XUNCE (03317) has recently been added as a constituent of the Hang Seng TECH 100 Index, with the change slated to take effect after market close on September 11, 2026, and become active on September 14. This development is expected to channel steady institutional capital toward the company, potentially unlocking significant valuation upside.
The inclusion carries particular weight when viewed against a specific benchmark: among Hong Kong-listed information technology firms that have published their 2026 interim results and generated at least RMB 500 million in revenue, XUNCE recorded the highest year-on-year revenue growth at 389%. This is more than a routine index adjustment – it signals the capital market's growing recognition of the company's AI-driven data infrastructure value.
As Hong Kong technology stocks continue to diverge and the AI narrative shifts from conceptual promise to tangible earnings delivery, XUNCE has made its case through a high-growth, profitable interim report. The company has spent years deepening its capabilities in critical data infrastructure. For large language models to function effectively in enterprise settings, they require a foundation of high-quality, real-time, structured, and well-governed data. XUNCE's core strength lies in transforming complex raw data into foundational resources that enterprise AI systems can interpret, utilise, and measure efficiently.
This capability is now visibly reflected in its financials. For the first half of 2026, XUNCE reported revenue of approximately RMB 967 million, marking a 389% increase year-on-year. The company also achieved a turnaround to profitability, posting a net profit attributable to shareholders of around RMB 72.5 million, compared to a loss of approximately RMB 89.429 million in the same period last year. In other words, XUNCE is not only delivering rapid expansion but has also crossed a critical threshold of earnings validation.
What distinguishes XUNCE is its refusal to remain trapped in the noise of 'AI concepts'. Instead, it has converted technological expertise into concrete commercial outcomes through its enterprise-grade real-time AI data infrastructure, multi-industry replication, token-based business models, and international expansion. Importantly, its growth is not simply the result of accumulating individual projects but stems from the release of platform-level capabilities.
Public filings reveal that the company's average revenue per user (ARPU) climbed from RMB 1.64 million to RMB 5.56 million, a year-on-year increase of approximately 240%. Customer retention rates have consistently held above 90%, and revenue per employee grew by roughly 379% year-on-year. Together, these metrics point to XUNCE's evolution from project-based delivery toward a more scalable, higher-efficiency platform-driven growth model.
This is also the deeper implication of its inclusion in the Hang Seng TECH 100 Index. The index is designed to spotlight Hong Kong-listed technology companies with strong innovation attributes, growth potential, and market representation. XUNCE's selection indicates that real-time data infrastructure – once viewed as a behind-the-scenes capability – is becoming an increasingly important criterion in assessing Hong Kong's AI-related assets. If markets previously evaluated AI through the lens of models, computing power, and applications, the enterprise deployment phase now demands a fresh appraisal of data infrastructure's significance. Without stable, real-time, and accessible data, AI cannot meaningfully penetrate complex sectors such as finance, telecommunications, energy, manufacturing, healthcare, and robotics. XUNCE's expansion across these high-barrier industries is a direct demonstration that its underlying capabilities are replicable.
From this perspective, XUNCE is not merely 'being added to an index' – it is being re-priced. Its inclusion reflects a shift in Hong Kong's AI investment logic: moving from grand narratives to verifiable revenue, from model parameters to industrial application, and from speculative future profits to companies that have already established a functioning commercial loop. Institutional views reinforce this assessment. According to public reports, Deutsche Bank recently maintained a 'Buy' rating on XUNCE with a target price of HKD 351, citing optimism around its token business model and vertical industry positioning. Huatai Securities has also reiterated a 'Buy' rating for the stock, setting a target price of HKD 239.11 and arguing that accelerating token business volume will be a key growth driver for the company's revenue. From the sharp increase in interim earnings, to the first-ever half-year profitability, to the Hang Seng TECH 100 Index inclusion, XUNCE is completing a clear market debut. It demonstrates that AI commercialisation is not merely a distant prospect, but can also be a reality validated by orders, revenue, gross margins, and profits.