China express delivery Equities Policy tailwind should drive re-rating China What happened? On 10 July, China's State Post Bureau (SPB) convened a conference, vowing to further tighten domestic regulation and prevent aggressive price competition. The policy guidance comes after renewed domestic price competition year-to-date, which sent average revenue per parcel (ARPP) down by 8%, despite a robust 20% growth in volume. In response to the policy, the share prices of express delivery players rose by 5-10%. S ...