Baiya Advances Digital Assets with Starfish Acquisition and 25:1 Share Consolidation

Introduction

BAIYA International Group Inc. (Nasdaq: BIYA) is a Cayman Islands–incorporated holding company that operates in China through Shenzhen Gongwuyuan Network Technology Co., Ltd. and its subsidiaries. Founded in 2017, Baiya has transitioned from a job-matching service provider to a cloud-based HR technology platform, offering Software-as-a-Service (SaaS) solutions to enterprises and organizations in China’s flexible employment market. The company is headquartered in Shenzhen, with primary operations in core manufacturing regions such as the Pearl River Delta and the Yangtze River Delta.

Corporate Structure and Operations

Baiya employs between 51 and 200 staff members under the leadership of CEO Si Yu Yang. Its business model encompasses four service lines:

• Job Matching: Connecting workers with short-term and flexible assignments
• Entrusted Recruitment: Sourcing candidates on behalf of client companies
• Project Outsourcing: Delivering project solutions via third-party contractors
• Labor Dispatching: Providing temporary staffing; this segment is being reduced due to historically lower profitability

The company’s primary offering is the Gongwuyuan Platform, which integrates offline services with digital technologies—including crowdsourcing, big data analytics, and artificial intelligence—to streamline job matching and HR management.

HR Technology by Mimi Thian

Recent Developments and News

• Initial Public Offering (March 21–24, 2025): Baiya launched its IPO at $4.00 per share, issuing 2,500,000 ordinary shares for gross proceeds of $10 million. Underwriters hold a 45-day option to sell an additional 375,000 shares, potentially raising the total to approximately $11.5 million. Net proceeds are intended for the further development of the Gongwuyuan Platform, marketing, employee compensation, training, and general corporate purposes.
• Acquisition of Starfish Technology-FZE (Agreement Signed September 19, 2025): Baiya agreed to acquire 100 percent of Dubai-based Starfish Technology-FZE for 2,320,000 newly issued Class A ordinary shares. Starfish’s UpTop.Meme protocol, built on BNB Chain, is expected to facilitate Baiya’s entry into blockchain-enabled digital assets and tokenized financial products. Closing is anticipated in the fourth quarter of 2025, subject to customary conditions.
• Extraordinary General Meeting (Scheduled November 28, 2025): Shareholders will vote on a 25:1 share consolidation, which aims to reduce the number of outstanding Class A ordinary shares and increase the par value from $0.0001 to $0.0025. A concurrent amendment to the company’s memorandum and articles of association will align corporate governance with the new capital structure.
• Trading Activity (As of November 6, 2025): BIYA closed at $0.5792 per share, reflecting a 109.93 percent change, with a trading volume of 27,269,077 shares on the Nasdaq Capital Market.

Financial and Strategic Analysis

Baiya’s most recent half-year report indicates a net loss of $4.76 million, compared to $50,820 in net income in the prior period, reflecting significant changes in profitability. EBITDA was reported at negative $4.62 million, with a margin of 0.60 percent. The company’s strategic priorities include:

• Enhancing the Gongwuyuan Platform with AI and data-driven features
• Expanding SaaS-enabled HR services throughout China
• Utilizing the Starfish acquisition to develop a digital assets ecosystem

The proposed share consolidation aims to improve market perception and comply with Nasdaq listing requirements, while the IPO and potential overallotment are expected to fund research and development, marketing, and working capital needs.

Market Position and Industry Context

Operating in China’s flexible employment sector—valued in the hundreds of billions of dollars—Baiya competes with online recruitment platforms, staffing agencies, and emerging HR tech firms. By merging offline services with a cloud-based platform, Baiya aims to differentiate itself through comprehensive recruitment solutions, including electronic contracts, payroll management, and payment assurance. Its focus on digital transformation places it alongside firms implementing AI and blockchain technologies to enhance workforce matching and administrative efficiency.

TL;DR

Baiya International Group will convene an Extraordinary General Meeting on November 28, 2025, to vote on a 25:1 share consolidation and amendments to its articles of association. The acquisition of Starfish Technology-FZE—signed on September 19, 2025—is on track for closing in Q4 2025, advancing Baiya’s strategy in digital assets. Following its March 2025 IPO, BIYA shares trade at $0.5792 with significant volume, as the company allocates proceeds to platform development, expansion, and working capital.