SHANGHAI-BASED YTO Express became China’s first courier firm to debut on the Shanghai Stock Exchange yesterday.

Alibaba-backed YTO Express seeks capital to expand its aircraft fleet as well as develop new technologies to stay competitive during China’s e-commerce boom, Chairman Yu Weijiao said, adding that the company now operates five cargo aircraft and plans to expand the fleet to 50 by 2020.

YTO Express handled over 3 billion parcels in 2015, a surge of 63 percent year on year. The firm predicted its net profit at 1.1 billion yuan (US$163 million) this year.

Shares of YTO Express fell 4 percent to close at 34.60 yuan (US$5.14).

YTO Express made a backdoor A-share listing via a reverse merger with Chinese garment maker Dalian Dayang Trands Co early this year and changed the stock name to YTO Express.

Separately, SF Express has announced a plan to list via a 43.3 billion yuan reverse takeover. It plans to merge with Shenzhen-listed Dingtai Rare Earth and New Materials via an asset swap, and use it as a shell company to list on the bourse.

Source:Shanghai Daily