Chinese courier company Shanghai Yunda Express has inked an 18 billion yuan (US$2.7 billion) reverse merger deal with Shenzhen-traded Ningbo Xinhai Electric, the latest delivery firm to use a backdoor listing as a means to tap capital market funds.

China's largely private express delivery firms are under pressure to boost logistics infrastructure and upgrade services to maintain their market share as online retail continues to grow.

The agreement, which involves an asset swap and share issue, will effectively give Yunda Express a listing on the Shenzhen stock exchange, according to documents posted on the exchange on Friday.

The deal between Yunda Express and Ningbo Xinhai Electric Co Ltd comes as other Chinese courier companies such as SF Holdings (Group), Alibaba-backed YTO Express and Shentong (STO) Express have made similar moves to list publicly.

"The listed company's lighter business and other key operations have been slowing due to the wider economic climate," Xinhai Electric said on Friday.

"This transaction will allow the company to transform itself into a courier and logistics company, a sector that the government has been trying to develop."

The express delivery sector grew by about 50 percent a year between 2010 and 2014 and handled 14 billion parcels last year, data from the State Post Bureau showed.

Earlier this year, SF Holdings struck a 43.3 billion yuan deal with Maanshan Dingtai Rare Earth & New Materials Ltd, while clothing maker Dalian Dayang Trands Co Ltd agreed to buy YTO Express for 17.5 billion yuan.

Last year, Shentong (STO) Express closed a 16.9 billion yuan reverse takeover deal with valve maker Zhejiang IDC Fluid Control Co Ltd.