Futu News reported on December 29 that$XUNCE (03317.HK)$ The closing price rose by 2.04% in the gray market today, reaching HKD 48.98, with a total market value of HKD 15.796 billion.
Source of market data: Futu Securities
Investment Highlights
Alignment with policy benefits: The company’s business is precisely aligned with the top-level strategy of 'Digital China.' Policies such as the establishment of the National Data Bureau, the advancement of data element market construction, and the clarification of data asset reporting rules have created vast demand for the real-time data infrastructure industry. As a core service provider in the data element industrial chain, the company's solutions can help enterprises realize the transformation of data value, positioning it to continuously benefit from the release of industry policy incentives.
Strong capital lineup: Prior to its listing, the company attracted investments from top-tier institutions such as Tencent, Alibaba, Goldman Sachs, and KKR. Its shareholder base spans technology platforms, long-term capital, and industrial capital, forming a complementary network effect. During the IPO phase, nine renowned cornerstone investors, including Yunfeng Capital and Futu Holdings, subscribed to approximately USD 40 million, with lock-up periods in place to effectively reduce selling pressure post-listing, reflecting market recognition of the company’s value.
Risk Factors
Intense industry competition: Competition in the real-time data infrastructure and AI analytics sectors is becoming increasingly fierce. Domestically, the company faces competition from various data service providers, while internationally, it competes with giants like Palantir. Additionally, tech giants such as Alibaba Cloud and Tencent Cloud leverage their financial strength and ecosystem advantages to enter the market, and traditional IT companies are accelerating their technological upgrades, potentially squeezing the company’s market space. Falling behind in technological iteration could lead to a loss of competitive advantage.
Pressure on customer growth: The growth momentum of paying customers has weakened, with only 121 paying customers in the first half of 2025, representing a nearly 30% year-on-year decline. Although the company serves leading enterprises, a slowdown in customer acquisition may impact revenue growth momentum. Moreover, during the early stages of business development, there is a high reliance on quality clients, and any adjustments in procurement strategies by key clients could directly affect revenue stability.
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Editor/Jamie