Core Viewpoint - After multiple attempts, the largest e-commerce SaaS ERP provider in China, Jushuitan Group, is set to go public, with an IPO valuation of approximately HKD 13 billion (around RMB 11.93 billion) and total fundraising of HKD 2.086 billion (approximately RMB 1.915 billion) [1][6]. Group 1: Company Overview - Jushuitan was established in 2014 and focuses on providing a one-stop SaaS product and service centered around its core product, "Jushuitan ERP" [2]. - The company is recognized as the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% as of 2024, and also the largest e-commerce operation SaaS supplier with an 8.7% market share [3]. Group 2: Financial Performance - Jushuitan reported revenues of RMB 5.23 billion, RMB 6.97 billion, and RMB 9.10 billion for the years 2022, 2023, and 2024 respectively, with gross margins increasing from 52.3% to 68.5% during the same period [9][10]. - Despite revenue growth, the company faced significant losses, totaling approximately RMB 1.604 billion over five years, with a net profit of RMB 10.58 million in 2024, followed by a loss of RMB 39.54 million in the first half of 2025 [10][12]. Group 3: IPO Challenges and Agreements - Jushuitan has faced challenges in its IPO journey, having submitted applications multiple times without success until recently, with the latest submission approved in September 2024 [6][7]. - The company has entered into a "betting agreement" with investors, which includes provisions for share buybacks if the IPO is unsuccessful, indicating pressure to complete the listing [7][8]. Group 4: Market Context - The company serves notable clients in the beauty and personal care sector, including Marubi, Oushiman, and Kose, highlighting its strong position in the e-commerce SaaS market [13]. - The trend of beauty-related companies seeking to list on the Hong Kong Stock Exchange has increased, with at least 15 such companies planning to go public in 2025, driven by favorable market conditions and regulatory changes [15][16].