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Alibaba-Backed ZTO Express Seeks Secondary Listing in Hong Kong

   By Joanne Chiu 
 

U.S.-listed ZTO Express (Cayman) Inc. is seeking to raise up to US$1.56 billion in Hong Kong, joining a string of Chinese companies obtaining a secondary listing in the city amid U.S.-China tensions.

The delivery company is selling 45 million new shares ahead of a market debut in Hong Kong on Sept. 29, a U.S. filing on Tuesday showed. ZTO Express is backed by Alibaba Group Holding Ltd., which holds a nearly 9% stake.

The maximum offer price for the small part of the stock sale reserved for individual investors is 268 Hong Kong dollars, the equivalent of US$34.58. It plans to set its offer price on Sept. 22.

 

Write to Joanne Chiu at joanne.chiu@wsj.com

 

(END) Dow Jones Newswires

September 15, 2020 23:01 ET (03:01 GMT)

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