What GigaCloud Technology, Inc. told the SEC could break it.

As a China-linked issuer with PRC and Hong Kong subsidiaries, GigaCloud faces PRC government influence over its operations, PRC currency/asset transfer controls, and the risk that its Class A shares could be barred from U.S. trading under the HFCAA if the PCAOB cannot fully inspect its China-located auditor.

“Our Class A ordinary shares may be prohibited from trading in the U.S. under the HFCAA in the future, if the PCAOB is unable to inspect or investigate auditors located in China completely. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.”

A large portion of merchandise on GigaCloud's B2B platform is sourced from China, Vietnam and other countries; U.S. tariffs (and retaliatory actions) could impose substantial additional procurement costs on GigaCloud and its sellers and buyers, central to its cross-border furniture model.

“In particular, recent U.S. tariffs imposed or threatened to be imposed on China, Vietnam and other countries and any retaliatory actions taken by such countries could result in us or our sellers and buyers incurring substantial additional costs to procure a large portion of the merchandise offered on our B2B ecommerce platform.”

GigaCloud Marketplace GMV is concentrated in furniture (>78% in 2025), with garden/outdoor furniture another ~14%, leaving results heavily tied to the furniture category and its demand cycle.

“In 2025, furniture products accounted for more than 78% of GigaCloud Marketplace GMV, garden and outdoor furniture products accounted for approximately 14% of GigaCloud Marketplace GMV, and various other products including bath and faucets, luggage, pet products and others accounted for approximately 8% of GigaCloud Marketplace GMV.”