The stock market debut, the biggest by a Chinese company since the US$25 billion IPO of e-commerce giant Alibaba Group Holding Ltd in 2014, gave the Shanghai-based company a market value of more than US$12 billion. The company wants to use US$720 million of its IPO proceeds to buy more trucks, land, facilities and equipment. Domestic rivals STO Express and YTO Express have unveiled plans to go public with reverse takeovers worth US$2.5 billion and US$2.6 billion. The country’s biggest player, SF Express, and rival Yunda Express, are working on similar deals worth US$6.4 billion and US$2.7 billion respectively. ZTO said the American depositary shares will begin trading on the New York Stock Exchange on Thursday under the ticker symbol ZTO.

Source: New Strait Times October 27, 2016 04:32 UTC