Core Viewpoint - The company 聚水潭 has successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 2.086 billion, marking a significant milestone for the SaaS sector in e-commerce [1][3]. Company Overview - 聚水潭 has been operating in the e-commerce SaaS field for 11 years and is recognized as a profitable SaaS entity in the Hong Kong market [1]. - The company issued 68.1662 million shares at a price of HKD 30.60 per share, with the stock price rising by 24.05% on its first trading day, reaching HKD 37.96 [1]. Market Position - 聚水潭 holds a dominant position in the Chinese e-commerce SaaS ERP market with a market share of 24.4%, surpassing the combined share of its second to fifth competitors [3]. - In the e-commerce operation SaaS market, it leads with an 8.7% market share, and overall, it ranks in the second tier of Chinese e-commerce SaaS providers with a 7.1% market share [3]. Growth Trajectory - The company was founded in 2014 by 骆海东 and has undergone significant growth, with its valuation increasing from RMB 200 million in the Pre-A round to RMB 6 billion in the C round [3][4]. - 聚水潭 faced challenges in its IPO journey, including a delay due to a personal legal issue involving the founder, but ultimately succeeded in listing after multiple updates to its prospectus [4]. Financial Performance - Revenue is projected to grow from RMB 523 million in 2022 to RMB 910 million in 2024, with the first half of 2025 already achieving RMB 524 million [4]. - The adjusted profit is expected to turn from a loss of RMB 379 million in 2022 to a profit of RMB 49 million in 2024, with a net profit margin of 9.0% and a gross margin of 71.8% [4]. Investment and Future Plans - The company plans to use the funds raised from the IPO for research and development, marketing expansion, and strategic investments over the next five years [5]. - The successful listing has significantly increased the wealth of the founder, who holds 39.37% of the shares, valued at over HKD 6 billion [5].

Core Viewpoint - JuShuiTan, an e-commerce SaaS provider, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 20.86 billion through its IPO, with a strong demand reflected in the oversubscription rates for both public and international offerings [4][5]. Group 1: IPO Details - JuShuiTan's IPO involved a global offering of 68.1662 million shares, accounting for 16% of the total shares post-issue, with a share price set at HKD 30.60 [4]. - The public offering was oversubscribed by 1,952.95 times, while the international offering saw a 22.89 times oversubscription [4]. - The company attracted 13 cornerstone investors who collectively subscribed for USD 130 million of the offering [4]. Group 2: Shareholder Structure - Post-IPO, Mr. Luo Haidong controls approximately 39.37% of JuShuiTan through direct holdings and voting rights arrangements [5]. - Key shareholders include Black Tea, Popogo, and Taurus Lee, with respective holdings of 19.16%, 11.40%, and 5.43% [6]. Group 3: Market Position - Established in 2014, JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on 2024 e-commerce SaaS ERP revenue [6]. - The company also ranks as the largest e-commerce operation SaaS provider in China with an 8.7% market share based on 2024 SaaS total revenue [6]. - JuShuiTan is the second-largest e-commerce SaaS provider in China, with a market share of 7.1% based on relevant revenue for 2024 [6]. Group 4: Stock Performance - As of the latest update, JuShuiTan's share price reached HKD 37.96, reflecting a 24.05% increase, with a total market capitalization of approximately HKD 161.72 billion [7]. - The stock opened at HKD 38.00, with a trading volume of 28.2922 million shares [8].

Core Viewpoint - Chinese e-commerce SaaS ERP provider Jushuitan (6687.HK) officially listed on the Hong Kong Stock Exchange, experiencing a surge of over 28% during trading, reaching a peak of 39.32 HKD, with a total market capitalization exceeding 16.75 billion HKD [1] Summary by Category IPO Details - Jushuitan's public offering in Hong Kong received a subscription rate of 1952.95 times, with a winning rate of only 0.13% for a single lot (100 shares) [1] - The international offering recorded a subscription rate of 22.89 times [1] - The share price was set at 30.6 HKD, raising approximately 1.9376 billion HKD in net proceeds from the global offering [1] Use of Proceeds - Approximately 55% of the funds raised will be allocated to enhancing the company's research and development capabilities over the next five years to enrich its product matrix [1] - About 25% will be used to improve sales and marketing capabilities over the next five years [1] - 10% will be directed towards strategic investments over the next five years, and the remaining 10% will be for general corporate purposes [1] Company Overview - Jushuitan offers a comprehensive range of SaaS products and services, enabling clients to seamlessly upgrade their business capabilities, improve performance, and develop cross-platform operations while significantly reducing deployment and operational costs [1] - As of last year, Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% [1] - For 2024, Jushuitan's total revenue and SaaS product transaction volume are projected to reach 909.8 million CNY and 1.3017 billion CNY, respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [1]

Core Viewpoint - The successful IPO of JuShuiTan, a leading e-commerce SaaS provider in Hong Kong, highlights the growing interest in the SaaS sector, with significant investor demand reflected in its stock performance and subscription rates [2][3]. Group 1: IPO Details - JuShuiTan was listed on the Hong Kong Stock Exchange on October 21, with a first-day stock price increase of 23.2%, resulting in a market capitalization of approximately HKD 16.1 billion [2]. - The company experienced a remarkable subscription rate of 1,952.95 times for its public offering and 22.89 times for its international offering, with total margin financing reaching HKD 301.32 billion [2]. - JuShuiTan issued 68.1662 million shares at a price of HKD 30.6 per share, raising a net amount of approximately HKD 1.938 billion, with plans to allocate 55% for R&D, 25% for sales and marketing, 10% for strategic investments, and 10% for general working capital [2]. Group 2: Business Performance and Market Position - In 2024, JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, surpassing the combined market share of the second to fifth largest competitors [3]. - The company serves 88,400 SaaS clients, achieving a net customer revenue retention rate of 115% for the year [3]. - JuShuiTan's total revenue and annual recurring revenue for 2024 are projected to be RMB 910 million and RMB 1.098 billion, respectively, with compound annual growth rates of 31.9% and 33.6% from 2022 to 2024 [3]. - Despite significant investments leading to losses, JuShuiTan achieved a net profit of approximately RMB 12 million in 2024, while reporting a loss of RMB 41.146 million in the first half of 2025 [3].

Group 1 - The core point of the article is that 聚水潭 (Jushuitan) has successfully listed on the Hong Kong Stock Exchange, with an initial share price set at HKD 30.60 [2] - The company issued a total of 68.1662 million shares, with a net proceeds of approximately HKD 1.938 billion from the offering [2] - As of the report, the stock price has increased by 24.18%, trading at HKD 38, with a transaction volume of HKD 447 million [2]

Core Viewpoint - JuShuiTan (06687) has successfully listed its shares at a price of HKD 30.60, raising approximately HKD 1.938 billion, with a notable initial increase of 24.18% to HKD 38 per share [1] Company Summary - JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The e-commerce SaaS ERP market in China is projected to reach RMB 3.1 billion in 2024, with JuShuiTan also ranking first in the e-commerce SaaS market with a market share of 8.7% based on total SaaS revenue for the same year [1] - JuShuiTan offers a comprehensive suite of SaaS products and services designed to enhance business capabilities, improve performance, and facilitate cross-platform operations while significantly reducing deployment and operational costs [1] - The core SaaS product of JuShuiTan is its ERP system, which addresses the essential needs of merchants on major e-commerce platforms for processing orders [1]

Core Viewpoint - JuShuiTan (06687) has successfully listed its shares at a price of HKD 30.60, raising approximately HKD 1.938 billion, with a significant initial trading increase of 24.18% to HKD 38 [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, surpassing the combined market share of the second to fifth largest competitors [1] - The projected size of the Chinese e-commerce SaaS ERP market is estimated to be RMB 3.1 billion in 2024 [1] - In the broader Chinese e-commerce SaaS market, JuShuiTan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] - The company is also the second largest e-commerce SaaS provider in China, with a market share of 7.1% based on relevant revenue for 2024 [1] Product and Service Offering - JuShuiTan offers a comprehensive suite of SaaS products and services designed to help clients seamlessly upgrade their business capabilities, enhance performance, and develop cross-platform operations while significantly reducing deployment and operational costs [1] - The core SaaS product of JuShuiTan is its ERP system, which addresses the essential needs of merchant clients in managing e-commerce orders across major platforms [1]

Core Viewpoint - The company has successfully completed its global offering, raising approximately HKD 1.9376 billion through the issuance of shares at a price of HKD 30.6 each [1] Group 1: Offering Details - A total of 68.1662 million shares were issued, with 10% allocated for the Hong Kong public offering and 90% for international offering [1] - The shares will commence trading on the Hong Kong Stock Exchange on October 21, 2025, at 9:00 AM Hong Kong time [1] Group 2: Subscription Results - The Hong Kong public offering was oversubscribed by 1,952.95 times, indicating strong demand from local investors [1] - The international offering saw an oversubscription of 22.89 times, reflecting significant interest from international investors [1]

Group 1 - The core point of the article is the global offering of 聚水潭, with an issue price of HKD 30.60 per share and a total fundraising amount of HKD 2.086 billion, net proceeds amounting to HKD 1.938 billion [1][2] Group 2 - The number of shares offered globally is 68,166,200, with 6,816,700 shares for the Hong Kong offering and 61,349,500 shares for the international offering [1] - The subscription levels reached 1,952.95 times for the Hong Kong offering and 22.89 times for the international offering, with no trigger for the replenishment mechanism [2] - The cornerstone investors include 13 entities, with each receiving 2,543,300 shares, accounting for 3.73% of the offered shares and 48.50% of the total shares allocated to cornerstone investors [2]

Core Viewpoint - The company, 聚水潭, announced a global offering of 68,166,200 H-shares at a price of HKD 30.60 per share, with a net proceeds of HKD 1.938 billion [1] Group 1: Offering Details - The Hong Kong public offering accounts for 10.00% of the total global offering, with a subscription rate of 1,953 times [1] - The international offering represents 90.00% of the total global offering, with a subscription rate of 22.89 times [1] Group 2: Trading Information - If the global offering becomes unconditional by October 21, 2025, trading is expected to commence on the Hong Kong Stock Exchange at 9:00 AM [1] - H-shares will be traded in board lots of 100 shares, with the stock code being 6687 [1]