上海，刚刚诞生一个明星IPO
3 6 Ke·2025-10-21 04:12

Core Viewpoint - Jushuitan, a leading e-commerce SaaS ERP company in China, successfully went public on the Hong Kong Stock Exchange, achieving a market capitalization of HKD 153 billion shortly after its IPO, with an initial share price of HKD 30.60, which rose over 17% on the first day of trading [1][8]. Company Overview - Founded in 2014, Jushuitan has become the largest e-commerce SaaS supplier in China by total revenue, holding a market share of 8.7% in 2024 [1][3]. - The company has experienced significant growth, with a total customer base of 88,400 and a net customer revenue retention rate of 115% as of 2024 [2][6]. Financial Performance - Jushuitan's revenue from its two main business segments, e-commerce SaaS ERP products and other e-commerce operation SaaS products, showed a compound annual growth rate (CAGR) of 31.9% from 2022 to 2024, with revenues of HKD 5.23 billion, HKD 6.97 billion, and HKD 9.10 billion projected [6][7]. - The company achieved a net profit of HKD 46.96 million in the first half of 2025, marking a turnaround from a loss of HKD 33.44 million in the previous year, and a net profit of HKD 10.58 million in 2024 [6][7]. Market Strategy - Jushuitan has focused on providing digital solutions for overseas merchants and has launched a "globalization of e-commerce business" strategy, connecting merchants with over 400 global e-commerce platforms by the first half of 2025 [3][6]. - The company has maintained a strong focus on its core competencies, including order management, warehousing, and cross-platform collaboration, adapting to various e-commerce platforms such as Alibaba, JD.com, Douyin, and Kuaishou [6][10]. Investment Landscape - Jushuitan's successful IPO attracted significant interest from cornerstone investors, including Sequoia Capital, Blue Lake Capital, and Source Code Capital, among others, indicating strong confidence in the company's growth potential [8][10]. - Early investors have seen substantial returns, with angel round investors achieving a 75-fold return based on the IPO price [8][9].