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Lalatech, the start-up behind Lalamove logistics service, files for Hong Kong IPO after turning its back on New York
- On-demand logistics start-up Lalatech, which operates Lalamove and Houlala, files application to list on the Hong Kong stock exchange
- The Lalamove operator had considered a US IPO two years ago, but shifted its focus to Hong Kong amid tech crackdown, concerns over US delisting woes
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Chad Brayin London
Lalatech Holdings, the operator of on-demand logistics and delivery service known as Lalamove, has filed its long-anticipated application to go public on the Hong Kong stock exchange.
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The company did not specify how much it intends to raise from its initial public offering (IPO) or indicate a timetable for its listing, in the regulatory filing on Tuesday. Goldman Sachs, BofA Securities and JPMorgan Chase are the IPO sponsors.
The application comes nearly two years after the Lalamove operator filed confidentially in June 2021 to sell shares to the public in the US, with an aim to raise at least US$1 billion.
The Hong Kong-based logistics company, which operates under Lalamove brand in Hong Kong and elsewhere in Asia and under Houlala in mainland China, reconsidered those plans amid a tech sector crackdown in China and amid a furore over the delisting of Chinese companies from US exchanges.
Lalamove said as recently as October that Hong Kong would be its first choice if it were to go make a public stock offering in the future.
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The listing plan comes as Hong Kong Exchanges & Clearing, the operator of the city’s bourse, unveiled this month an easier set of listing rules to encourage more tech unicorns to list in the city.
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