Deppon Logistics has been given the green light for an Initial Public Offering (IPO) on the Shanghai Stock Exchange, joining a list of domestic express logistics giants that have gone public to upgrade the booming sector. According to its IPO prospectus, the company will issue no more than 150 million shares to raise 2.98 billion yuan ($458 million) to build branches and buy new vehicles and equipment. Deppon became the 7th private express logistics firms to go public, along with STO Express, YTO Express, ZTO Express, Shanghai Yunda Express,Best Inc and SF Express, which have already debuted on Chinese and overseas exchanges.

Cross-border e-commerce trade has been flourishing in China, with turnover rising 80.6 percent year-on-year to 90.24 billion yuan ($13.1 billion) in 2017, according to the General Administration of Customs. The rapidly growing market has created numerous opportunities for Chinese delivery companies.