ZTO Expresss Shares To Be Priced At $28.13 Apiece In HK Listing, Looks To Raise $1.27b

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