ZTO Express (Cayman) Inc. (2057) Announces Acquisition of 100% Equity Interest in Zhejiang Xinglian

Bulletin Express11-28

ZTO Express (Cayman) Inc. (Stock Code: 2057) has entered into an Equity Transfer Agreement for the acquisition of 100% equity interest in Zhejiang Xinglian Air Freight Co., Ltd. The total consideration under the agreement is RMB178 million. Upon completion, ZTO Aviation, a consolidated affiliated entity of ZTO Express (Cayman) Inc., will hold the entire stake in Zhejiang Xinglian, and the financial results of the latter will be consolidated into the Group’s accounts.

According to the announcement, ZTO Aviation will make a down payment of RMB100 million and pay the remaining RMB78 million after specified conditions precedent are met. The consideration was determined after arm’s length negotiations, referencing the RMB179 million appraised value from an independent valuer using market and asset-based approaches. Zhejiang Xinglian, founded in 2018 with registered capital of RMB160 million, is principally engaged in air freight services.

The transaction constitutes a connected transaction under Chapter 14A of the Hong Kong Listing Rules. Since the highest applicable percentage ratio is above 0.1% but below 5%, the deal requires reporting and announcement but does not require independent shareholders’ approval. The agreement is intended to strengthen the Group’s comprehensive logistics capabilities, especially in domestic and international air freight services.

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