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olivLaw · US equity research

Linkage Global Inc UZX

Retail-Catalog & Mail-Order Houses · SIC 5961 · Vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)

1.01USD0.00% · 1 dayClose 05 Nov 2026

Linkage Global Inc is a cross-border e-commerce integrated services provider headquartered in Japan, with operations in Japan, Hong Kong and mainland China. Revenue fell to 5.10 million USD in fiscal 2025 as cross-border product sales collapsed, making the shift toward managed store operations central to the company's direction.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Linkage Global Inc (UZX) stock was 1.01 USD (+0.00% on the day), with market capitalisation 21.7 m USD, beta -0.07, 52-week range 1.00–50.32 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
21.7 m USD
shares as of 30 Sept 2024
P/E (TTM)
unavailable
Diluted EPS TTM -1.27 · TTM to 30 Sept 2025
E/P (TTM)
-125.74%
TTM to 30 Sept 2025
Dividend yield
unavailable
Beta (2y)
-0.07
Volatility (1y) 139%
52-week range
1.0050.32

Price history

Loading chart…

Technical reading

RSI (14)
30.8
weak (30–45)
Bollinger (20, 2)
0.94 – 1.18
in the lower half of the band · %B 0.31 · band width 22.8%
SMA 50 / 200
1.60 / 15.16
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.18 / -0.23
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−18.5%−1.1%−17.5 pp—
3 months−80.8%−0.5%−80.4 pp—
6 months−93.9%+4.4%−98.3 pp—
Year to date−97.6%+12.3%−109.9 pp—
1 year−97.1%+13.5%−110.6 pp+5.2%
3 yearsunavailable+76.4%unavailable+5.5%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−98.0%
11 Nov 2025 → 20 Oct 2026
Max drawdown (5y)
−99.9%
18 Jul 2024 → 20 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenue15.5 m22.0 m12.7 m10.3 m5.1 m
Revenue YoYunavailable+42.4%−42.2%−19.2%−50.5%
Net income751.7 k1.1 m-652.7 k-439.3 k-7.4 m
Net income YoYunavailable+41.9%−161.2%unavailableunavailable
Diluted EPS0.040.05-0.33-0.21-1.27
Diluted EPS YoYunavailable+25.0%−760.0%unavailableunavailable
net %4.9%4.8%-5.1%-4.3%-144.5%
Free cash flow-1.8 m687.5 k-3.9 munavailable-4.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
734.7 k USD
Financial debt
819.6 k USD
Net debt
84.9 k USD
Equity
16.3 m USD
Total assets
21.4 m USD
Debt / equity
0.05x
Current ratio
5.08x
ROE
-63.1%
ROA
-43.3%
FCF margin
-95.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
12.7 m
2024
10.3 m
2025
5.1 m

SEC (XBRL)· 30 Jan 2026verified

Cost of revenue
2023
10.9 m
2024
6.1 m
2025
1.4 m

SEC (XBRL)· 30 Jan 2026verified

Gross profit
2023
1.9 m
2024
4.2 m
2025
3.7 m

SEC (XBRL)· 30 Jan 2026verified

Research & development
2023
588.1 k
2024
302.3 k
2025
585.3 k

SEC (XBRL)· 30 Jan 2026verified

Operating income
2023
-570.9 k
2024
-76.6 k
2025
-4.6 m

SEC (XBRL)· 30 Jan 2026verified

Depreciation & amortisation
2023
83.2 k
2024
86.9 k
2025
49.1 k

SEC (XBRL)· 30 Jan 2026verified

EBITDA
2023
-487.7 k ≈
2024
10.4 k ≈
2025
-4.6 m ≈

SEC (XBRL)· 30 Jan 2026derived

Interest expense
2023
102.4 k
2024
62.9 k
2025
78

SEC (XBRL)· 30 Jan 2026verified

Pre-tax income
2023
-716.7 k
2024
150.3 k
2025
-7.0 m

SEC (XBRL)· 30 Jan 2026verified

Income tax
2023
-64.0 k
2024
589.7 k
2025
402.8 k

SEC (XBRL)· 30 Jan 2026verified

Net income
2023
-652.7 k
2024
-439.3 k
2025
-7.4 m

SEC (XBRL)· 30 Jan 2026verified

Diluted EPS
2023
-0.33
2024
-0.21
2025
-1.27

SEC (XBRL)· 30 Jan 2026verified

Weighted average diluted shares
2023
2.0 m
2024
2.1 m
2025
5.8 m

SEC (XBRL)· 30 Jan 2026verified

Balance sheet · USD

Cash
2023
1.1 m
2024
2.0 m
2025
734.7 k

SEC (XBRL)· 30 Jan 2026verified

Receivables
2023
2.0 m
2024
6.3 m
2025
5.0 m

SEC (XBRL)· 30 Jan 2026verified

Inventories
2023
679.7 k
2024
66.3 k
2025
2.0 k

SEC (XBRL)· 30 Jan 2026verified

Current assets
2023
9.6 m
2024
12.0 m
2025
20.7 m

SEC (XBRL)· 30 Jan 2026verified

Property, plant & equipment, net
2023
158.6 k
2024
85.8 k
2025
222.3 k

SEC (XBRL)· 30 Jan 2026verified

Total assets
2023
10.6 m
2024
12.7 m
2025
21.4 m

SEC (XBRL)· 30 Jan 2026verified

Accounts payable
2023
1.1 m
2024
624.7 k
2025
52.4 k

SEC (XBRL)· 30 Jan 2026verified

Short-term debt
2023
535.2 k
2024
32.8 k
2025
149.8 k

SEC (XBRL)· 30 Jan 2026verified

Long-term debt
2023
2.0 m
2024
839.6 k
2025
669.8 k

SEC (XBRL)· 30 Jan 2026verified

Current liabilities
2023
4.7 m
2024
4.4 m
2025
4.1 m

SEC (XBRL)· 30 Jan 2026verified

Total liabilities
2023
7.1 m
2024
5.7 m
2025
5.0 m

SEC (XBRL)· 30 Jan 2026verified

Equity
2023
3.5 m †
2024
7.0 m †
2025
16.3 m †

SEC (XBRL)· 30 Jan 2026verified

Shares outstanding at year end
2023
20.0 m
2024
21.5 m
2025
—

SEC (XBRL)· 27 Jan 2025verified

Cash flow · USD

Operating cash flow
2023
-3.9 m
2024
-1.6 m
2025
-4.7 m

SEC (XBRL)· 30 Jan 2026verified

Capex
2023
12.1 k
2024
—
2025
171.1 k

SEC (XBRL)· 30 Jan 2026verified

Free cash flow
2023
-3.9 m ≈
2024
—
2025
-4.9 m ≈

SEC (XBRL)· 30 Jan 2026derived

Investing cash flow
2023
1.8 m
2024
-365.4 k
2025
-9.3 m

SEC (XBRL)· 30 Jan 2026verified

Financing cash flow
2023
-398.4 k
2024
2.9 m
2025
12.6 m

SEC (XBRL)· 30 Jan 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-50.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
-38.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
72.6%
computed by olivLawFY 2025
EBITDA margin
-89.5%
computed by olivLawFY 2025
EBIT margin
-90.4%
computed by olivLawFY 2025
Net margin
-144.5%
computed by olivLawFY 2025
FCF margin
-95.2%
computed by olivLawFY 2025

Returns

ROE
-63.1%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROA
-43.3%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROIC
-34.7%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROCE
-26.7%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
84.9 k USD
computed by olivLawbalance sheet at 30 Sept 2025
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.1x
computed by olivLawbalance sheet at 30 Sept 2025
Interest coverage
-59,106.3x
computed by olivLawFY 2025

Liquidity

Current ratio
5.1x
computed by olivLawbalance sheet at 30 Sept 2025
Quick ratio
5.1x
computed by olivLawbalance sheet at 30 Sept 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Sept 2025

Cash

Operating cash flow
-4.7 m USD
computed by olivLawFY 2025
Capital expenditure
171.1 k USD
computed by olivLawFY 2025
Free cash flow
-4.9 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
404 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days inventory outstanding
9 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days payables outstanding
89 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Cash conversion cycle
324 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025

Market and valuation

Market capitalisation
21.7 m USD
computed by olivLawbalance sheet at 30 Sept 2025
Enterprise value
21.8 m USD
computed by olivLawbalance sheet at 30 Sept 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-125.7%
computed by olivLawFY 2025
P/B
1.3x
computed by olivLawbalance sheet at 30 Sept 2025
P/S
4.3x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
4.3x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-22.4%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.01 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 21.7 m USD

Key indicators

Market capitalisation
21.7 m USD
computed by olivLawbalance sheet at 30 Sept 2025
P/E (TTM)
unavailable
insufficient data
P/B
1.3x
computed by olivLawbalance sheet at 30 Sept 2025
EV/EBITDA
unavailable
insufficient data
ROE
-63.1%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Net margin
-144.5%
computed by olivLawFY 2025
Revenue growth (YoY)
-50.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2025
Latest balance sheet date: 30 Sept 2025
Share count (cover of the latest filing), as of: 30 Sept 2024
Source: SEC (XBRL)published 30 Jan 2026
verified 150

The data is older than the freshness threshold.

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-34.7%25 (vs peers)24%
Net margin · Quality-144.5%0 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-38.6%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-59,106.3x0 (on a fixed band)14%
Current ratio · Balance sheet5.1x100 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-22.4%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality16/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Linkage Global Inc (UZX). Latest full fiscal year: 2025; data up to 2025-09-30.

Figures computed from the financial statements: revenue 5.1 m USD in 2025; YoY growth -50.5%; net margin -144.5%; ROE -63.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 5.1x

What contradicts it

  • ROIC: -34.7%
  • Net margin: -144.5%
  • Revenue CAGR 3Y: -38.6%
  • Interest coverage: -59,106.3x
  • FCF yield: -22.4%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Retail-Catalog & Mail-Order Houses (SIC 5961) · same industry (4-digit SIC) · compared with 28 companies

Multiples and returns vs the median

P/E
—
vertical median 21.5x
EV/EBITDA
—
vertical median 10.7x
P/S
4.3x
vertical median 0.4x
above median (+962.9%)
P/B
1.3x
vertical median 2.8x
below median (−51.7%)
ROE
-63.1%
vertical median -6.3%
below median
Net margin
-144.5%
vertical median -0.6%
below median
EBIT margin
-90.4%
vertical median 0.6%
below median (−16,003.1%)
Revenue YoY
-50.5%
vertical median 6.3%
below median (−899.0%)
Net debt/EBITDA
—
vertical median -0.0x
Dividend yield
—
vertical median 1.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMZNAmazon.com, Inc.2,876.6 bn21.527.4%16.9%+12.4%+14% / +82%
CDWCdw Corp21.1 bn19.742.5%4.5%+6.8%+17% / −20%
NSITInsight Enterprises, Inc.4.5 bn22.413.1%2.5%−5.2%+76% / +1%
JMIAJumia Technologies AG1.3 bn—-108.9%-32.6%+12.8%−60% / +51%
BZUNBaozun Inc.593.6 m—-6.6%-2.4%+10.2%+20% / +15%
GCTGigacloud Technology Inc587.7 m14.932.3%10.6%+11.1%+70% / +548%
LITBLightInTheBox Holding Co., Ltd.581.7 m67.0—3.7%−12.1%+40% / −64%
HNSTThe Honest Company, Inc.476.3 m—-6.9%-3.6%−1.9%+65% / +86%
DIBS1stdibs.com, Inc.203.0 m—-9.2%-8.5%+1.5%+6% / +41%
TDUPThredUp Inc.192.6 m—-39.2%-6.9%+19.5%−81% / −26%
NXHNeighborhood Intelligence, Inc.159.2 m—-47.0%-7.1%−25.1%−72% / −91%
AKAa.k.a. Brands Holding Corp.110.6 m—-29.5%-4.8%+4.4%−30% / +3%
SFIXStitch Fix, Inc.74.1 m—-6.3%-0.9%+6.4%−36% / −27%
HOURHour Loop, Inc.53.3 m36.721.8%1.1%+3.0%−29% / +2%
GROVGrove Collaborative Holdings, Inc.44.8 m——-4.1%−14.6%−23% / −47%
LVLULulu’s Fashion Lounge Holdings, Inc.30.1 m—-602.9%-3.2%−10.6%+100% / −74%
UZXLinkage Global Inc21.7 m—-63.1%-144.5%−50.5%−97% / unavailable
GIFTGiftify, Inc.18.8 m—-36.2%-8.8%−6.5%−53% / −87%
CHWYChewy, Inc.2.3 k34.772.0%2.1%+6.2%−34% / +32%
QVCGQVC Group, Inc.8—-6.3%-0.2%−7.8%unavailable / unavailable
PTRNPattern Group Inc.——6.6%0.9%+39.3%+19% / unavailable
CPNGCoupang, Inc.——-36.0%-3.8%+14.1%−42% / +7%
LUXELuxExperience B.V.——63.3%45.2%+50.1%+7% / +225%
HEPSD-MARKET Electronic Services & Trading——-39.7%-2.8%+11.1%+17% / +96%
BWMXBetterware De Mexico, S.a.p.i. De C.v——54.1%5.0%+8.4%+15% / +18%

1- and 3-year price returns: for UZX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Jan 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (22 Oct 2026), 6-K (15 Oct 2026), 6-K (24 Sept 2026).

    In brief

    Linkage Global Inc is a cross-border e-commerce integrated services provider headquartered in Japan, with operations in Japan, Hong Kong and mainland China. Revenue fell to 5.10 million USD in fiscal 2025 as cross-border product sales collapsed, making the shift toward managed store operations central to the company's direction 1.

    SWOT

    Strengths

    • The company has an integrated model combining sales with operation services, and data gathered from sales supports its merchant services 1.
    • Gross margin rose considerably, reaching a high level in fiscal 2025 compared with earlier years 1.
    • The management team has experience in retail, services, management and business development in the Japanese and Chinese markets 1.

    Weaknesses

    • Revenue has declined over three consecutive years and direct sales have collapsed, showing dependence on a model that has eroded 1.
    • Operating expenses roughly doubled in fiscal 2025 and the operating loss widened considerably 1.
    • Convertible notes carrying very high interest generate large financing costs relative to revenue 1.

    Opportunities

    • Expansion into Southeast Asia could open new revenue sources if local partnerships and new merchants are secured 1.
    • Demand for outsourced online store operation could grow if sellers prefer managed solutions 1.
    • The proposed acquisition of a real-world asset tokenization company could change the company's profile if the transaction completes 1.

    Threats

    • Intensifying competition from better-resourced providers could further reduce market share 1.
    • Rapid changes in regulation in China and Hong Kong could affect operations and the value of the securities 1.
    • System and cybersecurity risks could interrupt the platform or compromise customer data 1.

    Risks

    • Continued revenue declinehigh

      Revenue could decline further if consumer spending, competition or economic conditions worsen 1.

    • Holding structure and investor exposurehigh

      Investors do not hold equity in the operating entities, and Chinese authorities could disallow the structure, which could reduce the value of the securities 1.

    • Cost of debtmedium

      Convertible notes with very high interest could limit the company's financial flexibility 1.

    • Internal control and reportingmedium

      The filing identifies material weaknesses in internal control over financial reporting, which could affect investor confidence 1.

    • Related-party transactionslow

      Substantial related-party transactions create conflicts of interest that could affect results 1.

    Investment thesis

    What would need to be true (bull case)

    • If the managed operation model keeps growing, its high margin could support a recovery in financial results 1.
    • Expansion in Southeast Asia and success on TikTok platforms could bring new merchants and additional revenue 1.
    • The database of consumer spending could become a competitive advantage if it is used effectively for marketing 1.

    What would break the thesis

    • If direct sales do not recover, total revenue could remain below earlier levels 1.
    • Operating costs and interest expense could continue to exceed revenue, deepening losses 1.
    • Regulatory risk and the holding structure could affect the value of the securities even if operations perform well 1.

    What to watch

    • Trend in revenue from fully managed online store operationnext 10-K
    • Completion or abandonment of the proposed tokenization company acquisition2026
    • Results of the launch in Indonesia and the Philippines2026
    • Status of convertible debt and interest expensenext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Jan 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (22 Oct 2026), 6-K (15 Oct 2026), 6-K (24 Sept 2026).

    The business

    The company operates as a Cayman Islands holding company with no operations of its own, conducting its business through operating entities in Japan, Hong Kong and mainland China 1. Its stated mission is 'to make cross-border transactions easier' 1. The business has two complementary lines: cross-border sales of products sourced from Japanese and Chinese manufacturers, and integrated e-commerce services including managed store operation 1.

    Cross-border customers are mainly sellers on platforms such as Amazon, Lazada, Shopee, Rakuten and TikTok, who place orders by email for shipment from suppliers or the company's Japanese warehouse 1. The company says data gathered from sales helps it build a database of end-consumer spending that supports its marketing and merchant services 1.

    During fiscal 2025 the company ceased its HQT NETWORK digital marketing business in April 2025 and suspended its TikTok anchor agency business, focusing on fully managed store operations 1. Its declared strategy includes expansion into Southeast Asia, including Thailand, Malaysia, Indonesia and the Philippines 1.

    Market context

    The filing also points to regional expansion, with the company aiming for Southeast Asia, where it has already reached top-tier TikTok guild status in Thailand 1. Growing demand for managed operation services among cross-border merchants could support that segment, if competitive pressure does not intensify further 1.

    Trends

    • Competitive pressure in direct salesheadwind

      Intensifying competition has reduced the competitiveness of directly sold products, leading to lower volumes 1. If this pressure persists, direct sales could remain weak.

    • Demand for managed platform operationtailwind

      Sellers with their own factories and products increasingly outsource daily operation of online shops, a segment that grew in fiscal 2025 1. This trend could support revenue over the medium term.

    • Expansion into Southeast Asiamixed

      The company intends to expand into Indonesia and the Philippines in 2026, after entering Malaysia and Thailand 1. Success depends on local partnerships and attracting new merchants 1.

    • Financing costs and regulatory riskheadwind

      The company issued convertible notes at very high effective interest rates, and interest expense exceeded 2 million USD in fiscal 2025 1. Regulatory conditions in China and Hong Kong can change quickly and alter operating conditions 1.

    Competitive position

    The company faces competition from offline and online supply chain providers, retailers and wholesalers, advertising providers and other cross-border service providers, many with longer histories, stronger brands and greater financial resources 1. The filing notes that these advantages could let competitors secure better supplier terms and spend more on marketing 1.

    The filing does not name specific competitors listed on US exchanges, describing competition in general terms 1. For this reason a direct comparison with US-listed companies cannot be made from the source alone 1.

    • Offline and online supply chain providers

      Competitors described generically in the filing without individual identification 1.

    • Retailers and wholesalers

      Businesses selling similar products through their own channels or platforms, named generically 1.

    • Advertising service providers

      Agencies offering digital marketing to merchants, a segment the company exited in 2025 1.

    • Other cross-border service providers

      Competitors offering cross-border e-commerce services in Japan and China 1.

    News & filings

    In the press

    The latest news item in our archive is from 29 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / Linkage Global Inc · 30 Jan 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.