Jushuitan Debuts on HKEX with $16B HKD Valuation, Proving SaaS Value After 12 Years
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Jushuitan, China’s leading e-commerce SaaS ERP provider, listed on the HKEX on October 21, 2025, with a 16 billion HKD valuation, marking a triumph for SaaS innovation.
On October 21, 2025, Jushuitan Group Co., Ltd. (stock code: 6687), China’s leading e-commerce SaaS ERP provider, officially listed on the Hong Kong Stock Exchange’s Main Board, achieving a market valuation exceeding 16 billion HKD.
The IPO issued 68.16 million shares, drawing intense demand: Hong Kong’s public offering was oversubscribed 1,952.95 times, international offering 22.89 times, with 13 cornerstone investors, including Sequoia China and GGV Capital, subscribing $130 million (~1.01 billion HKD). By 10:15 AM, shares traded at 37.70 HKD, up 23.2% from the issue price.
Founded in 2014, Jushuitan leads China’s e-commerce SaaS ERP market with a 24.4% share, surpassing the combined share of competitors, and ranks first in e-commerce operations SaaS (8.7%) and second overall (7.1%), per Zhaoshi Consulting. CEO Luo Haidong called the listing a new starting point, with plans to expand product offerings, customer base, and international markets. Jushuitan’s ERP-centric services, including order and warehouse management, connect over 400 global e-commerce platforms and 800 logistics providers, serving 92,000+ SaaS clients as of June 2025. Its 2024 net revenue retention rate hit 115%, with LTV/CAC at 9.3 times, and multi-product clients drove 39.3% of H1 2025 revenue.
Financially, Jushuitan’s revenue grew from 523 million RMB in 2022 to 910 million RMB in 2024 (31.9% CAGR), with gross margins rising from 52.3% to 71.8% in H1 2025. Adjusted net profit reached 48.99 million RMB in 2024 and 46.96 million RMB in H1 2025.
With a Thai subsidiary established, Jushuitan eyes Southeast Asia, Europe, and Latin America. China’s e-commerce IT spending, at 137.7 billion RMB in 2024, is projected to hit 252.9 billion by 2029, with SaaS ERP penetration at just 1.6%, signaling vast potential.
Source: ipozaozhidao
