China's ZTO HK shares hit one-year low as revenue estimate missed

ZTO Express (Cayman)

17/11/2023 04:47

** Hong Kong shares of ZTO Express (Cayman) Inc  2057.HK 
fall 6.4% to HK$175, their lowest since Nov. 28, 2022 
    ** Stock set for the biggest one-day pct decline since Aug.
21, if losses hold
    ** The Chinese express delivery services group posts a 1.5%
YoY growth in Q3 revenue at 9.08 bln yuan ($1.25 bln), compared
with analysts' expectation of 9.84 bln yuan 
    ** Says revenue from core express delivery business
increased 2.2% YoY 
    ** "We can no longer justify the 1.5 points annual market
share gain given the senseless low-price trade-off that is
eroding the industry earnings" - Huiping Yan, co's CFO
    ** Hang Seng Commerce & Industry Index  .HSNC  drops 2.9%,
Hang Seng Index  .HSI  falls 2.2%
    ** ZTO Hong Kong shares down 14.8% YTD 


($1 = 7.2449 Chinese yuan renminbi)

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