Large Commodity Trading Platform Gigacloud Technology Mulls Nasdaq Debut

Gigacloud Technology, a trading platform engaged in the export of large commodities, submitted documents to the United States Securities and Exchange Commission (SEC) on July 8, planning to list on the Nasdaq under ticker symbol “GCT.”

As early as May 24, 2021, Gigacloud Technology submitted its application to the SEC. According to normal procedures, it could have been listed in the US as soon as the third quarter of last year. However, it cancelled its application later last year.

Gigacloud Technology will issue Class A shares this time, instead of the American Depository Shares (ADSs) it planned to issue last year. Most Chinese startups choose to issue ADSs when listing in the US.

The firm, which has now been established for more than 10 years, has received investment from and China Red Star, DCM, Suzhou Oriza Holdings, and Buhuo Venture Capital. At the beginning of 2019, the company launched a trading platform for large commodities. By integrating search, payment and logistics in the same platform, the company aims at linking Asia-based manufacturers and distributors across the United States, Asia and Europe.

Gigacloud Technology first aimed at the global furniture market, then gradually expanded to the fields of household appliances and fitness equipment. At present, it has 21 large warehouses in four countries in North America, Europe and Asia, with a total storage area of over 4 million square feet.

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In 2020, 2021 and the 12 months ending March 31, 2022, the GMV of Gigacloud Technology was $190.5 million, $414.2 million and $438.1 million respectively.

From 2019 to 2021, the firm’s net revenue was $122 million, $275 million and $414 million respectively. In the first quarter of 2022, its net revenue increased by 19% from $94 million in the same period of 2020 to $112 million.