On March 9th, the Hong Kong stock market witnessed a closely watched batch of new listings. ALSCO POOLING (02649.HK), Zhaowei Electromechanical (02692.HK), and Estun (02715.HK) began trading on the same day, an event market participants termed a "triple launch" of new Hong Kong shares. However, the first day of trading quickly revealed a divergence in performance: both ALSCO POOLING and Estun fell below their issue prices, with ALSCO POOLING's decline being particularly pronounced and becoming a major topic of market discussion.

At the market close, ALSCO POOLING's share price stood at HK$6.2, representing a drop of 43.64% from its offer price and marking it as one of the worst-performing new listings so far this year. In contrast, another new stock debuting the same day, Zhaowei Electromechanical, recorded a slight increase, making it the only one of the three to maintain its initial public offering price.

Behind the sharp price movement lies the story of a company from the Suzhou Industrial Park. According to Wind data, ALSCO POOLING was established in 2016. Its founder, Sun Yan'an, who also serves as the company's Board Chairman, Executive Director, and Chief Executive Officer, is the controlling shareholder. For nearly a decade, the company has focused its operations on the relatively niche supply chain segment of "recyclable packaging," providing reusable packaging solutions and shared leasing services to automotive parts manufacturers and vehicle assembly plants.

Sun Yan'an's entry into the logistics industry dates back even further. Public information shows that after graduating from university in 1992, he gained experience working in various sectors before founding Anhua Logistics in 1998, where he began independently overseeing business planning and operational management. Years of experience in logistics services gradually led him to recognize the value of reusable packaging within manufacturing supply chains. In 2016, he co-founded ALSCO POOLING with other founders, aiming to penetrate the automotive industry chain through a model based on reusable packaging and shared leasing.

After several years of expansion, the company has developed a recyclable packaging service system centered on the automotive industry, extending its reach into new energy, retail, and logistics sectors.

In terms of business scale, ALSCO POOLING has maintained growth in recent years. The company's revenue was RMB 647.6 million in 2022, rising to RMB 794 million in 2023, and reaching RMB 837.6 million in 2024. Net profit for the same periods was RMB 31.2 million, RMB 64.1 million, and RMB 50.7 million, respectively. For the eight months ended August 31, 2025, the company achieved revenue of RMB 530 million and a net profit of RMB 26.9 million.

For its Hong Kong listing, the company plans to use the proceeds from the global offering to enhance and upgrade its digital systems and platform, advance overseas expansion, extend its national service network, and broaden application scenarios through acquisitions, while also supplementing general working capital.

However, the significant decline below the offering price on its first trading day has cast a shadow over the company's debut in the capital markets.