US Stocks Movement | Consecutive Buybacks, ZTO Express Gains 6.6% Pre-Market

Glonghui, May 28th｜ZTO Express (ZTO.US) shares rose 6.6% pre-market in the US to $24. According to reports, from May 20th to 28th, the company basically maintained a daily buyback pace of about $5 million, with a total of approximately 1.0116 million shares repurchased for the week, at a total cost of about $22.99 million. As of May 27th, the company had cumulatively repurchased about 17.325 million shares, accounting for 2.15% of the total share capital on the date the resolution was passed. The continued capital expenditure on buybacks reflects management’s view that the current share price is undervalued and their confidence in the company’s future fundamentals.