US Stock Market Move | Haixin Holdings (HXHX.US) IPO issued at a price of 4 USD per share, dropped over 22% on its first day of trading.

On the first day of trading, Chinese temperature-controlled whole vehicle Carriage Services Inc. and urban delivery service provider Haoxin Holdings (HXHX.US) fell by 22.25%, and continued to fall by 14.47% after hours, closing at $2.66. According to the terms of its initial public offering (IPO), the company issued 1.8 million shares at a price of $4 per share, raising approximately $7 million, on the lower end of its previously announced IPO price range of $4-6 per share. Haoxin Holdings, through its subsidiaries, provides temperature-controlled trucks and urban delivery services in China, focusing on electronic devices, chemicals, fruits, food, and commercial goods. Haoxin Holdings successfully went public on Nasdaq on April 15th with the stock code HXHX. Craft Capital Management and WestPark Capital served as the joint bookrunners for the transaction.