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Alibaba-Backed Courier Yto Express To List Via $2.7 Billion Reverse Merger

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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By Brenda Goh and Lee Chyen Yee SHANGHAI/SINGAPORE (Reuters) - Alibaba-backed YTO Express plans to go public via a 17.5 billion yuan ($2.7 billion) merger with a listed clothing maker, becoming the latest courier seeking capital market funds to stay competitive during China's e-commerce boom. China's mostly privately held express delivery firms are under pressure to spend heavily on logistics infrastructure and service upgrades to retain market share as tech firms such as Alibaba Group Holding Ltd propel the country's fast-growing e-commerce market. Dayang Trands said it will transfer its assets to YTO Express' shareholders under the deal.

 

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