T. H. Data Flash - ZTO Express – September & 3Q21E: Regulatory Policies Alleviate Price War Competition; China Parcel Volume Increase Y/Y But Growth Is Decelerating
This year, to promote healthy development of the express industry, the Chinese government issued some documents with the aim to solve predatory pricing problems and to protect the legitimate rights and interests of deliverymen. ZTO and other peers then announced an increase of delivery fee. As a result, the intense price war in the express industry has been alleviated by regulation. While the price competition is taking a break, the weaker economy adds some pressure to the express industry.
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