Leidi.com Lei Jianping June 20
Jushuitan Group Co., Ltd. (abbreviation: "Jushuitan") recently submitted a prospectus for listing on the Hong Kong Stock Exchange.
Three years ago, after Jushuitan completed financing, its valuation reached 6 billion yuan.
Annual revenue of 523 million and loss of 507 million
Jushuitan was established in 2014. The founder and CEO Luo Haidong has nearly 30 years of experience in the development, implementation and deployment of traditional and e-commerce ERP.
At the beginning of Jushuitan's establishment, it entered the market with e-commerce SaaS ERP. With the continuous change of customer needs, Jushuitan has now developed into a SaaS collaborative platform with SaaS ERP as the core and integrating various business services.
Jushuitan has established more than 100 offline service outlets across the country, covering more than 500 cities and towns, providing customers with timely, thoughtful and professional services.
According to the prospectus, the revenue of Jushuitan in 2020, 2021, and 2022 will be 294 million yuan, 433 million yuan, and 523 million yuan respectively; the gross profit will be 136 million yuan, 219 million yuan, and 274 million yuan; %, 50.5%, 52.3%.
The operating losses of Jushuitan in 2020, 2021, and 2022 are 246 million yuan, 125 million yuan, and 370 million yuan respectively; the operating profit margins are -83.7%, -28.8%, and -70.7% respectively;
The losses of Jushuitan in 2020, 2021, and 2022 will be 364 million yuan, 254 million yuan, and 507 million yuan respectively; the profit margins for the year will be -123.9%, -58.7%, and -96.9% respectively.
The adjusted losses of Jushuitan in 2020, 2021, and 2022 will be 107 million yuan, 137 million yuan, and 379 million yuan, respectively.
As of December 31, 2022, Jushuitan held cash and cash equivalents of 427 million yuan.
Shimmer and GGV are shareholders
The executive directors of Jushuitan are Luo Haidong, He Xingjian, Li Cansheng, and Wang Yu; the independent non-executive directors are Ms. Luo Mei, Li Jiajun, and Sheng Kaiqiang.
In 2015, Jushuitan completed an angel round of financing invested by Shanghai Amiba Baihui, Chen Haohui and Wu Xiaoguang, with a scale of 12.9 million yuan and a post-investment valuation of 83 million yuan.
In 2017, Jushuitan completed the A round of financing invested by Huzhou Wanlu, Fuzhou Amoeba, Shanghai Amoeba Baihui and Beijing Weiguang Equity Investment Partnership (Limited Partnership), with a financing scale of 37.5 million yuan. The value is 250 million yuan.
In 2019, Jushuitan completed the B1 round of financing invested by Suzhou Yuanjing, Hangzhou Yuanjing and Dimension Enterprises, with a financing scale of 65 million yuan and a post-investment valuation of 920 million yuan.
In 2019, completed the B2 round of financing invested by Shanghai Blue Lake, Blue Lake Capital Fund II, LP and Jiaxing Huihai, with a financing scale of 47.5 million yuan and a post-investment valuation of 1.9 billion yuan.
In 2019, the B3 round of financing invested by Sequoia Zhisheng was completed, with a financing scale of 165 million yuan and a post-investment valuation of 2.75 billion yuan.
In 2020, Jushuitan completed the C round of financing invested by Goldman Sachs, CICC Win-Win Fund and Blue Lake Capital, with a financing scale of 286 million yuan and a post-investment valuation of 6 billion yuan.
Before the IPO, Luo Haidong directly held 21.4% of the shares, and He Xingjian held 12.74% of the shares. Shanghai Huiju Management Consulting Partnership Co., Ltd. holds 10.86% of the shares, and the shares to be issued for employee incentives account for 8.17%. Sequoia Zhisheng holds 7.5% of the shares, Li Cansheng holds 6.06% of the shares, and Broad Street Investments holds the shares 5.83%;
Wang Yu holds 3.78%, Blue Lake holds 3.14%, Beijing Weiguang Equity Investment Partnership (Limited Partnership) holds 2.96%, and Shanghai Jingyu Enterprise Management Consulting Partnership (LP) holds 2.69%;
VP JST II LP holds 2.69% of the shares, Shanghai Blue Lake holds 2.5% of the shares, CICC Gongying Fund holds 2.47% of the shares, GGV VIII holds 2% of the shares, and VP JST I LP holds 1.68% of the shares.
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