Freight forwarder All-Link Air & Sea Limited has lodged its preliminary initial public offering (IPO) prospectus for a listing on the Mainboard of the Singapore Exchange (SGX).
The company is a regional logistics solutions provider that delivers end-to-end logistics, freight solutions and supply chain management services with a focus on the Asean region, particularly cross-border e-commerce ecosystem and electronics shipments from China, Vietnam and Thailand.
It operates as a single business segment and derives revenue mainly from air and sea freight forwarding services, as well as land freight transportation.
For the FY2023, FY2024 and FY2025 ended December, All-Link’s revenue stood at US$4.8 million, US$71.5 million and US$74.1 million respectively. Earnings stood at US$1.2 million, US$8.4 million and US$6.3 million respectively.
In the three years, the company’s top five customers accounted for approximately 99.7%, 99.8% and 89.9% of its revenue respectively. The TikTok Group, in particular, accounted for 98% of All-Link’s total revenue in FY2024.
According to the company, a “significant portion” of its revenue will remain dependent on these customers and their business performance. In particular, it is “significantly dependent” on referrals from All-Link PRC, such as the TikTok Group.
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“We believe that a significant portion of our revenue will continue to be dependent on the referrals from All-Link PRC. The referrals accounted for 99.8%, 99.9% and 90.4% of All-Link’s revenue for FY2023, FY2024 and FY2025 respectively. These referrals will continue to make up the majority of the company’s revenue for the “foreseeable future”.
As at Dec 31, 2025, the company’s total assets stood at US$40.6 million; current assets stood at US$38.6 million. Cash and cash equivalents stood at US$23.6 million.
