HAOXIN HOLDINGS LIMITED Announces Closing of Initial Public Offering

Rhea-AI Summary

Haoxin Holdings (NasdaqCM: HXHX), a Chinese provider of temperature-controlled truckload and urban delivery services, has successfully completed its Initial Public Offering (IPO). The company offered 1,750,000 Class A ordinary shares at $4 per share, raising gross proceeds of $7 million before deducting underwriting costs and related expenses.

Trading of HXHX shares commenced on the Nasdaq Capital Market on April 15, 2025. The underwriters, Craft Capital Management and WestPark Capital Inc., have a 45-day option to purchase an additional 262,500 Class A ordinary shares at the public offering price, less underwriting discounts.

Positive

• Successfully completed IPO and listed on Nasdaq Capital Market
• Raised $7 million in gross proceeds
• Potential for additional capital through underwriters' option

Negative

• Relatively small IPO size of $7 million
• Proceeds subject to reduction from underwriting discounts and expenses

Insights

Financial Analyst

Haoxin Holdings has successfully completed its IPO, raising $7 million in gross proceeds through the issuance of 1,750,000 Class A ordinary shares at $4 per share. The company began trading on the Nasdaq Capital Market on April 15 under ticker symbol "HXHX" with the current share price at $3.11.

This offering represents a micro-cap IPO, considerably smaller than typical Nasdaq listings. The firm commitment structure used for this offering means the underwriters purchased all shares directly from Haoxin, providing certainty of capital raising regardless of market reception. The underwriters' option to purchase an additional 262,500 shares (15% of the base offering) within 45 days could potentially increase total proceeds by approximately $1.05 million if fully exercised.

The company's current trading price of $3.11 represents a 22.25% decline from the $4.00 IPO price after just one day of trading. This price action suggests initial investor demand may be below expectations, though newly listed international small-caps often experience significant volatility in early trading.

Without disclosed financial metrics or specific plans for utilizing the proceeds, investors have visibility into Haoxin's growth trajectory or competitive positioning within China's logistics sector. The successful Nasdaq listing does provide Haoxin with access to U.S. capital markets, potentially supporting future capital raising efforts as the company develops its profile with international investors.

Logistics Industry Expert

Haoxin's public listing brings attention to the specialized temperature-controlled logistics segment in China. The company provides two core services: temperature-controlled truckload transportation and urban delivery services – both essential components in China's vast supply chain infrastructure.

Temperature-controlled transportation represents a specialized niche within the broader logistics sector, requiring purpose-built equipment and operational expertise. These services are typically utilized for transporting perishable goods, certain industrial products, and healthcare items that require specific temperature environments during transit.

Urban delivery represents the critical "last mile" function in logistics networks, particularly challenging in China's densely populated metropolitan areas. Haoxin's combination of temperature-controlled capabilities with urban delivery suggests the company is positioned to serve clients requiring specialized handling throughout the entire supply chain journey.

The $7 million capital infusion from this IPO, while modest in scale, provides Haoxin with resources to potentially expand its fleet, enhance technology systems, or extend its service network across additional Chinese markets. However, without specific disclosure of fleet size, operational territories, or growth initiatives, it's difficult to assess how transformative this capital might be for the company's competitive position.

China's logistics sector has seen significant development and consolidation in recent years, with specialized service providers increasingly important as consumer expectations evolve. Haoxin's public listing may enhance its visibility with potential clients while providing financial flexibility for strategic initiatives.

Ningbo, China, April 16, 2025 (GLOBE NEWSWIRE) -- Haoxin Holdings Limited (“Haoxin” or the "Company") (NasdaqCM: HXHX), a provider of temperature-controlled truckload service and urban delivery services in China, today announced the closing of its initial public offering (the "Offering") of 1,750,000 Class A ordinary shares at a public offering price of $4 per share. The Class A ordinary shares began trading on Nasdaq Capital Market under the ticker symbol “HXHX” on April 15, 2025.

The Company received aggregate gross proceeds of $7 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 262,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering was conducted on a firm commitment basis.

Craft Capital Management LLC and WestPark Capital, Inc. acted as the representatives for the Offering. Ortoli Rosenstadt LLP served as counsel to the Company. Haneberg Hurlbert PLC served as counsel to the underwriters.

A registration statement on Form F-1, as amended (File No. 333-269681) relating to the Offering was previously filed with the Securities and Exchange Commission (“SEC”) by the Company, and subsequently declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained, when available, from Craft Capital Management LLC by emailing info@craftcm.com or calling +1 (800) 550-8411, and from WestPark Capital, Inc. by emailing info@wpcapital.com or calling (310) 843-9300.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Haoxin Holdings Limited

Haoxin Holdings Limited is a provider of temperature-controlled truckload service and urban delivery services in China. We mainly provide transportation services with our large and medium-sized temperature-controlled logistics transportation vehicles. We also provide urban delivery services with our medium-sized vans to customers who have short-distance, intra-city delivery needs. The goods we take charge of transporting focus on factory logistics, which include electronic devices, chemicals, fruit, food and commercial goods. Our transportation network covers 30 out of the 34 provinces and autonomous regions in China. For more information, visit the Company's website at ir.haoxinholdings.com.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC.

For more information, please contact:

Investor Relations:
Sherry Zheng
WAVECREST GROUP INC.
Phone: 718-213-7386
Email: sherry@wavecrestipo.com

FAQ

How much did Haoxin Holdings (HXHX) raise in its IPO?

Haoxin Holdings raised $7 million in gross proceeds through its IPO by offering 1,750,000 Class A ordinary shares at $4 per share.

When did HXHX stock begin trading on Nasdaq?

HXHX began trading on the Nasdaq Capital Market on April 15, 2025.

What is the underwriters' option in the HXHX IPO?

Underwriters have a 45-day option to purchase up to 262,500 additional Class A ordinary shares at the IPO price, less discounts and commissions.

What services does Haoxin Holdings (HXHX) provide in China?

Haoxin Holdings provides temperature-controlled truckload service and urban delivery services in China.