China’s ZTO Express has raised $1.4bn in its initial public offering (IPO) in the US. It was the biggest US IPO of the year, and the biggest IPO of a Chinese company in the US since Alibaba’s $25bn splash in 2014.
ZTO’s New York stock market debut has given it a market value of more than $12bn.
The company has indicated that it plans to use $720m of its IPO proceeds to buy more trucks, land, facilities and equipment.
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