In just 100 days, XUNCE (03317.HK) has completed a remarkable turnaround in the capital markets, from a 35% plunge in pre-listing dark pool trading to a market capitalization that has forcefully broken through the HK$100 billion mark. As of the market close on April 13, the share price of the company, crowned as the "first Token stock," stood at HK$358.4 per share. Since its listing, the stock has accumulated a gain of over 600%.
The catalyst driving this surge in XUNCE's share price is the exponential increase in Token usage and the wave of Token price hikes sweeping across the AI industry. As a "data fuel provider," XUNCE is accelerating its transition from project-based and subscription models to exploring a business model upgrade centered on Token-based payments and revenue sharing. Currently, the Token fee model contributes approximately 5% of XUNCE's revenue. The company anticipates this proportion will accelerate to between 20% and 30% for the full year 2026, becoming its primary growth engine.
However, beneath the光环 of its impressive stock performance, XUNCE faces certain challenges. Its prospectus and latest financial reports reveal that the company remained in a loss-making position from 2022 through 2025, with a cumulative net loss reaching RMB 388 million. Specifically, the company recorded a net loss of RMB 130 million last year, an increase compared to the RMB 98 million loss in 2024. Concurrently, the company's comprehensive gross profit margin declined from 76.68% to 61.66%. Nevertheless, after adding back the listing expenses related to its global offering, XUNCE's adjusted net loss for the past year narrowed by 33.41%.
The "first Token stock" achieved a market cap exceeding HK$100 billion in merely one hundred days. Available data indicates that XUNCE has completed several funding rounds, attracting numerous prominent investment institutions, including Tencent and Yunfeng Capital. With continuous capital support, XUNCE's valuation has skyrocketed, rising from RMB 150 million pre-Series A in 2017 to RMB 6.22 billion following a crossover round in 2023, marking a stunning leap. On December 30, 2025, XUNCE officially listed on the main board of the Hong Kong Stock Exchange, embarking on a new journey in the capital markets and recently achieving the milestone of a "HK$100 billion market cap."
Yet, reflecting on its listing journey, XUNCE also experienced a "cold reception" in the capital markets. Public reports indicated that during dark pool trading the day before its listing, XUNCE's share price once fell over 35% below its issue price, making it the worst performer among the six new listings that day. On its first trading day, XUNCE's stock performance remained sluggish, with the intraday low touching HK$38.02 per share, briefly falling below the issue price. By the close, its first-day gain was only about 1%. However, starting in 2026, XUNCE's share price began a rapid ascent. On February 13, XUNCE was included in the Hang Seng Composite Index after just over 40 days. Since March, the stock's gains have accelerated further. On April 10, XUNCE's share price closed at HK$310, a single-day increase of 7.64%, pushing its market capitalization past HK$100 billion and successfully entering the "HK$100 billion club." On April 13, the stock hit a new intraday high of HK$382.8. As of the close on April 13, XUNCE's latest market capitalization was approximately HK$115.7 billion.
What makes XUNCE a target for intense capital pursuit? The core lies in its unique positioning as a "data fuel supplier" within the AI industry chain. As large AI models accelerate their implementation, enterprise AI has entered a new era of scaled application, leading to an exponential rise in Token usage and propelling data demand into a new phase of development. This trend has further fueled the暴涨 in XUNCE's share price during this market cycle. Data shows that by March 2026, China's average daily Token usage had exceeded 140 trillion, a more than 1000-fold increase from the 100 billion at the beginning of 2024, and a further increase of over 40% in just three months compared to the 100 trillion at the end of 2025. Simultaneously, the Token price hike wave sweeping the AI industry has further amplified XUNCE's appeal in the capital markets.
Riding the AI trend, the company's revenue doubled last year. Public information shows that XUNCE was founded in 2016 and has long focused on the field of millisecond-level real-time data processing, building a full-chain technical system from data acquisition, cleaning, and standardization to real-time computing and large model optimization. Reportedly, XUNCE can transform complex private data from high-barrier industries like finance, telecommunications, and energy into standardized data Tokens that operating systems can "understand." In the era where AI is shifting from training to inference, XUNCE plays the role of a foundational "data Token supplier." Its solutions are deeply embedded in clients' private clouds and on-premise systems. They are currently deployed in high-end sectors like finance, telecom, and energy, with plans to expand into manufacturing, healthcare, and government services to build vertical industry Token factories. Based on 2024 revenue, XUNCE ranked first in China's real-time data infrastructure and analytics market for the asset management industry, with a market share of 11.6%, significantly ahead of the other top four participants. Meanwhile, the proportion of revenue from XUNCE's non-asset management business has been steadily increasing, rising from 25.6% in 2022 to 52.7% in the first half of 2025, indicating a gradual diversification of its business structure.
The impressive figures in the 2025 financial report undoubtedly added significant weight to XUNCE's "capital story." The report showed that XUNCE's revenue reached RMB 1.285 billion in 2025, successfully breaking the RMB 1 billion mark and more than doubling compared to the RMB 632 million in 2024. The growth momentum is even more striking. In the first half of last year, the company recorded revenue of RMB 198 million, while in the second half, revenue surged to RMB 1.087 billion, a quarter-on-quarter increase of 449%, indicating explosive growth. XUNCE attributed the significant revenue growth primarily to the surge in data demand driven by the implementation of large AI models. Management also revealed during the earnings call that the Token payment model already accounts for 5% of revenue and is expected to increase to 20%-30% within the year. Notably, in 2025, XUNCE served 230 customers (2024: 232), while the average revenue per user value jumped significantly to RMB 5.59 million from RMB 2.72 million the previous year, an increase of 105.51%. Additionally, XUNCE's operational efficiency improved significantly last year, with revenue per employee doubling. By the end of last year, the company's headcount was streamlined to 448 from 517 at the end of 2024, and revenue per employee reached RMB 2.87 million, a substantial increase of 135.25% from the previous year's RMB 1.22 million. XUNCE explained that this leap was mainly due to its platform-based, modular product architecture and AI-powered data development system, which enable rapid replication and scaling of solutions while significantly reducing manpower input.
Despite years of consecutive losses, some shareholders have already cashed out. Beneath the光环 of a market cap exceeding HK$100 billion, the challenges facing XUNCE cannot be overlooked. According to its prospectus, XUNCE was consistently loss-making from 2022 to 2024, recording net losses of RMB 97 million, RMB 63 million, and RMB 98 million, respectively. XUNCE stated that the net losses during these periods were mainly attributable to substantial R&D, administrative, and sales and distribution expenses incurred due to rapid business expansion. According to the latest financial report, thanks to strong revenue growth, XUNCE's comprehensive gross profit for the full year 2025 was approximately RMB 792 million, a significant increase of 63.44% year-on-year. However, XUNCE's comprehensive gross profit margin declined, falling from 76.68% in 2024 to 61.66% in 2025, primarily due to changes in the product revenue mix and the阶段性 impact of expanding into new customer industries. By industry application, the gross profit margin from the asset management industry last year was approximately 71.05%, a slight decrease of about 0.85 percentage points from approximately 71.9% the previous year, remaining stable. The gross profit margin from diversified industries last year was approximately 59.25%, a decrease of about 20.45 percentage points from approximately 79.7% the previous year. This reduction was primarily due to a阶段性 decrease related to customer expansion.
Despite the doubling of revenue last year, XUNCE still did not achieve an annual profit, recording a net loss of RMB 130 million for the full year, which was larger than the RMB 98 million loss in 2024. XUNCE explained that the group is in a phase of rapid expansion and major technological R&D investment, actively expanding industry applications and extending AI infrastructure development to emerging fields such as robotic data platforms and commercial aviation. The results were also affected by non-recurring gains/losses of approximately RMB 75 million. However, XUNCE mentioned in its latest annual report that after adding back the listing expenses for its global offering, the company's annual adjusted net loss was RMB 55 million, narrowing by 33.41% compared to the previous year. Looking at the sequential change in adjusted net loss, XUNCE had an adjusted net loss of RMB 105 million in the first half of last year but achieved an adjusted net profit of RMB 50 million in the second half, successfully reaching an inflection point and achieving positive profitability on a semi-annual basis for the first time. XUNCE believes this shift signifies that while maintaining rapid expansion, its profitability has begun to materialize substantially, providing initial validation of the scalability and profit potential of its business model.
It is worth noting that as XUNCE advanced triumphantly and its market capitalization kept rising, some shareholders have already cashed out. On April 1, Jinyong Investment (01328.HK) issued an announcement of a discloseable transaction, stating that its wholly-owned subsidiary, Redwood, sold 300,000 XUNCE shares on the Hong Kong Stock Exchange that day for a total consideration of approximately HK$64.101 million (excluding transaction costs). Following this disposal, Jinyong Investment no longer holds any XUNCE shares. Combined with prior disposals, Jinyong Investment has sold a total of 829,200 XUNCE shares through on-market transactions for a total consideration of approximately HK$145 million (excluding transaction costs). Jinyong Investment stated that it expects to recognize a pre-tax gain of approximately HK$98.477 million from these disposals, and the net proceeds will be used as general working capital.
Following its breakthrough past the HK$100 billion market cap milestone, the subsequent performance of XUNCE in the capital markets remains to be seen.
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