ALSCO POOLING (02649), a provider of reusable packaging services in China, has concluded its initial public offering subscription period, which ran from February 27, 2026, to March 4, 2026. Market information indicates that the company has secured HK$117.5 billion in margin financing from securities firms. Based on its public offering size of HK$28.48 million, this represents an oversubscription of 4,124 times.

The company plans a global offering of 20.336 million H shares. Ten percent of the shares are allocated for the Hong Kong public offering, with 90 percent reserved for international offering. An additional 15 percent over-allotment option is also included. The offer price is set between HK$11 and HK$14 per share. Each board lot consists of 500 shares, resulting in an entry cost of approximately HK$7,070.6 per lot. The total funds raised are expected to be around HK$285 million. This IPO did not involve any cornerstone investors. ALSCO POOLING is scheduled to list on March 9 (Monday), with CCB International acting as the sole sponsor.

According to its prospectus, ALSCO POOLING is a Chinese reusable packaging service provider primarily focused on serving automotive parts manufacturers and OEMs within the automotive industry. The company's main service is shared pooling, which involves managing reusable packaging such as pallets, crates, or containers for clients. This includes handling the storage, distribution, returns, cleaning, and maintenance of the packaging, primarily through subcontracted third-party logistics providers. In addition to shared pooling, the company offers leasing services for clients who prefer to manage their own reusable packaging. It also provides value-added services like warehouse management and customer-owned container management, and sells containers to clients capable of independent management.

Data from Frost & Sullivan shows that, based on 2024 revenue, ALSCO POOLING is the second-largest reusable packaging service provider in China, holding a 1.5 percent market share. It is also the largest provider in China's automotive shared pooling service market, with an 8.2 percent share. In 2024, reusable packaging services, shared pooling services, and automotive shared pooling services accounted for 6.4 percent, 2.4 percent, and 1.0 percent of China's overall logistics packaging solutions market, respectively.

Financially, for the years ended December 31, 2022, 2023, and 2024, and for the eight-month period ended August 31, 2025, the company reported revenues of approximately RMB 648 million, RMB 794 million, RMB 838 million, and RMB 533 million, respectively. Profits for the same periods were approximately RMB 31.201 million, RMB 64.149 million, RMB 50.741 million, and RMB 26.892 million, respectively.

Assuming the over-allotment option is not exercised and the final offer price is set at HK$12.5 per H share, the net proceeds from the global offering are estimated to be approximately HK$204.8 million. The company intends to allocate these funds as follows: approximately 25.0 percent will be used to enhance and upgrade its digital systems and platforms; another 25.0 percent will fund its overseas expansion strategy; 20.0 percent will be allocated to expanding its service network nationwide; 20.0 percent will be used to extend its service applications to other downstream industries through acquisitions; and the remaining 10.0 percent will be reserved for general corporate purposes and working capital.