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ZTO Stock Jumps 4% After Investment in Cainiao Post

CapitalWatch Staff 2018-11-19 14:56 PM
ZTO Stock Jumps 4% After Investment in Cainiao Post

The stock of ZTO Express (Cayman) Inc. (NYSE: ZTO) jumped more than 4 percent in early trading on Wednesday after the company announced it acquired a 15 percent stake for $168 million in Cainiao Post, a last-mile delivery business of Alibaba&`#`39;s logistics firm, Cainiao Smart Logistics Network Ltd.

Chinese courier ZTO, which Alibaba Group Holding Ltd. (NYSE: BABA) backed last month, said the Cainiao addition will help the company "ramp up last-mile service capabilities and provide diversified solutions."

The shares of ZTO were trading at $21.36 per American depositary share this morning, up 88 cents.