By Yifan Wang
Shares of Chinese delivery firm ZTO Express (Cayman) Inc. are sharply higher in their Hong Kong trading debut.
The stock has gained as much as 12% to 244 Hong Kong dollars (US$31.48), compared with the offering price of HK$218 per share.
The company, also listed in the U.S. and backed by e-commerce giant Alibaba Group Holding Ltd., raised nearly US$1.3 billion in its Hong Kong offering, joining a string of Chinese companies floating shares closer to home amid U.S.-China tensions.
ZTO plans to use the deal's proceeds for infrastructure and capacity development, investments in logistics ecosystem and general corporate purposes.
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