1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
FLX
Listed on
2024-10-04
Sector
Industrials
Subsector
Ground Transportation
Offer Price
$16.50
first filed $15.00–$17.00Shares Offered
4M
71.02M
$1.2B
5.6%
Implied Upside vs Midpoint
Description
Our mission is to make people’s lives better through our services. We are the pioneer in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. We brand our services as “FlashEx” (pronounced as “Shan Song”) in Chinese, which means delivery in a flash. FlashEx has become synonymous with on-demand dedicated courier services in China, according to iResearch. We are the largest independent on-demand dedicated courier service provider in China as measured by revenue in 2023, according to iResearch. Since the inception of our commercial operation in 2014, our business has flourished with individual and business customers embracing the on-demand dedicated courier industry. As of June 30, 2024, we had approximately 2.7 million registered riders, and had expanded our services coverage to 295 cities in China. In 2023, our market share of the independent on-demand dedicated courier service in China was approximately 33.9%, according to iResearch. --- Our principal executive offices are located at Building 6, Zhongguancun Dongsheng International Science Park, No.1 Yongtaizhuang North Road, Haidian District, Beijing 100192, People’s Republic of China. Our telephone number at this address is +86 (10) 6292-3966. Our main website is http://www.ishansong.com/. Our registered office in the Cayman Islands is located at P.O. Box 712, Cannon Place, North Sound Road, George Town, Grand Cayman, KY1-9006, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.
Priced in line with its peers
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 1.7x | 4.7x | ||
Price / earnings | 75.3x | 42.1x | ||
Revenue growth | 13.1% | 26.1% | ||
Gross margin | 8.7% | 24.2% | ||
Operating margin | 0.2% | 4.1% | ||
Net margin | 2.4% | -2.9% | ||
Free cash flow margin | 0.9% | 4.0% | ||
Rule of 40 | 13.4% | 33.3% | ||
Net cash / market cap | 8.5% | 0.1% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 1.41 | 2.02 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▲ Priced at $16.50, 3% above the midpoint of the first filed range ($15.00–$17.00, 2024-09-27).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-09-27 | F-1/A | $15.00–$17.00 | — | 4,000,000 | $64.0M |
| 2024-10-04 | 424B4 | — | $16.50 | 4,000,000 | $66.0M |
BingEx Limited income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings (CNY).
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | CNY 4.0B | CNY 4.5B | CNY 4.5B | CNY 4.0B |
| Gross profit | CNY 259M | CNY 395M | CNY 491M | CNY 469M |
| Operating income | (CNY 202M) | CNY 10.6M | (CNY 25.8M) | CNY 46.3M |
| Net income | (CNY 180M) | CNY 110M | (CNY 146M) | CNY 109M |
| Revenue growth | — | 13.1% | −1.3% | −10.7% |
| Gross margin | 6.5% | 8.7% | 11.0% | 11.8% |
| Operating margin | −5.1% | 0.2% | −0.6% | 1.2% |
| Net margin | −4.5% | 2.4% | −3.3% | 2.7% |
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | — | CNY 1.0B | CNY 1.2B | CNY 1.3B |
| Total liabilities | — | CNY 699M | CNY 488M | CNY 453M |
| Total equity | (CNY 2.4B) | (CNY 2.4B) | CNY 747M | CNY 835M |
| Cash & equivalents | CNY 622M | CNY 699M | CNY 592M | CNY 561M |