Understanding the Market | E-commerce SaaS ERP leader JST GROUP fell over 5% on the second day after its listing, after a nearly 24% surge yesterday

Zhitong
2025.10.22 06:19
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JST GROUP fell over 5% on the second day of its listing, after a nearly 24% surge yesterday. As of the time of writing, it has dropped 5.33%, trading at HKD 35.88, with a transaction volume of HKD 214 million. JST GROUP is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4% in 2024. The market size of the mainland e-commerce SaaS ERP market in 2024 is RMB 3.1 billion, with JST GROUP also ranking first in this market, holding a market share of 8.7%

According to Zhitong Finance APP, JST GROUP (06687) fell more than 5% on the second day of its listing, after a nearly 24% surge yesterday. As of the time of publication, it has dropped 5.33%, trading at HKD 35.88, with a transaction volume of HKD 214 million.

Public information shows that JST GROUP is the largest e-commerce SaaS ERP provider in China. According to data from ZhiShi Consulting, it holds a market share of 24.4% based on relevant revenue for 2024 (exceeding the combined market share of the second to fifth largest participants). The size of the mainland e-commerce SaaS ERP market (based on merchant spending) is RMB 3.1 billion in 2024. In the mainland e-commerce operation SaaS market, based on total SaaS revenue for 2024, the company also ranks first with a market share of 8.7%. Additionally, according to ZhiShi Consulting, based on relevant revenue for 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 for the six months ending June 30, 2025, customers purchasing two or more JST GROUP products contributed 30.6%, 33.0%, 37.7%, and 39.3% of the company's total SaaS revenue for the same periods, respectively. Benefiting from customer success, the company's business has also achieved rapid growth. In 2024, the company's total revenue reached RMB 909 million, with compound annual growth rates of 31.9% and 33.6% from 2022 to 2024

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