Core Viewpoint - Jushuitan (stock code: "6687") has successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 2.086 billion with a net amount of HKD 1.938 billion after deducting listing expenses. The company aims to leverage its position as a leading e-commerce SaaS platform in China to create greater value in the industry [1][3][5]. Fundraising and Investor Participation - Jushuitan issued 68,166,200 shares at an offering price of HKD 30.6 per share, with cornerstone investors collectively subscribing USD 130 million [1][2]. - The cornerstone investors include notable funds such as Blue Lake Capital Opportunity Fund, 汇添富CUAM, and others, each investing USD 10 million [1][2]. Market Performance - The opening price of Jushuitan was HKD 38, representing a 24% increase from the offering price, leading to a market capitalization of approximately HKD 16.36 billion [3]. - The company reported a revenue of RMB 520 million for the first half of 2025, a 24.5% increase from RMB 421 million in the same period last year [7]. Financial Performance - Jushuitan's revenue projections for 2022, 2023, and 2024 are RMB 523 million, RMB 700 million, and RMB 910 million, respectively, with gross profits of RMB 274 million, RMB 434 million, and RMB 623 million, indicating improving gross margins [5][6]. - The company reported an operating profit of RMB 27.09 million for the first half of 2025, a significant turnaround from an operating loss of RMB 47.96 million in the same period last year [7]. Business Model and Growth Strategy - Founded in 2014, Jushuitan initially focused on e-commerce SaaS ERP and has evolved into a comprehensive SaaS collaborative platform, catering to diverse merchant needs [3][5]. - The company has established over 100 offline service points across more than 500 towns, enhancing its service delivery capabilities [5]. Shareholding Structure - Prior to the IPO, key shareholders included骆海东 (22.81%) and 贺兴建 (13.57%), with employee incentives accounting for 8.71% of shares [15][20]. - Post-IPO,骆海东's direct shareholding decreased to 19.16%, while other significant shareholders include 红杉智盛 (6.72%) and 李灿升 (5.43%) [20].
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