Xunce Tech Added to Stock Connect as “China’s Palantir,” Annual Revenue Nears RMB 1.3 Billion

Shenzhen Xunce Technology Co., Ltd. (hereafter Xunce Tech) released a profit forecast on March 6, projecting strong revenue growth for 2025. The company—often dubbed “China’s version of Palantir”—went public on the Hong Kong Stock Exchange on December 30, 2025, positioning itself as the first publicly listed “Data Agent” company focused on large AI models.

According to the announcement, Xunce Tech expects full-year revenue of approximately RMB 1.283 billion (about USD 178 million) in 2025, representing a 102.95% year-on-year increase. Its adjusted net loss is estimated at RMB 55 million (about USD 7.6 million), narrowing significantly from RMB 82 million (about USD 11.4 million) in 2024.

The company attributed the continued losses primarily to rapid expansion and heavy investment in technology R&D, as it accelerates the deployment of AI infrastructure across industries. In addition to core data infrastructure, Xunce Tech has also expanded into robotics data platforms and commercial aviation applications.

Notably, the company’s earlier prospectus disclosed revenue of RMB 198 million (about USD 27.5 million) for the first half of 2025. Based on the latest forecast, this suggests that second-half revenue exceeded RMB 1 billion (about USD 139 million)—a 448% sequential increase.

Xunce Tech said the sharp revenue growth was driven by the rapid rise in demand for data as large AI models move toward real-world deployment. Centered on its AI Data Agent architecture, the company has developed millisecond-level real-time data processing capabilities and built a full-stack technology system covering data acquisition, cleaning, standardization, real-time computing, and model optimization. This infrastructure has enabled the company to expand AI solutions across multiple industry scenarios while deepening partnerships with enterprise clients.

On the same day the profit forecast was released, Xunce Tech was also included in the Hong Kong–Mainland Stock Connect program, effective from March 9, the next trading day. Inclusion in Stock Connect is widely viewed as recognition from capital markets of the company’s technological strength and long-term value, while also opening two-way investment channels between mainland China and Hong Kong. The move is expected to increase trading activity, investor attention, and liquidity for Xunce Tech shares.

Around the recent Lunar New Year, market attention focused on soaring valuations for AI startups such as Zhipu AI and MiniMax, both of which surpassed HKD 300 billion (about USD 38.4 billion) in valuation. However, industry observers increasingly argue that beyond foundation models and multimodal models, the most critical resource for enterprise AI development may be large-scale, high-quality, real-time “delivery-grade data.”

For enterprises, high-quality annotated data is essential for calibrating AI models to specific business scenarios and improving the return on computing resources and tokens. This is especially important for high-value vertical models in sectors such as finance, energy, healthcare, consumer services, robotics, and urban operations. Achieving this requires professional data-operations capabilities that combine domain expertise with AI knowledge, as well as real-time data stream computing embedded directly within business processes—rather than inexpensive, assembly-line style data labeling.

In other words, the upper limit of enterprise AI performance is no longer defined solely by models. Instead, control of high-quality, structured, scenario-specific data has become a strategic core capability in the AI era.

Market data also points to strong growth potential. According to Frost & Sullivan, China’s real-time data infrastructure and analytics market expanded from RMB 4.1 billion in 2020 to RMB 18.7 billion in 2024, representing a 46.1% compound annual growth rate (CAGR). The market is projected to reach RMB 50.5 billion (about USD 7.0 billion) by 2029, growing at a 22% CAGR.

Despite this growth, the market remains in its early stages. In 2024, Chinese enterprises across industries had a potential budget of RMB 525.2 billion (about USD 73.0 billion) for real-time data infrastructure and analytics solutions, yet the actual market size was only RMB 18.7 billion, indicating a penetration rate of just 3.6%. By 2029, the potential market is expected to expand to RMB 1.1529 trillion (about USD 160.0 billion), highlighting significant room for expansion.

Internally, Xunce Tech had already reached a strategic consensus two years ago regarding the relationship between computing power, AI models, and data. The company believes that data circulation and matching efficiency are essential for converting large investments in computing and models into recurring revenue streams (ARR).

As AI shifts from training toward application and inference, competitive advantage may no longer depend on who can compute faster, but rather on who controls higher-quality data access points and cross-network scheduling capabilities. Once such infrastructure is widely adopted, it transitions from being a cost center to becoming a natural monetizable platform.

Looking ahead, Xunce Tech plans to gradually introduce token-based pricing models, including pay-per-token API calls, training-based token fees, and performance-based revenue sharing. These mechanisms could further expand the company’s long-term revenue potential.

The company emphasized that its current priority is not immediate profitability but scaling revenue, gaining market share, and attracting high-quality clients. In the real-time data infrastructure market, customers are unlikely to frequently switch service providers due to system stability and operational dependencies. Once a company secures a leading market position, it can benefit from strong reputation effects and long-term customer retention, laying a solid foundation for profitability.

Notably, Xunce Tech has maintained a high-quality revenue structure, with gross margins consistently above 76%, far exceeding the 20–30% typical of traditional IT outsourcing services. This suggests that once the company reaches a certain revenue scale, profitability could improve rapidly.

According to Deutsche Bank, Xunce Tech is expected to achieve positive adjusted net profit in 2026, with a net margin of 6.7%, rising further to 18.3% by 2027.

With its upcoming inclusion in Stock Connect, Xunce Tech’s position as a rare public-market play in the AI data infrastructure sector may become even more prominent.

Source: IPOzaozhidao