Chinese parcel courier, ZTO Express, was listed on NYSE in October 2016 and HKSE in September 2020. In a short sell report published in March 2023, Grizzly Research alleges the understatement of revenues and costs, underreported staff, fake profits hidden in capex and unnecessary fund raising. ZTO launched an independent investigation which announced its findings in April 2023 and concluded that Grizzly's allegations were not substantiated. Furthermore. No directors nor the auditor have resigned after the allegations were made. Therefore, Grizzly’s fraud allegations are not proven.

Last updated May 2023.

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