The Motivation And Performance Study Of ZTO Express' Initial Public Offerings In US

With the rapid development of China's e-commerce industry,express delivery services are increasingly related to the daily lives of the people.The role and status in economic and social development have also become increasingly important and have become the focus of attention in the past two years.The national industrial policy strongly supports its development.Although the development potential of China's express delivery companies is huge,fierce competitive pressures have forced express delivery companies to seek new development model.More efficient and smarter,providing customers with more suitable solutions and better services,creating an integrated logistics platform has become a new trend in the development of the domestic express delivery industry.Looking for capital to help express companies complete the transformation of the new model becomes the key.Since2015,China's express delivery companies have started the upsurge of listing financing.Among the top five domestic express delivery companies,four companies have selected domestic backdoor listing to enter the capital market.The ZTO Express went to the New York Stock Exchange in the United States and became the first overseas stock of express delivery companies in China.It has a unique representation.This article takes the example of ZTO Express' initial public offerings in New York Stock Exchange,analyzes its motivation in the United States IPO,and conducts performance evaluation on its listing activities,with a view to providing valuable reference for the delivery of express delivery companies and similar companies.This article has adopted the case analysis method and literature analysis method.First,on the basis of summarizing and absorbing domestic and foreign scholars' theory of overseas listing,the author proposes the theoretical basis,and then uses the case study method to introduce the basic development of ZTO Express' s development history and business model,and analyze the motivation of ZTO Express' s US IPO from both inside and outside deeply and objectively.Then,using the stock price,market share,and traditional financial indicators,we conducted a comprehensive analysis of the performance of ZTO Express to see if the company's listing financing activities have achieved the expected results.Through the performance evaluation,it shows that ZTO Express has increased its market share by the IPO,and its operating results rank ahead of the industry,bringing value to shareholders.The scale effect brought by listing gradually emerged,which improved its operational efficiency.ZTO Express has taken a step closer to the strategic goal of building a global leading integrated logistics platform,and achieved the goal that ZTO Express expects.Through the comprehensive analysis of ZTO Express listing cases,we can draw some valuable inspirations for the listing financing of China's express delivery industry.China's express delivery companies should clearly identify the motivation for listing and choose the right capital market according to their own development goals.The overseas market is more diversified,but it also has a strict information disclosure system and supervision system.Enterprises should self-sufficient long-term strategic goals and plan financing plans rationally.