Buy&Ship Becomes First Hong Kong Firm in TSE IPO Incubation Program

Hong Kong cross-border e-commerce company Buy&Ship has joined the Tokyo Stock Exchange's startup hub, becoming the first Hong Kong company to enter the exchange's IPO incubation program.

The move signals that Buy&Ship is weighing a listing in Japan, though the company has not made a final decision on an initial public offering. Tokyo is among the markets under consideration as the company reviews options for raising capital and entering public markets.

Co-founder and CEO Sheldon Li said the program would help the company move forward with its IPO preparations.

Why Japan, and why now

Japan is already Buy&Ship's largest market, accounting for about 45% of its transactions. The company plans to expand its operations there while also evaluating opportunities in other markets, including the United States.

The TSE launched its Asia Startup Hub in 2024 to encourage growing companies across Asia to consider listing in Tokyo. The program provides support on fundraising, business development and the IPO process itself. For Buy&Ship, participation offers a way to understand Japan's capital markets, build local connections and explore potential business opportunities in the country.

The exchange has good reason to court Asian startups. IPO activity in Japan has slowed. Companies raised around ¥232 billion ($1.5 billion) through Japanese IPOs during the first nine months of 2026, according to data cited in reports — the lowest amount for the same period since 2022. Hong Kong, by comparison, recorded around $45 billion in IPO proceeds during the first nine months of the year.

Scale under the hood

Buy&Ship lets customers buy products from overseas markets and have them delivered to their home countries. The company says it serves more than 2 million shoppers and works with over 47,000 merchants. It handles more than 4 million shipments each year across a network spanning 10 buying markets and 12 delivery markets.

The platform gives customers access to products that may not be easily available locally, paired with international shipping services.

Li said funds raised through a potential IPO could be used to improve infrastructure and support the company's US expansion. The company has not confirmed plans for a Tokyo listing, and its participation in the TSE startup hub forms part of a broader evaluation of fundraising and expansion options.

What it means

For the Tokyo Stock Exchange, Buy&Ship's entry adds another international name to its push to attract Asian startups and make Tokyo a more competitive destination for companies seeking funding. For Buy&Ship, a Japan listing would align its capital-markets strategy with the country that already generates nearly half of its transaction volume — even as Japanese IPO proceeds sit near a four-year low.