ZTO Express To Buy Back Up To $300 Mln Shares In Next 12 Months - Quick Facts

(RTTNews) - Chinese package delivery company ZTO Express (Cayman) Inc. (ZTO) announced late Sunday that its Board of directors has authorized a new share repurchase program of up to $300 million during the next 12-month period.

The Company expects to fund the repurchase out of its existing cash balance. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time, the company said.

Meisong Lai, Founder and Chief Executive Officer of ZTO, said, "The Company's share repurchase plan demonstrates our confidence in the Company's strategy, operating fundamentals and the future business prospects of China's express delivery industry. We are committed to creating more value for our shareholders."