HK Stock Market Move | E-commerce SaaS ERP leader JST GROUP (06687) fell more than 5% the day after it went public, following a nearly 24% surge yesterday.

JST GROUP (06687) fell more than 5% on the day after its listing, following a surge of nearly 24% the previous day. As of the time of writing, it had fallen 5.33% to HK$35.88, with a trading volume of HK$2.14 billion. Public information shows that JST GROUP is the largest e-commerce SaaS ERP provider in China. According to data from Zhoushi Consulting, it holds a market share of 24.4% based on related income in 2024 (exceeding the total market share of the second to fifth largest participants). The size of the mainland e-commerce SaaS ERP market in 2024 (based on merchant expenses) is 3.1 billion yuan. In the mainland e-commerce operations SaaS market, the company also ranks first based on total SaaS income in 2024, with a market share of 8.7%. Additionally, based on related income in 2024, the company is the second largest e-commerce SaaS provider in the mainland, holding a market share of 7.1%. In 2022, 2023, 2024, and the six months ending June 30, 2025, customers who purchased two or more JST GROUP products contributed 30.6%, 33.0%, 37.7%, and 39.3% of the company's total SaaS revenue in the respective periods. Thanks to the success of its customers, the company's business has also experienced rapid growth. In 2024, the company's total revenue reached 909 million yuan, with compound annual growth rates of 31.9% and 33.6% from 2022 to 2024.