PS International Group (PSIG) is a Hong Kong-based air freight forwarder that buys cargo space from airlines, shipping liners, and other freight forwarders, then resells that space to customers at a markup. Virtually all revenue comes from air freight, with ocean freight as a minor secondary offering. PSIG's customers are almost exclusively other freight forwarders rather than direct shippers, and the U.S. is the largest destination, accounting for roughly 71% of export revenue. The company operates asset-light — it owns no aircraft or vessels — and outsources warehousing and ground logistics to third parties. PSIG handles the full logistics process around a shipment, including cargo space booking, security screening, consolidation, palletization, documentation, and customs clearance, and arranges last-mile delivery through local agents. PSIG makes money on the spread between what it pays for cargo space and what it charges customers, plus fees for ancillary services. Cargo space is procured via spot market bookings, block space arrangements with airlines at pre-agreed prices, or one-off charters. Block space commitments create utilization risk when volumes fall or rates decline. PSIG aggregates cargo from many smaller customers to fill capacity efficiently and negotiate better rates from carriers. Customer concentration is high — the top five customers represent roughly 74% of FY25 revenue, with the single largest at 57%. PSIG's strategy is to shift toward cross-border e-commerce logistics, expand its U.S. footprint, build out B2C parcel delivery capabilities, and grow in Southeast Asia through a recently established Singapore subsidiary.