BingEx, which operates a leading on-demand dedicated courier service in China, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Branded as FlashEx in China, or Shan Song, BingEx states that it is the leading independent on-demand dedicated courier service provider in China. Unlike many competitors, the company does not combine multiple orders or use multiple couriers, instead assigning a dedicated rider to make a single delivery, resulting in lower average delivery time and a lower loss ratio.
The Beijing, China-based company was founded in 2013 and booked $659 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol FLX. BingEx filed confidentially on June 10, 2021. CICC, CLSA, Deutsche Bank, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
