On September 30, the China Securities Regulatory Commission (CSRC) issued a filing acknowledgment for Eastern International Ltd. (ELOG, Financial). The application, submitted by its domestic operational entity Suzhou Tiancheng Zhilian Logistics Co., Ltd. (Tiancheng Zhilian: ELOG), proposes an issuance of up to 1.84 million common shares on the NASDAQ.
On September 3, Tiancheng Zhilian filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), planning to issue 1.6 million shares at a price range of $4 to $5 per share, aiming to raise $7 million.
Tiancheng Zhilian specializes in logistics for construction engineering projects and special cargo, along with general logistics services across various industries. Their services include transportation, warehousing, and distribution, with a focus on new energy projects, chemical equipment, and infrastructure development, including roads, bridges, and tunnels. The company is highly influential in China and is expanding into the Southeast Asian market. They serve large corporate clients, including multinational companies and state-owned enterprises, particularly in the renewable energy, household appliances, and construction sectors. Based on the proposed mid-range price, Tiancheng Zhilian's market value will reach $54 million.
Financially, Tiancheng Zhilian reported revenues of $40 million for the 12 months ending March 31, 2024.
