MingZhu Logistics Holdings, which provides trucking services and logistics in China, has filed for an initial public offering on the U.S. stock market.
The Guangdong-based company plans to list on the Nasdaq Capital Market under the ticker symbol of "YGMZ," by offering 3 million shares at a price range of 4 to 4.5 U.S. dollars apiece, according to its latest prospectus filed with the U.S. Securities and Exchange Commission.
Founded in 2002, the company has a sizable truckload fleet consisting of more than 130 tractors and 90 trailers, showed the filing.
China's trucking industry has enjoyed robust development, bolstered by the country's e-commerce boom, steady economic growth, favorable policies and infrastructure improvement.
The revenue of the trucking service market in China is expected to increase from 5.16 trillion yuan (about 734 billion U.S. dollars) in 2017 to 5.70 trillion yuan in 2021, according to an industry report by research and consulting firm Frost & Sullivan.
The number of Chinese firms listed on U.S. exchanges has increased in recent years. As of Friday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 3,357.53, marking an 8.74-percent increase for the month-to-date returns and a 6.01-percent gain for the year-to-date returns.