QEX Logistics to list on NXT Market on Feb. 15

Article – BusinessDesk

QEX Logistics to list on NXT Market on Feb. 15

By Rebecca Howard

Feb. 12 (BusinessDesk) – QEX Logistics, a cross-border logistics company, will debut on the NXT market on Feb. 15, aims to eventually list on the NZX and continues to eye expansion in Australia.

The Auckland-based company, which facilitates the storage, supply, packaging, customs clearance and delivery of New Zealand products bought from stores, online and e-commerce sites by individual consumers from China, was founded in 2010 and now has revenues of more than $22 million.

The stock will start trading on the NXT under the ticker QEX. The market is targeted at small to mid-sized businesses and “QEX believes listing on the NXT and, when appropriate, the NZX, is an important step in enabling it to grow,” QEX said.

The company had an initial focus on the infant formula market and around 50 percent of its revenue is now generated from other products, such as health supplements and beauty products. It operates a daily collection service in Auckland and pick-ups from Hamilton. It also has strategic partnerships in place for pick-ups in Palmerston North, Wellington, Christchurch, and Queenstown. New Y Trading operates the New Zealand-based commercial operations of QEX.

The parcels are flown daily to China, cleared through customs and delivered to the end user. It also offers warehousing and packaging, and supply chain services including bulk buying from manufacturers.

In 2017, it purchased Shanghai Ditu International Freight Forwarders, which now operates the Chinese-based commercial operations of QEX. It also has contracts with Customs in Guangzhou, Chongqing, Chengdu, Tianjin, Kunming, Changsha, Ningbo and Xiamen. It offers a 24/7 service to customers including parcel tracking, local delivery logistics, and inventory management.

It formed an Australian unit in October 2017 and is planning to have an operations team in place in Melbourne in 2018.

(BusinessDesk)

Content Sourced from scoop.co.nz
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