WinLeap Securities has initiated coverage on Xunce (03317), issuing a Buy rating and setting a target price of HK$136. The company is a leading provider of real-time data infrastructure and analytical solutions in China, specializing in delivering comprehensive real-time IT solutions that encompass both data infrastructure and data analysis for enterprises across various industries. Its core product is a unified real-time data platform capable of collecting, cleansing, managing, analyzing, and governing heterogeneous data from multiple sources within milliseconds to seconds, ensuring data is immediately actionable for decision-making or further operations upon collection. Building on this infrastructure, the company has also developed an analytical application layer that leverages real-time data to generate insights, make predictions, and support business decisions, thereby enabling rapid conversion of data into tangible value.
Key points from WinLeap Securities' analysis are as follows: Riding the wave of the "Digital China" era, the company is entering a period of accelerated growth opportunity. Xunce Technology began its operations in the asset management industry, which presents the highest data complexity and the most stringent requirements for accuracy and timeliness. In 2024, the asset management sector accounted for 11.2% of the total Chinese real-time data infrastructure and analytics market. Xunce holds the top position in this segment by revenue, with a market share of 11.6%. The overall Chinese real-time data infrastructure and analytics market is projected to grow at a compound annual growth rate (CAGR) of 22.0% from 2024 to 2029. Within this, the real-time data infrastructure and analytics market specific to the asset management industry is expected to grow at a significantly higher CAGR of 40.7%, far exceeding the overall average. The company's deep expertise and accumulated experience in real-time data infrastructure for the asset management industry are poised to drive its rapid business expansion.
The company has entered into a strategic cooperation framework agreement with Jinyong Investment in January 2026. The collaboration will involve deep synergy across multiple areas, including real-time data infrastructure, innovation in wealth management technology products, fintech project investment, and business services, with the aim of jointly fostering an integrated ecosystem of "data + capital." Jinyong Investment, a multi-strategy, multi-asset class investment platform, has been consistently increasing its stake in Xunce since December 2025, through participation in the initial public offering and subsequent on-market purchases. These capital actions and the implementation of the strategic agreement fully demonstrate Jinyong Investment's strong recognition of Xunce Technology's technical capabilities and market prospects in the real-time data infrastructure field. This also marks a substantive step forward in the relationship between the two parties, evolving from a capital connection to industrial collaboration.
Risk factors include industry uncertainty; a broad downturn in financial markets; research and development risks; and credit risk.