9669.HK
Cloud-based human capital management (HCM SaaS) service provider Beisen Holding announced Tuesday its net loss widened by about 23.5% to 3.21 billion yuan in the 2023/24 fiscal year through March.

The Latest: Cloud-based human capital management (HCM SaaS) service provider Beisen Holding Limited (9669.HK) announced Tuesday its net loss widened by about 23.5% to 3.21 billion yuan ($442 million) in the 2023/24 fiscal year through March.

Looking Up: The company’s revenue rose 13.8% to 855 million yuan, mainly due to acquisition of new customers and increased subscription of cloud-based HCM solutions by existing customers

Take Note: 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.

Digging Deeper: Founded in 2005, Beisen is principally engaged in cloud-based human capital management, it listed on the National Equities Exchange and Quotations (NEEQ) board in Beijing in 2016 but was delisted just two years later. In January 2022, it started to submit listing applications to the Hong Kong Stock Exchange, eventually approved for the third time and became the first Chinese HCM SaaS company to land on the Hong Kong stock market in April last year. Currently there are thousands of companies providing SaaS services in China, among which HCM SaaS solutions operated by Beisen are increasingly gaining attention in the market.

Market Reaction: Beisen’s shares rose on Wednesday, closing up 4.6% to HK$5.26 at the midday break. The stock now trades at the lower end of its 52-week range.

Translation by A. Au

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