Chinese parcel delivery company, ZTO, has raised US$1.4 billion (€1.3 billion) to make headlines as the biggest US Initial Public Offering of the year.
The stock prices for the company's shares opened at US$18.40, before falling more than 15 per cent through the day to close at US$16.57, in what ZTO CFO, James Guo, told CNBC was 'quite unusual volatility'.
“The Chinese delivery market has tremendous potential. We expect we [will] continue to benefit from the continued e-commerce boom in China,” the newswire quoted Guo.
According to CNBC, most of ZTO's business is driven from e-commerce, which is still under-penetrated in China, which is the world's largest market for delivery services.