Core Viewpoint - JuShuiTan (06687) has successfully listed its shares at a price of HKD 30.60, raising approximately HKD 1.938 billion, with a significant initial trading increase of 24.18% to HKD 38 [1] Company Overview - JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The projected size of the Chinese e-commerce SaaS ERP market is estimated to be RMB 3.1 billion in 2024 [1] - In the broader Chinese e-commerce SaaS market, JuShuiTan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] - The company is also the second largest e-commerce SaaS provider in China, with a market share of 7.1% based on relevant revenue for 2024 [1] Product and Service Offering - JuShuiTan offers a comprehensive suite of SaaS products and services designed to help clients seamlessly upgrade their business capabilities, enhance performance, and develop cross-platform operations while significantly reducing deployment and operational costs [1] - The core SaaS product of JuShuiTan is its ERP system, which addresses the essential needs of merchant clients in managing e-commerce orders across major platforms [1]

Investment Rating - The report suggests a cautious subscription for the company, 聚水潭 (6687.HK) [1][3] Core Insights - 聚水潭, established in 2014, has become the largest e-commerce SaaS and ERP provider in China, holding a market share of 24.4% in the e-commerce SaaS market and 8.7% in the overall SaaS market by 2024 [2][3] - The Chinese e-commerce market has rapidly evolved, with online retail sales expected to grow from RMB 11.8 trillion in 2020 to RMB 16.5 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 8.9% [2] - The company's total revenue and SaaS product turnover reached RMB 9.1 billion and RMB 13.0 billion respectively in 2024, with CAGRs of 31.9% and 32.6% from 2022 to 2024 [3] - The company transitioned from a net loss of RMB 4.9 billion in 2024 to a net profit of RMB 10.58 million in the same year, improving its net profit margin from a loss rate of 70.3% in 2023 to a profit margin of 1.2% in 2024 [3] - The estimated market capitalization post-IPO is approximately HKD 10.4 billion, with a price-to-sales (PS) ratio of about 10.0X based on 2024 revenue [3] Summary by Sections IPO Details - The IPO price is set at HKD 30.60, with a total fundraising amount of HKD 19.38 billion [1] - The total number of shares offered is 6.817 million, with 90% allocated for international placement and 10% for public offering [1] Company Overview - 聚水潭 has expanded its workforce from 9 employees at inception to over 2,500, establishing more than 100 offline service points across over 500 towns in China [2] - The company provides a comprehensive suite of SaaS products and services aimed at enhancing business capabilities and reducing operational costs for clients [3]

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].

Core Viewpoint - The article discusses the upcoming IPO of Jushuitan Group, China's largest e-commerce SaaS ERP provider, which has achieved full profitability and plans to raise approximately HKD 2.086 billion through its IPO [3][7]. Group 1: IPO Details - Jushuitan plans to issue 68,166,200 shares, with a public offering of 6,816,700 shares and international offering of 61,349,500 shares, at an issue price of HKD 30.60 per share, resulting in a market valuation of HKD 13 billion [3]. - The IPO subscription period runs from today until October 16, 2025, with the stock expected to be listed on the Hong Kong Stock Exchange under the code "6687" [3]. Group 2: Investor Participation - The company has attracted 13 cornerstone investors, each subscribing USD 10 million, totaling USD 130 million (approximately HKD 1.012 billion), including notable firms like Sequoia China and Blue Lake Capital [4]. Group 3: Company Background and Product Offering - Founded in 2014, Jushuitan provides a comprehensive suite of SaaS products and services, primarily focusing on its ERP system, which addresses core e-commerce order management needs [5]. - Jushuitan's ERP has become the most popular e-commerce SaaS ERP brand among Chinese merchants, contributing significantly to its revenue growth [5][6]. Group 4: Market Position and Financial Performance - As of 2024, Jushuitan holds a 24.4% market share in the e-commerce SaaS ERP sector, surpassing the combined market share of its next four competitors [6]. - The company reported revenues of CNY 523 million, CNY 697 million, and CNY 910 million for 2022, 2023, and 2024 respectively, with a compound annual growth rate of 31.9% [7]. - Jushuitan achieved a net profit of CNY 48.99 million in 2024 and CNY 46.96 million in the first half of 2025, nearing the previous year's profitability [7].

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]

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] - For the fiscal years 2023, 2024, and the first half of 2025, the company's net profits were -487 million, 12.152 million, and -41.146 million respectively, with year-on-year changes of 3.72%, 102.50%, and 30.08% [2]

Group 1 - The core point of the article is that Chinese e-commerce SaaS ERP provider Jushuitan (6687.HK) is launching an IPO from today until Thursday (October 16), offering 68.1662 million shares at an IPO price of HKD 30.6 per share, aiming to raise up to HKD 2.086 billion [1] Group 2 - The public offering accounts for 10% of the total shares, while the remaining shares are allocated for international placement [1] - The expected listing date for the stock is October 21 [1] - CICC and JPMorgan are acting as joint sponsors for the IPO [1] Group 3 - The company plans to allocate approximately 55% of the raised funds to enhance research and development capabilities to enrich its product matrix over the next five years [1] - About 25% of the funds will be used to strengthen sales and marketing capabilities in the next five years [1] - Approximately 10% will be allocated for strategic investments and another 10% for general corporate purposes over the next five years [1]

Group 1 - The company, 聚水潭, plans to conduct an initial public offering (IPO) from October 13 to October 16, 2025, with a total of 68.1662 million shares to be offered at a price of HKD 30.60 per share, and is expected to list on the Hong Kong Stock Exchange on October 21, 2025 [1] - According to data from 灼识咨询, 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% in 2024 [1] - The company anticipates a compound annual growth rate (CAGR) of 31.9% for total revenue and 32.6% for SaaS product transaction volume from 2022 to 2024 [1] Group 2 - The net proceeds from the global offering are expected to be approximately HKD 1.938 billion, which will be allocated as follows: 55% for research and development, 25% for sales and marketing, 10% for strategic investments, and 10% for general corporate purposes [2] - Cornerstone investors, including Blue Lake Capital Opportunity Fund and others, have agreed to subscribe for shares totaling USD 130 million, subject to certain conditions [1]

Group 1 - The company, Jushuitan, 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, at a price of HKD 30.60 per share [1] - The subscription period for the shares is set from October 13 to October 16, 2025, with trading expected to commence on October 21, 2025 [1] Group 2 - According to ZhiShi Consulting, Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, which exceeds the combined market share of the second to fifth largest competitors [2] - The total market size for China's e-commerce SaaS ERP is projected to be RMB 3.1 billion in 2024, with Jushuitan also ranking first in the e-commerce operation SaaS market with a share of 8.7% [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling USD 130 million (approximately HKD 1.012 billion) under certain conditions [3] - Notable cornerstone investors include Blue Lake Capital Opportunity Fund, CUAM entities, and several other investment funds and management companies [3] Group 4 - Based on the offering price of HKD 30.60 per share, the company estimates net proceeds from the global offering to be approximately HKD 1.938 billion, assuming no exercise of the over-allotment option [4] - The company plans to allocate approximately 55% of the proceeds to enhance R&D capabilities, 25% to improve sales and marketing capabilities, 10% for strategic investments, and 10% for general corporate purposes [4]

我们估计我们将从全球发售收取的所得款项净额将约为19.38亿港元，其中，约55%将于未来五年用于 提升我们的研发能力，以丰富我们的产品矩阵;约25%将用于未来五年提升我们的销售及营销能力;约 10%将在未来五年用于战略投资;约10%将用于一般公司用途。 得益于客户的成功，我们的业务也取得了快速增长。2024年，我们的总收入和SaaS产品流水总额分别达 人民币9.098亿元及人民币13.02亿元，2022年至2024年的复合年增长率分别为31.9%及32.6%。截至2025 年6月30日止6个月，我们的总收入和SaaS产品流水总额分别达人民币5.24亿元及人民币6.99亿元。 我们与基石投资者Blue Lake Capital Opportunity Fund、CUAM实体、DAMSIMF、Fourier Global Master Fund、GRANITE ASIA VIII INVESTMENTS PTE.LTD.、香港景林、GTCS Holdings、HongShan Growth、Jain Global Master Fund、Perseverance Asset Management、Stoneyla ...