On September 29, 2020，ZTO Express (Cayman) Inc. (2057.HK) launched its listing on the Main Board of The Stock Exchange of Hong Kong (HKEX) as part of its global offering of 45 million shares (subject to the over-allotment option). The offer price was set at HKD 218 per share, intending to raise HKD 9.81 billion.
This is another successful case of JunHe representing a US listed company in the secondary listing on HKEX since 2020. In 2016, JunHe, acting as the PRC legal counsel for the underwriter, advised ZTO Express (Cayman) Inc. (ZTO Express) in its listing on the NYSE. Again in this Project, JunHe fully cooperated with ZTO Express and various intermediaries in this successful listing of ZTO Express in Hong Kong. Upon the Hong Kong secondary listing, ZTO Express will become the first express delivery company that listed concurrently on the NYSE and HKEX.
ZTO Express was founded in 2002. As a leading express delivery company in China, ZTO Express has a market share of more than 19% in 2019, and it is also the largest and most profitable enterprise in "Four links and one up". By June 30, 2020, the network infrastructure of ZTO Express includes 90 sorting centers, 282 automatic sorting lines, more than 3,400 trunk lines, and more than 5,000 direct network partners, covering more than 99% of the cities, counties and districts in China.
The timetable for the Project is very tight. It takes only about 3 months from the project lick-off to a successful listing. Acting as the PRC legal counsel for the sole sponsor and underwriter for this Project, JunHe provided comprehensive, high-quality and efficient legal services. Under the unusual circumstance of COVID-19 pandemic, JunHe assisted the Sponsor in efficiently conducting more than 160 on-site third party due diligence investigations and document discovery. In addition to such on-site work, JunHe also assisted the sole sponsor in conducting legal due diligence, reviewing and revising the application documents relating to this Listing and public disclosure documents required by the NYSE and HKEX and responding to several rounds of feedback and inquiries from the HKEX and SFC and issued the PRC legal opinions, ultimately helped ZTO Express successfully obtain required exemptions and approvals for this Listing. JunHe lawyers have earned the high regard and confidence from the client and other intermediaries for their efficient and prudent delivery of professional expertise and services.