On October 26, 2016, ZTO Express, one of the largest express delivery companies in the world, completed a $1.4 billion IPO on the New York Stock exchange. The listing was the largest IPO of the year at the time of listing, and the largest by any Chinese company in the US since Alibaba’s in 2014.

In 2015, Hillhouse Capital invested in the company seeing the tremendous growth trajectory of the logistics market. ZTO was ideally positioned to fulfill the growing need in China for outstanding express delivery service, as e-commerce continued to drive huge demand.

Working with Hillhouse, the company was able to increase its share of China’s massive, but fragmented, express delivery market to more than 15%, with 75% compounded annual growth over the previous five years. Hillhouse’s other logistics related investments include GLP, which represented the largest buyout in Asia at the time of its privatization.