ZTO Express Drops 12%; Announces $870 Mln Sr.notes Offering

Shares of Chinese express delivery company ZTO Express (Cayman) Inc. (ZTO) are falling more than 12% Wednesday morning at $23.54.

The company today announced a proposed offering of $870 million convertible senior notes due 2027.

ZTO Express plans to use net proceeds from the offering to grow its logistics operations, and for general corporate purposes.

ZTO has traded in the range of $19.72-$34.82 in the past 52 weeks.

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