Cloud human capital management firm Beisen files for IPO in Hong Kong

Beisen Holdings, a provider of cloud-based human capital management (HCM) solutions, submitted a prospectus to the Hong Kong Stock Exchange on July 11, with Morgan Stanley and CICC as co-sponsors.

Founded in 2005, Beisen has received investments from many leading institutions such as Matrix Partners, Genesis Capital, Sequoia Capital China and CICC.

Beisen mainly provides HCM cloud solutions for enterprises through its iTalentX platform, covering recruitment, assessment, management and other aspects. Its platform makes it possible to intelligently simplify the recruitment process. The assessment system allows companies to identify qualified and suitable job seekers and high potential talent among existing employees. Core solutions are used for day-to-day workforce management, including new employee onboarding, personnel management, compensation management, and organizational structure management.

According to a report by China Insights Consultancy, Beisen was the largest cloud HCM solution provider in China by revenue in 2021. rapid growth. covering most of the top ten companies in technology, real estate, financial services, automotive and manufacturing. Additionally, as of March 31, 2022, more than 70% of Fortune China 500 companies are Beisen customers.

In the fiscal years ended March 31, 2020, March 31, 2021 and March 31, 2022, Beisen’s revenue was 459 million yuan ($68.2 million), 556 million yuan and 680 million yuan respectively, while gross profit margins were 59.8%, 66.4% and 58.9%, respectively.

SEE ALSO: Completes B2 Funding Round Worth Nearly $30 Million

Beisen said in its prospectus that the funds raised from the IPO will mainly be used to continue upgrading the integrated cloud HCM solution, improving technology development capability and other uses.