Hong Kong freight forwarding service provider Hua Yang Shipping (CGL.US) significantly reduced its IPO fundraising size to $7 million.

Freight forwarding service provider Huayang Shipping (CGL.US) lowered the proposed offering size of its upcoming initial public offering (IPO) last Friday. The Hong Kong-based company currently plans to raise $7 million by issuing 1.8 million shares at a price of $4 per share. The company had previously planned to issue 3.8 million shares at the same price. With the revised offering size, the company will raise 53% less than initially expected, with a market value of approximately $67 million. Through its operating subsidiaries, Huayang Shipping provides freight forwarding services. Huayang Shipping's main services include sea and air freight forwarding, railway transportation agency, customs clearance services, container and truck transport, cargo distribution, consolidation services, large-scale freight projects, and logistics services. The company's headquarters are located in Hong Kong, and it has seven branch offices in major port cities in China, including Shenzhen, Guangzhou, Xiamen, Shanghai, Ningbo, Qingdao, and Beijing. The company also offers agency logistics services. Founded in 1999, Huayang Shipping generated $38 million in revenue during the 12-month period ending March 31, 2025. The company plans to list on the Nasdaq under the stock symbol CGL. The exclusive underwriter for this transaction is Revere Securities.