China's BingEx jumps after tepid start in Nasdaq debut

BingEx

04/10/2024 18:32

** China's BingEx's  FLX.O  was last trading 15% higher,
shrugging off a sluggish start to its Nasdaq debut
    ** FLX, which brands its courier delivery services as
FlashEx, sold 4 mln American depositary shares (ADS) in its U.S.
IPO, priced at $16.50 each, to raise $66 mln 
    ** Stock opened for trading flat at $16.50 per ADS, before
rising as high as $21.95  
    ** FLX is the first big China-based co to successfully list
in the U.S., since EV maker Zeekr  ZK.N  debuted on the NYSE in
May  
    ** IPO bodes well for the broader market, which had been
depressed for almost two years due to higher-for-longer interest
rates and turmoil in the stock markets 
    ** Analysts expect appetite for riskier investments will
continue to improve, boosting the IPO market meaningfully in
2025 
    ** Deutsche Bank Securities, CICC and CLSA are the lead
underwriters of BingEx's offering 
    ** Meanwhile, Republican Party's top bank, Chain Bridge
 CBNA.N , drops 2% at the open in its NYSE debut; CBNA, which
pulled off a relatively rare IPO from the banking industry, last
down 3.5% 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))