Introduction ALSCO Pooling Service Co., Ltd. (“the Company”) is conducting a Global Offering of its H Shares on the Hong Kong Stock Exchange (HKEX). The offering comprises an initial 2,034,000 Hong Kong Offer Shares (subject to reallocation) and 18,302,000 International Offer Shares (subject to reallocation and an Over-allotment Option), totaling 20,336,000 H Shares.
Based on an indicative Offer Price of HK$12.50 per H Share and assuming no exercise of the Over-allotment Option, the Company estimates net proceeds of around HK$204.80 million. If the Over-allotment Option is fully exercised, the net proceeds would be approximately HK$241.40 million.
Company Overview The Company is a reusable packaging services provider in China, specializing in solutions for automotive parts manufacturers and original equipment manufacturers (OEMs). Its core offerings involve shared-use and rental arrangements for reusable containers, accompanied by value-added services such as warehousing management and customer-owned container administration. The Company deploys digital systems to coordinate container distribution, safety, maintenance, and returns under a pay-per-use model or fixed-term rentals. It also sells foldable load carriers, small load carriers, and customized metal racks. Its customer base primarily spans the automotive sector, including both fuel-powered and new energy vehicle industries.
Industry Overview The logistics packaging solution market has experienced steady growth, driven by rising demand for efficient, reusable packaging throughout supply chains. Industry trends include a shift from single-use to reusable containers and increased adoption of technology for real-time tracking. In China, the Company holds an established position, ranking as the second-largest provider of reusable package services by revenue in 2024, with 1.50% market share. Within automotive pooling services, it ranks first at 8.20% market share.
Financial Overview Revenue grew from RMB647.60 million in 2022 to RMB794.00 million in 2023 and reached RMB837.60 million in 2024, reflecting a compound annual growth rate (CAGR) of 13.70%. For the eight months ended August 31, 2025, revenue amounted to RMB533.30 million, up 5.10% year-over-year. Gross profit increased from RMB127.40 million in 2022 to RMB184.10 million in 2024, with a gross margin improving from 19.70% to 22.00% over the same period. During the eight months ended August 31, 2025, gross profit was RMB111.20 million, yielding a margin of 20.80%. Profit for the year stood at RMB31.20 million in 2022, RMB64.10 million in 2023, and RMB50.70 million in 2024.
Cornerstone Investors No specific cornerstone investors or lock-up arrangements are highlighted in the Company’s disclosures.
Use of Proceeds Assuming an Offer Price of HK$12.50 per H Share and no exercise of the Over-allotment Option, the Company expects net proceeds of around HK$204.80 million. The indicated allocation is as follows: • 25.00% for upgrading and enhancing digital systems and platforms • 25.00% for overseas expansion initiatives • 20.00% for nationwide service network expansion • 20.00% for acquisitions extending services into downstream industries • 10.00% for general corporate purposes and working capital
Unutilized proceeds may be placed in short-term interest-bearing accounts with licensed institutions until needed. Any substantial change in the allocation will be announced according to applicable listing rules.
Comments