BingEx ADR (FLX) said Monday its unit signed a strategic investment agreement with Hangzhou Low-Altitude Industry Development.

The transaction provides the courier service with support from the municipal low-altitude industry platform to expand its drone delivery operations, the company said.

The business is developing a logistics network combining aerial transport with ground fulfillment alongside local partners, BingEx said.

Shares of the company were up 4.4% in Monday premarket activity.