Photo credit: Lalamove
Lalamove’s parent company, Lalatech, has filed for a listing on the Hong Kong Stock Exchange. However, the firm hasn’t disclosed the fundraising amount or timeline of offerings.
Lalatech reported its first-ever adjusted profitability in 2022. It also doubled its revenue to US$7.3 billion from the year before.
The logistics major added that it fulfilled 427.5 million orders with a global freight gross transaction value of US$6.7 billion last year.
Lalatech’s filing comes after the Hong Kong Stock Exchange eased listing rules for tech firms, which included lowering the required market value to HK$6 billion (around US$765 million) from HK$8 billion (US$1 billion).
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In 2021, Lalamove was reportedly looking to move its US$1 billion listing plan from the US to Hong Kong amid regulatory pressure from China.
Currency converted from Hong Kong dollar to US dollar: US$1 = HK$7.85.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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