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China's ZTO Express falls in market debut
October 26, 2016 8:51 PM EDTBy Lauren Hirsch and Sruthi Shankar
(Reuters) - Shares of Chinese package delivery company ZTO Express (NYSE: ZTO) fell 15 percent from the company's IPO price in its U.S. market debut on Thursday, despite having raised more than expected at $1.4 billion the night before.
The stock performance showed that underwriters may have overestimated investors' enthusiasm for the largest IPO by a Chinese company since the $25 billion IPO of e-commerce giant Alibaba Group Holding Ltd (NYSE: BABA) in 2014, sources said.
ZTO's IPO, which had been expected to raise... More
