New Stock Update | Ju Shuitan (06687) IPO Subscription Completed with subscription amount reaching HK $33 billion, oversubscribed 1581 times.

E-commerce SaaS ERP provider Jushuitan (06687) conducted its IPO from October 13, 2025 to October 16, 2025, and the latest subscription has ended. As of noon on October 16, Jushuitan has obtained at least HK$33 billion in margin loans from brokers, based on the initial fundraising amount of HK$210 million, oversubscribed by 1581 times. Jushuitan plans to issue 68.167 million shares, with 10% allocated for public offering in Hong Kong, at a subscription price of HK$30.6 per share, raising HK$2.09 billion in total. Each lot consists of 100 shares, with an entry fee of HK$3,090.9 per lot. The company is expected to be listed for trading on October 21, with CICC and J.P. Morgan as its joint sponsors. According to the prospectus, based on the revenue data from 2024, Jushuitan is the largest e-commerce SaaS ERP provider in China, occupying 24.4% of the market share (exceeding the combined market share of the second to fifth largest participants). Based on the same data, the size of the 2024 Chinese e-commerce SaaS ERP market (based on merchant spending) is RMB 3.1 billion. In the Chinese e-commerce operational SaaS market, based on total SaaS revenue data from 2024, Jushuitan also ranks first with a market share of 8.7%. Additionally, based on the revenue data from 2024, the company is the second largest e-commerce SaaS provider in China, with a market share of 7.1%. The company offers a full range of rich SaaS products and services, helping customers seamlessly upgrade their business capabilities, improve performance, and develop cross-platform businesses, while greatly reducing deployment and operational costs. Among them, Jushuitan ERP is its core SaaS product, serving merchant customers in handling core requirements related to e-commerce orders on major e-commerce platforms. Thanks to the success of its customers, Jushuitan's business has achieved rapid growth. In 2024, Jushuitan's total revenue and SaaS product turnover reached RMB 9.098 billion and RMB 13.02 billion, respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024. As of the six months ended June 30, 2025, Jushuitan's total revenue and SaaS product turnover reached RMB 5.24 billion and RMB 6.99 billion, respectively. Jushuitan stated that approximately 55% of the net proceeds from the fundraising will be used to enhance research and development capabilities to enrich the company's product matrix for the next five years; approximately 25% will be used to strengthen the company's sales and marketing capabilities over the next five years; approximately 10% will be used for strategic investments over the next five years; and approximately 10% will be used for general corporate purposes.