The Zhitong Finance App learned that on July 12, Xunce Technology (03317) was responding to market sentiment with a solid industrial implementation report card.
Xunze announced that it has signed a strategic cooperation memorandum with Lutech S.p.A. (hereinafter referred to as “Lutech”), a leading European technology service group, to jointly develop a scenario token factory for the European market. This is also the launch of the Xunce TokenOS operating system in Europe, marking a solid step in the company's internationalization strategy. The share of overseas revenue is expected to increase further throughout the year, driving ARR's strong growth.
At the same time, the company has completed a new round of placement and convertible bond transactions, successfully raised about HK$2.35 billion, introduced a number of global first-tier institutional investors and top sovereign funds, further optimized the shareholder structure, enhanced the company's brand awareness and financial strength in the international capital market, and provided sufficient capital reserves for global expansion.
In terms of domestic business, the Token factory has expanded horizontally into various fields such as physical AI, intelligent connected vehicles, quantum computing, domestic computing power, industrial intelligent manufacturing, etc., driving Token ARR to skyrocket 320% month-on-month in May, with intensive coverage from many leading brokerage firms, and raised HK$2.35 billion to enhance its financial strength. Quick measures are building a fulcrum for a rebound that hit bottom.
Joining hands with Lutech: TokenOS has taken a solid step in going overseas, and the share of overseas revenue is expected to increase throughout the year
Lutech is a leading Italian company and a leading digital and artificial intelligence service provider in Europe. It has more than 6,000 professionals and a business scale of about 1 billion euros. The customer network is linked to many European companies. It relies on an end-to-end full-process service system covering business consulting, implementation and governance control to help enterprises maximize operating efficiency and create fully integrated service solutions. This provides an irreplaceable channel for Quickstart's TokenOS penetration into high-value scenarios in Europe.
According to the content of the cooperation, Xunce provides real-time AI data infrastructure technology. Lutech contributes industry knowledge, local delivery capabilities and EU compliance experience. The two sides jointly develop AI transformation solutions that follow the EU data sovereignty principle, jointly promote the commercialization of solutions including AI Token factories in the European market, and jointly build a cross-border innovation ecosystem centered on sovereign AI and secure data infrastructure.
This cooperation means that Xunce TokenOS has been systematically implemented for the first time in Europe. The applicability of its cross-regional and cross-regulatory systems has been further verified, and the share of overseas revenue is expected to increase significantly throughout the year.
The placement was completed and the global first-tier investors were introduced, and the shareholder structure was further optimized
On July 10, along with the successful completion of the company's placement and convertible bonds, Xunce successfully introduced a number of the world's top long-term institutional investors and sovereign funds, which not only enriched the company's capital reserves, but also significantly optimized the shareholder structure and enhanced the company's reputation and recognition in the international capital market. Adequate capital reserves will provide a solid financial guarantee for the global deployment of TokenOS, the deep expansion of the European market, and cutting-edge technology research and development.
According to the announcement, after the placement was completed, the total number of H shares issued by the company increased from 267 million shares to 274 million shares, and the total number of issued shares increased from 323 million to 330 million shares. The bonds are expected to be listed on the Hong Kong Stock Exchange on or around July 13, 2026. The public shareholding ratio increased from 61.08% to 61.94%; if all bonds are converted, the public shareholding ratio will rise further to 63.35%.
Proceeds from this placement will be used to promote full-link AI infrastructure construction and cross-industry commercial deployment, marking the company's transition from product development to large-scale deployment of enterprise-level AI infrastructure.
At present, the company has developed a number of industrial collaborations around TokenOS: cooperating with the Beijing International Big Data Exchange to promote data tokenization and capitalization infrastructure; building “computing power+data” software and hardware solutions with domestic GPU vendors such as Mu Xi, Tianshu Zhixin, and Bijiao Technology; deploying in-vehicle AI agents with Botai Auto Connect and Saimu Technology; and cooperating with Shenzhen Data Exchange to promote data asset applications in vertical industries such as finance, manufacturing, and urban management.
The above new fund-raising uses focus on infrastructure layer construction and large-scale commercial deployment. Unlike IPO fundraising, which is mainly used for product development and optimization of existing solutions, it reflects a critical leap in the company's strategic focus from product iteration to large-scale industrial implementation.
ARR rose 320% month-on-month in May, and more leading brokerage firms are optimistic
The implementation of the industry is being transformed into quantifiable financial indicators. In May 2026, Xunze's token transfer of ARR increased 320% month-on-month, and management expected it to increase to 20%-30% by the end of the year. This means that a critical shift in the business model from a project system to billing based on token consumption is taking place, and the latter has stronger predictability and compounding effects.
It provides a strong growth engine and performance flexibility for the upcoming mid-term results — the Token payment model not only enhances the sustainability and predictability of revenue, but also significantly enhances the company's profit quality through the structural advantages of high gross profit and high repurchases. Based on the current rapid growth in token usage and the accelerated implementation of industrial cooperation, it is expected to achieve breakthroughs beyond expectations in core indicators such as mid-report revenue and ARR, further strengthening the market's confidence in the transformation of the company's business model.
This business model has been favored by many leading brokerage firms. CITIC Securities, Huatai Securities, CITIC Construction Investment, Deutsche Bank, and Haitong International have intensive coverage or increased ratings. The target price is as high as HK$352. Judging from the valuation logic, when Token's share of paid revenue breaks through the 20% threshold, Xunce's valuation anchor will switch from an “AI solution provider” to an “AI infrastructure platform.”
Conclusions
The current stock price retracement reflects the market's doubts about the “ability to land” AI concept stocks. However, Xunce used intensive industrial implementation reports — overseas cooperation with Lutech took a solid step, completed placement and convertible bond transactions, ARR increased 320% month-on-month in May, etc. — to provide a strong response. A global AI real-time data infrastructure network with TokenOS as the core carrier is taking shape. For Xunce, which is still undervalued, the density and speed of industrial implementation is probably the best “buyback”.