Group 1: IPO Overview - JuShuiTan Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 21, 2025, under the stock code "6687" [3] - The IPO involved the issuance of 68,166,200 shares, with a subscription rate of 1,952.95 times for the Hong Kong public offering and 22.89 times for the international offering [3] - The company attracted 13 cornerstone investors who collectively subscribed for $130 million (approximately HKD 1.012 billion), including notable firms such as Sequoia China and Blue Lake Capital [3][4] Group 2: Company Background and Market Position - Founded in 2014, JuShuiTan provides a one-stop SaaS product and service platform aimed at enhancing business capabilities and performance while significantly reducing deployment and operational costs [4] - As of 2024, JuShuiTan has become the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, surpassing the combined market share of the second to fifth largest competitors [4] - In the e-commerce SaaS market, JuShuiTan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [4] Group 3: Financial Performance - JuShuiTan's revenue for the years 2022 to 2024 was reported as CNY 523 million, CNY 697 million, and CNY 910 million, respectively, reflecting a compound annual growth rate (CAGR) of 31.9% [5] - The company's gross margin has shown a consistent upward trend, with figures of 52.3%, 62.3%, 68.5%, and 71.8% for the years 2022 to 2024, respectively [5] - By 2024, JuShuiTan achieved full profitability with an adjusted net profit of CNY 48.99 million, and for the first half of 2024, the adjusted net profit was CNY 46.96 million, nearing the full-year profit target [5] Group 4: Starry Sky Dynamics A-Share IPO - Starry Sky Dynamics, established in 2018, has initiated its A-share IPO process with Huatai United Securities [7] - The company is recognized as the first private commercial rocket enterprise in China to achieve mass production and high-density launches, having successfully launched 85 commercial satellites for 27 clients [7] - Starry Sky Dynamics holds a 51.3% share of the total successful launches in the domestic private rocket sector, indicating its leading position in the industry [7][8]

Core Viewpoint - Jushuitan Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 21, with a post-green shoe issuance scale of approximately $308 million, marking a significant milestone in the e-commerce SaaS ERP industry in the Hong Kong market [2] Group 1: Company Overview - Jushuitan provides a comprehensive range of SaaS products and services that assist clients in seamlessly upgrading their business capabilities, improving performance, and developing cross-platform operations while significantly reducing deployment and operational costs [3] Group 2: Investment Banking Support - CICC acted as the joint sponsor, overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager for Jushuitan's IPO, leveraging its deep understanding of the company's business to highlight investment strengths recognized by the capital market [2] - The IPO is noted as the largest SaaS enterprise IPO in China since 2022, showcasing CICC's commitment to supporting leading companies in the SaaS and technology sectors [2] - CICC plans to continue providing high-quality capital market solutions to Chinese enterprises, promoting high-quality development of the real economy [2]

Core Viewpoint - Chinese e-commerce SaaS ERP provider Jushuitan (6687.HK) officially listed on the Hong Kong Stock Exchange, experiencing a surge of over 28% during trading, reaching a peak of 39.32 HKD, with a total market capitalization exceeding 16.75 billion HKD [1] Summary by Category IPO Details - Jushuitan's public offering in Hong Kong received a subscription rate of 1952.95 times, with a winning rate of only 0.13% for a single lot (100 shares) [1] - The international offering recorded a subscription rate of 22.89 times [1] - The share price was set at 30.6 HKD, raising approximately 1.9376 billion HKD in net proceeds from the global offering [1] Use of Proceeds - Approximately 55% of the funds raised will be allocated to enhancing the company's research and development capabilities over the next five years to enrich its product matrix [1] - About 25% will be used to improve sales and marketing capabilities over the next five years [1] - 10% will be directed towards strategic investments over the next five years, and the remaining 10% will be for general corporate purposes [1] Company Overview - Jushuitan offers a comprehensive range of SaaS products and services, enabling clients to seamlessly upgrade their business capabilities, improve performance, and develop cross-platform operations while significantly reducing deployment and operational costs [1] - As of last year, Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% [1] - For 2024, Jushuitan's total revenue and SaaS product transaction volume are projected to reach 909.8 million CNY and 1.3017 billion CNY, respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [1]