Chinese delivery firm ZTO Express up 9% in Hong Kong debut

[HONG KONG] Shares of Chinese delivery firm ZTO Express (Cayman) were trading nearly 9 per cent above their offer price as the stock debuted in Hong Kong on Tuesday.

The New York-listed firm sold 45 million shares in its secondary listing in the city, raising US$1.27 billion to build more sorting hubs, expand capacity, strengthen network stability and competitiveness.

The firm priced its shares at HK$218 each (S$38.65) when the institutional bookbuild was finalised last week.

Shares of ZTO Express opened at HK$244 each, up 11.9 per cent from the offer price, before softening slightly during the morning session to HK$237.60, but still up 9 per cent.

There have been 10 secondary listings in Hong Kong in 2020 that have raised US$15.1 billion, according to Refinitiv.

REUTERS