ZTO Raises, Extends Share Repurchase Program

(RTTNews) - Chinese express delivery company ZTO Express (Cayman) Inc. (ZTO) on Wednesday said that its Board of Directors has raised the combined value of shares to be purchased under the share repurchase program to $1 billion. The effective time to repurchase has also been extended by two years to June 30, 2023.

The company had in November 2018 announced the repurchase program to buy back shares worth $500 million.

ZTO said that the planned repurchases may be made periodically on the open market at current market prices, depending on market conditions and in agreement with applicable rules and regulations.

In pre-market trade on the NYSE, the company's shares were up 2.2% to trade at $29.