Filings for new U.S. listings - 5/2/2024
Haoxin Holdings Limited (F-1/A) - 05/02/2024
Haoxin Holdings Limited is a provider of temperature-controlled truckload service and urban delivery services in China with over 20 years of experience in the transportation industry. The company started its urban delivery service business in 2003 and expanded into temperature-controlled truckload service in 2016. Haoxin Holdings Limited operates through its subsidiaries in China and has been recognized as a 3A-Grade transportation service provider by the China Federation of Logistics and Purchasing.
| Name | Haoxin Holdings Limited |
|---|---|
| HQ Location | Ningbo, Zhejiang Province, People's Republic of China |
| Country/Region of Operations | China |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | HXHX |
| Exchange | Nasdaq |
| Offer Size | $15,000,000 |
| Number of Shares offered | 3,000,000 Class A Ordinary Shares |
| Offer Price | $4.00 - $6.00 per share |
| Underwriters | Not Provided |
| Industry | Trucking & Courier Services (No Air) |
| Sales/Revenue (Most Recent Year) | $26,664,602 (2023) |
| Net Income/Loss (Most Recent Year) | $3,969,498 (2023) |
| Total Liabilities | $12,451,564 |
| Cash and Cash Equivalents | $86,287 |
| Use of Proceeds | New vehicle purchases, IT systems upgrade, working capital, and acquisition and alliance |
| Dividend Policy | The company does not intend to pay any cash dividends in the foreseeable future as it plans to use the earnings for research and development, to develop new products and to expand its operations. |
| Risk Factors | - Uncertainties in the interpretation and enforcement of Chinese laws and regulations - Substantial influence and potential intervention by the Chinese government over the company's business activities - Requirement to complete filing with the CSRC prior to the proposed listing on U.S. exchanges - Reliance on dividends from PRC subsidiaries and potential limitations on the ability to transfer cash out of China - Fluctuations in exchange rates between the Renminbi and U.S. dollar - Compliance with PRC regulations on loans to and direct investments in PRC entities by offshore holding companies - Potential classification as a PRC resident enterprise for PRC income tax purposes - Uncertainties regarding the enforcement of judgments obtained in U.S. courts against the company or its directors and officers |
| Other | - The company is a "controlled company" under Nasdaq rules as the chairman and CEO will hold 90.9% of the voting power after the offering - The company is an "emerging growth company" under U.S. federal securities laws - The company's auditor, Marcum Asia, is registered with the PCAOB and subject to PCAOB inspection |
| Link to Filing | Filing |
JBDI Holdings Limited (F-1/A) - 05/02/2024
JBDI Holdings Limited is a holding company incorporated in the Cayman Islands that operates through its subsidiaries in Singapore. The company is a supplier of a wide range of reconditioned and new containers, including steel drums, plastic drums, carboys and IBCs, primarily serving the solvent, chemical, petroleum and edible product oil industries in Singapore, Indonesia and Malaysia. The company also provides ancillary services such as reconditioning, disposal, collection/delivery, and wastewater treatment. JBDI has been in this business for close to 40 years and is the leading supplier of reconditioned and new containers in Singapore.
| Name | JBDI Holdings Limited |
|---|---|
| HQ Location | Singapore, Singapore |
| Country/Region of Operations | Singapore, Indonesia, Malaysia |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | JBDI |
| Exchange | Nasdaq Capital Market |
| Offer Size | $10,125,000 |
| Number of Shares offered | 2,250,000 |
| Offer Price | $4 - $5 per share |
| Underwriters | Spartan Capital Securities, LLC |
| Industry | Metal Shipping Barrels, Drums, Kegs & Pails |
| Sales/Revenue (FY 2023) | $11,123,000 |
| Gains/Losses (FY 2023) | $806,000 |
| Total Liabilities (as of 5/31/2023) | $4,833,000 |
| Cash and Cash Equivalents (as of 5/31/2023) | $457,000 |
| Use of Proceeds | - Improve automation and infrastructure - Increase storage facilities - Expand through strategic acquisitions - Expand into trading of new drums - Strengthen ESG and work towards Industry 5.0 - Marketing and brand building - Expand and renew delivery truck fleet - Repay shareholder loans - General working capital and corporate purposes |
| Dividend Policy | The company does not currently have a predetermined dividend distribution ratio. The payment of dividends will depend on various factors including the company's future operations and earnings, capital requirements, interests of shareholders, and applicable laws and regulations. |
| Risk Factors | - Cyclical fluctuations in the industries of the company's customers - Dependence on the general economic conditions in Singapore - Reliance on skilled labor and key management personnel - Exposure to fluctuations in raw material and machinery/vehicle prices - Potential product defects or failures and related reputational and legal risks - Intense competition in the container reconditioning market - Dependence on major customers and exposure to their credit risks - Supply chain interruptions and reliance on key suppliers - Regulatory risks related to licenses, approvals and environmental compliance - Potential impact of the COVID-19 pandemic and other infectious diseases - Foreign currency exchange rate risks - Inability to implement business strategies and future plans successfully |
| Other | - The company is a "controlled company" with a majority shareholder group - The company is an "emerging growth company" and a "foreign private issuer" with reduced reporting requirements - The company may face challenges in enforcing U.S. judgments against it due to its Cayman Islands incorporation - The company's shares may experience significant volatility and liquidity risks after the IPO |
| Link to Filing | Filing |
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