Core Insights - The article discusses the successful listing of Jushuitan on the Hong Kong Stock Exchange and highlights the lessons that can be learned from its journey rather than just the results. Industry Selection - Jushuitan's success is attributed to its strategic choice of industry, capitalizing on the booming e-commerce sector in China, where the demand for order, inventory, shipping, and financial management surged due to explosive growth in e-commerce sellers [3][4] - The company effectively captured existing demand rather than creating it, targeting a large and concentrated user base of Chinese e-commerce sellers, which allowed for rapid scalability through a productized and bulk approach [4] Pricing Strategy - Jushuitan employs a per-order pricing model, which aligns with the essence of SaaS by charging users based on their business volume rather than fixed annual fees [5][6] - This pricing strategy offers three main advantages: it lowers the entry barrier for small businesses, ties revenue growth to customer success, and provides transparent value, making customers willing to pay for business growth rather than software licenses [7][9][10] Growth Model - The company's early growth relied on a traditional sales force rather than modern marketing techniques, focusing on direct sales to penetrate the market effectively [11][12] - Jushuitan's sales team operated as a "street team," recognizing the necessity of ERP for sellers managing multiple platforms and stores, which led to strong market penetration [12][13] New Competitive Advantage - Jushuitan's competitive edge lies not just in its ERP capabilities but in its development of a "goods distribution ecosystem," integrating a vast network of suppliers and factories to create a comprehensive drop-shipping system [14][15] - This transformation from an order management tool to a supply chain distribution platform allows Jushuitan to generate both predictable SaaS revenue and growth from platform transactions, embodying the "second curve" logic of business-oriented SaaS [15][16]

Core Viewpoint - The stock of 聚水潭 (06687.HK) experienced a decline of over 5% on its second day of trading after a significant increase of nearly 24% the previous day [1] Group 1 - On the second day of trading, the stock price fell by 5.33%, reaching 35.88 HKD [1] - The trading volume amounted to 214 million HKD [1]

Core Viewpoint - The stock of Jushuitan (06687) experienced a decline of over 5% on its second day of trading after a significant increase of nearly 24% the previous day, indicating volatility in market response to its recent IPO [1] Company Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, which surpasses the combined market share of the second to fifth largest competitors [1] - The total market size for the domestic e-commerce SaaS ERP sector is projected to be RMB 3.1 billion in 2024 [1] - In the domestic e-commerce operation SaaS market, Jushuitan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] Revenue Growth - The company has shown rapid growth in its business, with total revenue expected to reach RMB 909 million in 2024, reflecting compound annual growth rates (CAGR) of 31.9% from 2022 to 2023 and 33.6% from 2023 to 2024 [1] - The contribution of customers purchasing two or more Jushuitan products to total SaaS revenue has increased from 30.6% in 2022 to a projected 39.3% in the first half of 2025 [1]

Core Viewpoint - The stock of Jushuitan (06687) experienced a decline of over 5% on its second day of trading, followed by a significant increase of nearly 24% the previous day, indicating volatility in market performance [1] Company Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, which surpasses the combined market share of the second to fifth largest competitors [1] - The total market size for the domestic e-commerce SaaS ERP sector is projected to be RMB 3.1 billion in 2024 [1] - In the domestic e-commerce operation SaaS market, Jushuitan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] - According to projections, Jushuitan is the second largest e-commerce SaaS provider in the domestic market, with a market share of 7.1% based on relevant revenues for 2024 [1] Customer Contribution - The contribution of customers purchasing two or more Jushuitan products to the company's total SaaS revenue has increased over the years, accounting for 30.6% in 2022, 33.0% in 2023, 37.7% in 2024, and 39.3% for the six months ending June 30, 2025 [1] - The company's business has experienced rapid growth, with total revenue projected to reach RMB 909 million in 2024 [1] - The compound annual growth rates (CAGR) for the years 2022 to 2024 are 31.9% and 33.6%, respectively [1]

Core Insights - The article discusses the financial performance and stock price movements of 聚水潭 (Jushuitan), highlighting significant changes in its stock value and market position [1]. Financial Performance - 聚水潭's stock price is reported at 37.52, indicating a notable increase from previous values [4]. - The company has shown a percentage change of 22.61, reflecting strong market performance and investor confidence [4]. Market Position - The stock has experienced fluctuations, with a current trading value of 6687, suggesting active market engagement [4]. - The previous trading value was noted at 6899, indicating a decrease that may warrant further analysis of market trends and investor sentiment [4].

Core Insights - Jiaxing Jushuitan Intelligent Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a new phase in its development [1] - The company raised approximately HKD 20.86 billion through the issuance of 68.1662 million shares at HKD 30.60 each, with a net amount of HKD 19.38 billion allocated for technology R&D and global market expansion [1] - Jushuitan has become the largest e-commerce SaaS ERP provider in China, holding a 24.4% market share, and ranks first in the e-commerce operation SaaS market with an 8.7% share based on projected 2024 revenues [1][2] Company Strategy - Jushuitan is actively exploring cross-border business opportunities, with established subsidiaries in Thailand and plans to expand into Indonesia, Vietnam, and Malaysia, as well as exploring opportunities in Europe, America, Latin America, and the Middle East [2] - The founder emphasized the company's commitment to expanding its product matrix, deepening existing customer relationships, and further international market expansion [2] Regional Economic Impact - The successful listing of Jushuitan is seen as a strong impetus for high-quality regional economic development, with plans to enhance enterprise cultivation services and optimize the business environment for listed companies [3] - The local government aims to create a virtuous cycle of nurturing, listing, and driving broader economic growth through tailored support for companies at different stages [3]

Core Insights - Jiaxing Jushuitan Intelligent Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking a significant milestone for enterprises in the Nanhu District [1] - The company's stock opened at HKD 38 per share, nearly 25% higher than the issue price, with a market capitalization exceeding HKD 16 billion [3] - The overwhelming demand for shares was evident, with the public offering oversubscribed by 1,952 times and international offerings oversubscribed by over 22 times [3] Company Performance - Jushuitan has established itself as a leader in the e-commerce SaaS ERP sector, holding a market share of 24.4% in 2024, surpassing the combined share of its next four competitors [3] - The company serves over 92,000 clients and has integrated with more than 400 global e-commerce platforms and 800 logistics service providers [5] - The net customer revenue retention rate reached 115% in 2024, indicating strong customer loyalty and continued service upgrades [5] Financial Growth - Revenue is projected to grow from over CNY 500 million in 2022 to over CNY 900 million in 2024, reflecting an average annual growth rate exceeding 30% [5] - The company achieved profitability for the first time in 2024, with a gross margin surpassing 70% [5] Support from Local Government - The success of Jushuitan is attributed to the comprehensive support from the Nanhu District, which has facilitated various resources for the company since its inception [7] - The district has implemented numerous initiatives to assist digital economy enterprises, including resolving entry challenges and optimizing the business environment [7][8] - The establishment of dedicated facilities like the Jiaxing E-commerce Industrial Park has streamlined the process for companies to set up operations [7]

Core Viewpoint - 聚水潭集团股份有限公司 (Jushuitan Group Co., Ltd.) has successfully listed on the Hong Kong Stock Exchange, closing at HKD 37.90, representing a 23.86% increase from its offering price of HKD 30.60 [1][6]. Summary by Sections Company Overview - 聚水潭 is an e-commerce SaaS ERP provider, offering a unified and intuitive suite of business monitoring, operation, and management tools to clients of various sizes, enabling data-driven decision-making in the rapidly evolving e-commerce sector [6]. IPO Details - The total number of shares offered globally was 68,166,200, with 6,816,700 shares available for Hong Kong and 61,349,500 shares for international investors [1]. - The total proceeds from the global offering amounted to HKD 2,085.89 million, with net proceeds of HKD 1,937.62 million after deducting estimated listing expenses of HKD 148.27 million [6]. Use of Proceeds - Approximately 55% of the proceeds will be allocated to enhancing the company's research and development capabilities, 25% for strengthening sales and marketing efforts, 10% for strategic investments, and 10% for general corporate purposes [6]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 523.1 million, RMB 697.2 million, RMB 909.8 million, and RMB 523.6 million, respectively [7]. - The net losses for the same periods were RMB 507.1 million, RMB 490.0 million, RMB 10.6 million, and RMB 39.5 million, totaling a cumulative loss of RMB 1.026 billion [7][8]. Cash Flow - The net cash generated from operating activities for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 78.7 million, RMB 210.4 million, RMB 279.2 million, and RMB 159.9 million, respectively [9][10].

Core Viewpoint - Jushuitan (stock code: "6687") has successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 2.086 billion with a net amount of HKD 1.938 billion after deducting listing expenses. The company aims to leverage its position as a leading e-commerce SaaS platform in China to create greater value in the industry [1][3][5]. Fundraising and Investor Participation - Jushuitan issued 68,166,200 shares at an offering price of HKD 30.6 per share, with cornerstone investors collectively subscribing USD 130 million [1][2]. - The cornerstone investors include notable funds such as Blue Lake Capital Opportunity Fund, 汇添富CUAM, and others, each investing USD 10 million [1][2]. Market Performance - The opening price of Jushuitan was HKD 38, representing a 24% increase from the offering price, leading to a market capitalization of approximately HKD 16.36 billion [3]. - The company reported a revenue of RMB 520 million for the first half of 2025, a 24.5% increase from RMB 421 million in the same period last year [7]. Financial Performance - Jushuitan's revenue projections for 2022, 2023, and 2024 are RMB 523 million, RMB 700 million, and RMB 910 million, respectively, with gross profits of RMB 274 million, RMB 434 million, and RMB 623 million, indicating improving gross margins [5][6]. - The company reported an operating profit of RMB 27.09 million for the first half of 2025, a significant turnaround from an operating loss of RMB 47.96 million in the same period last year [7]. Business Model and Growth Strategy - Founded in 2014, Jushuitan initially focused on e-commerce SaaS ERP and has evolved into a comprehensive SaaS collaborative platform, catering to diverse merchant needs [3][5]. - The company has established over 100 offline service points across more than 500 towns, enhancing its service delivery capabilities [5]. Shareholding Structure - Prior to the IPO, key shareholders included骆海东 (22.81%) and 贺兴建 (13.57%), with employee incentives accounting for 8.71% of shares [15][20]. - Post-IPO,骆海东's direct shareholding decreased to 19.16%, while other significant shareholders include 红杉智盛 (6.72%) and 李灿升 (5.43%) [20].

Core Viewpoint - Jushuitan successfully listed on the Hong Kong main board, marking a significant milestone after several attempts since 2023 [2][3]. Company Overview - Jushuitan's IPO price was set at X HKD per share, with its market capitalization reaching xxx billion HKD [3]. - The company holds a market share of 24.4% in the e-commerce SaaS ERP sector, with approximately 92,600 SaaS customers as of June 30, 2025 [3][4]. - In 2024, Jushuitan processed around 33 billion e-commerce orders, averaging nearly 100 million orders daily [3]. Financial Performance - Jushuitan has accumulated losses of nearly 1 billion CNY over the past three years, with high R&D and marketing costs impacting profitability [3][9]. - Revenue increased from 520 million CNY in 2022 to 910 million CNY in 2024, while gross profit rose from 273.5 million CNY to 622.9 million CNY during the same period [20]. - The gross margin improved significantly from 52.3% in 2022 to 71.82% in the first half of 2025 [7][20]. Market Position and Strategy - Jushuitan aims to solidify its customer base of over 88,400 merchants and enhance its core ERP services post-IPO [6]. - The company plans to expand into cross-border e-commerce and local markets in Southeast Asia, having already established a subsidiary in Thailand [6]. - Jushuitan's competitive edge includes a robust ecosystem with over 400 e-commerce platform integrations and 500 logistics company partnerships [7]. Challenges and Competition - Despite its scale, Jushuitan faces significant competition from lower-cost alternatives, which are increasingly capturing market share [22]. - The company's high operational costs, particularly in R&D and marketing, have been a primary reason for its sustained losses [16][18]. - The subscription-based SaaS model may lead to customer attrition as larger clients find the costs prohibitive compared to competitors [21].