(Yicai Global) Oct. 11 -- ZTO Express, one of China's largest courier companies, has submitted a prospectus to the US Securities and Exchange Commission regarding raising financing of up to USD1.5 billion in an initial public offering on the New York Stock Exchange.
The Shanghai-based firm plans to list on the NYSE under the symbol ZTO before the end of the year. Morgan Stanley, Goldman Sachs, Huaxing Capital, Citigroup, Credit Suisse and JPMorgan Chase will act as underwriters.
The company's operating income was CNY6.1 billion (USD908 million) last year, with a net profit of CNY1.332 billion and a gross margin of 34 percent. Its operating income in the first half of this year was CNY4.2 billion, with a net profit of CNY770 million, according to company documents.
Chinese logistics companies have benefited from the rise of e-commerce. STO Express, YTO Express, Yunda Express and SF Express have all entered the A-share market this year through backdoor listings.