Core Viewpoint - The company, 聚水潭, has successfully completed its IPO subscription, raising significant capital and demonstrating strong market demand for its SaaS ERP solutions in the e-commerce sector [1][2]. Group 1: IPO Details - 聚水潭's IPO subscription took place from October 13 to October 16, 2025, with a total of at least 330 billion HKD in margin loans secured by brokers, resulting in an oversubscription of 1581 times compared to the initial public offering amount of 210 million HKD [1]. - The company plans to issue 68.167 million shares, with 10% allocated for public offering at a price of 30.6 HKD per share, aiming to raise approximately 2.09 billion HKD [1]. - The expected listing date is October 21, 2025, with CICC and JPMorgan serving as joint sponsors [1]. Group 2: Market Position and Financial Performance - 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% based on 2024 revenue, surpassing the combined market share of the second to fifth largest competitors [1]. - The total market size for China's e-commerce SaaS ERP is projected to be 3.1 billion RMB in 2024, with 聚水潭 also ranking first in the e-commerce SaaS market with a share of 8.7% based on total SaaS revenue [1]. - For the fiscal year 2024, 聚水潭's total revenue and SaaS product transaction volume are expected to reach 909.8 million RMB and 1.302 billion RMB, respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [2]. - As of the first half of 2025, the company reported total revenue and SaaS product transaction volume of 524 million RMB and 699 million RMB, respectively [2]. Group 3: Use of Proceeds - The company plans to allocate approximately 55% of the net proceeds from the fundraising to enhance its research and development capabilities, aiming to expand its product matrix over the next five years [2]. - About 25% of the funds will be directed towards strengthening sales and marketing efforts over the next five years [2]. - Additionally, 10% will be used for strategic investments, and another 10% for general corporate purposes [2].