Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) |
|---|---|
| Other Market Stock Code | 600233 |
| H-Share Offer Price | HK$ 218.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Zto Express-W |
|---|---|
| Stock Code | 02057 |
| Company Full Name | To be extracted |
| Industry | 物流运输 |
| Principal Activities | 本公司為中國領先的快遞公司，透過全國性網絡提供快遞服務及其他增值物流服務。公司運營關鍵幹線運輸及分揀網絡，由網絡合作夥伴經營攬件及末端派送網點，覆蓋中國99.2%以上的城市和縣區。 |
| Listing Date | 2020-09-29 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 19C第二上市 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 上海市青浦區華志路1685號1棟 |
| Business Address (Hong Kong) | 香港軒尼詩道245-251號守時商業大廈11樓A室之A1室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | zto.investorroom.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | Yes (NYSE) |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 218.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 10,900 |
| Par Value | To be extracted |
| Offer Period | 2020-09-17 to 2020-09-22 |
| Global Offering Shares | 45,000,000 shares |
| HK Public Offer Shares (Initial) | 2,250,000 shares (5.0%) |
| Public Offer Lots (Initial) | 45,000lots (Pool A22,500lots，Pool B22,500lots) |
| International Placing Shares (Initial) | 42,750,000 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 848,551,115 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 9,810,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 10,900 |
| 2 lots | 100 | HK$ 21,800 |
| 3 lots | 150 | HK$ 32,700 |
| 4 lots | 200 | HK$ 43,600 |
| 5 lots | 250 | HK$ 54,500 |
| 6 lots | 300 | HK$ 65,400 |
| 7 lots | 350 | HK$ 76,300 |
| 8 lots | 400 | HK$ 87,200 |
| 9 lots | 450 | HK$ 98,100 |
| 10 lots | 500 | HK$ 109,000 |
| 12 lots | 600 | HK$ 130,800 |
| 14 lots | 700 | HK$ 152,600 |
| 16 lots | 800 | HK$ 174,400 |
| 18 lots | 900 | HK$ 196,200 |
| 20 lots | 1,000 | HK$ 218,000 |
| 30 lots | 1,500 | HK$ 327,000 |
| 40 lots | 2,000 | HK$ 436,000 |
| 50 lots | 2,500 | HK$ 545,000 |
| 60 lots | 3,000 | HK$ 654,000 |
| 70 lots | 3,500 | HK$ 763,000 |
| 80 lots | 4,000 | HK$ 872,000 |
| 90 lots | 4,500 | HK$ 981,000 |
| 100 lots | 5,000 | HK$ 1,090,000 |
| 120 lots | 6,000 | HK$ 1,308,000 |
| 140 lots | 7,000 | HK$ 1,526,000 |
| 160 lots | 8,000 | HK$ 1,744,000 |
| 180 lots | 9,000 | HK$ 1,962,000 |
| 200 lots | 10,000 | HK$ 2,180,000 |
| 400 lots | 20,000 | HK$ 4,360,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 600 lots | 30,000 | HK$ 6,540,000 |
| 800 lots | 40,000 | HK$ 8,720,000 |
| 1,000 lots | 50,000 | HK$ 10,900,000 |
| 1,200 lots | 60,000 | HK$ 13,080,000 |
| 1,400 lots | 70,000 | HK$ 15,260,000 |
| 1,600 lots | 80,000 | HK$ 17,440,000 |
| 2,000 lots | 100,000 | HK$ 21,800,000 |
| 3,000 lots | 150,000 | HK$ 32,700,000 |
| 4,000 lots | 200,000 | HK$ 43,600,000 |
| 5,000 lots | 250,000 | HK$ 54,500,000 |
| 10,000 lots | 500,000 | HK$ 109,000,000 |
| 15,000 lots | 750,000 | HK$ 163,500,000 |
| 22,500 lots | 1,125,000 | HK$ 245,250,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 95.9B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 184,984,143,070 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣56.7億元 |
| Period-End Cash Balance | 人民幣5,270.2百萬元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2017 | 2018 | 2019 |
|---|---|---|---|
| Revenue | 13,060,073 | 17,604,451 | 22,109,946 |
| Cost of sales | -8,714,489 | -12,239,568 | -15,488,778 |
| Gross profit | 4,345,584 | 5,364,883 | 6,621,168 |
| Other income and gains, net | 183,368 | 178,057 | 387,890 |
| Administrative expenses | -780,517 | -1,210,717 | -1,546,227 |
| Operating profit | 3,748,435 | 4,332,223 | 5,462,831 |
| Share of associates and JVs | -15,682 | -19,386 | -7,556 |
| Profit before tax | 3,820,943 | 5,336,431 | 6,757,118 |
| Income tax expense | -646,361 | -929,133 | -1,078,295 |
| Profit for the year | 3,158,900 | 4,387,912 | 5,671,267 |
| Profit attributable to owners | 3,159,663 | 4,383,025 | 5,674,145 |
Balance Sheet
| Item | 2017 | 2018 | 2019 | 2020-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 5,425,024 | 4,622,554 | 5,270,204 | |
| Trade and bills receivables | 287,835 | 596,995 | 675,567 | |
| Inventories | 34,231 | 43,813 | 43,845 | |
| Total current assets | 12,377,846 | 21,234,067 | 20,098,257 | |
| Total assets | 25,827,638 | 39,682,857 | 45,890,502 | |
| Total current liabilities | 4,146,014 | 5,141,465 | 6,680,947 | |
| Total liabilities | 4,386,321 | 5,413,308 | 7,487,105 | |
| Total equity | 21,441,317 | 34,269,549 | 38,403,397 | |
| Equity attributable to owners | 21,435,313 | 34,217,238 | 38,302,604 | |
| Interest-bearing borrowings | 250,000 | 0 | 0 | 1,690,000 |
Cash Flow Statement
| Item | 2017 | 2018 | 2019 | 2020-06 |
|---|---|---|---|---|
| Net cash from operating activities | 3,630,684 | 4,404,051 | 6,304,186 | |
| Net cash from investing activities | -8,294,547 | -12,872,633 | -3,664,213 | |
| Net cash from financing activities | -1,061,558 | 7,666,112 | -1,992,323 | |
| Net increase in cash | -5,725,421 | -802,470 | 647,650 | |
| Depreciation of PP&E | 560,366 | 853,718 | 1,264,566 | 834,256 |
| Purchase of PP&E | -2,572,242 | -3,323,822 | -4,635,685 | -2,615,452 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 238.0 |
|---|---|
| First Day Open | HK$ 244.0 |
| First Day Change | 9.17% |
| First Day Volume | 4253370.0 |
| First Day Turnover | 1010200000.0 |
| Use of Proceeds | 1、約50%（假設超額配股權未獲行使，約4,837.26百萬港元）用于基礎設施及產能發展；
2、約25%（假設超額配股權未獲行使，約2,418.63百萬港元）用于賦能我們的網絡合作伙伴及加強網絡穩定性；
3、約15%（假設超額配股權未獲行使，約1,451.18百萬港元）用于投資物流生態圈；
4、約10%（假設超額配股權未獲行使，約967.45百萬港元）用于一般公司用途。 |
Underwriting Syndicate
Sole Sponsor (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Overall Coordinators (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Joint Bookrunners (4)
Joint Lead Managers (9)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
UBS Securities Hong Kong Limited CE BIN466
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Citigroup Global Markets Asia Limited CE AAA137
BOCI ASIA LIMITED CE AET863
China Renaissance Securities (Hong Kong) Limited CE AZX839
CLSA LIMITED CE AAB893
CMB International Capital Limited CE AVM940
MIZUHO SECURITIES ASIA LIMITED CE AEZ953
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 赖梅松 | — |
| Company Secretary | To be extracted | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Zto Lms Holding Limited持股26.7%及投票權78.2%；阿里巴巴集團控股有限公司持股8.7%；Zto Ljf Holding Limited持股8.5%；Zto Wjl Holding Limited持股6.4%。 |
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