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ByteDance Denies Becoming New Shareholder of ZTO EXPRESS-W, Despite Small Investment Made Yrs Ago
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ZTO EXPRESS-W (02057.HK) recently completed an industrial & commercial changes, increasing its registered capital from RMB420 million to approx. RMB600 million, according to Chinese media. This capital increase introduced several strategic investors, including ByteDance and Taobao China Holding Limited, etc.. The capital increase to approx. RMB600 million and the introduction of well-known strategic investors indicate that ZTO EXPRESS-W is optimizing its equity structure and injecting new resources for future development, the report added. ByteDance and Taobao China Holding Limited, both subsidiaries of internet giants, were introduced this time. Alibaba series was already a significant shareholder of ZTO EXPRESS-W, while Taobao China's direct investment in ZTO EXPRESS-W further strengthened the strategic cooperation between Alibaba series and ZTO system. In response, a ByteDance representative stated that the aforementioned report is false information. ByteDance had made a small investment in ZTO EXPRESS-W at the end of 2021, with a very low shareholding ratio. The industrial & commercial registration change should be an internal structural adjustment of ZTO EXPRESS-W, and there is no claim of ByteDance becoming a new shareholder. AASTOCKS Financial News Website: www.aastocks.com |
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