Hundsun UF3.0 vs Kingstar FS2.5 vs Apex A5 vs HuaRui ATP T7: A Panoramic Comparison of the Four Titans' Technical Routes in Securities Core Trading Systems

📌 Core Argument In 2025-2026, the Xinchuang (Domestic IT Substitution) of securities core trading systems has entered deep waters of “four-titan fragmentation” — Hundsun UF3.0 (Bimodal IT + JRES3.0 + Light-LDP/LightDB), Kingstar FS2.5 (KOCA Cloud-Native + K-LDP Low-Latency Platform), Apex A5/A5 Max (Compute-Storage Separation + Proprietary HyperDB for De-Oracle), and HuaRui ATP T7 (Native Distributed + Proprietary AMI Ultra-Fast Message Bus) — four technical routes colliding head-on.

As of mid-2026, UF3.0 has gone live in 11 brokerages, serving over 50 million clients; Apex A5 Max has landed a full-stack Xinchuang system for over 20 million clients at CITIC Securities; Kingstar FS2.5 has achieved an overall project coverage rate of over 50% among TOP 10 head brokerages; and HuaRui ATP has over 100 online production systems. The essence of this duel is not “whose technology is more advanced,” but a direct collision of four engineering philosophies — “Legacy Evolution vs. Native Reconstruction vs. De-Oracle Substitution vs. Ultra-Fast Specialization” — ahead of the 2027 Xinchuang deadline.

I. The Four-Titan Landscape: Why These Four

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1.1 The Xinchuang Deadline Triggers a Wave of Core System Replacement

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In November 2023, the Securities Association of China released the Three-Year Improvement Plan for Securities Companies’ Network and Information Security (2023-2025), requiring average IT investment to be no less than 10% of average net profit or 7% of average operating revenue from 2023 to 2025. Coupled with the advancement of the “2+8+N” Xinchuang system and the timeline for central and state-owned enterprises to achieve 100% Xinchuang substitution by 2027, the core trading system — the “pearl in the crown” of finance — must be replaced within this window.

1.2 The Formation of the Four-Titan Landscape

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The new-generation core trading systems for brokerages have formed a “Battle of the Four Titans,” each with clear technical labels:

The Common Foundation of the Four Titans: All are based on vendors’ proprietary financial-grade middleware/technology platforms; all have achieved generational upgrades in distribution, microservices, containerization, full in-memory, microsecond-level latency, and full-stack Xinchuang; all have achieved scaled implementation in head brokerages.

The Essential Difference Among the Four: Different answers to the fundamental question of “what data architecture and evolution path should the core trading system use” —

• Hundsun: Progressive upgrade on the legacy ecosystem (Bimodal IT)
• Kingstar: Rebuilt from scratch, native Xinchuang (KOCA platform)
• Apex: Completely replace Oracle with proprietary in-memory database (Compute-Storage Separation De-Oracle)
• HuaRui: Focus on the ultra-fast trading niche and push it to the extreme (Native Distributed Ultra-Fast)

II. Deep Dive into the Four Titans’ Technical Routes

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2.1 Hundsun UF3.0: The “Evolutionary Answer” of Bimodal IT

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Architectural Base: JRES3.0 Cloud-Native Base + Proprietary Light-LDP Low-Latency Middleware + LightDB Distributed Database + UFT-MDB In-Memory Database.

Core Design Philosophy: “Bimodal IT” Architecture

• Stable Mode: Core systems for trading and clearing, prioritizing security and stability.
• Agile Mode: Core systems for accounts and operations, driving rapid iteration through demand and innovation.

Through Domain-Driven Design, comprehensive decoupling of trading, accounts, and clearing modules is achieved, supporting 7×24 trading and elastic scaling.

Key Performance Metrics:

• Proprietary UFT-MDB in-memory database: Core processing latency <100 microseconds (some metrics <50 μs), single-node pure order throughput 150,000 TPS.
• Overall processing capacity increased by 70 times compared to the previous generation.
• A single shard can support 10 million clients, with order capacity reaching 1 billion.

Xinchuang & Implementation Progress (As of July 2026):

• Cumulative client scale served exceeds 50 million.
• Gone live in 11 brokerages: China Merchants Securities (millions-level client full switchover), Orient Securities (industry’s first full-client, full-business launch), Founder Securities (industry’s first full-stack Xinchuang complete application for in-memory trading), Sinolink, Lianchu, Financial Street, Shanxi, Soochow, Huatai, Zheshang, etc.
• Over 20 signed partner institutions.
• Hardware costs reduced by 35%, delivery cycle shortened by 50%.

Deep Dive into Representative Cases:

• China Merchants Securities (Fully live in July 2025): Industry’s first cloud-native architecture supporting millions of clients. Completed full switchover for millions of clients, transforming from “trading channel support” to a “wealth management value creation engine.”
• Founder Securities (Live in December 2024): Completed three major battles in three months — UF20 64-bit middleware upgrade, baseline upgrade, and in-memory trading launch. Trading performance achieved a 100x leap over traditional physical databases, supporting lossless second-level emergency fallback.
• Caixin Securities (January 2026): Next-gen core trading (options) system live. UF3.0 stock options in-memory trading system first identical-structure landing case, adopting Kunpeng + OceanBase + Kylin five-layer high-availability scheme.

💡 UF3.0’s Engineering Philosophy: “Performing surgery on a giant’s shoulders” —既要兼容恒生二十余年积累的客户生态 (compatibility with Hundsun’s 20+ years of client ecosystem / UF2.0 legacy), while achieving generational tech upgrades. Advantage: low migration risk, good peripheral system compatibility. Challenge: limited architectural purity, head incremental market expansion blocked.

2.2 Kingstar FS2.5: The “Standard Answer” of Native Xinchuang

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Architectural Base: KOCA Open Cloud-Native Platform + K-LDP Low-Latency Tech Platform (Four core components: KGMS + HARE + KMDB + KGBP).

Core Design Philosophy: “Business Decoupling, Advanced Tech, Autonomous & Controllable” + “Loose Coupling between Trading Channels and Comprehensive Business Base”, adopting a “Three Separations, Four Integrations” architecture (separation of trading and clearing, accounts and funds, orders and reporting; integration of access/operations/data/backend services).

KOCA-LDP Four Core Components:

KOCA-LDP is fully implemented in C/C++, combined with various low-latency NICs and FPGA/GPU hardware acceleration, running on diverse CPU architectures including x86 and ARM, fully supporting Xinchuang.

Key Performance Metrics:

• Core trading latency enters the microsecond level.
• Clearing performance enters the minute level.
• HARE network end-to-end <1.1 μs, KMDB business penetration <1 μs.

Xinchuang & Implementation Progress:

• TOP 10 head brokerages overall project coverage rate exceeds 50%.
• Half of head brokerages have chosen Kingstar products (based on newly initiated next-gen tenders).
• Upgrading next-gen systems for China Galaxy, CSC, CICC, East Money, GF Securities, Guosen, Guotai Haitong, and other head brokerages.
• Successfully won the XC (Xinchuang) project for core business systems including centralized trading for a top-tier brokerage in May 2026.

Deep Dive into Representative Cases:

• Huaxing Securities (Live in December 2025): Industry’s first full-stack Xinchuang single-track operation complete counter. Completed lossless full data migration, one-time smooth switchover for all clients, full-stack Xinchuang single-track operation from application software to underlying hardware/software, trading performance upgraded from milliseconds to microseconds.
• CICC Wealth: Next-gen on-exchange trading platform as an industry benchmark, supporting stable operation for millions of clients. FS2.5 achieves “Xinchuang upon launch.”
• A Top Brokerage (Won in May 2026): 27-year partnership with Kingstar. Phased rollout, fully undertaking full business functions of seven core systems, achieving a “Five-Unified” architecture (unified operations management/trading services/clearing bookkeeping/O&M monitoring/data services).

💡 FS2.5’s Engineering Philosophy: “Building a skyscraper on a new foundation” — Built from scratch on Kingstar’s proprietary KOCA cloud-native platform, carrying no historical baggage. Advantage: pure architecture, native Xinchuang, high recognition from head brokerages. Challenge: high engineering risk of heterogeneous replacement, cross-cycle ecosystem support needs improvement.

2.3 Apex A5 / A5 Max: The “Nuclear Weapon” for De-Oracle

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Architectural Base: Proprietary HyperDB in-memory database + Proprietary LiveDTP distributed low-latency middleware, adopting a “Compute-Storage Separation” architecture.

Core Design Philosophy: “Weaken the database’s role, using it merely for persistent storage” — Trading core in memory (HyperDB), persistence in open-source RDBMS (domestic Xinchuang databases).

Transactional Data Processing ──→ HyperDB In-Memory DB (Proprietary, daytime real-time trading nodes)
                                          ↓
Persistent Data Storage ────────→ Open-source RDBMS (Domestic Xinchuang databases)

A5’s three domains: Core Trading Domain (distributed in-memory database + active-active architecture), Basic Business Domain (fund clearing/authentication/data services), Tech Support Domain (configuration center/queue services/management platform).

HyperDB Key Features:

• R&D started in 2013, achieving full proprietary status after 5 years of integration.
• Inherently possesses Xinchuang attributes.
• Distributed architecture, excellent cross-platform performance (ARM platform query capability surpasses x86).
• Multiple high-availability methods: active-active architecture + transaction synchronization + master-slave modes.
• Deployed in hundreds of critical low-latency trading application nodes across dozens of financial institutions.

Key Performance Metrics:

• A5 Xinchuang edition: Trading latency reduced from 10ms to microsecond level, single-machine throughput 60,000-100,000 TPS.
• HTS ultra-fast trading system uses HyperDB to achieve microsecond-level order processing speed.

Xinchuang & Implementation Progress:

• In 2020, the A5 Xinchuang edition went fully live at Soochow Securities, achieving the securities industry’s first “De-Oracle.”
• The A5 Xinchuang edition is the industry’s only fully live, full-business distributed core trading system.
• Live at Soochow Securities, Donghai Securities, Huabao Securities, Maiqiao Securities.
• A5 Max completed a benchmark project migrating hundreds of millions of clients for a head brokerage.
• Certified as MIIT Xinchuang Typical Solution.

Deep Dive into Representative Cases:

• CITIC Securities A5 Max (Fully live in June 2026): China’s securities industry’s first core trading system with over 20 million clients, full-stack domestic Xinchuang, full-business full in-memory, multi-site multi-center ultra-distributed. Jointly built by CITIC Securities and Apex Software, based on full-stack domestic reconstruction of chips/servers/networks/OS/databases, covering the full business chain of trading/quotes/reporting/clearing, comprehensively De-IOE, completely breaking free from foreign technology dependence. Stable operation for 2 months after launch, successfully tested through major market rallies.
• Soochow Securities (2020): A5 Xinchuang edition fully live, the securities industry’s first De-Oracle case.

💡 A5’s Engineering Philosophy: “Compute-Storage Separation, De-Oracle Substitution” — Completely replace Oracle with proprietary HyperDB in-memory database. Advantage: thorough De-Oracle, distinct industry benchmarks. Challenge: relatively closed ecosystem (Apex system), peripheral systems need synchronous adaptation.

2.4 HuaRui ATP T7: The “King of the Quantitative Track” in Ultra-Fast Trading

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Architectural Base: Proprietary AMI Memory Computing Platform (including AMI Memory Message Bus + AMI Memory Computing Engine) + Distributed Ultra-Fast Trading Architecture.

Core Design Philosophy: “Native Distributed + Low-Latency Message Bus” — Focused on ultra-fast trading scenarios, achieving extreme low latency.

Client Request ──→ AMI Memory Message Bus (Distributed, Agentless, Microsecond-level)
                          ↓
                     AMI Memory Computing Engine (Order Processing, Risk Control, Quotes)

AMI Key Features:

• AMI Memory Message Bus: End-to-end latency <1 μs, supports reliable multicast and unicast.
• Full-stack proprietary: Completely self-developed from message bus to memory computing engine.
• Supports RDMA, FPGA, and other hardware acceleration.
• Distributed architecture, supports horizontal scaling, no single point of failure.

Key Performance Metrics:

• End-to-end latency <1 μs.
• Online production systems exceed 100 sets.

Xinchuang & Implementation Progress:

• Jointly developed with Huawei Kunpeng.
• Achieved full-client Xinchuang launch at Guotai Junan.
• Won the PBC FinTech Development Award First Prize.
• Outstanding performance advantages in the quantitative trading and high-frequency trading segments.

Representative Cases: Ultra-fast trading counters of multiple head brokerages, quantitative private fund trading systems, Guotai Junan full-client Xinchuang launch.

💡 ATP T7’s Engineering Philosophy: “Focus on Ultra-Fast, Push to the Extreme” — Does not pursue full-business scenario coverage, but achieves the industry’s strongest in the ultra-fast trading niche. Advantage: strongest microsecond-level performance, leads the quantitative track. Challenge: narrow scenarios (not suitable for general business systems).

III. Ten-Dimensional Deep Comparison of the Four Titans

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3.1 Architectural Philosophy Comparison

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3.2 Performance Comparison

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3.3 Implementation Scale Comparison

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3.4 Xinchuang Path Comparison

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3.5 Migration Path Comparison

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IV. Underlying Logic of the Four-Titan Duel: Four Engineering Philosophies

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4.1 Legacy Evolution vs. Native Reconstruction vs. De-Oracle Substitution vs. Ultra-Fast Specialization

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The essence of the four-titan competition is the opposition and complementarity of four engineering philosophies:

① Hundsun’s “Legacy Evolution” Philosophy

“Performing surgery on a giant’s shoulders”

• Advantage: Compatible with UF2.0 legacy ecosystem, lowest migration risk, no massive peripheral system retrofit, traditional advantage in full-business scenario coverage.
• Cost: Limited architectural purity, dragged by legacy compatibility layers, head incremental market expansion blocked.
• Best Suited For: Hundsun UF2.0 legacy clients, SME brokerages, brokerages pursuing low-risk migration.

② Kingstar’s “Native Reconstruction” Philosophy

“Building a skyscraper on a new foundation”

• Advantage: Pure architecture with no historical baggage, native Xinchuang without extra retrofit, first choice for head brokerages’ new counter builds.
• Cost: High engineering risk of heterogeneous replacement, cross-cycle full-business ecosystem support needs improvement.
• Best Suited For: Head brokerages building new Xinchuang counters, brokerages seeking architectural reshaping from deep cooperation with traditional centralized trading.

③ Apex’s “De-Oracle Substitution” Philosophy

“Completely replace Oracle with proprietary in-memory database”

• Advantage: Most thorough De-Oracle (industry’s first in 2020), HyperDB inherently possesses Xinchuang attributes, ARM platform performance surpasses x86.
• Cost: Relatively closed ecosystem (Apex system), peripheral systems need synchronous adaptation.
• Best Suited For: Brokerages pursuing complete liberation from Oracle dependence, accepting compute-storage separation architecture.

④ HuaRui’s “Ultra-Fast Specialization” Philosophy

“Push to the extreme in niche tracks”

• Advantage: Strongest microsecond-level performance, leads in quantitative/high-frequency trading track, over 100 production systems deployed.
• Cost: Narrow scenarios, not suitable for general business systems.
• Best Suited For: Quantitative private funds, broker ultra-fast counters, algorithmic trading systems.

4.2 Why the Four Titans Can Coexist Rather Than One Dominating All

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The core reason is that the needs of brokerage core trading systems are layered:

• Legacy Ecosystem Layer: A large number of SME brokerages and Hundsun legacy clients need smooth evolution → Hundsun UF3.0 dominates
• New Xinchuang Layer: Head brokerages building new Xinchuang counters need native architecture → Kingstar FS2.5 dominates
• De-Oracle Demand Layer: Some brokerages’ core demand is to completely break free from Oracle → Apex A5 dominates
• Ultra-Fast Trading Layer: Quantitative/high-frequency trading niche track → HuaRui ATP T7 dominates

The four titans are not a zero-sum game, but coexist by layered scenarios. A head brokerage may even adopt multiple systems simultaneously — e.g., core trading with UF3.0 or FS2.5, ultra-fast counter with ATP T7, forming a “core + ultra-fast” dual-engine architecture.

V. Selection Decision: How Brokerages Choose One (or Multiple) from the Four

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5.1 The Four-Question Decision Method

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When brokerage CIOs choose among the four titans, they are essentially answering four questions:

1. What is your legacy system?
   • Hundsun UF2.0 legacy → UF3.0 has the lowest migration risk
   • Kingstar traditional centralized trading → FS2.5 has the smoothest evolution path
   • Proprietary/hybrid systems needing thorough De-Oracle → A5 has the most thorough De-Oracle
   • Ultra-fast counter/quantitative trading → ATP T7 has the strongest performance
2. What is your primary goal?
   • Low-risk smooth migration → UF3.0
   • Native Xinchuang architectural purity → FS2.5
   • Completely break free from Oracle → A5
   • Microsecond-level ultra-fast trading → ATP T7
3. How large is your client scale?
   • Millions-level clients → UF3.0 (CMS verified), FS2.5 (CICC Wealth verified), A5 Max (CITIC verified)
   • Millions-level clients → All four are suitable
4. How tight is your Xinchuang timeline?
   • Must complete by end of 2025 → UF3.0 (shortest cycle)
   • Complete before 2027 deadline → All four are suitable
   • Pursue one-step full-stack single-track → FS2.5 (Huaxing verified) or A5 (CITIC verified)

5.2 Recommended Paths for Three Types of Brokerages

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Head Brokerages (Millions-level clients, strong tech teams, ample budgets)

• Recommended: FS2.5 (native Xinchuang new build) + ATP T7 (ultra-fast counter supplement)
• Alternative: A5 Max (De-Oracle benchmark) + UF3.0 (if legacy is Hundsun)
• Reason: Head brokerages’ new Xinchuang counters prefer native architecture; ultra-fast trading needs supplemented by ATP T7; if legacy is Hundsun and pursuing low risk, UF3.0 millions-level switchover is verified.

Mid-Sized Brokerages (Millions-level clients, medium tech teams, medium budgets)

• Recommended: UF3.0 (legacy upgrade) or A5 (De-Oracle substitution)
• Reason: Hundsun legacy clients choose UF3.0 for low-risk smooth evolution; pursuing De-Oracle choose A5.

SME Brokerages (Hundreds-of-thousands-level clients, small tech teams, limited budgets)

• Recommended: UF3.0 (standardized delivery, low risk)
• Reason: Rely on vendor delivery capabilities, Hundsun UF3.0 has high standardization, controllable investment.

5.3 “Core + Ultra-Fast” Dual-Engine Architecture (Head Brokerage Trend)

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More and more head brokerages are adopting a “one core trading system + one ultra-fast trading system” dual-engine architecture:

                    ┌─────────────────────────────────┐
                    │   Unified Access Layer (KGMS/Gateway)   │
                    └──────────────────┬──────────────────┘
                                       │
                      ┌────────────────┴────────────────┐
                      ▼                                   ▼
            ┌──────────────────┐              ┌──────────────────┐
            │  Core Trading System      │              │  Ultra-Fast Trading System      │
            │  UF3.0 / FS2.5   │              │  ATP T7          │
            │  / A5 Max         │              │  (Quant/Algo/HFT) │
            │  (Full Business, Stable)   │              │  (Microsecond, Agile)   │
            └──────────────────┘              └──────────────────┘

• Core trading system carries full business (trading/clearing/accounts/funds), pursuing stability and reliability.
• Ultra-fast trading system carries quantitative, algorithmic, and high-frequency trading, pursuing microsecond-level latency.
• The two systems connect through a unified access layer, with data kept consistent via message bus/data synchronization mechanisms.

VI. 2026-2027 Outlook: The Four Titans’ Attack and Defense

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6.1 Hundsun’s Defense and Offense

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• Defense: Hold the 11 live brokerages, deepen full-business landing; hold legacy client ecosystem advantage (50 million clients, 20+ signed institutions).
• Offense: Accelerate head incremental market expansion, address the challenge of “gradually eroded market share”; improve architectural standardization and full-chain Xinchuang integrated landing solutions.
• Key Variable: The benchmark project — China Merchants Securities next-gen business operations platform project — has a prolonged cycle. If it breaks through complete full-business production, it will greatly enhance head market persuasiveness.

6.2 Kingstar’s Defense and Offense

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• Defense: Hold the head brokerage overall counter market (TOP10 coverage exceeds 50%); deepen the replicability of benchmark cases like Huaxing and CICC Wealth.
• Offense: Extend FS2.5’s successful model from head to mid-sized brokerages; expand Xinchuang ecosystem influence with the “Kunpeng+Kylin+GaussDB” domestic architecture as the standard.

6.3 Apex’s Defense and Offense

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• Defense: Hold the “De-Oracle Pioneer” industry benchmark status; deepen the replicability of CITIC Securities A5 Max’s over 20 million client benchmark case.
• Offense: Replicate A5 Max’s head brokerage hundreds-of-millions client migration benchmark to more head brokerages; strengthen HyperDB’s performance advantage on ARM platforms as a differentiated selling point.

6.4 HuaRui’s Defense and Offense

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• Defense: Hold the leading position in the ultra-fast trading niche track (100+ production systems).
• Offense: Expand from ultra-fast trading to real-time risk control, real-time clearing, and other scenarios; lock in the ultra-fast side share in head brokerages’ “core + ultra-fast” dual-engine architectures.

6.5 Final Verdict Before the 2027 Deadline

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By the 2027 regulatory deadline, the following landscape is expected:

VII. Conclusion: Four Routes, One Goal

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Back to the core question at the beginning — What is the four-titan duel of Hundsun UF3.0, Kingstar FS2.5, Apex A5, and HuaRui ATP T7 really about?

💡 It is not “whose technology is more advanced,” but a direct collision of four engineering philosophies — “Legacy Evolution vs. Native Reconstruction vs. De-Oracle Substitution vs. Ultra-Fast Specialization” — ahead of the 2027 Xinchuang deadline.

Four Routes, Four Answers:

• Hundsun UF3.0: Bimodal IT, legacy evolution — “Performing surgery on a giant’s shoulders,” 11 brokerages live, serving over 50 million clients.
• Kingstar FS2.5: Native Xinchuang, rebuilt from scratch — “Building a skyscraper on a new foundation,” TOP10 head brokerages overall project coverage exceeds 50%, Huaxing Securities achieves industry’s first full-stack Xinchuang single-track complete counter.
• Apex A5/A5 Max: Compute-Storage Separation, De-Oracle substitution — “Completely replace Oracle with proprietary HyperDB,” 2020 Soochow Securities industry’s first De-Oracle, CITIC Securities lands over 20 million client full-stack Xinchuang.
• HuaRui ATP T7: Native Distributed, Ultra-Fast specialization — “Push to the extreme in niche tracks,” over 100 production systems, king of the quantitative/high-frequency trading track.

A Consensus:

📌 Author’s Note: The essence of the four-titan duel is the concrete landing of the FinTech autonomous and controllable strategy in the “pearl in the crown” scenario of brokerage core trading systems. The four routes have no absolute superiority, only differences in applicable scenarios —

• If your brokerage is a Hundsun legacy client pursuing low-risk migration → UF3.0 is the more pragmatic choice
• If your brokerage is a head institution building a new Xinchuang counter → FS2.5 is the more thorough answer
• If your brokerage’s core demand is to completely break free from Oracle → A5 is the De-Oracle benchmark
• If your brokerage has quantitative/ultra-fast trading needs → ATP T7 is the strongest performance choice

By the 2027 regulatory deadline, we have reason to believe: Hundsun UF3.0 will continue to expand its “number of live brokerages” advantage, Kingstar FS2.5 will continue to expand its “head brokerage overall project coverage” advantage, Apex A5 will maintain its lead in the “Oracle replacement” hard metric, and HuaRui ATP T7 will maintain its monopoly in the ultra-fast trading niche market. And the true winner of this duel is not any single vendor, but China’s national strategy of FinTech autonomous and controllable — when UF3.0 achieves the industry’s first full-stack Xinchuang for in-memory trading at Founder Securities, when FS2.5 achieves the industry’s first full-stack Xinchuang single-track operation at Huaxing Securities, when A5 Max lands over 20 million client full-stack Xinchuang at CITIC Securities, when ATP T7 achieves full-client Xinchuang launch at Guotai Junan, the “heart” of China’s securities core trading systems will finally be beating to the rhythm of China’s own code.

Appendix: Four Titans Technical Selection Quick Reference Table

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