大佬青睐，知名股东云集，负债高达36亿，这家公司第四次冲刺上市！

Core Viewpoint - The company Jushuitan Group Co., Ltd. has submitted its application for an IPO on the Hong Kong Stock Exchange, marking its fourth attempt after three previous failed submissions. The company is recognized as the largest e-commerce SaaS supplier in China, having recently achieved a small profit in 2024 after accumulating losses exceeding 986 million yuan over the past three years [1][4]. Company Overview - Jushuitan was established in 2014 and operates as a leading e-commerce SaaS supplier in China, providing services through over 100 offline service points across more than 500 towns [4]. - The core product, Jushuitan ERP, offers functionalities such as order management, warehouse management, procurement management, and distribution management, helping e-commerce businesses manage their operations and financial data [4]. Market Position - In 2024, the Chinese e-commerce SaaS ERP market is projected to reach 3.1 billion yuan, with Jushuitan holding a market share of 23.2%, making it the largest player in this segment [5]. - Jushuitan also ranks first in the broader e-commerce SaaS market with a market share of 8.7%, serving 88,400 different SaaS clients compared to the industry average of fewer than 20,000 clients [5]. Financial Performance - The company reported revenues of 523 million yuan, 697 million yuan, and 910 million yuan for the years 2022, 2023, and 2024, respectively, with a net profit of 10.58 million yuan in 2024 after losses of 507 million yuan and 490 million yuan in the previous two years [5][6]. - The adjusted net profit figures for the same years were -379 million yuan, -206 million yuan, and 48.99 million yuan, indicating a significant turnaround in 2024 [5]. - Jushuitan's gross margin has increased from 52.3% in 2022 to 68.5% in 2024, reflecting a growth of 16.2 percentage points over two years [6]. Funding and Valuation - The company has raised a total of 614 million yuan through seven rounds of financing, achieving a post-money valuation increase of over 71 times within five years [10]. - Notable investors include prominent firms and individuals such as Alibaba Group's CEO, Sequoia Capital, and Blue Lake Capital, among others [12][13]. Shareholding Structure - As of the IPO application, the founder and CEO holds 22.81% of the shares, while other executives and investors hold significant stakes, with the founder controlling approximately 46.87% of the voting rights [11].