YTO moves ahead with listing plan

Company considering reverse merger with top garment manufacturer Dalian Dayang Trands

Shanghai YTO Express (Logistics) Co Ltd, one of China's largest express delivery firms, is planning to be listed through a reverse merger with Dalian Dayang Trands Co Ltd, the top garment maker.

In a statement released on Friday evening, Shanghai-listed Dayang Trands said it had reached initial agreement with YTO Express for a restructuring in which it will buy the delivery firm through the issuing of shares, as well as debt.