Everything You Need To Know About The All-Link Air & Sea IPO

From $4M to $74M in Two Years

The Singapore Exchange (SGX-ST) is set to welcome a high-growth, institutional-heavy player to its Main Board. All-Link Air & Sea Limited has officially launched its initial public offering (IPO), seeking to debut with a market capitalization of S$80.1 million. The offering is notably lopsided in favor of institutional interest, with 35.8 million shares earmarked for placement and a mere 2.1 million shares reserved for the public.

The speed of All-Link’s ascent is the defining feature of this listing. In a span of just two years, the company has transformed from a modest private entity into a regional logistics powerhouse. This growth is underpinned by its strategic focus on the cross-border e-commerce ecosystem, particularly shipments originating from China, Vietnam, and Thailand.

For investors, the headline-grabbing figure is the company’s revenue trajectory. All-Link managed to scale its top line from a modest US4.8 million in FY2023 to US74.1 million by the end of FY2025. While this rapid expansion positions the company as a key beneficiary of shifting trade dynamics, the quality of this growth warrants a closer look at the underlying margins and regulatory risks.

The 1,437% Revenue Explosion

The financial highlights of All-Link Air & Sea reveal a dramatic 1,437% increase in revenue over a three-year period. This surge reflects the intense demand for cross-border freight solutions amidst global supply chain realignments. However, a “Senior Financial Journalist” would note that revenue and profit are currently moving in opposite directions. While the top line grew in FY2025, net profit attributable to owners took a significant hit, dropping from US8.4 million to US6.3 million.

The smoking gun behind the FY2025 profit decline is regulatory, not operational. On August 29, 2025, the United States removed the de minimis exemption, which previously allowed goods valued under US$800 to enter the country duty-free. This change squeezed margins significantly, as the sudden requirement for duties and taxes dampened the volume of services performed for major e-commerce clients.

The TikTok Factor and Concentration Risk

A significant driver of All-Link’s rapid growth is its extreme reliance on a single ecosystem. In FY2024, the TikTok Shipment Group accounted for approximately 98.0% of the company’s total revenue. While this percentage moderated slightly in FY2025 as the company expanded in the Philippines and Malaysia, the concentration risk remains acute. The Group’s financial health is effectively a derivative of TikTok’s referral decisions.

The prospectus is transparent about this vulnerability, highlighting the group’s dependence on external referrals:

“Our Group’s significant dependence on such referrals means that any decision by the All-Link PRC Group to reduce, redirect or cease referrals to our Group… could have a material adverse effect on our business.”

The Power of an Asset-Light Scalable Model

All-Link operates under an “asset-light” business model. Unlike traditional logistics giants, the company does not own the aircraft, vessels, or warehouses used in the transport of goods. Instead, it acts as a high-level orchestrator, focusing on freight forwarding, customs clearance, and brokerage.

The appeal for investors lies in the model’s inherent scalability. By leveraging Singapore’s position as a global logistics hub, All-Link can coordinate complex shipments across international trade lanes without the overhead and maintenance costs associated with heavy physical infrastructure. This low capital intensity allows the Group to pivot quickly to meet changing market demands, though it also means they remain at the mercy of third-party carrier pricing and availability.

Riding the China Plus One Strategy Tailwind

The Group is betting on the macroeconomic shift known as the “China+1” and “China+2” strategies. As multinational companies diversify manufacturing away from exclusive reliance on China, trade flows are increasingly shifting toward ASEAN nations. All-Link is positioning itself to be the primary bridge for these new flows.

To capitalize on this, the company has earmarked S$3.0 million of the IPO proceeds specifically for strategic acquisitions and joint ventures. The primary targets are Vietnam and Thailand—markets that are seeing the highest influx of manufacturing relocation. By establishing a physical and digital foothold in these regions, All-Link aims to create a defensive moat against trade wars while capturing the growth of Southeast Asian exports.

A Magnet for Income Seekers with the 30 Percent Dividend Plan

For investors focused on yield, All-Link has signaled a clear dividend intention. For the financial years spanning 2026 to 2028, the Board intends to recommend dividends of not less than 30% of the Group’s net profit after tax (NPAT).

While this makes the IPO enticing for income-oriented portfolios, the standard caveat applies: this is a statement of “present intention” and not a “legally binding obligation.” Future payouts will remain at the Board’s discretion, contingent on capital requirements and the volatility of the logistics sector.

A Complex Web of Interested Person Transactions

Perhaps the most critical area for investor due diligence is the “family” nature of All-Link’s revenue pipeline. The company derives the vast majority of its business from All-Link PRC. The Source Context reveals that Mr. Xu Hao, the controlling shareholder of All-Link PRC, is the spouse of All-Link Singapore’s Executive Director, Mdm. Tang Ying. Essentially, the 90%+ revenue referral stream is a marital tie-up, making the “Non-Compete and Collaboration Deed” the most vital document in the company’s arsenal for ensuring business continuity.

Further complicating the web is CEO Mr. Peter Neo, who holds an 18.90% stake in AGX Group Berhad (a Controlling Shareholder listed on Bursa Malaysia). While Mr. Neo resigned from all directorships within the AGX Group as of January 1, 2026, to mitigate conflicts, his substantial outside holding means his interests may not always perfectly align with minority shareholders.

Investment Summary

The All-Link Air & Sea IPO presents a high-growth opportunity tempered by intense concentration and regulatory risks. The company’s ability to scale revenue is undeniable, and its healthy net assets of US$16.2 million (as of late 2025) provide a solid foundation. However, the loss of the US duty-free loophole and the heavy reliance on a family-linked referral pipeline from All-Link PRC are significant hurdles.

Investors should also note the high cost of entry; the company is incurring S2.41 million in issue expenses to facilitate this listing. At S0.53 per share, the market is being asked to pay a premium for a business that is currently navigating margin compression and a shifting global trade policy landscape.

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The main details of the All-Link Air & Sea Limited IPO are as follows:

Offering and Valuation

• Total Offering Shares: The Group is offering 37,924,500 ordinary shares.
• Placement Tranche: 35,824,500 shares are allocated for an international placement to institutional and other investors.
• Public Offer Tranche: 2,100,000 shares are reserved for the public in Singapore.
• Offering Price: S$0.53 per share.
• Post-Offering Share Capital: The total number of issued shares following the offering will be 151,037,900.
• Market Capitalisation: At the offering price, the company’s market capitalisation is estimated at approximately S$80.1 million.
• Percentage of Dilution: New investors will experience an immediate dilution in net asset value of S$0.35 per share, which is 66.04% of the offering price.

Proceeds and Expenses

• Gross Proceeds: The Group expects to raise approximately S$20.1 million.
• Net Proceeds: After deducting estimated expenses, the net proceeds are expected to be approximately S$17.7 million.
• Total Issue Expenses: Estimated at S2.41million∗∗,whichincludes∗∗S1.59 million in professional fees and S$0.60 million in underwriting and placement commissions.

Intended Use of Proceeds

• S$11.39 million (approximately 57% of gross proceeds) for payments to airlines, carriers, and co-loaders to support volume growth and working capital.
• S$3.00 million for strategic acquisitions, joint ventures, and alliances, primarily targeting Vietnam and Thailand.
• S$2.00 million for general administrative expenses and additional working capital.
• S$1.00 million for the expansion of existing operations in Singapore, Malaysia, and the Philippines.
• S$0.30 million for investments in technology and digital capabilities, specifically artificial intelligence and automation tools.

Application Details

• Minimum Subscription: The minimum initial application is for 1,000 shares, representing a value of S$530.
• Multiples: Larger applications must be made in integral multiples of 100 shares.
• Dividend Target: The Board intends to recommend dividends of at least 30% of net profit after tax for financial years 2026, 2027, and 2028.

Post-IPO Ownership

• Mdm. Tang Ying (Executive Director): Expected to hold 51.7% of the issued shares.
• AGX Singapore: Expected to hold 23.2% of the issued shares.
• Public Shareholders: Will hold approximately 25.1% of the company.