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ZTO Express Rises Sharply in Hong Kong Debut

   By Yifan Wang 
 

Shares of Chinese delivery firm ZTO Express (Cayman) Inc. are sharply higher in their Hong Kong trading debut.

The stock has gained as much as 12% to 244 Hong Kong dollars (US$31.48), compared with the offering price of HK$218 per share.

The company, also listed in the U.S. and backed by e-commerce giant Alibaba Group Holding Ltd., raised nearly US$1.3 billion in its Hong Kong offering, joining a string of Chinese companies floating shares closer to home amid U.S.-China tensions.

ZTO plans to use the deal's proceeds for infrastructure and capacity development, investments in logistics ecosystem and general corporate purposes.

 

Write to Yifan Wang at yifan.wang@wsj.com

 

(END) Dow Jones Newswires

September 28, 2020 21:57 ET (01:57 GMT)

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