Core Insights - JuShuiTan, a leading player in China's e-commerce SaaS ERP sector, has officially listed on the Hong Kong Stock Exchange, marking a new phase in its capital market journey [1][3] - The company raised approximately HKD 19.38 billion through its IPO, with a share price set at HKD 30.6, and saw its market capitalization exceed HKD 167 billion shortly after listing [1][3] - JuShuiTan plans to allocate around 55% of the raised funds to enhance R&D capabilities, 25% for sales and marketing, 10% for strategic investments, and the remaining 10% for general operational expenses [1] Company Overview - Founded in January 2014 in Shanghai, JuShuiTan has grown from a 9-person team to a publicly listed company with over 2,500 employees and more than 100 service outlets across China [3][5][15] - The company provides a comprehensive suite of SaaS products and services aimed at helping clients upgrade their business capabilities and reduce operational costs [3][4] Market Position - As of 2024, JuShuiTan holds a 24.4% market share in the e-commerce SaaS ERP market, surpassing the combined share of its five largest competitors, and ranks second among Chinese e-commerce SaaS providers with a 7.1% share [3][4] - The company has processed significant order volumes, with 166 billion orders in 2022, 238 billion in 2023, and projected 330 billion in 2024, indicating robust growth [5][9] Financial Performance - JuShuiTan's revenue grew from CNY 5.23 billion in 2022 to CNY 9.10 billion in 2024, achieving a compound annual growth rate of 31.9% [9] - The company reported a net profit of CNY 48.99 million in 2024, marking a turnaround from previous losses totaling over CNY 986 million over three years [9][10] Strategic Initiatives - The company is actively expanding its international presence, launching a "global e-commerce business" strategy to connect merchants with over 400 global e-commerce platforms [10] - JuShuiTan has established a subsidiary in Thailand and plans to expand into Southeast Asian markets such as Indonesia, Vietnam, and Malaysia, as well as exploring opportunities in Europe, Latin America, and the Middle East [10] Investment and Support - The IPO attracted 13 cornerstone investors, raising approximately USD 130 million, with notable participation from Sequoia China and other prominent investment firms [11] - JuShuiTan has completed seven rounds of financing, accumulating over CNY 600 million, with early investors like Amiba Capital witnessing substantial returns on their investments [11][13][14]

Core Viewpoint - 聚水潭集团股份有限公司 (Jushuitan Group Co., Ltd.) has successfully listed on the Hong Kong Stock Exchange, closing at HKD 37.90, representing a 23.86% increase from its offering price of HKD 30.60 [1][6]. Summary by Sections Company Overview - 聚水潭 is an e-commerce SaaS ERP provider, offering a unified and intuitive suite of business monitoring, operation, and management tools to clients of various sizes, enabling data-driven decision-making in the rapidly evolving e-commerce sector [6]. IPO Details - The total number of shares offered globally was 68,166,200, with 6,816,700 shares available for Hong Kong and 61,349,500 shares for international investors [1]. - The total proceeds from the global offering amounted to HKD 2,085.89 million, with net proceeds of HKD 1,937.62 million after deducting estimated listing expenses of HKD 148.27 million [6]. Use of Proceeds - Approximately 55% of the proceeds will be allocated to enhancing the company's research and development capabilities, 25% for strengthening sales and marketing efforts, 10% for strategic investments, and 10% for general corporate purposes [6]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 523.1 million, RMB 697.2 million, RMB 909.8 million, and RMB 523.6 million, respectively [7]. - The net losses for the same periods were RMB 507.1 million, RMB 490.0 million, RMB 10.6 million, and RMB 39.5 million, totaling a cumulative loss of RMB 1.026 billion [7][8]. Cash Flow - The net cash generated from operating activities for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 78.7 million, RMB 210.4 million, RMB 279.2 million, and RMB 159.9 million, respectively [9][10].