ZTO to list in US in this year's biggest IPO

ZTO Express, the Chinese delivery service that gets about three-quarters of its business from Alibaba, is set for a US IPO that will be this year’s biggest. Bloomberg reports the planned $1.3 billion sale, the most a Chinese company raised in New York since Alibaba raised a record $25 billion in 2014, may mark an inflection point after a string of mainland companies have sought to abandon their US listings and move trading back home, where stocks are commanding higher multiples. It will also test US investor demand at a time when others are going public through reverse mergers, or backdoor listings, on the Shenzhen exchange. Such deals have proliferated in China as the regulator made it difficult for companies to gain approval for IPOs in Shanghai.