On the morning of October 27, 2016 (ET), ZTO Express (Cayman) Inc. (“ZT”) officially listed its shares for trading on the New York Stock Exchange (NYSE), with its sticker symbol being ZTO.
During this IPO, ZT issued 72,100,000 ADS at the offering price of UD$19.50 per share and successfully raised funds of more than US$1.4 billion. ZT’s IPO was the biggest case of a PRC private company raising capital in the US after Alibaba’s IPO in the US in 2014, and by far the biggest IPO event in the US capital market in 2016.
ZT is the first among large PRC private express delivery companies to go public in a market outside China. Its going-public process encountered several challenges such as its difficult VIE structure. JunHe LLP, acting as the PRC legal counsel in the underwriting syndicate of the ZT Project, performed its duties outstandingly including the reasoning of ZT’s listing proposal, the legal DD investigation in China, the drafting of the relevant agreements and other documents, the issuance of legal opinions for the ZT Project, and providing consulting comments on ZT’s Directed Share Program at the issuing stage, which ensured ZT’s successful IPO on the NYSE.
The leading lawyers in the ZT Project are Mr. Wang Yi and Ms. SHEN, Jiang (Lily).
In addition, JunHe also acted as the securities lawyer in its involvement in the back-door listing of SF, YTO and other PRC express/logistics companies on the A-share market in China, and has set the leading pace in legal services in this field.