Skadden, Arps, Slate, Meagher & Flom and Global Law Office Shanghai have advised Chinese courier ZTO Express on its $1.55 billion secondary listing on the Hong Kong Stock Exchange, with Freshfields Bruckhaus Deringer and JunHe counselling the sponsor and the underwriters.

ZTO Express listed in New York in 2016. Its Hong Kong secondary listing follows those of Yum China Holdings and Zai Lab’s offerings in recent days.

This increase in secondary listings in Hong Kong by China-based U.S.-listed companies comes during uncertainties stemming from Sino-U.S. trade frictions. With the U.S. authorities insisting on full disclosure of listing applications and threatening to delist Chinese companies that do not meet its accounting standards, a secondary listing in Hong Kong is a significant step towards a global financing strategy, according to Reuters.

Maples Group advised the issuer on the offshore aspects of the transaction.

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