NewTimeSpace | Leading Domestic Car Sharing Operation Service Provider, ALSCO Launches Third Bid for Hong Kong IPO

Recently, Suzhou ALSCO Pooling Service Co., Ltd. (referred to as "ALSCO") filed a prospectus with the HKEX, seeking a listing on the Main Board of Hong Kong. China Securities International acts as the sole sponsor.

As learned from NewTimeSpace Research , this is ALSCO’s third application after two previous failed submissions on November 18, 2024, and June 13, 2025. Prior to this submission, ALSCO obtained the Notice of Recordation for Overseas Issuance and Listing from the China Securities Regulatory Commission on November 28, 2025.

Leading Car Sharing Operation Service Provider, Second-Largest Reusable Packaging Service Provider

Public data shows that ALSCO, founded in 2016, is an integrated reusable packaging service provider focusing on serving automotive component manufacturers and OEMs in the automotive industry.

ALSCO mainly provides sharing operation services. Under this model, the company manages reusable packaging such as pallets, crates, or containers on behalf of customers, handling storage, distribution, return (primarily through subcontracted third-party logistics service providers), cleaning, and maintenance of reusable packaging for customers.

ALSCO’s comprehensive services include two main segments: container services and container sales. Among them, container services are the core of the company’s operations, covering sharing operation services, leasing services, and other value-added services.

Container sales target customers with logistics capabilities and procurement needs, supplying products directly to them. The main service objects are enterprises in the automotive industry, and the diversified and extensive customer base enhances risk resistance.

The types of containers managed or sold by ALSCO include large collapsible turnover boxes, small turnover boxes, metal utensils, and other specific containers.

The prospectus reveals that as of August 31, 2025, supported by 81 Container Management Centers (CMCs), ALSCO manages an asset pool of over 1.5 million reusable containers, with a logistics service network covering more than 100 cities, including major cities such as Shanghai, Wuxi, Guangzhou, Wuhan, and Chongqing, as well as locations in Indonesia and South Korea.

According to Frost & Sullivan, by 2024 revenue, ALSCO is China’s second-largest provider of reusable packaging services with a market share of 1.5%; it is also the largest provider in China’s car sharing operation services market with a market share of 8.2%. In 2024, reusable packaging services, sharing operation services, and car sharing operation services accounted for 6.4%, 2.4%, and 1.0% of China’s overall logistics packaging solutions market respectively.

Annual Revenue Exceeds RMB 800 Million, Sharing Operation Services Account for Over 70%

In terms of performance, the prospectus shows that ALSCO’s revenue in 2022, 2023, and 2024 was RMB648 million, RMB794 million, and RMB838 million respectively; gross profit was RMB127 million, RMB170 million, and RMB184 million respectively; and profit for the period was RMB31.20 million, RMB64.15 million, and RMB50.74 million respectively.

In the first eight months of 2025, ALSCO achieved revenue of RMB533 million, gross profit of RMB111 million, and profit for the period of RMB26.89 million.

In the first eight months of 2025, revenue from sharing operation services was RMB400 million, accounting for 75.5%; revenue from leasing services was RMB18.76 million, accounting for 3.5%; and revenue from other value-added services was RMB45.12 million, accounting for 8.5%.

The prospectus indicates that during the reporting period, ALSCO’s top five customers accounted for approximately 22.5%, 28.4%, 29.8%, and 26.5% of total revenue respectively. The overall concentration is relatively scattered, remaining below 30%.

As of August 31, 2025, ALSCO held cash and cash equivalents of RMB88.92 million.

Growing Industry Scale; Fundraising for Overseas Expansion, Etc.

In 2024, China held an important position in the global logistics packaging market with a market share of 28.8%. Asia (excluding China), Europe, and North America also accounted for certain market shares, at 21.7%, 16.6%, and 15.5% respectively.

According to Frost & Sullivan, by revenue, the global logistics packaging solutions market grew from US$335.3 billion in 2019 to US$411.7 billion in 2024, with a CAGR of 4.2%. It is expected to reach US$517.6 billion by 2030, with a CAGR of 3.8% from 2025 to 2030.

Within the global logistics packaging solutions market, the container sales market expanded from US$295.3 billion in 2019 to US$355.2 billion in 2024, with a CAGR of 3.8%. It is projected to reach US$425.9 billion by 2030, with a CAGR of 3.0% from 2025 to 2030.

Driven by multiple factors in China, the scale of the logistics packaging solutions market has maintained growth. According to Frost & Sullivan, by revenue, China’s logistics packaging solutions market increased from US$90.4 billion in 2019 to US$118.7 billion in 2024, with a CAGR of 5.6%. It is expected to reach US$149.8 billion by 2030, with a CAGR of 3.9% from 2025 to 2030.

The container sales market in China grew from US$85.5 billion in 2019 to US$111.0 billion in 2024, with a CAGR of 5.4%. It is anticipated to reach US$136.5 billion by 2030, with a CAGR of 3.4% from 2025 to 2030.

Prior to the IPO, the prospectus shows that ALSCO raised RMB135 million in March 2018 with a post-money valuation of RMB540 million; its most recent financing was RMB10 million in November 2022, with a post-money valuation of RMB672 million.

According to the prospectus, in ALSCO’s pre-IPO equity structure, Mr. Sun Yan’an directly holds 51.56% of the shares and 4.74% through Suzhou Anhua, totaling 56.30% of the shares.

In addition, Wang Yue holds 7.03%, Suzhou Emerging Industry holds 5.21%, Shanghai Qianjin holds 3.83%, etc. Other investors include Hangzhou Jintou, Suzhou Industrial Investment, Suzhou Shihu, Changzhou Shuguang, etc.

In the prospectus, ALSCO stated that the proceeds from this IPO will be used to improve and upgrade digital systems and platforms, advance the overseas expansion strategy, expand the national service network, expand service application scenarios to other downstream industries through acquisitions, and for general corporate purposes and working capital.

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