Monese adds Direct Debits to become even more like a regular bank account Heresy, founded by ex-Stack Overflow Europe MD, wants to help sales teams close with better data Great map to help with the DTV reception The complete DTV shutoff list straight from the FCC Court sides with FCC''s "porting" decision, rejects Verizon''s (whiny) arguments 681 stations to turn off analog broadcast on 2/17 Polls: Has the FCC done enough to promote the analog switch off? And now that FCC meeting concerning free nationwide Wi-Fi won''t even happen Outgoing FCC Chairman Wants to Rid The Wireless Web Of Porn. Good Luck With That. BlackBerry 8900 aka Javelin aka Curve II passes through the FCC FCC opens up white space spectrum FCC Gives Verizon the Final Greenlight Needed to Buy Alltel FCC clears the Xohm/ClearWire merger FCC gives Verizon/Alltel buyout the greenlight Nokia N79 clears the FCC FCC report helps case for free nationwide wireless Sprint may throttle BitTorrent/P2P for XOHM users The TomTom ONE XL II gets poked and prodded by the FCC Helio Ocean II (Oz2) gets the FCC photo treatment FCC approves new Hitachi Casio 8-megapixel camera phone Samsung Vice Chairman Jay Lee is out of jail after his bribery sentence is suspended Insider, a marketing platform for emerging markets, secures $2.2M to expand Kyklo is bringing the billion-dollar electromechanical industry into digital sales AirAsia, Southeast Asia''s low-cost airline, is considering an ICO Mad Paws, Australia''s Wag, raises $5M led by airline giant Qantas India''s Prime Venture Partners closes new $60M fund for seed investments MIT aims to spark innovation in Southeast Asia with its Global Startup Workshop Now you can visit Disney Parks in the US through Google Street View Korean internet giant Kakao is launching a blockchain company Samsung''s new app uses emojis to help people with language disorders communicate Alibaba''s Ant Financial invests in Chinese bike-sharing startup unicorn Ofo Swingvy raises $1.1M to give HR staff in Southeast Asia a break from paperwork Coyuchi launches a subscription and recycling service for its organic home textiles Apple vows to use only recycled materials, but Greenpeace says iPhones should also last longer SparkLabs will launch its accelerator program in China next month Plug and Play''s new accelerator wants to make the fashion industry less wasteful Alibaba’s Ant Financial may have won the bidding war for MoneyGram after upping its offer to $1.2B Facebook issues statement after murder suspect shares video of shooting in Cleveland [Updated] Uber returns to Taiwan after partnering with licensed rental car companies Online coupon site RetailMeNot acquired for $630 million Uber responds to the New York Times article about how it psychologically manipulates drivers Bizzabo gets $6.5M Series A to make organizing events easier Didi Chuxing is reportedly considering a $6 billion investment backed by SoftBank Group AT&T and Verizon join advertising boycott against Google over offensive YouTube videos The News Lens raises Series B to challenge Asia''s traditional media companies Was Youku a Chinese Internet Netscape Moment? (TCTV) WITN: Paul Still Hates Le Web, London and Apparently Sitting Still (TCTV) Ask a VC: "We Probably Would Have Been the Last Guys to Do a Round in Twitter" (TCTV) Can ShoeDazzle Finally Make Celebrity Co-Founders Pay Off? (TCTV) TechCrunchTV After Dark: So Kincaid, Lacy and Dennis Crowley Walk into a Bar...(TCTV)

China's ZTO Express stumbles in its NYSE debut after raising $1.4B in IPO
中国ZTO Express在IPO首次募资1.4美元后跌跌撞撞

当前位置: 艾金森 > 门户 > 新闻

点击量 2
编辑: 1   作者: Techcrunch   时间: 2018/11/13 2:30:57  

Logistics may be the name of the game when it comes to e-commerce, but the IPO market can still prove to be a fickle place for even the biggest players.

Today, China's ZTO Express, the company that provides shipping and delivery services to Alibaba among others, scored both a hit and a miss in its first day of trading as a public company. First, the company raised $1.4 billion in its IPO - making it the largest IPO of the year. Then, the company made its public debut on the NYSE - and that's where the problems started.

With the IPO selling at $19.50 per share, ZTO opened trading at $1.10 off that price at $18.40, and it continued to lose ground from there. It finally closed at $16.57, 15.03 percent down from its opening price, with lackluster interest throughout the day:

It's a surprising performance, given the IPO size and some of ZTO's financials. The company posted revenues for the first half of 2016 of $639 million and net profit of $115 million. And its?operating margins are 25 percent - a favorable proportion compared with Fed Ex and UPS, which respectively have margins of 9.5 percent and 13.3 percent (figures provided by ZTO).

On the other hand, its current market share is 14.3 percent in China, its main market, and it is facing tough competition.

Asked about the stock's performance,?James Guo, the CFO, said the performance didn't match up with what ZTO saw during its roadshow.

“Pricing IPOs is always very difficult," he said. "We met with hundreds of investors all over the world over the past two weeks and investors were very excited about our story. We saw strong momentum during the book-building process, and the deal itself ended up being over 15 times subscribed.

"We priced the offering at a level that we thought would be fair for all parties involved. Of course it’s usual to see some volatility in the stock price of deal that is as big as ours, but as far as the share price goes, it’s not our place to comment. We’ll let investors in the market decide that. At the end of the day, we think that if we continue to focus on executing our strategy and creating value for our shareholders, the share price will take care of itself over the long term."

Prior to going public, ZTO had raised funding from?Sequoia, Warburg Pincus and Hillhouse.