We advised JST Group on its IPO and HKEX listing

Davis Polk advised JST Group Corporation Limited on its initial public offering and listing on the Hong Kong Stock Exchange in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$2.1 billion, before giving effect to the exercise of the over-allotment option.

JST Group is China’s largest e-commerce SaaS ERP provider in terms of relevant revenue in 2024, with a market share of 24.4%, exceeding the combined market share of the second through the fifth largest players. The company offers cloud-based SaaS products, providing customers with an extensive, unified and intuitive way to monitor, operate and manage their businesses in the fast-evolving e-commerce industry. Its comprehensive offerings primarily include: (i) e-commerce SaaS ERP products, and (ii) other e-commerce operation SaaS products.

The Davis Polk corporate team included partners Li He, Jason Xu and Ran Li, associates Edwin Lee, Yi Kai Sit and Ching Suen and registered foreign lawyer Xiaofei Ye. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Matthew R. Silver and associate Felipe Munoz provided Investment Company Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.

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