上海，诞生了一个明星IPO

Core Viewpoint - The article highlights the successful IPO of JuShuiTan, a leading e-commerce SaaS ERP company in China, which reflects the growth and potential of the SaaS industry in the country [5][6]. Company Overview - JuShuiTan was founded in 2014 and has become the largest e-commerce SaaS supplier in China by total revenue, with a market share of 8.7% in 2024 [5][8]. - The company has experienced significant growth, processing 166 billion, 238 billion, and 330 billion orders from 2022 to 2024, respectively [8]. Financial Performance - JuShuiTan's revenue from its two main business segments (e-commerce SaaS ERP products and other e-commerce operation SaaS products) is projected to grow from 5.23 billion to 9.10 billion from 2022 to 2025 [12]. - The company achieved a net profit of 469.6 million in the first half of 2025, marking a turnaround from a loss of 334.4 million in the previous year [13]. Investment and Shareholder Support - The IPO price was set at 30.60 HKD per share, with a market capitalization reaching 130 billion HKD [15]. - Major investors include Sequoia Capital, Blue Lake Capital, and Source Code Capital, who have shown strong support for the company [15][17]. Market Position and Strategy - JuShuiTan's strategy includes expanding its services to overseas merchants and connecting with over 400 global e-commerce platforms by the first half of 2025 [9]. - The company has maintained a high customer retention rate of 115% and has grown its customer base from 45,700 in 2022 to 62,200 by the end of 2024 [13]. Leadership and Vision - The founder, Luo Haidong, emphasizes the importance of long-term investment and patience in the B2B sector, reflecting a deep understanding of the SaaS industry [9][10]. - Investors express confidence in the management team's ability to navigate challenges and capitalize on market opportunities [18].