Core Viewpoint - The company 聚水潭 has successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 2.086 billion, marking a significant milestone for the SaaS sector in e-commerce [1][3]. Company Overview - 聚水潭 has been operating in the e-commerce SaaS field for 11 years and is recognized as a profitable SaaS entity in the Hong Kong market [1]. - The company issued 68.1662 million shares at a price of HKD 30.60 per share, with the stock price rising by 24.05% on its first trading day, reaching HKD 37.96 [1]. Market Position - 聚水潭 holds a dominant position in the Chinese e-commerce SaaS ERP market with a market share of 24.4%, surpassing the combined share of its second to fifth competitors [3]. - In the e-commerce operation SaaS market, it leads with an 8.7% market share, and overall, it ranks in the second tier of Chinese e-commerce SaaS providers with a 7.1% market share [3]. Growth Trajectory - The company was founded in 2014 by 骆海东 and has undergone significant growth, with its valuation increasing from RMB 200 million in the Pre-A round to RMB 6 billion in the C round [3][4]. - 聚水潭 faced challenges in its IPO journey, including a delay due to a personal legal issue involving the founder, but ultimately succeeded in listing after multiple updates to its prospectus [4]. Financial Performance - Revenue is projected to grow from RMB 523 million in 2022 to RMB 910 million in 2024, with the first half of 2025 already achieving RMB 524 million [4]. - The adjusted profit is expected to turn from a loss of RMB 379 million in 2022 to a profit of RMB 49 million in 2024, with a net profit margin of 9.0% and a gross margin of 71.8% [4]. Investment and Future Plans - The company plans to use the funds raised from the IPO for research and development, marketing expansion, and strategic investments over the next five years [5]. - The successful listing has significantly increased the wealth of the founder, who holds 39.37% of the shares, valued at over HKD 6 billion [5].