Congratulations to Jushuitan (06687) on its successful IPO listing on HKEX

On 21 October 2025, JST Group Corporation Limited (06687.HK), a portfolio company of Blue Lake Capital and a leading e-commerce SaaS provider in China, was officially listed on the Main Board of the Hong Kong Stock Exchange.

The successful listing marks a significant milestone in Jushuitan’s development, demonstrating strong recognition from the global capital markets regarding China’s e-commerce SaaS industry growth.

Since its establishment in 2014, Jushuitan has started with its core SaaS ERP product, capturing precisely the urgent need of e-commerce merchants for efficient and collaborative digital management tools. We participated in Jushuitan’s Series B financing in 2019, and continued to invest in subsequent rounds. This is based on our core conviction: in the trend of an increasingly complex e-commerce ecosystem, “a one-stop collaborative platform focused on SaaS ERP” will become an essential need for merchants. Furthermore, the Jushuitan team demonstrated exceptional product capabilities, execution and a deep understanding of customer needs, positioning them with immense potential to become an industry leader.

Jushuitan has achieved leapfrog growth over the past few years. According to data from China Insights Consultancy (CIC), Jushuitan was China’s largest e-commerce SaaS ERP provider in terms of revenue in 2024, with a market share of 24.4%, exceeding the aggregate of the other top five players; it also ranked first in China’s e-commerce operation SaaS market.

The company’s revenue achieved a compound annual growth rate of 31.9% from 2022 to 2024 and reached full profitability in 2024, demonstrating a healthy and sustainable growth model.

We understand that Jushuitan’s success is rooted in the macro trend of industrial digitalisation in China. In 2024, the total IT spending of Chinese e-commerce merchants reached RMB137.7 billion, while the penetration rate of e-commerce SaaS ERP among these merchants remained at a relatively low level of 1.6%, indicating vast potential for future growth.

Jushuitan’s integration with over 400 e-commerce platforms and 800 logistics service providers has created a strong ecosystem barrier, positioning it to continue benefiting from this definitive trend.

Within Blue Lake Capital’s portfolio, Jushuitan is another exemplary case in the enterprise services sector. We have always adhered to the strategy of “precise investment and long-term partnership”, focusing on high-quality companies leveraging digital technology to enhance industrial chain efficiency. Following the successful listings of companies like Chaozhuo Aviation Technology (688237) and YHDA (301029), Jushuitan’s IPO once again validates the forward-looking nature of our strategy.

Blue Lake Capital extends its heartfelt congratulations to the Jushuitan team on its listing — the starting point of a new journey. We firmly believe that Jushuitan, now on the international capital stage, will continue to lead the innovation and transformation of the e-commerce SaaS industry. Blue Lake Capital will continue to provide its unwavering support, partnering with outstanding companies to advance China’s industrial digitalisation.

source:JST