Riverstone, Fast-Fashion Supply Chain Services, Files for Nasdaq Capital Market IPO — TradingView News

Riverstone Ltd, a British Virgin Islands holding company that operates a fast-fashion supply chain platform through subsidiaries in Hong Kong, mainland China and other markets, filed for a U.S. IPO. The company plans to list on the Nasdaq Capital Market under the ticker “DNJF,” offering 2,500,000 ordinary shares at an expected price range of $5.00 to $7.00 per share with Joseph Gunnar & Co. as the sole bookrunner. Proceeds will fund technology development, sustainability initiatives, and expansion, while the filing highlights regulatory and oversight risks tied to operations in Hong Kong and the PRC.

Business Description

Riverstone is a vertically integrated fast-fashion supply chain services provider that combines OEM, ODM and OBM capabilities with AI, 3D modeling and a large searchable design/production database. The company supports customers from trend analysis and design through raw material sourcing, manufacturing, quality control, inventory management and logistics, serving retailers and brands primarily in Australia, the United States, the United Kingdom and Mexico.

Riverstone operates a leased manufacturing facility in Ganzhou, PRC with over 13,000 square meters of space and capacity for more than 600,000 garments per month, while maintaining design, commercialization and client-facing teams across Hong Kong, the U.S., Australia, the U.K. and Mexico. The business emphasizes sustainability by prioritizing traceable sourcing and recycled or eco-friendly fabrics, and it also licenses trademarks to partners, generating royalty income alongside its core sales of finished apparel.

Market Overview

• Total addressable market: Fast-fashion supply chain management services reached $46.7B in 2023 and are projected to grow to $79.7B by 2028.
• Market growth: Forecast CAGR of 11.2% from 2024 to 2028 for services; AI-enabled segment expected to grow from $29.9B (2024) to $61.8B (2028) at a 19.9% CAGR.
• Market position: Vertically integrated OEM/ODM/OBM provider leveraging AI, 3D modeling and proprietary databases, with operations anchored in Hong Kong and manufacturing in Ganzhou, PRC.
• Key competitors: Fragmented landscape of integrated providers and specialized firms across China, Hong Kong, Vietnam, Bangladesh and India (no single dominant global leader).
• Industry trends: Globalized supply chains, mass customization and personalization, e-commerce acceleration, AI/automation, and sustainability/ESG adoption.

Operational Metrics

• Customers: Key clients include PRETTY LITTLE THING, SHOWPO, CIDER, GIRL IN MIND, BOOHOO and Fashion Nova.
• Locations: Operations across Hong Kong, PRC (Ganzhou factory), United States, Australia, United Kingdom and Mexico.
• Geographic presence: Sales concentrated in the U.S., Australia and the U.K., with additional revenue from the PRC, Hong Kong and other regions.
• Partnerships: Strategic relationships with regional factories and suppliers; licensing program generating 18% royalty on licensee sales using company trademarks.
• Production capacity: Factory footprint of 13,000+ sqm; capability to produce 600,000+ garments per month.
• Seasonality: Approximately 46% of FY2025 revenue occurred from August to December.
• Customer concentration: Top customers contributed ~28% of FY2025 revenue (~34% in FY2024).

Financials Highlights

• Revenue (current): $46,293,096 (FY ended March 31, 2025)
• Revenue growth: Up 17.8% from $39,303,668 in FY2024
• Gross profit: $7,603,045 (16.4% margin)
• Operating income: $4,203,482
• Net income: $3,011,630

Management

• Tang Siu Wan (Wendy), Chairlady and Chief Executive Officer – Founder with 15+ years in garment supply chains; leads strategy, operations and global expansion.
• Wong Kang Bor Alex, Chief Financial Officer – Former financial controller and regional finance leader; oversees finance, reporting and controls.
• Wong Wai Hei (David), Director – Leads sales and business development; experience across sourcing and supplier management.
• James Reginald Hart, Chief Sustainability Officer – Oversees ESG strategy and compliance; focuses on waste reduction, sustainable materials and supply chain auditing.

IPO Structure

• Issuer: Riverstone Ltd
• Filing date: December 29, 2025
• Proposed ticker: DNJF
• Exchange: Nasdaq Capital Market
• Price range: $5.00–$7.00
• Offering size: $15,000,000 (or $17,250,000 with over-allotment)
• Shares offered: 2,500,000 ordinary shares (+375,000 over-allotment option)
• Lead underwriters: Joseph Gunnar & Co., LLC
• Use of proceeds: Technology development (~20%), sustainability initiatives (~20%), retail/online expansion (~15%), market expansion (~15%), international marketing (~10%), staff training (~10%), working capital (~7%), consulting (~3%).

Original SEC Filing: Riverstone Ltd – F-1 – Dec. 29, 2025