SINGAPORE: Chinese courier company Shanghai Yunda Express has inked an 18 billion yuan ($2.7 billion) reverse merger deal with Shenzhen-traded Ningbo Xinhai Electric, the latest delivery firm to use a backdoor listing as a means to tap capital market funds.
China´s largely private express delivery firms are under pressure to boost logistics infrastructure and upgrade services to maintain their market share as online retail continues to grow.
The agreement, which involves an asset swap and share issue, will effectively give Yunda Express a listing on the Shenzhen stock exchange, according to documents posted on the exchange on Friday.
The deal between Yunda Express and Ningbo Xinhai Electric Co Ltd comes as other Chinese courier companies such as SF Holdings (Group), Alibaba-backed YTO Express and Shentong (STO) Express have made similar moves to list publicly.
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