Core Viewpoint - The company, 聚水潭, is a leading e-commerce SaaS ERP provider in China, successfully completing its IPO subscription with significant oversubscription and plans for future growth in the SaaS market [1][2] Group 1: IPO Details - 聚水潭's IPO subscription took place from October 13 to October 16, 2025, with a total of at least 330 billion HKD in margin loans secured by brokers, resulting in an oversubscription of 1581 times compared to the initial public offering amount of 210 million HKD [1] - The company plans to issue 68.167 million shares, with 10% allocated for public offering at a price of 30.6 HKD per share, aiming to raise approximately 2.09 billion HKD [1] - The expected listing date is October 21, 2025, with 中金公司 and 摩根大通 acting as joint sponsors [1] Group 2: Market Position and Financial Performance - According to 灼识咨询, 聚水潭 holds a 24.4% market share in the Chinese e-commerce SaaS ERP market for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The total market size for the Chinese e-commerce SaaS ERP sector is projected to be 3.1 billion RMB in 2024, with 聚水潭 also ranking first in the e-commerce SaaS operational market with an 8.7% market share [1] - The company reported total revenues and SaaS product transaction volumes of 909.8 million RMB and 1.302 billion RMB respectively for 2024, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [2] Group 3: Use of Proceeds - Approximately 55% of the net proceeds from the fundraising will be allocated to enhancing research and development capabilities to expand the product matrix over the next five years [2] - About 25% of the funds will be used to strengthen sales and marketing efforts over the next five years [2] - The remaining 20% will be divided between strategic investments and general corporate purposes, with 10% allocated to each [2]

Core Viewpoint - The companies Jushuitan (06687) and Guanghetong (00638) are currently in the process of their initial public offerings (IPOs), with significant oversubscription levels reported by various brokers [1]. Group 1: Jushuitan (06687) - Jushuitan has raised a total of HKD 946.2255 million from brokers, with an oversubscription rate exceeding 451 times [1][3]. - The total fundraising amount for Jushuitan is reported to be HKD 2.09 million [3]. Group 2: Guanghetong (00638) - Guanghetong has secured HKD 138.92 million from brokers, with an oversubscription rate exceeding 46 times [1][3]. - The total fundraising amount for Guanghetong is reported to be HKD 2.9 million [3].

Core Viewpoint - The article discusses the upcoming IPO of Jushuitan, China's largest e-commerce SaaS ERP provider, highlighting its market position, financial performance, and the details of its stock offering [3][5][14]. Company Overview - Jushuitan was established in 2014 and specializes in providing one-stop e-commerce SaaS products and services for businesses [3]. - The company covers over 400 e-commerce platforms globally, including major ones like Taobao and JD.com [5]. Market Position - Jushuitan holds a leading market share of 24.4% in the e-commerce SaaS ERP sector, with a market size of 3.1 billion RMB [5]. - It ranks first in the e-commerce operation SaaS market with a market share of 8.7% based on projected total revenue for 2024 [5]. Financial Performance - Jushuitan is expected to turn profitable in 2024, with projected revenues of 9.1 billion RMB and a net profit of 110 million RMB [7]. - The company's revenue from 2022 to 2024 is projected to grow from 523 million RMB to 910 million RMB, while net losses are expected to decrease significantly from 5.07 billion RMB in 2022 to a profit in 2024 [7][10]. IPO Details - The IPO is scheduled for October 13-16, with a global offering of 68.1662 million shares, of which 10% is for public offering [14]. - The proposed share price is 30.6 HKD, with an estimated entry fee of approximately 3,091 HKD for one lot of 100 shares [14]. - Cornerstone investors have subscribed for 48.5% of the offering, and the underwriting is managed by CICC and Morgan Stanley [14].

Core Viewpoint - The company, 聚水潭, is set to launch its global offering on October 13, 2025, with a pricing model that raises concerns about its readiness for the capital market and the sustainability of its financial performance [2][3]. Group 1: IPO Details - The company will issue approximately 68.17 million shares at a price of HKD 30.60 per share, raising an estimated HKD 2.09 billion, with a potential increase to HKD 2.76 billion if the overallotment option is fully exercised [1]. - The net proceeds from the offering will be allocated as follows: 55% for research and development, 25% for sales and marketing, 10% for strategic investments, and 10% for general corporate purposes [1]. Group 2: Financial Performance - The company reported revenues of CNY 520 million, CNY 700 million, and CNY 910 million for the years 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 31.9% [6]. - In 2024, the company achieved a net profit of CNY 10 million, primarily due to a deferred tax asset contribution of approximately CNY 90 million, indicating that its actual profitability remains unstable [6]. - For the first half of 2025, the company recorded a revenue of CNY 520 million, with a year-on-year growth rate of 24.4%, but faced a net loss of CNY 40 million due to adjustments related to preferred shares [6]. Group 3: Valuation Concerns - The company's market capitalization is projected to reach HKD 13 billion, which corresponds to a price-to-earnings ratio of 1,175 times for 2024, significantly higher than the average for the Hong Kong SaaS industry [7][9]. - The company's price-to-sales ratio is reported at 14 times, which is substantially above the average of 7.6 times for comparable companies in the Hong Kong market [10]. - The valuation has nearly doubled from its C-round financing valuation of CNY 6 billion to HKD 13 billion, raising questions about the sustainability of this increase given the cooling SaaS market [9]. Group 4: Investor Participation - The company has secured 13 cornerstone investors, collectively committing USD 130 million, which accounts for 48.5% of the base offering size [4]. - Notably, there are no foreign long-term or strategic investors among the cornerstone investors, which may reflect concerns about the company's fundamentals and growth potential [4][5]. - Goldman Sachs, a previous investor, has exited its position before the IPO, raising further concerns about the company's prospects in the public market [10].

Core Viewpoint - The company, Jushuitan Group, a leading player in the e-commerce SaaS ERP sector in China, is set to go public on the Hong Kong Stock Exchange, marking a significant milestone as it breaks the typical 15-year profitability cycle for SaaS companies, achieving profitability in its 11th year [1][3][5]. Financial Performance - Jushuitan's revenue is projected to grow from 523 million yuan in 2022 to 910 million yuan in 2024, with a compound annual growth rate (CAGR) of 31.9% [4]. - In the first half of 2025, revenue reached 524 million yuan, reflecting a year-on-year growth of 24.4% [4]. - The company reported a net profit of 48.99 million yuan in 2024, achieving profitability four years ahead of the industry average [5]. - The adjusted net profit for the first half of 2025 was 46.96 million yuan, nearing the total for 2024, indicating sustainable profitability [5]. - The gross margin improved from 52.3% in 2022 to 71.8% in the first half of 2025 [4]. Market Position and Growth Potential - The e-commerce SaaS ERP market in China is still in its early stages, with a market size of only 3.1 billion yuan in 2024 and a penetration rate of just 1.6% among active e-commerce merchants, indicating significant growth potential [7]. - Jushuitan holds an 8.7% market share in the e-commerce ERP segment and a 7.1% share in the overall e-commerce SaaS market, ranking second [7]. - The company has established a competitive edge with its ability to connect to over 400 e-commerce platforms and 800+ logistics providers, significantly more than the industry average [8][9]. Investment and Strategic Plans - Jushuitan has secured a strong base of institutional investors, raising 130 million USD from 13 firms, including Sequoia China, indicating market confidence in its future [3][10]. - The company plans to allocate approximately 55% of the IPO proceeds to enhance R&D capabilities, 25% to improve sales and marketing, and 10% for strategic investments [11].

Investment Rating - The report suggests a cautious subscription for the company, 聚水潭 (6687.HK) [1][3] Core Insights - 聚水潭, established in 2014, has become the largest e-commerce SaaS and ERP provider in China, holding a market share of 24.4% in the e-commerce SaaS market and 8.7% in the overall SaaS market by 2024 [2][3] - The Chinese e-commerce market has rapidly evolved, with online retail sales expected to grow from RMB 11.8 trillion in 2020 to RMB 16.5 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 8.9% [2] - The company's total revenue and SaaS product turnover reached RMB 9.1 billion and RMB 13.0 billion respectively in 2024, with CAGRs of 31.9% and 32.6% from 2022 to 2024 [3] - The company transitioned from a net loss of RMB 4.9 billion in 2024 to a net profit of RMB 10.58 million in the same year, improving its net profit margin from a loss rate of 70.3% in 2023 to a profit margin of 1.2% in 2024 [3] - The estimated market capitalization post-IPO is approximately HKD 10.4 billion, with a price-to-sales (PS) ratio of about 10.0X based on 2024 revenue [3] Summary by Sections IPO Details - The IPO price is set at HKD 30.60, with a total fundraising amount of HKD 19.38 billion [1] - The total number of shares offered is 6.817 million, with 90% allocated for international placement and 10% for public offering [1] Company Overview - 聚水潭 has expanded its workforce from 9 employees at inception to over 2,500, establishing more than 100 offline service points across over 500 towns in China [2] - The company provides a comprehensive suite of SaaS products and services aimed at enhancing business capabilities and reducing operational costs for clients [3]

聚水潭(06687.HK)发布公告，公司拟全球发售6816.62万股股份(视乎发售量调整权及超额配股权行使与否而定)，中国香港发售股份681.67万股，国际发售 股份6134.95万股；2025年10月13日至10月16日招股；发售价将为每股发售股份30.60港元，每手买卖单位为100股，中金公司及摩根大通为联席保荐人；预 期股份将于2025年10月21日开始在联交所买卖。 集团已订立基石投资协议，据此，基石投资者已同意在满足若干条件的情况下，按发售价认购或促使其指定实体认购以总金额1.30亿美元(或约10.12亿港 元)可购买的相关数目的发售股份。 基石投资者包括Blue Lake Capital Opportunity Fund、CUAM实体、DAMSIMF、Fourier Global Master Fund、GRANITE ASIA VIIIINVESTMENTS PTE. LTD.、香港景林、GTCS Holdings、HongShan Growth、Jain Global Master Fund、Perseverance Asset Management、Stoneylake Global Alp ...

Group 1 - The company plans to globally offer 68.1662 million shares, with 6.8167 million shares available in Hong Kong and 61.3495 million shares for international sale, along with an over-allotment option of 10.2249 million shares [1] - The subscription period for the shares is from October 13 to October 16, with a maximum offer price of HKD 30.60 per share and an entry fee of approximately HKD 3,090.85 [1] - The total expected fundraising amount is HKD 2.086 billion, with a net amount of HKD 1.938 billion, which will be used to enhance R&D capabilities, improve sales and marketing over the next five years, general corporate purposes, and strategic investments [1] Group 2 - The company is expected to be listed on the main board on October 21, 2025, with China International Capital Corporation Hong Kong Securities Limited and J.P. Morgan Securities (Far East) Limited as joint sponsors [2] - The company is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, which is greater than the combined market share of the second to fifth largest competitors [2] - The company ranks first in the Chinese e-commerce SaaS market with a market share of 8.7% based on total SaaS revenue for 2024 [2] - The company's net profits for the fiscal years ending June 30 for 2023, 2024, and the first half of 2025 are projected to be -487 million, 12.152 million, and -41.146 million respectively, with year-on-year changes of 3.72%, 102.50%, and 30.08% [2]

聚水潭集團股份有限公司 JST Group Corporation Limited （於開曼群島註冊成立的有限公司） 股份代號 : 6687 全球發售 聯席保薦人、整體協調人、 聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示： 倘 閣下對本招股章程任何內容有任何疑問，應尋求獨立專業意見。 JST Group Corporation Limited 聚水潭集團股份有限公司 （於開曼群島註冊成立的有限公司） 全球發售 全球發售項下發售股份數目 ： 68,166,200股發售股份（視乎發售量調整 權及超額配股權行使與否而定） 香港發售股份數目 ： 6,816,700股發售股份（可予重新分配及 視乎發售量調整權行使與否而定） 國際發售股份數目 ： 61,349,500股發售股份（可予重新分配及 視乎發售量調整權及超額配股權行使 與否而定） 發售價 ： 每股發售股份30.60港元，另加1.0%經 紀佣金、0.0027%證監會交易徵費、 0.00565%聯交所交易費及0.00015% 會財局交易徵費（須於申請時以港元 繳足，多繳股款可予退還） ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 本公告不得直接或間接於或向美國境內（包括其領土及屬地、美國任何州及哥倫比亞特區）發 佈、刊發或派發。本公告並未且不擬構成或組成在美國或任何其他司法管轄區購買或認購證券 的任何要約或招攬的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國 證券法」）或任何美國州或其他司法管轄區證券法登記，且不得於美國境內提呈發售、出售、質 押或以其他方式轉讓，惟獲豁免遵守美國證券法及遵守任何適用的州證券法登記規定或在不受 其規限的交易中則另作別論。發售股份(i)於美國境內僅可獲豁免無須遵守美國證券法的登記規 定向「合資格機構買家」（定義見第144A條）提呈發售及出售；及(ii)於美國境外根據美國證券法 項下的S規例以離岸交易方式提呈發售及出售。 1 JST Group Corporation Limited 聚水潭集團股份有限公司 （於開曼群島註 ...