QEX Logistics lists on NZX’s Main Board
QEX Logistics lists on NZX’s Main
QEX Logistics Limited [NZX: QEX] will today migrate its listing from the NXT market to the NZX Main Board.
The migration involves delisting and ceasing to have its ordinary shares quoted on the NXT. It will then list and have its ordinary shares quoted on the NZX Main Board. Trading on the NZX Main Board is expected to commence at 10am.
QEX listed on the NXT market in February 2018 at $0.25. Migrating to the NZX Main Board has been a key part of the company’s growth strategy since it listed.
QEX is a cross-border, logistics and supply chain company that provides a growing number of exporters and daigou channels a high-value trading gateway into China. It was founded in 2010 by Ronnie Xue and his wife Doreen Wu, and debuted on the Deloitte Fast 50 list in 2016, at number 42. The next year, it rose to number 13.
Since listing, the company’s market capitalisation and revenues have grown significantly. It has also had a successful round of capital raising, and upgraded its Key Operating Milestones, including its sales turnover target which has increased from $41 million to $60 million for the full year of 2019.
Migrating to the NZX Main Board reflects the company’s ambitions to continue its expansion in New Zealand and China, and continue to explore opportunities in Australia.
Ronnie Xue, QEX Chief Executive Officer, said the move would support the company’s medium- to long-term growth plans.
“Being a listed company has proved a significant boost for QEX,” he said. “Being listed on the NXT has been a great stepping stone. It has enabled us to raise funds and cement high- quality commercial relationships. It set us up to transition to the NZX Main Board, and we’re thrilled to be taking this step. We know it will continue to enhance QEX’s credibility with customers, suppliers and the public.
“It’s a huge milestone for us, and we’re very grateful to our customers, staff, Board and investors who’ve enabled us to get here today.”
Conor English, QEX Chairman, said "the migration to the NZX Main Board is another step in the progress of QEX’s growth. We have an ambitious, smart leadership team, led by Ronnie, and strong links into the Chinese, New Zealand and Australian markets. Our great team
is always looking at ways to improve and streamline the business.
“Like many growth companies in New Zealand, capital is critical. Being on the NZX Main Board is a significant step because it gives us a higher profile among investors and enables us access to a bigger pool of capital which we need to fund our growth strategy. We look forward to building on the work to date.”