ZTO Express Arm to Take Full Control of Last-Mile Delivery Provider TuXi Tech in 1.3 Billion Yuan Deal

MT Newswires Live

06/23

Rappy Holding, a wholly-owned subsidiary of logistics company ZTO Express (HKG:2057), has agreed to acquire the remaining 36.2% stake it does not already own in TuXi Tech for around 1.31 billion yuan, according to a Monday filing to the Hong Kong stock exchange.

The company will acquire 567,500,000 TuXi Tech shares at around 2.30 yuan per share.

At present, Rappy holds around 63.8% of the issued shares in TuXi Tech, which provides last‑mile post services.

On completion of the transaction, the group will hold all of the issued shares in TuXi Tech, making it a wholly-owned subsidiary of the company, and its financial results will continue to be consolidated into those of the group.

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