China Courier Stocks Drop After Postal Watchdog Plans Clampdown on Irregular Fees
Dou Shicong
DATE:  Aug 01 2019
/ SOURCE:  yicai
China Courier Stocks Drop After Postal Watchdog Plans Clampdown on Irregular Fees China Courier Stocks Drop After Postal Watchdog Plans Clampdown on Irregular Fees

(Yicai Global) Aug. 1 -- Shares of Chinese fast delivery companies took a knock today after the State Post Bureau said it seeks to standardize charges in the sector this month, especially in the rural areas of central and western China.

STO Express [SHE:002468] plunged by the daily trading limit of 10 percent to CNY26.68 (97 US cents); YTO Express Group [SHA:600233] slipped 4.3 percent to CNY12.75; and SF Holding [SHE:002352] fell 0.5 percent to CNY37.

Separately, STO Express and Alibaba Group Holding yesterday signed an agreement granting the e-commerce giant the option to buy stakes in the courier within three years from Dec. 28, with a projected total price of CNY9.98 billion (USD1.45 billion).

Editor: Emmi Laine

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Keywords:   STO Express,Alibaba,State Post Bureau