BingEx Soars 13% in Nasdaq Debut as Chinese Courier Giant Completes $1.2 Billion IPO

Stock Track10-04

Shares of BingEx Limited, China's largest independent on-demand dedicated courier service provider, soared 13.21% in their trading debut on the NASDAQ stock exchange on Thursday, following a successful $66 million initial public offering (IPO) that valued the company at nearly $1.2 billion.

BingEx, which operates under the FlashEx brand, priced its IPO at $16.5 per American Depositary Share (ADS), the high end of its expected range, reflecting strong investor demand for the Chinese logistics giant. The company sold 4 million ADS, raising $66 million in gross proceeds.

The robust performance of BingEx's IPO marks a recovery in investor risk appetite and easing of regulatory hurdles for Chinese companies seeking to list in the US. It is the first major public debut of a Chinese firm on US exchanges since electric vehicle maker Zeekr's listing in May 2023, following Beijing's crackdown on offshore capital raising in 2021.

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