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GLP-Backed China Logistics Firm Zongteng Group Weighing IPO

  • Company is looking at mainland, Hong Kong options for listing
  • Shenzhen-based Zongteng could raise at least $500 million
The Zongteng Group booth during the China Cross-border E-commerce Trade Fair in Fujian Province, China, earlier in March. 

The Zongteng Group booth during the China Cross-border E-commerce Trade Fair in Fujian Province, China, earlier in March. 

Source: VCG/Visual China Group/Getty Images

Zongteng Group, a Chinese logistics service provider backed by GLP Pte, is weighing an initial public offering as early as next year, people with knowledge of the matter said. 

The Shenzhen-headquartered company has held discussions with banks about a potential IPO on the mainland or Hong Kong that could raise at least $500 million, the people said, asking not to be identified as the information is private. Zongteng Group could pursue a private funding round before an IPO, one of the people said.