Grizzly Research published on ZTO Express (NYSE: ZTO — $20.5 billion), a Chinese express delivery and logistics company. Grizzly Research said it believes the “financials are fake and insiders are stealing from the company.” Specifically, Grizzly Research obtained Chinese government SAIC filings that show the company’s margins are roughly half those claimed in its SEC filings. In addition, Grizzly Research alleged the company made spurious related-party acquisitions of “network partners” at excessive prices in 2014 and 2015. Grizzly Research concluded,
“After adjusting for ZTO’s artificially inflated margins and applying generous trading multiples, we believe the company is trading far above its fair value. Our analysis implies at least a 50% downside.”
(The Bear Cave has no affiliation with Grizzly Research.)
Last updated: 2026-03-07 by automated standardization process