JST Group Corporation Limited (06687) is conducting its initial public offering from October 13, 2025 to October 16, 2025. The company plans to globally offer 68.1662 million shares, with Hong Kong offering accounting for 10% and international offering for 90%, plus a 15% over-allotment option. The offering price is set at HK$30.60 per share, with 100 shares per board lot. The shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on Tuesday, October 21, 2025.

According to data from CIC, based on relevant revenue in 2024, JST Group is China's largest e-commerce SaaS ERP provider, holding a 24.4% market share (exceeding the combined market share of the second to fifth largest participants). According to CIC, China's e-commerce SaaS ERP market size (measured by merchant spending) reached RMB 3.1 billion in 2024. In China's e-commerce operations SaaS market, the company also ranks first by total SaaS revenue in 2024, with an 8.7% market share.

Benefiting from customer success, the business has achieved rapid growth. In 2024, total revenue and total SaaS product GMV reached RMB 909.8 million and RMB 1.302 billion respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024. For the six months ended June 30, 2025, total revenue and total SaaS product GMV reached RMB 524 million and RMB 699 million respectively.

The company has entered into cornerstone investment agreements with Blue Lake Capital Opportunity Fund, CUAM entities, DAMSIMF, Fourier Global Master Fund, GRANITE ASIA VIII INVESTMENTS PTE. LTD., Greenwoods Asset Management Hong Kong, GTCS Holdings, HongShan Growth, Jain Global Master Fund, Perseverance Asset Management, Stoneylake Global Alpha Fund, WT Asset Management, and 3W Fund. These cornerstone investors have agreed to subscribe for, or procure their designated entities to subscribe for, the corresponding number of offered shares purchasable with a total amount of $130 million at the offering price, subject to certain conditions.

The company estimates it will receive net proceeds of approximately HK$1.938 billion from the global offering. Approximately 55% will be used over the next five years to enhance R&D capabilities to enrich the product matrix; about 25% will be used to enhance sales and marketing capabilities over the next five years; approximately 10% will be used for strategic investments over the next five years; and about 10% will be used for general corporate purposes.