Offshore Trust Insight | LC HOLDING (02490.HK) Down 0.36% Intraday; Liu Family Trust Holds 32.60% via Trident Trust (BVI)
- LC HOLDING listed on the HKEX Main Board on September 25, 2023 at HKD 5.13 per share, offering 28.39 million shares globally and raising about HKD 83.50 million, and closed at HKD 5.100 on debut, down 0.6%; it implemented a one-for-two share split on July 28, 2025, and its stock short name changed from "LC LOGISTICS" to "LC HOLDING" with effect from September 10, 2026.
- First-half 2026 revenue was RMB 885 million, down 2.2% year on year, the gross margin fell from 9.1% to 6.6%, other income and gains were RMB 199 million, up 118.6%; basic earnings per share were RMB 0.28, cash and bank balances were RMB 261 million, the gearing ratio was 3.7% and capital commitments were RMB 1.878 billion.
- Xu Xin increased his holding by 6,460,000 shares on-market on July 15, 2026 at an average price of HKD 4.180, and he, Li Yan and Liu Quanxiang each declared 323,566,588 shares, or 52.64%; the company completed a placement of 42.15 million shares at HKD 3.30 per share on June 22, raising net proceeds of about HKD 137.5 million, and paid a special dividend of HKD 0.25 per share on January 27.
On October 26, 2026, the shipping and cross-border logistics theme traded divergently, and LC HOLDING (02490.HK) edged lower. As of 14:20, the stock was quoted at HKD 4.140, down 0.36%, with a turnover of about HKD 1.312 million and a market capitalisation of about HKD 2.545 billion based on the latest price. It touched a low of HKD 4.100 and a high of HKD 4.220 during the day, with an amplitude of 2.89%.
According to the data, LC HOLDING's share price over the past week (October 16 to October 26) drifted narrowly lower, touching an intraday low of HKD 4.100 on October 26; during the year the stock reached a high of HKD 6.880 (February) and a low of HKD 3.700 (June 4).
On the news front, on June 22, 2026, the company completed a placement of 42.15 million new shares at HKD 3.30 per share, representing about 6.86% of the enlarged issued share capital, raising net proceeds of about HKD 137.5 million. Following the placement, the shareholding percentage declared by the trustee Trident Trust Company (B.V.I.) Limited was diluted from 35.00% on September 22, 2025 to 32.60%.
It is understood that the history of LC Group Holding Limited (formerly LC Logistics, Inc.) dates back to 2004, and the company is an integrated cross-border logistics service provider whose businesses comprise cross-border logistics services and vessel chartering, covering pick-up, warehousing and sorting, customs clearance, cross-border ocean shipping, warehousing and transshipment, and last-mile delivery. The company listed on the Main Board of HKEX on September 25, 2023 at an offer price of HKD 5.13, offering 28.39 million shares globally and raising about HKD 83.50 million; it closed at HKD 5.100 on its debut, down 0.6% from the offer price. By 2022 revenue, the company ranked 15th in China's cross-border logistics services market with a market share of about 0.2%. On July 28, 2025, the company implemented a one-for-two share split; with effect from September 10, 2026, its Chinese stock short name changed from "乐舱物流" to "乐舱控股" and its English short name from "LC LOGISTICS" to "LC HOLDING", with the stock code unchanged. As at the intraday quote on October 26, the stock was quoted at HKD 4.140, with a market capitalisation of about HKD 2.545 billion; its 52-week high was HKD 7.870 and its 52-week low HKD 3.700.
In terms of shareholding structure, according to the HKEx disclosure of interests platform, Xu Xin, Li Yan and Liu Quanxiang each declared holdings of 323,566,588 shares after July 15, 2026, representing 52.64% of the issued voting shares; Xu Xin increased his holding by 6,460,000 shares on-market on July 15 at an average price of HKD 4.180 per share. Glorious Sailing Limited held 60,505,200 shares, or 9.84%. Xu Xin is an executive director, chairman of the board, president and chief executive officer, and Li Yan is an executive director and vice president.
It is understood that LC HOLDING's shareholding structure involves offshore trusts. According to supplementary information on the HKEx disclosure of interests platform, the shares increased by Xu Xin are held by Lecang Flourishing Limited under the Liu Family Trust, with Liu Quanxiang as the settlor of the trust and the mother-in-law of Xu Xin. According to the disclosure of interests, Trident Trust Company (B.V.I.) Limited, as trustee, declared holdings of 200,377,164 shares, or 32.60%, on June 22, 2026, with the corresponding holding platforms comprising Marco Target Development Limited and Lecang Altitude Limited (151,792,644 shares each, or 24.69%) as well as Fortune Sino Worldwide Limited and Lecang Flourishing Limited (48,584,520 shares each, or 7.90%); compared with the 200,377,164 shares, or 35.00%, declared on September 22, 2025, the number of shares held was unchanged while the percentage fell, reflecting the enlarged share capital after the placement. The name, establishment date, protector and scope of beneficiaries of the trust have not been disclosed.
Regarding offshore trusts, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.
On the operating side, the company's revenue in the first half of 2026 was RMB 885 million, down 2.2% year on year, mainly due to lower revenue from vessel chartering services; gross profit was RMB 58.135 million, down 29.4%, with the gross margin falling from 9.1% to 6.6%; net profit attributable to shareholders of the parent was RMB 159 million, up 42.9%, and basic earnings per share were RMB 0.28, against RMB 0.19 a year earlier; profit for the period was RMB 170 million, up 32.8%; other income and gains were RMB 199 million, up 118.6%, mainly driven by higher gains on disposal of vessels; finance costs were RMB 39 million, down 24.1%. By segment, cross-border logistics services revenue was RMB 859 million, down 0.2% year on year and accounting for 97.1% of total revenue, of which container volume carried on third-party shipping was 183,519 TEU, down 6.9%, while the average freight rate rose to RMB 4,071.8 per TEU; self-operated bulk and breakbulk cargo volume was 51,851 revenue tons at an average rate of RMB 827.0 per tonne; vessel chartering services revenue was RMB 25 million, down 41.9%, mainly due to reduced capacity after the disposal of two vessels, with a daily average charter rate of RMB 101,483.3 during the period. As at June 30, the company's cash and bank balances were RMB 261 million (RMB 429 million as at December 31, 2025), the current ratio was 2.6 times, interest-bearing borrowings were RMB 62 million, the gearing ratio was 3.7%, and capital commitments were RMB 1.878 billion, mainly related to the acquisition of container vessels. The board resolved not to declare an interim dividend for 2026.
In terms of products and business developments, on July 24, 2026, the company's BAL ATHENA vessel completed its naming and delivery; in the second half of the year the company will focus on developing the African engineering logistics market, improving its global route network, and building a full-chain cross-border e-commerce logistics ecosystem of "ocean shipping plus warehousing plus delivery". On shareholder returns, the company paid a special dividend of HKD 0.25 per share on January 27, 2026, totalling about HKD 143 million.
