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ZTO Express Drops in Debut After Year’s Biggest U.S. IPO

ZTO Express Shares Fall After Largest U.S. IPO of 2016

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By Alex Barinka and Taylor Hall

October 27, 2016 at 2:38 PM UTC

Updated on

October 27, 2016 at 5:23 PM UTC

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ZTO Express Inc., the Chinese delivery service that gets most of its business from Alibaba Holding Group Ltd., fell in its trading debut after raising $1.4 billion in the biggest U.S. initial public offering this year.

ZTO shares dropped 9.4 percent to $17.66 at 1:18 p.m. in New York. The company priced 72.1 million American depositary shares at $19.50 apiece, according to a statement Thursday, after offering them for $16.50 to $18.50 each.