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SHENZHEN - Baiya International Group Inc. (Nasdaq: BIYA), a Chinese HR technology firm, has announced a partial waiver of lock-up restrictions on shares held by major stakeholders, effective today. This waiver permits the sale of up to 2,950,000 shares owned by Datong International Group Ltd., Hesheng International Group Ltd., Hongfeng International Group Ltd., and Yilong International Group Ltd. following the company’s recent initial public offering (IPO). The announcement comes as BIYA’s stock shows strong momentum, with an 11.84% gain in the past week and current market capitalization of $68.6 million, according to InvestingPro data.
The lock-up agreement, a common practice following an IPO to provide market stability, typically prohibits insiders from selling their shares for a set period. Baiya’s decision, facilitated by underwriters Cathay Securities, Inc. and Revere Securities LLC, allows these shareholders to trade their shares while maintaining the lock-up conditions on the remaining shares.
Baiya International, known for its cloud-based Gongwuyuan Platform, has transitioned from traditional job matching services to offering comprehensive crowdsourcing recruitment and Software as a Service (SaaS)-enabled HR solutions. This strategic move positions Baiya as a SaaS-enabled HR technology company in the flexible employment market. The company generated revenues of $12.8 million in the last twelve months, with a modest revenue growth of 10.7%. InvestingPro analysis reveals the company maintains a strong balance sheet with more cash than debt, though it currently operates with narrow gross profit margins of 11%.
The company’s forward-looking statements indicate plans to continue developing and improving their platform, enhancing job matching and HR services. However, they caution that these statements involve risks and uncertainties, and actual results could differ materially from expectations. InvestingPro subscribers can access 12 additional key insights about BIYA’s financial health, valuation metrics, and growth potential to make more informed investment decisions.
Investors are advised to review the company’s filings with the SEC for a better understanding of potential risks and future developments. This press release does not constitute an offer to sell or a solicitation of an offer to buy Baiya’s securities.
The information presented in this article is based on a press release statement from Baiya International Group Inc.
In other recent news, Baiya International Group Inc. announced the pricing of its initial public offering (IPO) at $4.00 per share. Despite this pricing, the shares opened at $3.80 on the Nasdaq Capital Market, which is $0.20 below the initial offering price. The IPO involves 2,500,000 ordinary shares, and the company has granted underwriters a 45-day option to purchase an additional 375,000 shares at the initial price. The gross proceeds from this offering are expected to be approximately $10,000,000, assuming the Overallotment option is not exercised. The offering is conducted on a firm commitment basis, with Cathay Securities, Inc. as the representative of the underwriters and Revere Securities LLC acting as a co-underwriter. These developments are significant as they mark the company’s entry into the public market. The IPO’s pricing and opening figures are crucial for investors considering the company’s market debut.
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