Over the past decade, Chow, 44, has steadily built Lalamove into a logistics and delivery giant from a base in Hong Kong, backed by the likes of Neil Shen’s Sequoia China and Lei Zhang’s Hillhouse Capital. On Tuesday, Chow’s company, whose formal name is Lalatech Holdings, filed for an initial public offering in Hong Kong that revealed he owns a 25% stake through a family trust. Based on Chow’s stake and proceeds of earlier share sales, Forbes estimates his net worth to be $2.2 billion, making him a rare startup billionaire in Hong Kong.
Lalatech’s last private fundraising was a $230 million Series G round in November 2021, during the startup bubble. According to a report by technology website the Information, that round valued Lalatech at a lofty $13 billion. Since then, many startup valuations have fallen amid interest-rate hikes and recession fears. The company’s IPO prospectus revealed that Chow sold 2.17 million shares of Lalatech to Chinese internet giant Tencent, another one of its investors, for $100 million in December, valuing the company at about $7.8 billion. Lalatech did not respond to a request for comment.
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