ZTO Express's disappointing NYSE debut reflected the level of fear and uncertainty hanging over the U.S. market, a portfolio manager told CNBC.
Michael Underhill, a portfolio manager at Ridgeworth Investments, which has $40 billion in assets under management, told CNBC's "Squawk Box" on Friday that these doubts were putting selling pressure on the market, so early share price performance wasn't indicative of the strength of an initial public offering (IPO).
"To try and bring a stock out on a day like that, I think you are really swimming upstream," he said.
Shares in the package delivery company opened at $18.40 a share, 5.6 percent lower than its IPO price of $19.50, and ended down more than 15 percent at $16.57 each.
In its prospectus, ZTO said it had developed a delivery network that covered over 96 percent of Chinese cities and counties. It also said it had a market share of 14.3 percent, making it the second largest delivery service company in the mainland.