FlashEx Delivery Lands on NASDAQ with Strong Performance and Future Plans

TapTechNews October 5th news, FlashEx Delivery Company successfully landed on the US NASDAQ on October 4th Beijing time, with the stock code of FLX, and the offering price was set at 16.5 US dollars, and the total amount of funds raised was 66 million US dollars.

TapTechNews noticed that after the opening of FlashEx Delivery, the stock price once rose by more than 23% to 21.95 US dollars, and then began to fall back, closing at 18.01 US dollars per share, which was a 9.15% increase from the offering price. The total market capitalization of the company is about 1.279 billion US dollars (TapTechNews note: currently about 9.024 billion Chinese yuan).

FlashEx Delivery was founded in 2013. As of June 2024, the number of registered riders is about 2.7 million, and the service covers 295 cities across the country. FlashEx Delivery said that the IPO financing will be used to expand the customer base and increase market penetration, as well as to build the brand image and invest in technology and R & D.

According to the prospectus, the revenues of FlashEx Delivery from 2021 to 2023 were 3.04 billion yuan, 4.003 billion yuan and 4.529 billion yuan respectively, and the corresponding gross profits were 189 million yuan, 259 million yuan and 395 million yuan respectively. The gross profit margin increased from 6.2% in 2021 to 8.7% in 2023.

In 2021 and 2022, the net losses of FlashEx Delivery were 291 million yuan and 180 million yuan respectively. In 2023 and the first half of 2024, the net profits were 110 million yuan and 124 million yuan respectively.

In the first half of 2024, the revenue of FlashEx Delivery was 2.284 billion yuan, an increase of 7.6% year-on-year, the gross profit was 257 million yuan, an increase of 40% year-on-year, and the gross profit margin reached 11.3%.