ZTO Express’s shares to be priced at $28.13 apiece in HK listing, looks to raise $1.27b

REUTERS/Jason Lee

Chinese delivery group ZTO Express has indicated its shares will be priced at HK$218 ($28.13) each as it raises up to $1.27 billion in its Hong Kong listing, according to two sources with direct knowledge of the matter.

The final pricing will be set later on Tuesday as the company sells 45 million shares. The indicative guidance is 1.92% below the stock’s closing price on Monday in New York of $28.68.

The sources could not be named because the information had not yet been made public. ZTO Express did not immediately respond to a request for comment.

The company’s US-listed shares closed down 6.45% in the New York session. The Dow Jones Industrial Average lost 1.84% during the session.

ZTO Express had set a maximum price of HK$268 each, according to filings lodged with the US securities regulator last week when the institutional bookbuild began.

ZTO Express’s pricing comes after shares of another Chinese group, Huazhu Group, started trading in Hong Kong on Tuesday.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.