Logistics solutions provider All-Link Air & Sea files preliminary prospectus for mainboard IPO

[SINGAPORE] Logistics solutions provider All-Link Air & Sea on Tuesday (Jun 30) lodged a preliminary prospectus to list on the mainboard of the Singapore Exchange (SGX).

The proposed offering follows the mainboard listings of JustCo and UI Boustead Reit. Foundation Healthcare also lodged a preliminary prospectus for one earlier this month.

All-Link said it intends to use the net proceeds mostly to service new customers and increase volume from existing customers.

It is also looking to invest in technology and digital capabilities to improve operational efficiency and scalability.

The company plans to expand in South-east Asia, with Vietnam and Thailand identified as key growth markets, starting with the former.

“The ambition is to evolve from a specialist into a more integrated regional player, while staying disciplined and close to the trade lanes and customer segments we know well,” Peter Neo, executive director and chief executive officer at All-Link Air & Sea, told The Business Times.

He added that the company’s foundation is, and will remain, its “niche, lane-focused air freight specialism on the Asean-to-US corridors”, where it has built operational depth.

IPO proceeds will also be used to:

• Fund freight forwarding operations, including payments to airlines, carriers and co-loaders;
• Support general corporate and working capital needs;
• Cover general and administrative expenses incurred in the ordinary course of business; and
• Pay for issue-related expenses.

CGS International Securities Singapore is the issue manager, underwriter and placement agent for the offering.

Subscribers under the placement may be required to pay a brokerage fee of up to 1 per cent of the offering price.

Financial results and business growth

The offering follows All-Link’s growth over the past three financial years.

Revenue rose from US$4.8 million in FY2023 to US$71.5 million in FY2024 and further to US$74.1 million in FY2025.

Net profit and total comprehensive income came in at US$1.3 million for FY2023, US$8.4 million for FY2024 and US$6.6 million for FY2025.

All-Link attributed the sharp jump in revenue from FY2023 to FY2024 to it being selected by TikTok as a designated logistics partner for US-bound cargo. The social media company accounted for 98 per cent of its revenue that year.

In FY2025, All-Link reduced its reliance on TikTok, which contributed 45.4 per cent of revenue, while onboarding another major customer, a global technology company producing electronic products. This accounted for 33.6 per cent of revenue.

“We believe that a significant portion of our revenue will continue to be dependent on these customers and their business performance,” All-Link said in its prospectus.

It added that referrals from All-Link PRC will continue to constitute a majority of its revenue for the foreseeable future.

All-Link said that its net working capital increased from US$2.9 million in FY2023 to US$16 million in FY2025, noting that it also maintained current ratios of 3.28 times, 1.25 times and 1.71 times over the three financial years.

While the company does not have a fixed dividend policy, its board intends to recommend dividends of at least 30 per cent of net profit for FY2026 to FY2028. It noted, however, that this reflects its present intention and does not constitute a binding commitment.

“Well-positioned”

All-Link provides end-to-end logistics, freight forwarding and supply chain management services, with a focus on cross-border e-commerce and electronics shipments from China, Vietnam and Thailand.

The company was incorporated in Singapore in December 2021. It was established as a joint venture between AGX Singapore and Xu Hao, a major shareholder and legal representative of All-Link PRC, to provide logistics services in Singapore and across Asean while supporting customers of the All-Link PRC group.

AGX Group, through its wholly owned subsidiary AGX Singapore, is a controlling shareholder of All-Link. The Malaysia-listed company provides air and sea freight forwarding, aerospace logistics, warehousing, road transport and distribution services globally.

All-Link positions itself as a specialist in the “coordination layer” of logistics, providing planning, regulatory and information management services that support cross-border supply chains across the Asean-China-US trade corridor.

The company said in its prospectus that it is “well-positioned to benefit from the ongoing shifts in global supply chains and trade flows, as multinational customers increasingly diversify their manufacturing, sourcing and distribution operations into Asean and other non-PRC jurisdictions”.

In particular, All-Link expects to benefit from the “China+1” strategy adopted by many multinational corporations to strengthen supply chain resilience, which is driving logistics demand across Asean.

It said the trend is expected to support long-term growth in regional freight volumes, particularly in Singapore, Malaysia and the Philippines, where the group currently operates.

When asked about the impact of geopolitical tensions, tariffs and US trade policy on demand and trade routes, Neo told BT that recent US trade policy shifts had “cut both ways” for the company.

He noted that the removal of the US de minimis exemption from August 2025 meant all US-bound shipments became subject to duties and taxes regardless of value. This reduced China-US cross-border e-commerce air cargo volumes during FY2025, including shipments under All-Link’s engagement with the TikTok Group.

However, Neo added, the same tariff and geopolitical pressures were accelerating supply chain diversification out of China under “China+1” and “China+2” strategies, shifting manufacturing and trade flows towards Asean markets such as Vietnam, Thailand, Malaysia and the Philippines.

“As a lane-focused air freight specialist on the key China, Vietnam and Thailand-to-US corridors, we are well-positioned to benefit from these shifting trade flows – already reflected in the diversification of our customer base,” said Neo.