T.S. Lines Ltd. (2510.HK) has become the first Taiwanese shipping company to be listed on the The Stock Exchange of Hong Kong Limited, marking a significant achievement in the global capital market. Opening at HKD 4.18, the listing attracted extensive investor interest, especially with the backing of cornerstone investor Hutchison Ports, a CK Hutchison (0001.HK) subsidiary led by Mr. Li Ka-shing. His strategic endorsement alongside five other cornerstone investors contributed a total of USD 63.87 million, with public subscription oversubscribed by nearly 12 times—signifying high market confidence.
T.S. Lines’ Journey of Perseverance
This milestone was not without challenges. After three IPO applications (in October 2022, April 2023, and May 2024), T.S. Lines successfully passed the HKEX hearing. Chairman Te-Sen Chen, reflecting on the company’s journey from a startup without owned vessels 23 years ago to today’s fleet of 40, underscored the company’s steadfast commitment to innovation and pragmatic growth. Currently, T.S. Lines ranks as the world’s 21st largest container shipping line, with a fleet of 42 ships and seven more on order.（Alphaliner data）
A Testament of Market Confidence
Li Ka-shing’s rare involvement in the IPO through CK Hutchison further underscores T.S. Lines' market potential. CK Hutchison contributed approximately USD 15 million, or 23.5% of the cornerstone investment, showcasing its strategic trust in T.S. Lines’ future growth.
Agile Operations and Expansion
T.S. Lines focuses on full-container scheduled services, leveraging flexible capacity allocation to quickly adapt to market demand and freight fluctuations. With core routes originating from the Greater Bay Area, the company’s cooperative strategy through joint services, slot exchanges, and leasing has enabled it to build a comprehensive network across Asia-Pacific, the Middle East, and Africa. Prioritizing high-value and time-sensitive cargo, T.S. Lines is committed to delivering customized solutions through a robust local sales network, supported by 22 offices across the Asia-Pacific.
Resilience in Financial Performance
Despite a challenging 2023 with significant global freight declines, T.S. Lines managed cost efficiencies by focusing on the Asia-Pacific region and suspending long-haul routes. This adaptability has preserved the company’s financial stability, with Chairman Chen’s family retaining 44.21% of shares, offering strong internal support.
This listing is not only a landmark for T.S. Lines but also a beacon for Taiwanese shipping companies aiming to tap into international capital. The IPO reflects T.S. Lines’ resilience and strategic agility, setting the stage for future growth and value creation for investors. We are excited to witness the journey ahead!
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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