Suzhou ALSCO Pooling Service Co., Ltd. (02649.HK) officially launched its H-share offering on February 27, 2026. The offer price ranges from HK$11 to HK$14 per share, with 500 shares per board lot and an entry cost of HK$7,070.6. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on March 9, 2026, with a proposed global offering of 20.33 million shares.

As the second-largest circular packaging service provider in China, ALSCO focuses on circular packaging sharing and operation services for the automotive industry. With its unique model of“packaging containers + digital systems + national network”, it has built strong business barriers in automotive parts logistics packaging.

Core Highlights: Invisible Champion in Automotive Circular Packaging, Sharing Model Drives Growth

ALSCO’s core narrative lies in its leading position in the automotive circular packaging segment. According to Frost & Sullivan, by revenue in 2024, the company is the second-largest circular packaging service provider in China and the largest provider in China’s automotive sharing operation service market, with a market share of 8.2%.

The company’s innovative sharing operation model is distinct from the traditional rental model. ALSCO not only provides circular containers but also manages the full process including distribution, recycling, maintenance, scheduling and storage. Customers only pay based on the number of container turnovers. This flexible“pay-as-you-use”model helps customers greatly reduce packaging costs while achieving green economy and ESG goals.

As of August 31, 2025, the company manages about 1.55 million circular containers, supported by 78 warehouses nationwide, with a service network covering more than 100 cities. It has expanded to Indonesia and South Korea, and set up overseas subsidiaries in Thailand and Hong Kong.

ALSCO has developed a complete digital system and platform to support efficient operation of circular packaging services, improving supply chain transparency, intelligent container management and operational predictability. Digital capability has become a core advantage over competitors.

The company has established long-term cooperative relationships with many global leading automakers and their key suppliers, forming a high-quality customer base that supports stable growth.

Financial Performance: Steady Growth, Strong Customer Stickiness

Revenue: Increased from RMB 648 million (2022) to RMB 794 million (2023) and RMB 838 million (2024), representing a CAGR of 13.7%. Revenue in the first eight months of 2025 reached RMB 533 million, up 5.1% year-on-year.

Business structure: Container services (sharing operation, leasing, value-added services) accounted for 91.5% of revenue in 2024, with sharing operation rising from 69.1% (2022) to 80.4% (2024).

Gross margin: Improved from 19.7% (2022) to 22.0% (2024), standing at 20.8% in the first eight months of 2025.

Customer retention: As of August 31, 2025, the company has 527 customers, including 128 major customers contributing 89.9% of total revenue. The net cash retention rate of major customers reached 117.9%. Overall customer retention rate remained stable at 68%–76% during 2022–2024.

Operational metrics: The number of operating projects rose from 3,545 (2022) to 3,803 (August 2025); containers under management surged from 894,000 to 1.55 million units; sharing service turnover increased from 3.98 million (2022) to 5.01 million (2024).

Key Risks

Automotive industry cyclicality: Revenue is highly dependent on automotive and NEV customers; policy changes and trade barriers may affect demand.

Operating cost volatility: Transportation and warehousing costs account for a large proportion of cost of sales, affected by fuel, labor and rental prices.

Overseas expansion uncertainty: Overseas business is still in the early stage, facing challenges including culture, regulation and exchange rate risks.

Financial asset fair value fluctuation: Fair-value financial assets may affect periodic profit.

Conclusion

As the invisible champion in China’s automotive circular packaging sector, ALSCO’s Hong Kong IPO has attracted wide market attention. Its core value lies in its leading niche position, unique sharing operation model, digital capability and high-sticky customer base.

After listing, the market will focus on how ALSCO consolidates its advantages in the automotive sector, expands NEV customer coverage, optimizes cost structure and steadily advances internationalization while managing related risks.

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