JST Group Corp Ltd (Ticker: 6687 HK) is a China-based software company operating the “Jushuitan (聚水潭)” e-commerce SaaS platform. JST plans to list on the Hong Kong Main Board on October 21, 2025, offering 68.17 million primary shares at HKD 30.60, raising HKD 2.09 billion (USD 268 million). The deal includes a 15% greenshoe of 10.22 million shares. At the offer, the implied market capitalization is HKD 13.04 billion (USD 1.68 billion). JST focuses on e-commerce operation SaaS, led by its Jushuitan ERP, and ranked first in China’s e-commerce SaaS ERP market by relevant revenue in 2024 with a 24.4% share (CIC). Sponsors are China International Capital Corporation Hong Kong Securities Limited and J.P. Morgan Securities (Far East) Limited; underwriters include CICC, Futu Securities International (Hong Kong) Limited, and J.P. Morgan Securities (Asia Pacific) Limited.