Alsco Refiles For Hong Kong IPO Amid Less Favorable Conditions

Alsco Refiles For Hong Kong IPO Amid Less Favorable Conditions

Benzinga
June 20, 2025

Slowing growth, a shaky valuation and high receivables could cloud the latest listing attempt by China's top provider of reusable packaging materials for the auto sector

Key Takeaways:

Alsco has filed to list in Hong Kong, reporting its profit fell by 20% in 2024, as its revenue growth slowed sharply during the year

The application is the second by the provider of reusable packaging for the automotive industry, after an earlier attempt lapsed amid compliance issues

Alsco Pooling Service Co. Ltd.'s second application to list on the Hong Kong Stock Exchange, filed last week, marked a comedown from its original application last November, when the company's business was riding high but later got tripped up by compliance issues. Notably, the latest filing shows Alsco's business slowed sharply in the second half of last year, after the earlier application showed a much stronger start to 2024.

But after some house cleaning to address the earlier compliance issues, Alsco may still beat some of its competitors in the logistics-sharing business to market, like Lalatech, which has also made several applications but has yet to list in Hong Kong. Alsco's close ties to China's auto sector, now leading the world in both production and exports, could give its IPO some positive momentum.

Chairman Sun Yan'an founded a logistics equipment and services company in 1998 that would eventually become Alsco. Since then, his company, formerly known as Anwood Logistics, has risen to become China's largest container and packaging sharing firm for the auto industry.

Alsco manufactures foldable containers and boxes as well as metal racks and specialized containers that can be used by auto companies and later returned for reuse. Their foldability means they can be easily shipped to and from customers, and customers pay based on the number of times the packaging containing their products is circulated.

Actual containers are made from high-strength polypropylene materials at Alsco's major factory in Lianyungang, one of China's top ports in Jiangsu province. A second factory in Yancheng, built in 2022 down the coast from Lianyungang, recycles plastic ...

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