The newest: Provider of cloud-based human capital management (HCM SaaS) Beisen Holding Limited (9669.HK) announced On Tuesday, the company’s net loss for the 2023/24 fiscal year ending in March rose by about 23.5% to 3.21 billion yuan ($442 million).
Look up: The company’s revenue increased 13.8% to 855 million yuan, mainly due to the acquisition of new customers and the increased number of subscriptions to cloud-based HCM solutions by existing customers.
Observe: The fair value of the company’s redeemable convertible preferred shares, which recorded a book loss of 2.81 billion yuan, was the main cause of the large loss in the last fiscal year.
Deep ditch: Founded in 2005, Beisen is mainly engaged in cloud-based human capital management. The company was listed on the National Equities Exchange and Quotations (NEEQ) in Beijing in 2016, but was delisted just two years later. In January 2022, it began to submit listing applications on the Hong Kong Stock Exchange, was eventually approved for the third time, and became the first Chinese HCM SaaS company to be listed on the Hong Kong Stock Exchange in April last year. Currently, there are thousands of companies providing SaaS services in China, among which the HCM SaaS solutions operated by Beisen are gaining increasing attention in the market.
Market reaction: Beisen shares rose on Wednesday, closing at HK$5.26 at lunchtime, up 4.6 percent. The stock is now trading at the lower end of its 52-week range.
Translation by A. Au
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