ZTO Express: No New Share Issues in June, 6.16 Million ADS Await Cancellation; Potential 49.87 Million-Share Dilution from Convertibles

Bulletin Express07-06

ZTO Express (Cayman) Inc. reported no change in its issued share capital for the month ended 30 June 2026, keeping the number of Hong Kong-listed Class A ordinary shares at 563.80 million. Its authorised capital also remained unchanged at 8.00 billion Class A shares, 1.00 billion Class B shares and 1.00 billion undesignated shares, together representing USD 1.00 million in registered share capital (par value USD 0.0001 each).

Public-float compliance The company confirmed that it continues to meet the Main Board’s minimum 25% public-float requirement for its listed Class A shares.

Share repurchases pending cancellation A total of 6.16 million Class A shares—equivalent to 6.16 million American depositary shares (ADSs) bought back on the New York Stock Exchange between 20 May and 30 June 2026—remain pending cancellation. These repurchases, executed in two tranches (3.90 million on 17 June 2025 and 2.26 million on 16 June 2026), have not yet affected the issued-share figure reported above.

Convertible notes and potential dilution ZTO Express has two outstanding U.S.-dollar convertible senior notes: • 2027 Notes: USD 17.75 million outstanding, convertible at USD 28.3076 per Class A share, representing up to 0.63 million new shares. • 2031 Notes: USD 1.50 billion outstanding, convertible at USD 30.4589 per Class A share, representing up to 49.25 million new shares.

Aggregate potential issuance from full conversion stands at 49.87 million Class A shares, equivalent to roughly 8.85% of the current outstanding Class A share base. No conversions were recorded during June.

Capital structure snapshot (30 June 2026) • Issued Class A shares (HKEX-listed): 563.80 million • Issued Class B shares (unlisted): 206.10 million • Treasury shares: 0 • Pending cancellation: 6.16 million Class A shares

With no fresh issuances and ongoing buybacks awaiting cancellation, ZTO Express’s share count was stable through June, while the outstanding convertible notes continue to represent the primary source of prospective equity dilution.

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