment in the industrial investment sector will also provide a replicable methodology and credibility boost for expansion into more vertical industries. Just as its leading position in the financial sector opened doors for cross-industry penetration, benchmark cases in the industrial investment fund space will serve as another critical catalyst in accelerating its AI-to-B capabilities across the broader market.