Core Insights - Jiaxing Jushuitan Intelligent Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a new phase in its development [1] - The company raised approximately HKD 20.86 billion through the issuance of 68.1662 million shares at HKD 30.60 each, with a net amount of HKD 19.38 billion allocated for technology R&D and global market expansion [1] - Jushuitan has become the largest e-commerce SaaS ERP provider in China, holding a 24.4% market share, and ranks first in the e-commerce operation SaaS market with an 8.7% share based on projected 2024 revenues [1][2] Company Strategy - Jushuitan is actively exploring cross-border business opportunities, with established subsidiaries in Thailand and plans to expand into Indonesia, Vietnam, and Malaysia, as well as exploring opportunities in Europe, America, Latin America, and the Middle East [2] - The founder emphasized the company's commitment to expanding its product matrix, deepening existing customer relationships, and further international market expansion [2] Regional Economic Impact - The successful listing of Jushuitan is seen as a strong impetus for high-quality regional economic development, with plans to enhance enterprise cultivation services and optimize the business environment for listed companies [3] - The local government aims to create a virtuous cycle of nurturing, listing, and driving broader economic growth through tailored support for companies at different stages [3]

Core Viewpoint - JuShuiTan, an e-commerce SaaS provider, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 20.86 billion through its IPO, with a strong demand reflected in the oversubscription rates for both public and international offerings [4][5]. Group 1: IPO Details - JuShuiTan's IPO involved a global offering of 68.1662 million shares, accounting for 16% of the total shares post-issue, with a share price set at HKD 30.60 [4]. - The public offering was oversubscribed by 1,952.95 times, while the international offering saw a 22.89 times oversubscription [4]. - The company attracted 13 cornerstone investors who collectively subscribed for USD 130 million of the offering [4]. Group 2: Shareholder Structure - Post-IPO, Mr. Luo Haidong controls approximately 39.37% of JuShuiTan through direct holdings and voting rights arrangements [5]. - Key shareholders include Black Tea, Popogo, and Taurus Lee, with respective holdings of 19.16%, 11.40%, and 5.43% [6]. Group 3: Market Position - Established in 2014, JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on 2024 e-commerce SaaS ERP revenue [6]. - The company also ranks as the largest e-commerce operation SaaS provider in China with an 8.7% market share based on 2024 SaaS total revenue [6]. - JuShuiTan is the second-largest e-commerce SaaS provider in China, with a market share of 7.1% based on relevant revenue for 2024 [6]. Group 4: Stock Performance - As of the latest update, JuShuiTan's share price reached HKD 37.96, reflecting a 24.05% increase, with a total market capitalization of approximately HKD 161.72 billion [7]. - The stock opened at HKD 38.00, with a trading volume of 28.2922 million shares [8].

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]