Baiya Intl Group Raises $10M in IPO to Enhance HR Platform

Introduction to BAIYA INTL GROUP INC

BAIYA INTL GROUP INC (Nasdaq: BIYA) is a Cayman Islands–incorporated holding company operating in China through its subsidiary, Shenzhen Gongwuyuan Network Technology Co., Ltd. Since its founding in 2017, the company has provided job matching services and expanded in 2019 to a cloud-based platform offering SaaS-enabled HR solutions. Its business is centered on the flexible employment market, integrating offline services with digital tools such as crowdsourcing, big data, and artificial intelligence.

Corporate Structure and Experience

Baiya employs between 51 and 200 people, according to its LinkedIn profile. Its four primary service lines are job matching, entrusted recruitment, project outsourcing, and labor dispatching, although it is strategically reducing labor dispatching due to lower historical profitability. On May 30, 2025, shareholders approved:

• An increase in authorized share capital from US $50,000 to US $180,000, allowing issuance of up to 1.7 billion ordinary shares.
• A reclassification of existing shares into Class A (one vote per share) and Class B (20 votes per share).
• An updated memorandum and articles of association to reflect these changes.

Developments and News

On March 24, 2025, Baiya closed its initial public offering of 2,500,000 ordinary shares at US $4.00 per share, raising US $10 million in gross proceeds. The company granted underwriters a 45-day option for an additional 375,000 shares at the same price.

In filings dated June 9, 2025, Baiya submitted Form 6-K reports to the U.S. Securities and Exchange Commission, primarily directing investors to press releases for detailed financial updates. On May 19, 2025, a Schedule 13G filing disclosed that Datong International Group Ltd. held 7.368% of Baiya’s outstanding shares, with ultimate control traced to Chao Chen via Chuanshi Holdings Limited.

During the trading session on June 20, 2025, BIYA shares closed at US $1.1104, reflecting a price change of 33.86% on a volume of 7,876,708 shares.

Financial and Strategic Analysis

As of mid-June 2025, Baiya’s key metrics include:

• Market capitalization: US $10.39 million
• Enterprise value: US $9.05 million
• Price/Sales (TTM): 0.81
• Price/Book (MRQ): 20.76
• EV/Revenue: 0.71
• EV/EBITDA: 114.77
• Revenue (TTM): US $12.81 million
• Net income (TTM): –US $8,750
• Profit margin: –0.07%
• Return on assets: 0.64%
• Return on equity: 1.17%
• Cash on hand (MRQ): US $1.83 million
• Total debt/Equity: 60.75%
• Levered free cash flow (TTM): US $2.65 million

Funds from the IPO are earmarked for the development of the Gongwuyuan Platform—its crowdsourcing recruitment and SaaS-enabled HR solution—marketing initiatives, employee compensation and training, and general corporate purposes. The shift away from labor dispatching aims to reallocate resources to higher-margin digital services.

Market Position and Industry Context

Baiya competes in China’s flexible employment market, focusing on manufacturing hubs such as the Pearl River Delta and Yangtze River Delta. The company’s hybrid model—combining offline job matching with a cloud-based HR platform—positions it within the growing HR technology sector. Its use of AI and big data aligns with industry trends toward digitization of workforce management. With a micro-cap profile and limited trading history since its March 2025 Nasdaq listing, liquidity and share-price volatility are important considerations for investors.

tl;dr

On June 20, 2025, BIYA shares closed at US $1.1104, reflecting a price increase of 33.86%. The company raised US $10 million in its March 24 IPO and is deploying proceeds to enhance its Gongwuyuan Platform—a SaaS-enabled HR solution—and to fund marketing, training, and working capital. Shareholders approved a capital increase and dual-class share structure on May 30, 2025, to support future financing.