By Gina Lee
Investing.com – Chinese delivery firm ZTO Express (Cayman) Inc shares soared on their Hong Kong Stock Exchange (HKSE) debut on Tuesday.
The shares (HK:) were steady at HK$238.80 ($30.81) by 12:52 AM ET (4:52 AM GMT), after trading nearly 9% above the offer price earlier in the day. The company’s shares listed on the New York Stock Exchange (NYSE) (NYSE:) closed at $31.97, up 4.82%, on Monday, ahead of the Hong Kong listing.
ZTO sold 45 million shares in its secondary listing, raising $1.27 billion. The funds will be used to build more sorting hubs, expand capacity, strengthen network stability, and increase competitiveness. The shares were priced at HK$218 each at the close of institutional bookbuild last week.
The listing joins a flurry of secondary listings in the city in 2020. There have been 10 such listings in the city in 2020 to date that have raised $15.1 billion, according to data from Refinitiv.
Founded in May 2002, ZTO Express’ customer list includes e-commerce giants Alibaba (NYSE:) Group Holding Ltd (HK:) and Jd Com Inc (HK:).
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