Chinese delivery firm ZTO Express up in Hong Kong trading debut

HONG KONG (Reuters) – Shares of Chinese delivery firm ZTO Express (Cayman) Inc are set to open at HK$244 each in their Hong Kong debut on Tuesday, up 11.9% from the offering price of HK$218 apiece.

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

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

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

(Reporting by Scott Murdoch and Donny Kwok; Editing by Jacqueline Wong)