MingZhu Logistics Holdings Limited (YGMZ)

MingZhu Logistics Holdings Limited was a trucking and logistics company based in Shenzhen, in China's Guangdong province. Its operating business was established in 2002, and it provided domestic freight and delivery services using a fleet of tractors and trailers supplemented by subcontracted carriers. The holding company was organized outside China, and its operations were carried out through subsidiaries in the People's Republic of China.

The company focused on truckload transportation for customers such as logistics companies, freight forwarders and warehouse operators, including cross-border trucking between mainland China and Hong Kong. At the end of 2021 it reported a fleet of roughly 100 tractors and 76 trailers. Its revenue depended on freight demand, fuel and driver costs, subcontractor pricing, and the volume of trade through the Shenzhen and Hong Kong region.

MingZhu conducted an initial public offering of its ordinary shares on Nasdaq in 2020, listing under the symbol YGMZ on the Nasdaq Capital Market. As with many small China-based issuers that listed in the same period, the company had a small public float, and its share price declined sharply in the years after the offering. Its shares were exposed to the general risks facing small U.S.-listed Chinese companies, including regulatory scrutiny and thin trading.

On October 20, 2025, Nasdaq staff notified MingZhu that it no longer qualified for listing under Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share for the Nasdaq Capital Market. The company appealed on October 27, 2025 to a Nasdaq Listing Qualifications Hearings Panel, and a hearing took place on December 9, 2025.

The Panel issued its decision on December 10, 2025 to suspend the company, and trading in its ordinary shares on Nasdaq was suspended effective December 12, 2025. After the suspension the shares moved to the over-the-counter market under the symbol YGMZF. Nasdaq subsequently issued its delisting determination on May 11, 2026.

The delisting became effective at the opening of trading on May 28, 2026, and Nasdaq's Form 25 with the SEC was filed in connection with the removal of the securities from listing and registration. MingZhu's ordinary shares are no longer listed on a U.S. national securities exchange and trade on the OTC markets, where liquidity is typically limited compared with a Nasdaq listing.