Haoxin Holdings Ltd. (HXHX), a Chinese temperature-controlled truckload and urban delivery business, priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and sold 1.75 million shares – the number of shares in the prospectus – to raise $7.0 million on Monday night, April 14, 2025. Shares of Haoxin Holdings Ltd. opened at $4.75 – up 75 cents from their IPO price – and traded as high as $6.29 before retracing some ground to trade at $4.21 – up 21 cents or 5.25 percent – at around 12:40 p.m. EDT today – Tuesday, April 15, 2025 – on the NASDAQ. Volume was about 4.3 million shares.
Craft Capital and WestPark Capital served as the joint book-runners.
Haoxin Holdings plans to use the IPO proceeds to build cold temperature warehouses, according to the prospectus. The company also plans to obtain the relevant qualifications for pharmaceuticals and incorporate the transportation of medicine into its daily business.
Through its subsidiaries, the company delivers products that range from fruit and other foods to electronic devices, chemicals and commercial goods, the prospectus said.
“After continuous development, we have been recognized and accredited by the China Federation of Logistics and Purchasing as a 3A-Grade transportation service provider.” the prospectus said.
Haoxin Holdings is profitable. For the 12 months that ended June 30, 2024, Haoxin Holdings Ltd. reported net income of $3.55 million on revenue of $25.71 million.
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