Singapore logistics startup Qxpress acquires Hong Kong firm

Qxpress, a cross-border logistics company headquartered in Singapore, has fully acquired KorChina Logistics, a Hong Kong-based international freight forwarding and third-party logistics firm. The deal size was not disclosed.

Photo credit: Qoo10

Korchina’s network spans 17 countries and covers major markets in Asia including China, Thailand, Korea, Japan, and Singapore.

Qxpress is mulling an initial public offering in the US as soon as 2022. The potential listing could bump the Crescendo Equity Partners-backed firm’s valuation between US$500 million and US$1 billion.

“The expanded demand for cross-border ecommerce logistics through rapid expansion of business-to-consumer as well as direct-to-consumer demand will continue to drive further growth for both companies,” said Young Bae Ku, CEO and founder of Qxpress.

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Qxpress can take advantage of Korchina’s expanded geographic scope as well its long-term ties with vendors and other partners, allowing for lower freight and customs-related processing costs.