If You Invested in Baiya International Group Inc (BIYA)

Baiya International Group Inc. (NASDAQ: BIYA) is described as a human resource ("HR") technology company that utilizes a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions. According to multiple company communications, Baiya has evolved from a traditional job matching service provider into a SaaS-enabled HR technology business centered on its proprietary Gongwuyuan Platform, which operates in the flexible employment marketplace.

The company is categorized in the Technology sector and "Software – Application" industry. Its business model combines online platform-based services with offline job matching services. Baiya states that it strategically develops and improves the Gongwuyuan Platform with product features that work together with its traditional offline service model to enhance job matching and HR-related services in the flexible employment market.

Business model and core services

Based on the company’s own descriptions, Baiya operates through its subsidiary Gongwuyuan and focuses on HR technology solutions for flexible employment. Earlier disclosures note that its business has been focused on four primary services in the flexible employment market within China:

• Job matching services
• Entrusted recruitment services
• Project outsourcing services
• Labor dispatching services

More recent financial disclosures and press releases emphasize project outsourcing services and entrusted recruitment services as key revenue contributors. The company highlights project outsourcing work with major customers in sectors such as logistics and express delivery, and notes that entrusted recruitment services have benefited from China’s gradually recovering labor market. Baiya also reports limited revenue from "other services," which it describes as software revenue related to its platform.

According to its financial results for fiscal year 2024, Baiya attributes the majority of its revenue to project outsourcing services, with entrusted recruitment and other services contributing smaller portions. The company states that it has used a flexible business strategy with a focus on project outsourcing to navigate changes in China’s recruitment market.

Gongwuyuan Platform and flexible employment focus

The Gongwuyuan Platform is central to Baiya’s positioning as a SaaS-enabled HR technology company. The company explains that the platform provides one-stop crowdsourcing recruitment and SaaS-enabled HR solutions and is intended to supplement its offline job matching services. Baiya indicates that it introduced the Gongwuyuan Platform to better serve the flexible employment marketplace and that it continues to develop product features that integrate with its offline service model.

The company’s disclosures describe the flexible employment marketplace as the context in which its platform and services operate. Baiya states that it aims to improve job matching and HR-related services in this market by combining technology-driven platform capabilities with traditional recruitment and HR service practices.

Geographic and market context

Earlier descriptions of Baiya’s operations reference activity in China’s flexible employment market, including core manufacturing regions such as the Pearl River Delta and Yangtze River Delta. The company’s core operating entity is identified as Shenzhen Gongwuyuan Network Technology Co., Ltd., and several press releases are issued from Shenzhen, China. Baiya’s ordinary shares trade on the Nasdaq Capital Market under the ticker symbol BIYA.

In its fiscal year 2024 financial results, Baiya notes expansion opportunities in the logistics and express delivery sectors and cites cooperation with postal-related customers as an important driver of project outsourcing revenue. The company also reports that its IPO on the Nasdaq Capital Market has increased its brand visibility and market competitiveness for the Gongwuyuan platform.

Financial reporting and IPO

Baiya provides detailed financial information in its press releases and Form 6-K filings, including consolidated balance sheets, statements of operations, and cash flows. For fiscal year 2024, the company reports revenue growth, changes in gross profit and operating expenses, and a shift from net loss to net income. For the first half of fiscal year 2025, it discloses net revenues, gross profit, gross margin, operating expenses, and net loss, along with commentary on the drivers of these results.

The company completed its initial public offering of ordinary shares on the Nasdaq Capital Market in March 2025. Baiya states that the IPO proceeds are intended to be used for development of the Gongwuyuan Platform, business growth and expansion within the industry, marketing, employee compensation and training, and general corporate purposes. It also notes that the IPO has enhanced the brand credibility and market competitiveness of the Gongwuyuan platform and contributed to growth in customer numbers and order volume across its core business areas.

Strategic shift toward Web3 and digital assets

In 2025, Baiya announced a series of transactions and agreements that it describes as part of a strategic transformation toward digital assets, financial technology, and Web3. In July 2025, the company signed a strategic merger framework agreement with Dubai-headquartered STARFISH TECHNOLOGY-FZE ("Starfish"), stating its intention to acquire all equity interests and core assets of Starfish, including the UpTop.Meme ("UpTop") platform.

UpTop is described as a decentralized liquidity protocol built on BNB Chain, designed to provide on-chain liquidity services for crypto-native digital assets as well as tokenized U.S. stocks and treasuries. Baiya characterizes this planned acquisition as a full-scale transformation into digital assets and financial technology and as its entry into a "Web3 New Era" of global capital markets.

In September 2025, Baiya entered into a share purchase agreement to acquire 100% of Starfish and its flagship UpTop.Meme platform in exchange for newly issued Class A ordinary shares, subject to customary closing conditions. The company describes this transaction as the completion of the "first puzzle piece" in its roadmap toward a comprehensive Web3 strategy and states that it intends to build a digital asset ecosystem centered on UpTop, including areas such as decentralized finance (DeFi) and asset tokenization.

Nasdaq listing compliance and capital actions

In August 2025, Baiya reported receiving notifications from Nasdaq that the closing bid price of its Class A ordinary shares had been below the minimum $1.00 per share requirement and that its market value of listed securities had been below the minimum threshold required for continued listing on the Nasdaq Capital Market. The company disclosed that these notifications did not have an immediate effect on the listing of its shares and that it had been granted compliance periods to regain compliance with the relevant Nasdaq listing rules.

In December 2025, Baiya announced that its board of directors had approved a reverse stock split of its Class A ordinary shares at a ratio of 1-for-25, with the stated objective of meeting the minimum $1.00 per share bid requirement for maintaining its Nasdaq listing. The company explained that the reverse stock split would reduce the number of outstanding ordinary shares and that no fractional shares would be issued, with the split affecting all holders uniformly. Baiya also noted that the shares would continue to trade on the Nasdaq Capital Market under the symbol BIYA, with a new CUSIP number following the effectiveness of the reverse split.

Corporate governance and regulatory filings

Baiya files periodic reports on Form 6-K as a foreign private issuer, including financial statements, management’s discussion and analysis, and disclosures about corporate actions. In 2025, the company reported:

• Changes in directors and senior management, including resignations and appointments to the board and key roles such as Chief Financial Officer and chair of the audit committee.
• Adoption of amended and restated memorandum and articles of association.
• Plans to hold an extraordinary general meeting of shareholders to vote on share consolidation and adoption of further amended and restated governing documents.
• Changes in its independent registered public accounting firm.

These filings provide additional context on Baiya’s corporate governance, capital structure, and compliance with securities regulations.

Company evolution and positioning

Across its press releases and filings, Baiya consistently describes its evolution from a job matching service provider to a SaaS-enabled HR technology company operating the Gongwuyuan Platform in the flexible employment marketplace. The company emphasizes the combination of its online platform and offline services to improve job matching and HR-related services.

More recently, Baiya has outlined a strategic direction that extends beyond HR technology into digital assets, DeFi, and Web3-focused financial technology, anchored by its planned acquisition of Starfish and the UpTop.Meme platform. According to its own statements, this transformation is intended to position the company within emerging areas of blockchain-based liquidity infrastructure and tokenization, while it continues to report on its HR technology and project outsourcing activities.