"We only solve problems that cannot be abandoned"—this ethos propelled Palantir Technologies Inc. (PLTR) to a market cap exceeding $400 billion in just five years on the U.S. stock market. Now, a similar growth story may unfold in Hong Kong with XUNCE (03317), which launched its IPO on December 18 and is set to list on the Hong Kong Stock Exchange's main board on December 30.
Positioned in the high-growth data analytics sector, XUNCE is hailed as the "Chinese Palantir" due to its formidable technological barriers, leading market position, and forward-looking strategy. The company plans to issue 22.5 million H-shares in its IPO, including 2.25 million for Hong Kong public offering and 20.25 million for international placement. At the maximum offer price of HK$55 per share, XUNCE aims to raise approximately HK$1.24 billion, valuing the company at around HK$17.7 billion.
Backed by heavyweight investors like Tencent, KKR, Alibaba, and Goldman Sachs, XUNCE has also secured nine cornerstone investors, including Yunfeng Capital, Harvest Holdings led by Gong Hongjia, and Alphahill Capital. This strong institutional backing underscores market confidence in XUNCE’s potential.
But this is just the beginning. Drawing parallels with Palantir—which surged from a $19.9 billion debut valuation to $460.9 billion by December 19, 2024, and transitioned from losses to profitability in 2022—XUNCE shares a similar trajectory. Both companies target mission-critical sectors with unified data intelligence platforms, positioning themselves as indispensable decision-making tools for industries.
**Building the Hardest "Tech Barrier"** Palantir’s success lies in its ability to tackle high-stakes scenarios—from defense intelligence to enterprise operations—using a unified data operating system. Similarly, XUNCE has carved a niche by addressing China’s financial sector’s most complex data challenges, starting with top-tier hedge funds, mutual funds, and regulators. Its platform integrates fragmented investment research, trading, risk management, and compliance systems into a real-time, unified data ecosystem—mirroring Palantir’s "single source of truth" approach.
XUNCE’s proprietary cloud-native real-time data platform processes heterogeneous data in milliseconds, setting industry benchmarks for speed and accuracy. With over 300 modular functions, the platform serves diverse sectors like telecom and urban management, where XUNCE’s non-asset management revenue surpassed 52.7% of total revenue in H1 2025.
**Dual Growth Engines** 1. **Rising Customer Value**: XUNCE’s average revenue per user (ARPU) in asset management jumped from RMB1.58 million in 2022 to RMB2.72 million in 2024, while non-asset management ARPU surged nearly 3x to RMB7.05 million. This reflects deepening client trust and broadening industry penetration. 2. **Cross-Sector Expansion**: The company is transitioning from a RMB75.2 billion asset management market (19.6% CAGR) to a trillion-yuan industrial digitization arena. China’s real-time data infrastructure market, valued at RMB525.2 billion in 2024, is projected to grow at 17% CAGR, with penetration rates still at a nascent 3.6%.
XUNCE’s revenue tripled from RMB288 million in 2022 to RMB632 million in 2024, supported by a 76–79% gross margin. Like Palantir, which turned profitable within three years of listing, XUNCE’s strategic investments in R&D and market expansion could soon propel it into profitability.
**Conclusion** Palantir’s journey from profitability to a $460 billion valuation offers a blueprint for XUNCE. As the latter debuts in Hong Kong, its potential to replicate—or even surpass—this trajectory hinges on executing its cross-sector tech replication and scaling its dual-engine growth model. The market will watch closely whether XUNCE can emerge as China’s answer to Palantir.
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