Askume, Sept 13 – Chinese express delivery company BingX (its service brand is “FlashX”) has applied for listing in the United States, regulatory documents filed on Friday showed.
Why is this important?
A number of high-profile companies are trying to test investor interest in initial public offerings amid a prolonged economic slowdown caused by rising interest rates and geopolitical turmoil.
The number of Chinese companies listed in the US has declined in the past few years after ride-hailing giant Didi Chuxing was forced to delist in late 2021 amid stiff opposition from Chinese regulators.
Electric car maker Zeekr ZK.N debuted on the New York Stock Exchange earlier this year, the first major U.S. listing by a Chinese company since Didi’s delisting.
situation
BingX said it is China’s largest independent on-demand dedicated line express service provider by revenue in 2023, citing data from iResearch Consulting.
CICC, CLSA, Deutsche Bank and UBS Investment Bank are the underwriters to the issue.
From a numerical point of view
The IPO prospectus shows Bingex’s revenue will rise to 4.53 billion yuan ($638.43 million) in 2023, compared with 4 billion yuan in the same period last year.
The company reported a profit of 110.5 million yuan in 2023, compared with a loss of 180.4 million yuan in the same period last year.
As of June 30, the company has operations in 295 cities in China, with 88.9 million registered users and 2.7 million registered knights.
As of last year, the company controlled a 33.9% market share of the country’s independent on-demand express delivery services.
what will happen next
BingX did not disclose the terms of its offering, which aims to list American depositary shares (ADS) on Nasdaq.
The company has applied to trade under the stock symbol “FLX”.
(1 USD = 7.0955 RMB)
