Shulou(Shulou.com)11/24 Report--

CTOnews.com November 18 news, Recently, Zhongtong Express issued an announcement saying that the board of directors of the company approved the motion to seek voluntary conversion to dual primary listing on the main board of the Hong Kong Stock Exchange in accordance with the guidance letter HKEX-GL112-22 of the Stock Exchange of Hong Kong Limited. The Board has also delegated to the senior management of the Company the relevant preparatory work and necessary formalities to complete the major conversion.

Upon the Major Conversion, the Company will become a dual-listed company on the Main Board of the Hong Kong Stock Exchange and the New York Stock Exchange, and its Class A Common Shares and American Depositary Shares will continue to be traded separately on the two stock exchanges (as the case may be) and will be convertible into each other.

The announcement also noted that major conversion matters are subject to, among other things, market conditions, further board approval and obtaining the necessary regulatory approvals and are subject to the fulfilment of the above conditions. The Company will make further announcements in accordance with applicable laws and regulations in due course to disclose any material updates and developments on the Major Conversion.

The so-called dual listing means that both capital markets are the first listing place. It has been listed on the US market and listed on the China Hong Kong market in accordance with local market rules. The secondary listing refers to the cross-market circulation of shares through international custodian banks and securities brokers, mainly in the form of depositary receipts.

ZTO Express said it expects its dual primary listing status to help expand its investor base and bring in additional liquidity, particularly by reaching more investors in China and elsewhere in Asia.

CTOnews.com learned that Zhongtong Express 'revenue for the second quarter of 2022 was 8.6567 billion yuan ($1.2924 billion), up 18.2% from 7.3251 billion yuan in the same period last year; net profit was 1.7587 billion yuan ($262.6 million), up 38.2% from 1.2722 billion yuan in the same period last year.

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