Baiya International Group Inc. (NASDAQ: BIYA)

Baiya International Group Inc. is an offshore holding company that conducts business in China through the variable interest entity Gongwuyuan Network Technology Co., Ltd. Gongwuyuan operates a cloud‑based HR technology platform known as the Gongwuyuan Platform, which was launched in November 2019 and now covers flexible employment matching services across 5 provinces and 30 cities. The platform enables job matching, entrusted recruitment, project outsourcing, and a suite of SaaS‑enabled HR solutions such as intelligent HR management, electronic contracts, payroll advances, and the Yun Dan Bao payment‑assurance feature. Through this VIE structure, Baiya consolidates Gongwuyuan’s financial results while maintaining no direct equity ownership in the underlying PRC operating entities.

Revenue is derived primarily from service fees paid by employers for successful job placements under the job‑matching model, recurring fees from entrusted recruitment contracts, and completion‑based fees for project‑outsourcing assignments. Additional revenue streams include fees for value‑added platform services such as the Yun Dan Bao payment‑assurance opt‑in, payroll advance facilities, electronic contract processing, and direct‑deposit salary disbursement. The company reports that its entrusted recruitment service is a main revenue driver, benefiting from high customer stickiness and a blue‑collar labor base with turnover of 2 times a year. Gongwuyuan’s client base consists of over 8,263 registered company clients, primarily manufacturers and institutions in China’s Pearl River Delta and Yangtze River Delta regions.

Baiya International Group competes in China’s flexible‑employment and HR‑technology market against traditional staffing agencies such as ManpowerGroup, Renrui Human Resources, Career International, and FSG, as well as digital platforms including Dianmi Network Technology and Joyowo. The company’s competitive advantages stem from its proprietary Gongwuyuan Platform, which integrates crowdsourcing recruitment with SaaS‑enabled HR tools, and its Yun Dan Bao payment‑assurance feature that builds trust between workers and employers. Gongwuyuan reports a network of over 8,263 registered company clients and cooperation agreements with more than 230 vocational and technical colleges, providing a broad talent pipeline. The firm also emphasizes a service‑standard guarantee of “3‑7‑15,” promising worker placement within 3 days for intra‑city matches, 7 days for intra‑province matches, and 15 days for inter‑province matches. These capabilities enhance reliability and cost‑effectiveness for corporate customers seeking flexible labor solutions.

The company serves blue‑collar employers across China, with a concentration in manufacturing hubs such as the Pearl River Delta and Yangtze River Delta regions, covering industries like electronics, automotive, textiles, and logistics. It also works with institutional clients, including vocational colleges that seek to connect students with employment opportunities through its platform. Gongwuyuan’s platform is used by individual job‑seekers looking for temporary or contract work, as well as by enterprises needing bulk recruitment of workers for short‑term projects. While specific customer names are not disclosed in the filing, the breadth of registered clients indicates a diversified base spanning multiple sectors and geographic areas.