Baiya International Group Inc.
Baiya International Group Inc. is a U.S.-listed company with its principal executive offices in Shenzhen, China. Based on the available filings, it has operated through a Hong Kong subsidiary and a variable-interest-entity structure tied to technology-related operating entities in China.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueServices that connect employers with workers and support hiring needs.
Recruitment and placement activities for filling job openings.
Corporate and holding-level activities supporting operating subsidiaries.
Products
Reported · share of revenue- Project Outsourcing Service84.8 %
- Research and Development Technical Services8.2 %
- Entrusted Recruitment Service6.7 %
- Other0.3 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company’s customers are employers that need staffing support, recruitment, and labor placement services. Its business model implies demand from organizations that outsource hiring or need flexible labor access, especially where cross-border ownership and China-based operations are involved.
Businesses that buy recruitment and placement services to fill roles quickly and efficiently.
Companies that outsource parts of the hiring process to reduce internal recruiting workload.
Entities interacting with the Hong Kong and China operating structure used by the group.
Strategy
The disclosed filings indicate a significant corporate simplification through the disposition of the Hong Kong subsidiary and its China-linked VIE structure. That suggests the company is managing its operating footprint and ownership structure while retaining flexibility around asset ownership and control.
A simplified structure can reduce complexity in governance and asset control.
The VIE-based operating model creates legal and control sensitivities that need active oversight.
Geography
The company is incorporated in the U.S. but its disclosed operating presence centers on Shenzhen, China, with a Hong Kong subsidiary in its corporate structure. That setup makes the business economically tied to China-based operations and subject to cross-border legal and regulatory requirements.
Risks
The company faces structural and jurisdictional risk because its disclosed operations run through Hong Kong and China-linked VIE arrangements while it remains U.S.-listed. Any disruption in contractual control, cross-border regulation, or asset dispositions could materially affect operations and ownership rights.
- VIE structure control riskImpact: HighLikelihood: High
The business depends on contractual arrangements rather than direct ownership for key operating entities.
Exposure - China regulatory and legal riskImpact: HighLikelihood: Medium
Operating entities and principal offices are tied to China, where regulatory changes can affect enforceability and operations.
Exposure: China-based subsidiaries and contractual control arrangements
- Asset disposition execution riskImpact: MediumLikelihood: High
Disposition proceeds are payable over time and closing/transfer mechanics can affect realized value.
Exposure: Sale of Juxing Investment Group (Hong Kong) Limited
Accounting
Judgemental itemsContractual control rather than direct equity ownership drives whether operating entities are consolidated.
Impact: Can change assets, liabilities, revenue, and cash flow presentation
Sale of the Hong Kong subsidiary and indirect control of VIEs requires careful deconsolidation accounting.
Impact: May trigger gain or loss and remove operating assets from the balance sheet
The US$2,000,000 purchase price is payable over three years, so collectability and present value matter.
Impact: Affects receivable recognition and timing of cash realization
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Last updated: 28/09/2026