Core Viewpoint - The company, 聚水潭, is planning a global offering of approximately 68.17 million shares at a price of HKD 30.60 per share, with a total expected net proceeds of around HKD 1.938 billion from the offering [2][11]. Group 1: Company Overview - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on 2024 revenue, surpassing the combined market share of the second to fifth largest competitors [4]. - 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 [4]. - As of June 30, 2025, 聚水潭 serves 92,600 SaaS customers across various categories, with a net customer revenue retention rate of 115% for 2024 [4]. Group 2: Product and Services - 聚水潭's core product, 聚水潭 ERP, is designed to meet the essential needs of merchants on e-commerce platforms, allowing for easy integration and management of orders, products, and inventory [5]. - The ERP system includes key functionalities such as Order Management System (OMS), Warehouse Management System (WMS), Procurement Management System (PMS), and Distribution Management System (DMS) [6]. - The company has established a comprehensive customer service network, enhancing customer acquisition and retention, which contributes to a leading LTV/CAC ratio of 8.0 as of June 30, 2025 [8]. Group 3: Financial Performance - The total revenue and SaaS product revenue for 2024 reached CNY 910 million and CNY 1.302 billion, respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [8]. - The company's gross profit for 2024 was CNY 623 million, with a gross margin of 68.5% [9]. - The net profit figures for the years 2022 to 2024 show a trend of improvement, with a net profit of CNY 10.6 million in 2024, compared to losses in previous years [9]. Group 4: Market Trends and Future Outlook - The Chinese e-commerce market is rapidly evolving, with over 27 million e-commerce merchants and online retail sales of CNY 13.9 trillion in 2024, accounting for 28.4% of total consumption [9]. - The willingness of e-commerce merchants to invest in digital solutions is increasing, with IT spending expected to grow from CNY 137.7 billion in 2024 to CNY 252.9 billion by 2029 [10]. - 聚水潭 has completed multiple rounds of financing prior to its IPO, with investors including Sequoia China and CICC Capital [10]. Group 5: Use of Proceeds - The company plans to allocate approximately 55% of the net proceeds from the global offering to enhance R&D capabilities, 25% to improve sales and marketing efforts, 10% for strategic investments, and 10% for general corporate purposes [11].

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 ...