United States · IPO calendar

CGL Logistics Holdings Ltd IPO

in registration

From the prospectus

Over 2 reported periods (FY2024 to FY2025), revenue moved -19%, and the latest period was profitable at $1,232K. Figures are as stated in the company's F-1/A, in US$ thousand.

What the company does

CGL Logistics is a freight forwarding company founded in Hong Kong in about 1999, starting with sea freight between China and Europe. It operates through subsidiaries CGL in Hong Kong and Flying Fish in Shanghai and Beijing, with branches in several mainland provinces including Guangdong, Fujian, Zhejiang and Shandong. Revenue was US$25,857 thousand in the year ended September 30, 2025, down from US$31,809 thousand a year earlier, and net income was US$1,232 thousand. It has applied to list on the Nasdaq Capital Market under the symbol CGL.

Principal shareholders

Fook Star International Holding Limited, a British Virgin Islands company, owns 100% of the ordinary shares before the offering. Byron Lee, the chairman, executive director and chief executive, owns all of Fook Star and founded the Hong Kong operating subsidiary with his spouse, Ms. Cheng. After the offering he would own 70.59% of the shares, or 67.61% if the over-allotment option is exercised in

What the money is for

• Expanding the operating subsidiaries' office network — $7,350K
• Further expansion of CSA arrangements — $1,050K
• Developing e-business on the existing Hong Kong and PRC network — $1,470K
• Leasing more warehousing space — $2,730K
• Enhancing the IT system — $2,100K
• Working capital and general corporate purposes — $6,300K

Risks the company itself lists

• The shares on offer are in a Cayman Islands holding company with no material operations of its own; the business is run by operating subsidiaries in Hong Kong and mainland China.
• The operating subsidiaries depend on cargo space providers and other logistics suppliers, and a shortage of cargo space could stop them meeting customers' needs.
• Tariffs or other trade restrictions could have a material adverse effect on the business and its financial results.
• Significant increases in freight charges may hurt the operating subsidiaries' business and results.
• The operating subsidiaries do not sign long-term contracts with customers, so revenue may not be stable.
• After the offering the company is a controlled company under Nasdaq rules, with chairman and chief executive Byron Lee owning 70.59% of the ordinary shares through Fook Star if the over-allotment option is not exercised.
• Trading in the shares could be prohibited under the HFCAA if the PCAOB is later unable to inspect the company's auditor.

Lead managers: ARC Group Securities LLC.

Source: the F-1/A filed by the company ↗. This section reports what the document says; it is not a recommendation to apply, buy or sell.

SEC filings

Filings: SEC EDGAR ↗

This page reports public filings and reported deal terms. It is not a recommendation to buy, sell or apply.