BingEx Limited Announces Pricing of Initial Public Offering

Rhea-AI Summary

BingEx (Nasdaq: FLX), a leading on-demand dedicated courier services provider in China, has announced the pricing of its initial public offering (IPO) of 4,000,000 American Depositary Shares (ADSs) at US$16.50 per ADS. Each ADS represents three Class A ordinary shares of the Company. The gross proceeds from the offering are expected to total US$66.0 million, excluding underwriting discounts and commissions.

BingEx has granted the underwriters a 30-day option to purchase up to 600,000 additional ADSs. The ADSs are set to begin trading on the Nasdaq Stock Market under the symbol 'FLX'. The offering is expected to close on October 7, 2024. Deutsche Bank Securities Inc., China International Capital Hong Kong Securities , and CLSA are acting as the representatives of the underwriters.

Positive

• Successful pricing of IPO at US$16.50 per ADS
• Expected gross proceeds of US$66.0 million
• Listing on Nasdaq Stock Market under symbol 'FLX'
• 30-day option granted to underwriters for additional 600,000 ADSs

Negative

• Potential dilution of existing shareholders' ownership
• Underwriting discounts and commissions will reduce net proceeds

Insights

Financial Analyst

BingEx's IPO pricing at $16.50 per ADS, raising $66 million, marks a significant milestone for the Chinese courier service provider. This successful listing on Nasdaq under the symbol "FLX" demonstrates strong investor interest in the on-demand delivery sector.

The offering of 4 million ADSs, with an additional 600,000 ADS option, suggests a confident market positioning. The involvement of major underwriters like Deutsche Bank, CICC and CLSA adds credibility to the offering.

For investors, this IPO presents an opportunity to gain exposure to China's growing logistics market. However, it's important to consider:

• Market competition and regulatory risks in China's delivery sector
• Potential for growth in the on-demand courier services market
• The company's ability to maintain profitability and expand market share

Overall, while the IPO signals positive market reception, investors should carefully evaluate BingEx's financial performance and growth strategy before making investment decisions.

BEIJING, Oct. 04, 2024 (GLOBE NEWSWIRE) -- BingEx Limited (“BingEx” or the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier services provider in China (branded as “FlashEx”), today announced the pricing of its initial public offering of 4,000,000 American Depositary Shares ("ADSs"), each representing three Class A ordinary shares of the Company, at US$16.50 per ADS. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by the Company, are expected to total US$66.0 million, assuming the underwriters do not exercise their option to purchase additional ADSs. In addition, BingEx has granted the underwriters a 30-day option to purchase up to an aggregate of 600,000 additional ADSs at the initial public offering price less underwriting discounts and commissions.

The ADSs have been approved for listing and are expected to begin trading on the Nasdaq Stock Market today under the symbol “FLX.” The offering is expected to close on October 7, 2024, subject to customary closing conditions.

Deutsche Bank Securities Inc., China International Capital Corporation Hong Kong Securities Limited, and CLSA Limited are acting as the representatives of the underwriters.

A registration statement related to these securities has been filed with and declared effective by the United States Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus, forming a part of the effective registration statement. When available, copies of the final prospectus relating to the offering may be obtained by contacting the following underwriters: (1) Deutsche Bank Securities Inc., 1 Columbus Circle, New York, New York 10019, or by telephone at +1-800-503-4611, or by emailing prospectus.cpdg@db.com; (2) China International Capital Corporation Hong Kong Securities Limited, 29/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong, or by telephone at +852-2872-2000, or by emailing ECM_Bolt2021@cicc.com.cn; or (3) CLSA Limited, 18/F, One Pacific Place, 88 Queensway, Hong Kong, or by telephone at +852 2600 8888, or by emailing ProjectBolt@clsa.com.

About BingEx Limited

BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, BingEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business.   

For more information, please visit: http://ir.ishansong.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:

BingEx Limited
Investor Relations
E-mail: ir@ishansong.com

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FlashEx@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FlashEx@thepiacentegroup.com

FAQ

What is the IPO price for BingEx (FLX) shares?

BingEx (FLX) has priced its initial public offering at US$16.50 per American Depositary Share (ADS).

How many ADSs is BingEx (FLX) offering in its IPO?

BingEx (FLX) is offering 4,000,000 American Depositary Shares (ADSs) in its initial public offering.

What are the expected gross proceeds from BingEx 's (FLX) IPO?

The expected gross proceeds from BingEx 's (FLX) IPO are US$66.0 million, before deducting underwriting discounts and commissions and other offering expenses.

When is BingEx (FLX) expected to start trading on Nasdaq?

BingEx (FLX) is expected to begin trading on the Nasdaq Stock Market on October 4, 2024, under the symbol 'FLX'.

Who are the underwriters for BingEx 's (FLX) IPO?

The representatives of the underwriters for BingEx 's (FLX) IPO are Deutsche Bank Securities Inc., China International Capital Hong Kong Securities , and CLSA