The largest listing in the US by a Chinese company in two years will again give investors¹ a chance to own part of the engine of China’s ecommerce boom.

由一家中国企业创造的两年内美国最大IPO，将再次给予投资者受益于中国电子商务热潮的引擎的机会。

ZTO, one of a dozen express delivery companies that work closely with Alibaba, raised $1.4bn in a listing on the New York Stock Exchange on Wednesday, piggy backing on the Hangzhou-based ecommerce group’s record $25bn listing in 2014.

中通快递(ZTO Express)是十多家与阿里巴巴(Alibaba)密切合作的快递企业之一。周三，中通在纽交所(NYSE)上市，融资14亿美元。此前的2014年，总部位于杭州的电商集团阿里巴巴创下了250亿美元的融资纪录。

ZTO priced 72.1m shares at $19.50 each — above its previously² indicated range of $16.50 to $18.50, according to Reuters. That gave the Shanghai-based company a market value of more than $12bn.

路透(Reuters)称，中通发售了7210万份股份，每股价格19.5美元——高于此前推介的16.5美元至18.5美元区间。由此，这家总部位于上海的公司的市值超过了120亿美元。

Since Alibaba’s listing, ecommerce transactions in China have surpassed the US and last year amounted to $609bn, compared with the US total of $342bn. Parcel deliveries have risen yearly by 80 per cent since 2011 to hit $20.7bn last year.

自阿里巴巴上市以来，中国的电商交易额已超过美国，去年达到6090亿美元，而美国为3420亿美元。自2011年以来，中国快递包裹量每年增速十分迅猛，去年增至207亿件。

A major part of the success of Chinese ecommerce is down to cheap and fast delivery companies such as ZTO — which claims 14.3 per cent of the country’s express delivery market. They ship mountains of small parcels across country and deliver them door to door on electric powered tricycles which have become ubiquitous in Chinese cities.

中国电商的成功，在很大程度上要归功于中通等收费低、速度快的快递公司。中通声称，其在中国快递市场的份额达到14.3%。这些快递公司把海量的小包裹运到全国各地，然后电动三轮车挨家挨户地送件。如今，电动三轮车在中国的城市里已随处可见。

A wave of listings by delivery companies occurred this year, each seeking to raise money for fleets of cargo³ aircraft and expanded networks.

今年，快递公司发起了一波上市潮，每家公司都在寻求融资，以购买大批货机，扩充货运网。

Competitor YTO became the first Chinese express company to go public in Shanghai last Thursday, while SF Express announced plans in May for a backdoor listing in Shenzhen.

上周，竞争对手圆通速递(YTO)成为中国首家在上海上市的快递公司，而5月份顺丰速运(SF Express)宣布了在深圳借壳上市的计划。

For the US market, the deal comes at what could be a turning point in a slow year. US IPOs are running at the lowest level in years, but have been picking up.

对美国市场而言，中通上市可能成为波澜不兴的今年的一个转折点。目前，美国IPO市场正处于多年来的最低迷状态，但已开始提速。

ZTO is one of several official logistics partners for Alibaba, which accounted for 77 per cent of ZTO’s parcel volume last year.

中通是阿里巴巴的几家官方物流合作伙伴之一。去年，阿里巴巴引导的业务量占到中通总业务量的77%。