By Bingyan Wang


Chinese package delivery company ZTO Express (Cayman) rejected a U.S. based short seller's claim of irregularities its financial results, saying the allegations were without merit.

"The report is without merit and contains numerous errors, unsupported speculations, and misleading conclusions and interpretations," Shanghai-based ZTO Express said in a statement Friday.

Grizzly Research on its Twitter account on Thursday said it believes, among other things, that ZTO Express has under-reported revenue and costs, helping the company post standout margins.

The board and audit committee are reviewing the allegations and considering the appropriate course of action to protect shareholders' interests, ZTO Express added.

ZTO Express is listed in both Hong Kong and the U.S.

ZTO Express was up 0.3% at HK$191.10 (US$24.34) in Hong Kong at midday.


Write to Bingyan Wang at bingyan.wang@wsj.com


(END) Dow Jones Newswires

03-03-23 0053ET