Lalamove parent picks HK for IPO

Lalatech, the parent company of Chinese on-demand logistics and delivery firm Lalamove, has filed for an initial public offering in Hong Kong.

The company, also known as Huolala in the mainland, shifted its US$1 billion (HK$7.8 billion) share sale plan from the US to Hong Kong back in 2021 after mainland regulators cracked down on a wave of companies chasing overseas listings after Didi Global's example, according to a Bloomberg report.

Lalamove provides van-hailing and courier services on demand in markets across Asia and Latin America.

Its platform facilitated over 427.5 million orders with a global freight gross transaction value of US$6.7 billion last year.

The firm had around 11.4 million monthly active merchants and 1 million monthly active carriers on average last year.

Its annual net loss narrowed by 94 percent to US$49.1 million in 2022 from 2020.

Meanwhile, Chinese shipowner and operator Seacon Shipping (2409) slumped by 21 percent on its Hong Kong debut yesterday, incurring a loss of HK$690 per board lot.