New Stock News | Chinese recycling packaging service provider Oulaisai once again submits listing application to Hong Kong Stock Exchange, with a storage network covering more than 100 cities established.

According to the disclosure by the Hong Kong Stock Exchange on December 24, Suzhou Youlesai Sharing Service Co., Ltd. (referred to as Youlesai) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International as the exclusive sponsor. The company had previously submitted applications to the Hong Kong Stock Exchange on November 18, 2024, and June 13, 2025. Company Overview The prospectus shows that Youlesai is a Chinese circular packaging service provider, primarily focused on providing services to automotive component manufacturers and OEMs within the automotive industry. The company mainly provides shared operations, a model where it manages reusable packaging such as pallets, bins, or containers on behalf of customers, handling storage, distribution, and returns (mainly through outsourced third-party logistics service providers), as well as cleaning and maintenance of the reusable packaging. In addition to shared operations, Youlesai also offers leasing services to customers who prefer to independently manage their reusable packaging, as well as value-added services such as warehouse management and customer-owned container management. According to Frost & Sullivan, based on 2024 revenues, Youlesai is the second-largest circular packaging service provider in China with a market share of 1.5%; it is also the largest provider in the Chinese automotive shared operations services market with a market share of 8.2%. In 2024, circular packaging services, shared operations services, and automotive shared operations services accounted for 6.4%, 2.4%, and 1.0% of the overall logistics packaging solutions market in China, respectively. As of August 31, 2025, Youlesai has established a network of 78 warehouses covering over 100 cities to effectively serve its customers. In line with sustainable development trends, the logistics packaging industry is moving towards reusable packaging from disposable packaging to meet increasing sustainable development demands and support ESG initiatives. In 2024, the overall logistics packaging solutions market in China reached $118.7 billion, with logistics container sales accounting for 93.6% and a highly diversified market with over 3,500 participants. The top five participants accounted for only 4.7% of total revenue, with the largest participant holding a market share of 1.5%. In 2024, Youlesai held a market share of 0.1%, focusing primarily on circular packaging services. Financial Information Revenue For the fiscal years 2022, 2023, 2024, and the eight months ended August 31, 2025, the company recorded revenues of RMB 648 million, RMB 794 million, RMB 838 million, and RMB 533 million, respectively. Profit For the fiscal years 2022, 2023, 2024, and the eight months ended August 31, 2025, the company reported annual/profit for the periods of RMB 31.201 million, RMB 64.149 million, RMB 50.741 million, and RMB 26.892 million, respectively. Gross Margin For the fiscal years 2022, 2023, 2024, and the eight months ended August 31, 2025, the company's corresponding gross margin rates were 19.7%, 21.4%, 22.0%, and 20.8%, respectively. Industry Overview The logistics industry plays a vital role in the global economy, and with the continuous expansion of international trade, the logistics industry has experienced significant growth. According to Frost & Sullivan, the global logistics expenditure was approximately $11.6 trillion in 2024, expected to reach $14.7 trillion by 2030. In 2024, China accounted for 25.0% of the global logistics industry market share. By revenue, the global logistics packaging solutions market increased from $335.3 billion in 2019 to $411.7 billion in 2024, with a compound annual growth rate of 4.2%, expected to reach $517.6 billion by 2030, with a compound annual growth rate of 3.8% from 2025 to 2030. Within the global logistics packaging solutions market, the container sales market size increased from $295.3 billion in 2019 to $355.2 billion in 2024, with a compound annual growth rate of 3.8%, expected to reach $425.9 billion by 2030, with a compound annual growth rate of 3.0% from 2025 to 2030. Driven by various factors in China, the logistics packaging solutions market continues to grow. According to Frost & Sullivan, by revenue, the Chinese logistics packaging solutions increased from $90.4 billion in 2019 to $118.7 billion in 2024, with a compound annual growth rate of 5.6%, expected to reach $149.8 billion by 2030, with a compound annual growth rate of 3.9% from 2025 to 2030. The container sales market size increased from $85.5 billion in 2019 to $111.0 billion in 2024, with a compound annual growth rate of 5.4%, expected to reach $136.5 billion by 2030, with a compound annual growth rate of 3.4% from 2025 to 2030. Board of Directors Information The Board of Directors consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Equity Structure As of the most recent practicable date, Mr. Sun holds 36,093,750 shares and Suzhou Anhua holds 3,318,924 shares, representing approximately 51.56% and 4.74% of the total issued shares, respectively. Since Mr. Sun directly owns 90% of Suzhou Anhua's shares and can control the voting rights attached to the shares held by Suzhou Anhua, Mr. Sun and Suzhou Anhua are considered a controlling group of shareholders, collectively holding approximately 56.30% of the total issued shares as of the most recent practicable date. Intermediary Team Exclusive Sponsor: China Securities Co., Ltd. (international) Financing Co., Ltd. Company Financial Advisor: DBS Asia Financing Co., Ltd. Company Legal Advisor: Zhou Junxuan Law Firm in conjunction with Beijing Tongshang Law Firm, Beijing Tongshang Law Firm Exclusive Sponsor Legal Advisor: Jingtian Gongcheng Law Firm Limited Liability Partnership, Jintiancheng Law Firm Auditor and Reporting Accountant: Ernst & Young Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consultation Co., Ltd. Shanghai Branch