UPS (UPS) Reports In-Line Q3 EPS; Guidance Reaffirmed

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Go back to UPS (UPS) Reports In-Line Q3 EPS; Guidance Reaffirmed

China's ZTO Express falls in market debut

October 26, 2016 8:51 PM EDT

By Lauren Hirsch and Sruthi Shankar

(Reuters) - Shares of Chinese package delivery company ZTO Express (NYSE: ZTO) fell 15 percent from the company's IPO price in its U.S. market debut on Thursday, despite having raised more than expected at $1.4 billion the night before.

The stock performance showed that underwriters may have overestimated investors' enthusiasm for the largest IPO by a Chinese company since the $25 billion IPO of e-commerce giant Alibaba Group Holding Ltd (NYSE: BABA) in 2014, sources said.

ZTO's IPO, which had been expected to raise... More