ZTO raises $1.4bn in this year's biggest listing

ZTO, one of a dozen express delivery companies that work closely with Alibaba, has raised $1.4bn, piggy backing on the Hangzhou-based ecommerce group’s record $25bn listing in 2014. In spite of pricing ahead of expectations, ZTO’s shares fell in their debut on Thursday on the New York Stock Exchange. They closed down a disappointing 15% at $16.57, giving the Shanghai-based company a market value of about $12bn. ZTO’s chief financial officer James Guo told the Financial Times that if the company continued to grow, “the stock price can take care of itself.” The group priced its 72.1m shares at $19.50 each, above its previously indicated range of $16.50 to $18.50. The deal also clocked in as the biggest US-listed IPO in the year to date, according to Dealogic.