JST Group Corporation Limited (6687.HK) has launched its Hong Kong IPO, with the public offering period running from October 13 to October 16. The company plans to issue approximately 68,166,200 shares globally at an offer price of HK$30.60 per share, with 100 shares per lot and a minimum investment of about HK$3,090.85. The stock is expected to begin trading on the Main Board of the Hong Kong Stock Exchange on October 21. Joint sponsors are CICC (China International Capital Corporation) and Morgan Stanley.

JST Group: China’s Leading E-commerce SaaS ERP Provider

Offering Structure: Hong Kong Public Offering accounts for approximately 10% (6,816,700 shares), while the International Offering accounts for approximately 90% (61,349,500 shares).

Offer Price: HK$30.60 per share; 100 shares per lot; minimum investment approximately HK$3,090.85.

Offer Period: October 13–16 (expected pricing date: October 20).

Listing Date: October 21.

Joint Sponsors: CICC, Morgan Stanley.

Company Overview

JST Group is a leading e-commerce SaaS solutions provider in China, offering core products such as ERP, warehouse management, and order management systems. Based on 2024 revenue, the company is the largest e-commerce SaaS ERP provider in China, with a 24.4% market share, and the second-largest e-commerce SaaS company overall.

JST’s products integrate with over 400 global e-commerce platforms and 800 logistics and warehouse service providers. In 2024, JST processed over 3.3 billion orders, serving more than 88,000 clients. Its flagship products — JST ERP and Jushengsuan — provide merchants with comprehensive, end-to-end business management solutions covering operations from order processing to financial management.

Financial Highlights

According to the prospectus, JST’s revenue grew from RMB 523 million in 2022 to RMB 697 million in 2023 and RMB 910 million in 2024, representing a compound annual growth rate (CAGR) of approximately 31.9%. The company’s gross margin improved from 52.3% to 68.5% over the same period. For the first half of 2025, JST recorded revenue of RMB 524 million, with a gross margin of 71.8%, and achieved profitability with a net profit of approximately RMB 27.08 million. At the offer price of HK$30.60 per share, the estimated net proceeds from the IPO are around HK$1.96 billion, of which about 45% will be used for product R&D and technological innovation, 25% for market expansion and brand building, 20% for strategic investments and acquisitions, and 10% for working capital and general corporate purposes.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for JST Group via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to new public offerings. After logging in, tap “Trade” at the bottom-right, select “IPO Subscription,” choose JST Group, tap “Public Offer,” enter the subscription quantity, and submit your order.

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