Baiya International Reports IPO Success and Revenue Growth
By ATTN Desk · Editorial oversight: Sean Han
Baiya International Group Inc. (BIYA)
Introduction
Baiya International Group Inc. (“Baiya”) is a Cayman Islands-based holding company that operates in China through Shenzhen Gongwuyuan Network Technology Co., Ltd. Since 2017, Gongwuyuan has provided job matching services and launched a cloud-based platform offering SaaS-enabled human resources (HR) solutions in 2019. The company’s service portfolio in China’s flexible employment market comprises:
- Job matching
- Entrusted recruitment
- Project outsourcing
- Labor dispatching (being scaled back due to low profitability)
Corporate Structure
- Holding structure: Offshore parent in the Cayman Islands; operating entity and subsidiaries in China
- Employees: 51–200 (according to LinkedIn)
- Share classes (approved May 30, 2025):
- Class A ordinary shares (reclassification of existing shares)
- Class B ordinary shares (20 votes per share)
- Major shareholder (Schedule 13G as of March 6, 2025): Chuanshi Holdings Ltd. beneficially owns 921,000 shares (7.37% of total outstanding)
Recent Developments and News
Initial Public Offering Closing (March 24, 2025)
- Issued 2,500,000 ordinary shares at $4.00 each
- Gross proceeds: $10.0 million
- Underwriters’ 45-day option to purchase up to 375,000 additional shares
- Commenced Nasdaq trading under ticker BIYA on March 21, 2025
Fiscal Year 2024 Financial Results (May 13, 2025)
| Metric | Fiscal 2024 |
|---|---|
| Net Revenues | $12.8 million (↑10.7% vs. 2023) |
| Gross Profit | $1.4 million (↑75.4% vs. 2023) |
| Net Income | $6,687 (vs. –$1.1 million in 2023) |
| Basic & Diluted EPS per share | $0.00 (vs. –$0.10 in 2023) |
- Project outsourcing accounted for 99.7% of revenues, up 26.6% year-over-year
- Revenue from entrusted recruitment declined 97.2% to $0.04 million
Annual General Meeting and Capital Reorganization (May 30, 2025)
- Increased authorized share capital from $50,000 to $180,000
- Reclassified existing shares into Class A and created Class B shares
- Adopted fourth amended and restated Memorandum and Articles of Association
Trading Data (June 10, 2025)
| Metric | Value |
|---|---|
| Share Price | $2.59 |
| Daily Change | –34.76% |
| Volume | 112,696 |
| 52-Week Range | $1.21 – $8.00 |
| Market Capitalization | $49.70 million |
| Enterprise Value | $48.37 million |
| Price/Sales (TTM) | 3.87 |
| Price/Book (MRQ) | 99.36 |
| EV/Revenue | 3.78 |
| EV/EBITDA | 613.35 |
| Profit Margin (TTM) | –0.07% |
| Return on Assets (TTM) | 0.64% |
| Return on Equity (TTM) | 1.17% |
| Revenue (TTM) | $12.81 million |
| Net Income (TTM) | –$8.75 thousand |
| Total Cash (MRQ) | $1.83 million |
| Total Debt/Equity (MRQ) | 60.75% |
Financial and Strategic Analysis
Financial Metrics
- Revenue growth: 10.7% year-over-year in FY 2024
- Profitability: Gross margin improved to 10.9% (FY 2024); net income turned positive
- Leverage: Debt/equity at 60.75%; cash balance of $1.83 million
Strategic Initiatives
- Platform development: Allocate IPO proceeds toward the Gongwuyuan Platform, enhancing crowdsourcing, big data, and AI capabilities
- Service mix: Reducing labor dispatching; emphasizing project outsourcing and SaaS solutions
- Geographic focus: Targeting core manufacturing regions in the Pearl River Delta and Yangtze River Delta
Market Position and Industry Context
Baiya operates in China’s expanding flexible-employment market, competing with HR technology providers and traditional staffing firms. Its hybrid model integrates offline services with a cloud-based SaaS platform targeting manufacturing hubs where demand for project-based staffing and digital HR solutions is rising. The company’s micro-cap profile and limited trading history contribute to price volatility, while ongoing platform enhancements aim to differentiate Baiya in a competitive marketplace.
tl;dr
On June 10, 2025, BIYA shares decreased by 34.76% to $2.59 amid low liquidity. The company closed its IPO on March 24, 2025, raising $10 million to finance its Gongwuyuan Platform. FY 2024 results showed a 10.7% revenue growth to $12.8 million and a net income of $6,687. At the May 30 AGM, shareholders approved expanding authorized capital and reclassifying shares into dual-class stock. Looking ahead, Baiya intends to invest in digital and AI enhancements for its HR platform and further shift its service mix toward project outsourcing and SaaS offerings.