ZTO Launches $1.6B HK Listing As US Considers Crackdown

Law360 (September 16, 2020, 4:44 PM EDT) -- Skadden-led logistics giant ZTO Express said Wednesday it expects to raise nearly $1.6 billion in a Hong Kong Stock Exchange initial public offering, joining several U.S.-listed companies with China headquarters that are adding secondary listings near home amid rising U.S.-China tensions.

Shanghai-based ZTO Express (Cayman) Inc. said it plans to offer 45 million Class A shares priced at HK$268 ($34.58) each, which would raise HK$12.1 billion. The Alibaba-backed company said it expects the Hong Kong IPO to price on Sept. 22.

ZTO is adding a Hong Kong listing to its U.S. presence on the Nasdaq, where its stock has traded since...

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