Alibaba, Yunfeng-backed YTO Express set for $2.7b backdoor listing
Chinese clothing maker Dalian Dayang Trands has agreed to acquire Shanghai's YTO Express, which is backed by Alibaba Group and Yunfeng Capital, for RMB17.5 billion ($2.7 billion), resulting in a backdoor listing in Shanghai for the courier service provider.
According to a filing, Dayang Trands will acquire YTO Express through an asset swap and share issue. First, Dayang Trands will sell RMB1.2 billion worth of assets to YTO Express' shareholders. Jiaolong...
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