On October 4, Eastern Time in the United States, the Waigaoqiao team assisted BingEx Limited in successfully listing on the NASDAQ Stock Exchange. With a closing price of US$18.01 per share on the first trading day, BingEx's market value reached nearly US$1.3 billion.
The financial advisory team from Shanghai United Development Center, a subsidiary of the Waigaoqiao Group, provided comprehensive lifecycle consulting services to BingEx’s RMB investors. This included building and maintaining overseas structures and offering compliance consulting services for multiple batches of overseas investments by Chinese institutional investors.
Founded in 2013, BingEx is a courier service company and the only platform in the same-city instant delivery industry focused on one-on-one urgent deliveries. Based on the offering price, BingEx raised US$66 million through this IPO, which will be used to expand its customer base, increase market penetration and invest in technology and R&D.
According to data from iResearch, BingEx was the largest independent instant delivery service provider in China by revenue in 2023, holding about 33.9 percent of the market share for independent one-on-one express delivery services in China. As of June 30, 2024, BingEx had around 2.7 million registered couriers and operated in 295 cities across China.
