Core Viewpoint - The stock of Jushuitan (06687) has experienced significant volatility, dropping over 9% and reaching a new low since its listing, indicating market concerns about its performance and valuation [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" [1] - The company reported revenues of 523 million RMB, 697 million RMB, and 910 million RMB for the years 2022 to 2024, respectively, achieving a compound annual growth rate (CAGR) of 31.9% during this period [1] - Jushuitan is expected to turn a profit in 2024, with an adjusted net profit of 48.988 million RMB, ending a three-year cumulative loss exceeding 986 million RMB [1] Recent Developments - On November 16, Jushuitan announced that the overall coordinator fully exercised a 15% over-allotment option, involving a total of 10.2249 million shares at a price of 30.6 HKD per share, generating additional net proceeds of approximately 300 million HKD [1] - The stabilization period for the global offering ended on the same day, during which the stabilization agent, China International Capital Corporation, did not buy or sell any shares [1]

Core Viewpoint - Jushuitan (06687) experienced a significant decline in stock price, dropping over 9% and reaching a new low since its listing, indicating market concerns about its financial performance and growth prospects [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" [1] - The company is projected to achieve revenues of 523 million RMB, 697 million RMB, and 910 million RMB from 2022 to 2024, with a compound annual growth rate (CAGR) of 31.9% during this period [1] - Jushuitan is expected to turn a profit in 2024, with an adjusted net profit of 48.988 million RMB, ending a three-year cumulative loss exceeding 986 million RMB [1] Stock Performance - On November 16, Jushuitan announced that the overall coordinator fully exercised a 15% over-allotment option, involving a total of 10.2249 million shares at a price of 30.6 HKD per share, generating approximately 300 million HKD in additional net proceeds [1] - The stabilization period for the global offering ended on the same day, during which the stabilizing agent, China International Capital Corporation, did not buy or sell any shares [1]

Core Viewpoint - The stock of Jushuitan (06687) surged by 20%, reaching a new high of 41.72 HKD, significantly outperforming its IPO price of 30.6 HKD, reflecting strong market confidence in the company's leading position in the e-commerce SaaS sector [1] Company Overview - Jushuitan is a leading provider of e-commerce SaaS solutions in China, focusing on the digital operational needs of e-commerce merchants [1] - The company offers a cloud-native SaaS product that provides comprehensive business monitoring, operation, and management services for various types and sizes of e-commerce merchants [1] Market Position - According to ZhiShi Consulting, Jushuitan holds a 24.4% market share in the Chinese e-commerce SaaS ERP sector for 2024, making it the largest provider in the industry, surpassing the combined market share of the second to fifth largest competitors [1] - The core product, "Jushuitan ERP," is recognized as the most popular e-commerce SaaS ERP brand among Chinese merchants, establishing a strong competitive barrier in the core operational tools segment [1] - In the broader Chinese e-commerce operation SaaS market, Jushuitan ranks first with an 8.7% market share based on total SaaS revenue for 2024, covering a wide range of merchant operational needs including ERP, CRM, and sales and marketing management [1]

Core Viewpoint - Jushuitan (06687) experienced a significant stock price increase, reaching a new high of 41.72 HKD, which is over 36% higher than its IPO price of 30.6 HKD [1] Company Overview - Jushuitan is a leading e-commerce SaaS solution provider in China, focusing on the digital operational needs of e-commerce merchants [1] - The company offers cloud-native SaaS products that provide comprehensive business monitoring, operation, and management services for various types and sizes of e-commerce merchants [1] Market Position - According to ZhiShi Consulting data, Jushuitan holds a 24.4% market share in the Chinese e-commerce SaaS ERP sector for 2024, making it the largest provider in the industry [1] - This market share exceeds the combined total of the second to fifth largest competitors [1] - Jushuitan's core product, "Jushuitan ERP," is recognized as the most popular e-commerce SaaS ERP brand among Chinese merchants, establishing strong barriers in the core operational tools segment [1] Business Coverage - In the Chinese e-commerce operation SaaS market, Jushuitan ranks first based on total SaaS revenue for 2024, with a market share of 8.7% [1] - The company covers the full operational needs of merchants, including ERP, CRM, and sales and marketing management, leading in business coverage breadth [1]

Core Viewpoint - The article discusses the successful IPO of Jushuitan Group, China's largest e-commerce SaaS ERP provider, highlighting its market position, financial performance, and future growth potential [2][4][6]. Company Overview - Jushuitan Group was established in 2014 and has become the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% as of 2024 [4]. - The company offers a comprehensive suite of SaaS products and services aimed at enhancing business capabilities and reducing operational costs for clients [4][6]. IPO Details - Jushuitan officially listed on the Hong Kong Stock Exchange on October 21, 2025, under the stock code "6687" [2]. - The IPO involved the issuance of 68,166,200 shares, with the Hong Kong public offering being oversubscribed by 1,952.95 times and the international offering by 22.89 times [2]. - The company secured commitments from 13 cornerstone investors, raising approximately $130 million (around HKD 1.012 billion) [2]. Financial Performance - Jushuitan's revenue for 2022, 2023, and 2024 was CNY 523 million, CNY 697 million, and CNY 910 million, respectively, reflecting a compound annual growth rate (CAGR) of 31.9% [11]. - For the first half of 2025, revenue increased by 24.4% year-on-year to CNY 524 million [11]. - The gross profit margin has shown a consistent upward trend, reaching 71.8% in the first half of 2025 [12]. - The company achieved full profitability in 2024, with an adjusted net profit of CNY 48.99 million [13]. Market Position and Growth Potential - Jushuitan's net customer revenue retention rate for 2024 was 115%, indicating strong customer loyalty [9]. - The LTV/CAC ratio, a key metric for SaaS companies, was significantly above the industry average, demonstrating effective customer acquisition and retention strategies [9]. - The total IT spending by Chinese e-commerce merchants is projected to grow from CNY 137.7 billion in 2024 to CNY 252.9 billion by 2029, suggesting substantial growth opportunities for Jushuitan [15][16]. Strategic Initiatives - The company plans to expand its product offerings and deepen existing customer relationships while exploring international markets, including Southeast Asia and beyond [6][10]. - Jushuitan has already established a subsidiary in Thailand and aims to replicate its successful business model in other regions [10].

Core Viewpoint - JuShuiTan (06687) has successfully listed its shares at a price of HKD 30.60, raising approximately HKD 1.938 billion, with a notable initial increase of 24.18% to HKD 38 per share [1] Company Summary - JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The e-commerce SaaS ERP market in China is projected to reach RMB 3.1 billion in 2024, with JuShuiTan also ranking first in the e-commerce SaaS market with a market share of 8.7% based on total SaaS revenue for the same year [1] - JuShuiTan offers a comprehensive suite of SaaS products and services designed to enhance business capabilities, improve performance, and facilitate cross-platform operations while significantly reducing deployment and operational costs [1] - The core SaaS product of JuShuiTan is its ERP system, which addresses the essential needs of merchants on major e-commerce platforms for processing orders [1]

Core Viewpoint - JuShuiTan (06687) has successfully listed its shares at a price of HKD 30.60, raising approximately HKD 1.938 billion, with a significant initial trading increase of 24.18% to HKD 38 [1] Company Overview - JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The projected size of the Chinese e-commerce SaaS ERP market is estimated to be RMB 3.1 billion in 2024 [1] - In the broader Chinese e-commerce SaaS market, JuShuiTan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] - The company is also the second largest e-commerce SaaS provider in China, with a market share of 7.1% based on relevant revenue for 2024 [1] Product and Service Offering - JuShuiTan offers a comprehensive suite of SaaS products and services designed to help clients seamlessly upgrade their business capabilities, enhance performance, and develop cross-platform operations while significantly reducing deployment and operational costs [1] - The core SaaS product of JuShuiTan is its ERP system, which addresses the essential needs of merchant clients in managing e-commerce orders across major platforms [1]

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].

Core Viewpoint - The company, 聚水潭, is a leading e-commerce SaaS ERP provider in China, successfully completing its IPO subscription with significant oversubscription and plans for future growth in the SaaS market [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 中金公司 and 摩根大通 acting as joint sponsors [1] Group 2: Market Position and Financial Performance - According to 灼识咨询, 聚水潭 holds a 24.4% market share in the Chinese e-commerce SaaS ERP market for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The total market size for the Chinese e-commerce SaaS ERP sector is projected to be 3.1 billion RMB in 2024, with 聚水潭 also ranking first in the e-commerce SaaS operational market with an 8.7% market share [1] - The company reported total revenues and SaaS product transaction volumes of 909.8 million RMB and 1.302 billion RMB respectively for 2024, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [2] Group 3: Use of Proceeds - Approximately 55% of the net proceeds from the fundraising will be allocated to enhancing research and development capabilities to expand the product matrix over the next five years [2] - About 25% of the funds will be used to strengthen sales and marketing efforts over the next five years [2] - The remaining 20% will be divided between strategic investments and general corporate purposes, with 10% allocated to each [2]

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].