ZTO Express (ZTO) IPO Opens Lower

Today's IPO for ZTO Express (NYSE: ZTO) opened for trading at $18.40 after pricing its initial public offering of 72,100,000 American depositary shares at US$19.50.

Morgan Stanley & Co. International plc, Goldman Sachs (Asia) L.L.C., China Renaissance Securities (Hong Kong) Limited, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities LLC acted as joint bookrunners for the offering.

ZTO Express Inc. is a leading express delivery company in China and one of the largest express delivery companies globally, in terms of total parcel volume in 2015, according to the iResearch Report. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network in China covering over 96% of China's cities and counties as of June 30, 2016.

ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.

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