China's ZTO Express plummets most in 5 months on convertible bonds plan

ZTO Express (Cayman)

25/08/2022 07:13

** Shares of Chinese delivery company ZTO Express (Cayman)
Inc  2057.HK  drop as much as 10.3% to HK$191.60, the biggest
intraday pct decline since March 14
    ** Stock sinks to the lowest since June 23 and is
second-biggest pct decliner in Hang Seng Composite Index  .HSCI 
    ** ZTO Express  ZTO.N  has raised $870 mln in convertible
bonds, according to the firm's regulatory filings on Thursday
 urn:newsml:reuters.com:*:nL4N30106K
    ** The Shanghai-based co says net proceed from the 5-yr
convertible bonds will be used to pay cost of capped call
transactions, to grow its logistics operations, invest in
logistics ecosystem and for working capital  urn:newsml:reuters.com:*:nL1N3001CQ
    ** The bonds, with over-allotment option of $130 mln, will
be convertible into either ZTO's U.S.-listed ADSs or its Hong
Kong-listed ordinary shares
    ** The Hang Seng Commerce & Industry Index  .HSNC  jumps 2%,
the Hang Seng Composite Index  .HSCI  climbs 1.4% and the
benchmark Hang Seng Index  .HSI  rises 1.5%
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))