Haixin Holdings (HXHX.US) lowers IPO size, fundraising amount will decrease by 33% to $10 million.

Chinese freight company Haoxin Holdings (HXHX.US) lowered the proposed IPO transaction size on Friday. The company, headquartered in Ningbo, China, now plans to issue 2 million shares of stock at a price of $4 to $6 per share, raising $10 million. The company had previously applied to issue 3 million shares of stock at the same price range. Based on the revised price range midpoint, Haoxin Holdings' fundraising will be reduced by 33% compared to previous expectations, with a fully diluted market capitalization of $70 million. Haoxin Holdings also added Craft Capital Management as a lead underwriter, working together with the original bookrunner WestPark Capital. Data shows that Haoxin Holdings is a temperature-controlled trucking company and urban delivery service provider. The company started its urban delivery service business in 2003 and expanded its operations to temperature-controlled trucks through Carriage Services Inc. in 2016. Haoxin Holdings reported 12-month sales of $27 million as of December 31, 2023. The company plans to list on the Nasdaq with the ticker symbol "HXHX".