BRIEF: BingEx shares jump in U.S. trading debut
Shares of intracity delivery company BingEx Ltd. (FLX.US) jumped 9% in their U.S. trading debut on Friday, buoyed by a recent rally for overseas-listed Chinese stocks. The company said it raised $66 million from the listing, after selling 4 million American depositary shares (ADSs) for $16.50 each. The listing price was near the upper end of the company’s previously announced range of $15 to $17.
The stock rose as much as 33% in intraday trade on Friday before ending the day at $18.01, up 9.2% from its IPO price. The company’s stock received a boost from a recent rally that has seen the MSCI China Index jump by more than 40% over the last month, as investors welcome recent steps by China to stimulate its struggling economy.
BingEx, whose Shan Song service means “flash delivery,” earned a profit of 124 million yuan ($17.5 million) on revenue of 2.28 billion yuan in first half of this year. The company was profitable in seven out of the 10 quarters between March 2022 and June 2024. BingEx had a market value of $3 billion at the end of its first trading day.
By Doug Young
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