Cloud Human Capital Management Firm Beisen Applies for Hong Kong IPO

Beisen Holdings, a provider of cloud human capital management (HCM) solutions, submitted a prospectus to the Hong Kong Stock Exchange on July 11, with Morgan Stanley and CICC serving as co-sponsors.

Founded in 2005, Beisen has received investment from many top institutions such as Matrix Partners, Genesis Capital, Sequoia Capital China and CICC.

Beisen mainly provides cloud HCM solutions for enterprises through its iTalentX platform, covering recruitment, evaluation, management and other aspects. Its platform can intelligently simplify the recruitment process. The evaluation system allows enterprises to identify qualified and suitable job-seekers and high-potential talent among existing employees. Core solutions are used for day-to-day manpower management including new employee induction, personnel management, compensation management and organizational structure management.

According to a report by China Insights Consultancy, Beisen was the largest cloud HCM solution provider in China in terms of revenue in 2021. As of March 31, 2022, Beisen’s customer base includes more than 4,700 enterprises in various large-scale and fast-growing industries, covering most of the top ten enterprises in technology, real estate, financial services and the automobile and manufacturing industries. In addition, as of March 31, 2022, more than 70% of Fortune China 500 companies are customers of Beisen.

In the fiscal years ended March 31, 2020, March 31, 2021, and March 31, 2022, Beisen’s revenues were 459 million yuan ($68.2 million), 556 million yuan and 680 million yuan respectively, while the gross profit margins were 59.8%, 66.4% and 58.9%, respectively.

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Beisen stated in its prospectus that the funds raised by IPO will be mainly used to further upgrade the integrated cloud HCM solution, improve the ability of technology development, and other uses.