New Stock News | The second-order submission of Jushuitan has failed, making it the largest e-commerce SaaS ERP provider in China.

Polyshuitan Group Co., Ltd. (hereinafter referred to as "Polyshuitan") submitted its Hong Kong IPO prospectus for the second time on March 21, 2024, which has expired on September 23, after 6 months. JP Morgan and CICC were the joint sponsors at the time of submission. The company had previously submitted a listing application to the Hong Kong Stock Exchange on June 19, 2023. According to the prospectus submitted for the second time, based on data from Zhoushi Consulting, Polyshuitan is the largest e-commerce SaaS ERP provider in China, with a market share of 23.2% based on the relevant revenue in 2023. Based on data from Zhoushi Consulting, the size of the e-commerce SaaS ERP market in China in 2023 (based on merchant spending) was RMB 2.6 billion. In the Chinese e-commerce operations SaaS market, based on the total SaaS revenue in 2023, the company also ranked first with a market share of 7.5%. Based on data from Zhoushi Consulting, the company is also the third-largest e-commerce SaaS provider in China, with a market share of 5.7% based on the relevant revenue in 2023. With the industry insights accumulated by the experienced management team over the past 25 years, the company has developed cloud-based e-commerce SaaS products that can connect merchant customers with over 400 e-commerce platforms in China and globally, while the industry average is less than 200 platforms, according to Zhoushi Consulting. Polyshuitan's products provide a unified and intuitive set of business monitoring, operation, and management tools for customers of different types and sizes, enabling them to make data-driven intelligent decisions and stand out in the rapidly evolving e-commerce industry. According to Zhoushi Consulting, in 2023, the company served 62.2 thousand SaaS customers of different categories, while the industry average for customer service in 2023 was less than 20 thousand. In 2023, the company's net customer revenue retention rate was 114%. Financially, in the fiscal years 2021, 2022, and 2023, the company's revenue was approximately RMB 433 million, RMB 523 million, and RMB 697 million respectively; and the annual losses during the same periods were approximately RMB 254 million, RMB 507 million, and RMB 490 million respectively.