Grant Thornton assists Yunda Express successfully listed at the Shenzhen Stock Exchange via reverse merger

Yunda Express became a publically listed company at the Shenzhen Stock Exchange on January 18 via a reverse merger deal with Shenzhen-traded Ningbo Xinhai Electric. Grant Thornton as its auditor successfully assisted Yunda Express in accomplishing its backdoor listing efforts - the first such transaction since the full adoption of the Measures for the Administration of Material Asset Reorganization of Listed Companies newly promulgated by the CSRC – within the shortest time-frame ever in the expressdelivery sector.

While the CSRC’s new measures imposed more stringent compliance requirements for companies seeking backdoor listing, the highly efficient and effective service solutions delivered by Grant Thornton, comprehensive yet tailored to the specific needs of Yunda Express, including financial assurances, introduction of external investors as well as compliances coaching,assisted Yunda Express in complying with the new processes and procedures of backdoor listing and successfully passing the CSRC’s examination and verification.Itis worth mentioning Yunda's listing process was highly compactand fast-paced –it took only 132 days for Yunda Express with Grant Thornton’sassistance to complete its backdoor listing process, shorter than 141 days for SF Express, 194 days for Yuantong Express and 246 days for Shentong Express, setting a new record in the express delivery sector in terms of speed of listing while at the same time setting a benchmark in China's capital market in terms of regulatory compliances,target quality and market efficiency for reverse merger transactions.

As one of the largest players in China's express delivery sector Yunda Express has now grown into an A-sharelisted company with a market value of more than 52 billion RMB. So far the four big private express delivery firms, i.e., Yuantong, Zhongtong,Shentong and Yunda, have all gone public. In a market that experiences as lowing-down growth rate, competition will continue to intensify in 2017.