ZTO Express * China: Set for biggest USA IPO this year
* Shanghai - Delivery firm set to raise up to $1.3 billion in biggest IPO by Chinese company in the U.S. A.
--- A logistics company tied to China’s booming online-shopping industry is set to raise up to $1.3 billion in what could be the biggest U.S. initial public offering this year... ZTO Express, which delivers parcels for businesses including Chinese e-commerce giants Alibaba Group Holding Ltd. and JD.com Inc., said late Friday it will sell 72.1 million shares at $16.50 to $18.50 each... Founded in 2009 by a 15-year veteran of China’s logistics industry, ZTO operates a fleet of more than 3,300 trucks that deliver across China. Its main business is delivering parcels for Alibaba, which accounted for 75% of its business during the first half of this year. ZTO’s backers include Hillhouse Capital Group and Warburg Pincus LLC. ...
(Photo: Reuters - Workers listen to instructions at a ZTO Express sorting centre in Beijing, China, in November 2015) -- Shanghai, China - The WSJ, by ALEC MACFARLANE - Oct. 16, 2016