Yamato Holdings Co., a Japanese delivery company, rose as much as 7.1 percent, the most in two years, in Tokyo trading after the Nikkei newspaper reported it will tie up with China Post to ship products to Chinese homes.
Yamato shares rose to as high as 2,182 yen and was up 2.9 percent at 2,097 yen as of 9:56 a.m. in Tokyo. The Nikkei 225 Stock Average gained 1.5 percent to 14,430.14.
The Tokyo-based company will transport goods to China from Japan and China Post, the nation’s largest distributor, will then deliver to online shoppers under the agreement, the Nikkei reported, without saying where it got the information.
Yamato lowered its net income forecast to 33.5 billion yen ($327 million), from 36 billion yen, for the year ending March 31, as snow last month delayed deliveries, it said after the market closed on the final trading day of last week.