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Miguel Cordon · · 1 min readReport: Logistics major Lalamove mulls shifting IPO from US to Hong Kong
“Chinese on-demand logistics and delivery firm Lalamove is considering shifting its planned US$1 billion US initial public offering to Hong Kong, people familiar with the matter said, as regulators in its home country crack down on the wave of firms chasing overseas listings,” Bloomberg reported, citing sources briefed on the matter.
Details:
- Lalamove’s possible shift in listing plans is a bid to prevent a lengthy delay in its financial debut due to regulatory hurdles, the sources said.
- The people added that it was unclear whether companies like Lalamove would have been barred from going public in the US and that the company may ultimately choose to proceed with its initial plans, as deliberations are still ongoing.
Dive deeper:
- It was reported earlier this year that Lalamove confidentially filed for a US public listing, targeting a US$1 billion raise.
- Though ecommerce players have been largely dependent on third-party logistics (3PL) players like Lalamove, in-house logistics operations have been rising steadily. However, Lalamove chief operating officer Paul Loo earlier told Tech in Asia that the firm wasn’t worried by the growing trend, as 3PLs allow companies to “concentrate on other areas of the business that drive their growth” instead of stretching out their resources. (Read: Does the dawn of in-house ecommerce delivery threaten third-party logistics firms?)
Editing by Collin Furtado and Arpit Nayak
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