HONG KONG forwarder Excel Network has joined several companies in the container shipping market in publicly listing on the Hong Kong stock exchange, reports London's Loadstar.
Founded in 1997 by CEO Wong Tat Shing and chairman Ramthur Chim, the group has incorporated ENL Group Holdings in the Cayman Islands to apply for the listing in Hong Kong.
Filed on May 30, the listing did not give any timeframe or fund-raising target for the Initial Public Offering (IPO).
The group began with ocean freight from Hong Kong and expanded its business to mainland China in 2005. The group has offices in Shanghai, Shenzhen, Chongqing, and Guangzhou.
Excel Network's management declared that part of the IPO proceeds would go towards expanding its air freight forwarding services.
In the year ending March 31, 2022, Excel Network's ocean freight volumes doubled year-on-year to 26,926 TEU and air freight increased three per cent to 8.93 million kg.
The company's net profit trebled to US$9.69 million. The strong growth in Excel Network's ocean shipment volume was primarily due to an increase in orders for garments and fashion-related products, household products and furniture.
Management also noted the shift from air freight forwarding to ocean freight forwarding because of volatile freight rates and capacity shortages.
Several companies have been turning to the stock market to raise funds. For example, Chinese logistics operator De Well Group applied for a listing on the Hong Kong bourse.
China United Lines applied for a Hong Kong IPO, while TS Lines boss Chen Te-sheng declared the company hoped to be listed in Hong Kong this year.
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