A remarkable success story has emerged in the venture capital world. Xunce Technology, known as the "first Token stock," listed on the Hong Kong Stock Exchange four months ago. Despite initial stock price volatility, its market capitalization has surged past HKD 100 billion within just over 100 days, with shares soaring 500% since its IPO.
The company was founded in 2016 by Liu Chengxi, though it is led by his son Liu Zhijian. Xunce Technology's investor base has expanded significantly, and its current market value is over 500 times its Series A valuation.
Tencent, the largest institutional shareholder, has seen floating profits exceeding HKD 5 billion from its investment. Private equity firm KKR has also gained over HKD 4 billion, while other early-stage investors have achieved returns exceeding 100 times their initial investments.
This Shenzhen-based firm, now valued at HKD 100 billion, began its journey a decade ago. Liu Chengxi established the company in April 2016 but remained low-profile, with his son Liu Zhijian taking the helm as Chairman and CEO. Liu Zhijian, a Tsinghua University graduate, brought on fellow alumnus Geng Dawei as General Manager.
Initially focused on asset management, Xunce launched its real-time data analytics solution XOne in 2017. It later introduced additional solutions like Done and VOne. Between 2021 and 2022, the company rolled out four more data analysis products: Pone, Tone, Cone, and Rone. According to its prospectus, Xunce leads China's real-time data infrastructure and analytics market for asset management and ranks fourth nationally in the broader real-time data infrastructure sector.
Embracing the AI wave, Xunce has transitioned into an AI Agent service provider. It adopted a Token-based payment model, billing clients based on actual Token consumption during AI model inference, which led to its designation as Hong Kong's "first Token stock."
Xunce's path to IPO was challenging. After two failed attempts in 2024, it successfully listed in December 2025. Despite a rocky start, including a 35% drop in gray market trading, its shares rebounded following the AI boom spurred by OpenClaw. The company's market cap first surpassed HKD 50 billion in March before exceeding HKD 110 billion, marking a 500% increase from its IPO price.
The company's funding history includes a Series A round in July 2017 with a pre-money valuation of CNY 150 million. Subsequent rounds attracted investors like Goldman Sachs, Tencent, and KKR. By its IPO, Xunce's valuation had reached CNY 6.22 billion, representing a 530-fold increase from its Series A valuation.
While some early investors, including Innovation Works, exited before the IPO, Tencent retained a 7.02% stake post-IPO, worth approximately CNY 5.7 billion. KKR's stake is valued at around CNY 4.7 billion. Early backer Yunfeng Fund saw returns of about 100 times its investment, while Series A investor Shenzhen Saida Ren achieved a 120-fold return. Founder Liu Chengxi holds a 26.84% stake, valued at nearly HKD 25 billion.
The Token economy is reshaping the AI industry. Tokens, the smallest units for model information processing, have seen daily usage in China surge to 140 trillion, up 1,400 times from early 2024. This growth, driven by AI agents, reflects increased AI adoption and commercialization. NVIDIA's Jensen Huang recently emphasized that Tokens are the new fundamental currency in the AI era, with their cost and efficiency critical to tech companies' success.
The Chinese government has officially translated "Token" as "词元" (Ciyuan), recognizing it as a standard unit connecting technology supply and commercial demand. As the hard currency of the AI age, Tokens are central to the ongoing technological competition.
Similar valuations are seen elsewhere: Zhipu AI in Hong Kong is valued at HKD 400 billion, MiniMax also reached HKD 400 billion, and InnoLight in China briefly surpassed HKD 1 trillion in market cap. This AI-driven era is creating unprecedented wealth opportunities.
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