Hangzhou, China, Aug. 29, 2025 (GLOBE NEWSWIRE) -- Eastern International Ltd. (“Eastern International” or the “Company”), a provider of domestic and cross-border professional logistic services including project logistic and general logistic for Company clients, today announced the closing of its previously announced initial public offering of an aggregate 1,600,000 ordinary shares of the Company (the “Offering”) at a price of $4.00 per share (the “Offering Price”). The shares began trading on the Nasdaq Cap ...

东源全球（天成智联）于2025年8月28日23时正式在美国纳斯达克主板挂牌上市，股票代码ELOG，成为今年第6家在美股上市的浙江企业。 东源全球股份有限公司注册成立于开曼群岛，通过境内子公司杭州天成智联物流供应链管理有限公司全资控股境内产业开展业务。公司的主要业务为工程 项目物流、普通物流等国内和跨境的专业物流服务。公司境内拥有8家运营主体，包括5家全资子公司和下属3个分公司，运营网络覆盖中国内地、香港、 东南亚和中亚的主要城市。 东源全球（天成智联）于2022年11月启动上市计划，2023年2月完成退出新三板。2024年3月，第一次向美国证监会（SEC）秘密递交了招股书并向中国证 监会递交了境外上市备案申请。2024年9月，收到中国证监会备案通过通知书。2025年8月，收到美国证监会（SEC）和纳斯达克证券交易所允许股票上市 交易的声明。 本次上市采用"红筹架构"。东源全球股份有限公司作为发行股份上市的主体，全资设立香港东源集团控股有限公司，后成立境内控股公司杭州天成智联物 流供应链管理有限公司（WFOE公司）。2023年10月16日完成重组，并将所有子公司并入上市主体。 本次上市发行股份数为1,600,0 ...

2025年8月28日，来自江苏苏州的物流服务商苏州天成智联物流有限公司的控股股东Eastern International Ltd东源全球股份有限公司(以下简称东源物流)成 功在美国纳斯达克上市，其股票代码为ELOG。其早前于2024年3月22日在SEC秘密递表，后于2024年9月3日公开披露招股书。 苏州天成智联物流，曾于2017年5月17日在新三板挂牌上市，股票代码为871170.NQ。后于2023年2月15日终止挂牌。 来源：瑞恩资本RyanbenCapital 东源物流招股书链接： https://www.sec.gov/Archives/edgar/data/2013320/000164117225025815/form424b4.htm 东源物流，主要通过其全资子公司苏州天成智联物流，为客户提供包括项目物流和综合物流在内的国内及跨境专业物流服务。苏州天成智联物流，成立于 2006年1月9日，已取得国际公认的ISO9001高质量服务认证(2015版标准)，并拥有4家全资子公司、5个仓库/物流中心、及3个分公司，目前运营网络覆盖 中国内地主要城市、香港、东南亚及中亚地区。 截至首日(2025年8月28 ...

20辆自有车配2000+社会运力，外行看轻，内行知道这需要持续的组织与系统能力做底盘。能否从跨境线路的样板单，跑出可复用、可结算、现金流友好 的规模化路线，才是ELOG上市后真正的考题。 过去两年收入基本持平、净利提升，运输毛利受油价回落与结构优化支撑；仓储转租增长快，毛利仍在爬坡。 20辆自有车，敢去纳斯达克。别急着笑：这不是"卡车版凡尔赛"，而是行业现实——讲故事的货架满了，轮到讲周转与纪律的公司上菜。 东源物流更新招股书，拟以ELOG登陆纳斯达克：募资体量不大，却把资金去向写得务实——东南亚项目、设备与系统、团队与营运。 这不是一场"高举高打"的概念IPO，而更像是把"波动的项目物流"做成"稳定的现金机器"的尝试。 风险也直白：客户集中度高、账期与保证金占用拖累现金流，社会运力与大项目周期带来波动；优势在执行与网络——跨境线路与项目SOP，让"轻资 产"承接"重货物"。 我们只需盯三件朴素的事：账期、负债、单价。若这三件事同向改善，轻资产也能跑出重回报；反之，再漂亮的故事也经不起过路费与油价的算术。 全文共：3037字 预计阅读时间7分钟 20辆卡车去纳斯达克：东源物流的轻资产IPO考题 7月29日，东 ...

Core Viewpoint - The article discusses the challenges and opportunities faced by Eastern International Ltd (ELOG) as it seeks to go public on NASDAQ amid a competitive landscape in the logistics industry, particularly in cross-border logistics and project logistics sectors [1][12]. Business Growth and Profitability Issues - ELOG has experienced significant revenue growth, with projected revenues of $24.16 million and $40.44 million for the fiscal years 2023 and 2024, respectively, representing a year-on-year growth rate of 67.4% [4]. - However, in the first half of fiscal year 2025, revenue growth slowed significantly to only 5.5%, with core transportation services growing by just 2.5% [4]. - The increase in revenue was primarily driven by general logistics services, while project logistics revenue declined [5]. - Despite a rise in gross margin from 11.1% to 14.2%, net profit growth was limited to 3.8% due to various factors including foreign exchange gains and interest expenses [5]. Market Dynamics in Project Logistics - The project logistics market in China is rapidly growing, with a market size of 36.49 billion RMB in 2023, reflecting a 4.1% year-on-year increase [7]. - The demand for project logistics services is driven by the construction and energy sectors, which require extensive transportation and coordination of materials [7][8]. - The market is highly fragmented, leading to intense competition, with major players like SF Express and JD already established in the sector [8][9]. Customer Concentration and Financial Risks - ELOG's revenue is highly concentrated, with two major clients accounting for 38% of total revenue in fiscal year 2024, increasing the risk of revenue volatility [10]. - The company's accounts receivable are high, with receivables amounting to $14 million, representing 66% of total assets, which poses liquidity challenges [10][11]. IPO and Liquidity Challenges - ELOG plans to raise $7.2 million through its IPO, which is significantly lower than the average fundraising amounts of its peers [13]. - The high proportion of accounts receivable in current assets (85%) indicates a need for better receivables management and potential strategic partnerships to alleviate liquidity pressures [14]. - The company is encouraged to explore new markets in Africa and Latin America to diversify its revenue streams and reduce dependency on existing markets [15].