Group 1: IPO Overview - JuShuiTan Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 21, 2025, under the stock code "6687" [3] - The IPO involved the issuance of 68,166,200 shares, with a subscription rate of 1,952.95 times for the Hong Kong public offering and 22.89 times for the international offering [3] - The company attracted 13 cornerstone investors who collectively subscribed for $130 million (approximately HKD 1.012 billion), including notable firms such as Sequoia China and Blue Lake Capital [3][4] Group 2: Company Background and Market Position - Founded in 2014, JuShuiTan provides a one-stop SaaS product and service platform aimed at enhancing business capabilities and performance while significantly reducing deployment and operational costs [4] - As of 2024, JuShuiTan has become the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, surpassing the combined market share of the second to fifth largest competitors [4] - In the e-commerce SaaS market, JuShuiTan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [4] Group 3: Financial Performance - JuShuiTan's revenue for the years 2022 to 2024 was reported as CNY 523 million, CNY 697 million, and CNY 910 million, respectively, reflecting a compound annual growth rate (CAGR) of 31.9% [5] - The company's gross margin has shown a consistent upward trend, with figures of 52.3%, 62.3%, 68.5%, and 71.8% for the years 2022 to 2024, respectively [5] - By 2024, JuShuiTan achieved full profitability with an adjusted net profit of CNY 48.99 million, and for the first half of 2024, the adjusted net profit was CNY 46.96 million, nearing the full-year profit target [5] Group 4: Starry Sky Dynamics A-Share IPO - Starry Sky Dynamics, established in 2018, has initiated its A-share IPO process with Huatai United Securities [7] - The company is recognized as the first private commercial rocket enterprise in China to achieve mass production and high-density launches, having successfully launched 85 commercial satellites for 27 clients [7] - Starry Sky Dynamics holds a 51.3% share of the total successful launches in the domestic private rocket sector, indicating its leading position in the industry [7][8]

Core Viewpoint - Blue Arrow Aerospace Technology Co., Ltd. has initiated the listing guidance process with the Beijing Securities Regulatory Bureau, supported by China International Capital Corporation, marking a significant step in its growth trajectory in the aerospace industry [1][2]. Company Overview - Blue Arrow Aerospace was established on June 1, 2015, with a registered capital of 360 million yuan [2]. - The company is headquartered in Beijing Economic and Technological Development Zone and is primarily focused on developing and operating aerospace transportation systems [2]. - The controlling shareholder is Zhang Changwu, who holds 14.68% of the company's shares through Huai'an Tianhui Technology Information Consulting Center (Limited Partnership) [2]. Industry Position - Blue Arrow Aerospace is recognized as the first private rocket enterprise in China to obtain all necessary qualifications and successfully achieve orbit with a self-developed liquid engine [2]. - The company completed China's first private rocket launch on October 27, 2018, and successfully launched the world's first liquid oxygen-methane rocket, Zhuque-2, in July 2023, demonstrating China's mastery of key technologies in this area [2][3]. Recent Developments - In December 2024, the National Manufacturing Transformation and Upgrade Fund invested 900 million yuan in Blue Arrow Aerospace [3]. - In June 2023, Blue Arrow Aerospace was valued at 20 billion yuan, ranking 418th on the 2025 Global Unicorn List [3]. - The company marked a significant milestone by rolling out its 100th Tianque series liquid oxygen-methane rocket engine in April 2025, indicating a transition from single-unit breakthroughs to mass production [3]. - On June 20, 2025, Blue Arrow Aerospace successfully conducted a test of the first-stage power system for its reusable Zhuque-3 rocket [3].