Alibaba on Monday pared its stake in logistics firm ZTO Express (Cayman) Inc. (2057.HK; ZTO.US), offloading 25 million American depositary shares (ADS) at $20.02 apiece in a transaction valued at $500 million.
The marketed price range for the sale was $20.02 to $20.22, according to foreign media reports, with the sale ultimately pricing at the bottom end. The final price represented a 4.5% discount to ZTO’s Friday closing price of $20.96.
ZTO’s U.S.-listed ADSs fell 7% on Monday, the day of the Alibaba sale, before staging a 2% rebound on Tuesday. The company’s Hong Kong-listed shares also shed 5% on Tuesday. The stock is down more than 20% from its peak in the past year.
By Lau Chi Hang
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