Core Viewpoint - The company, Jushuitan Group Co., Ltd., is making another attempt to list on the Hong Kong Stock Exchange after multiple failed submissions, highlighting the challenges faced in its IPO journey [1] Group 1: Company Overview - Jushuitan, established in 2014, is a leading e-commerce SaaS supplier in China, providing a comprehensive range of SaaS products and services to enhance business capabilities and reduce operational costs [1] - According to ZhiShi Consulting, Jushuitan holds a 24.4% market share in the e-commerce SaaS ERP sector and an 8.7% share in the e-commerce operation SaaS sector, making it the largest and second-largest provider in these categories, respectively [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 523 million, 700 million, and 910 million CNY, respectively, with gross profits of 274 million, 434 million, and 623 million CNY [1] - Jushuitan's gross margin has shown a consistent upward trend, with rates of 52.3%, 62.3%, and 68.5% for the respective years, while the net profit margin improved from -97% to 1.2% [2] Group 3: Funding and Valuation - As of December 31, 2024, Jushuitan has a net debt of 3.65 billion CNY and cash equivalents of 1.085 billion CNY, indicating a significant financial position despite challenges [3] - The company has completed multiple funding rounds since its inception, with total financing reaching 614 million CNY, and notable investors include Sequoia China, Goldman Sachs, and CICC [4][3] - The latest funding round in 2020 raised 286 million CNY, valuing the company at 6 billion CNY, which reflects its growth potential and investor confidence [4] Group 4: IPO Utilization - The funds raised from the upcoming IPO will be allocated to enhance R&D capabilities, expand the product matrix, strengthen sales and marketing efforts, and for general corporate purposes [4]