China’s ZTO Express files for biggest U.S. IPO since Alibaba

The Shanghai-based company raised about $1.4 billion and has a market valuation of more than $12 billion after its stock market debut.

It marks the largest U.S. IPO by a Chinese company since e-commerce giant Alibaba Group Holding Ltd raised about $21.8 billion in 2014.

Most of the proceeds from the IPO will be used to buy more land, facilities, equipment and trucks, the prospectus said.

Founded in 2002, ZTO has seen the number of parcels it delivers jump to 2.94 billion in 2015 from 279 million in 2011, the prospectus said.

The courier firm made 4.2 billion yuan (US$619 million) in revenue in the first half of 2016, a 70.8 percent year-on-year increase, with a profit margin of 24.9 percent.

China's express delivery sector has been growing rapidly on the back of a booming e-commerce market, with players tapping public markets to fund their expansion in the fiercely competitive industry.

ZTO's main rival YTO Express went public on Oct. 20, with others including SF Express, STO Express and Yunda Express also preparing to list.

Editor: AA Ariwibowo

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