China courier ZTO delivers year's biggest US IPO after raising US$1.4bil

NEW YORK: Chinese package delivery company ZTO Express said it raised US$1.4 billion in the biggest US initial public offering of the year on Wednesday as its backers cashed in on China’s booming online-shopping industry. The stock market debut, the biggest by a Chinese company since the US$25 billion IPO of e-commerce giant Alibaba Group Holding Ltd in 2014, gave the Shanghai-based company a market value of more than US$12 billion. The company wants to use US$720 million of its IPO procee