STO Express plans backdoor listing

Shanghai-based STO Express Co Ltd is set to become the nation's first listed express delivery company through a reverse merger with a shell entity, sources said.

After nearly two months of trading suspension, Shenzhen-listed IDC Fluid Control Co Ltd announced on Wednesday that it has reached an initial agreement with STO Express for a restructuring.

Reverse merger, also called backdoor listing, helps a private company float shares by injecting its assets into a publicly traded firm.