ZTO Express repurchases $982m in convertible notes

ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on September 3, 2025, detailing the repurchase of $982,252,000 in aggregate principal amount of its 1.50% Convertible Senior Notes due 2027. The repurchase, settled on September 2, 2025, significantly reduced the outstanding principal amount of the 2027 Notes from $1,000,000,000 to $17,748,000.

Based on the conversion rate of 34.2378 American Depositary Shares (ADSs) per $1,000 principal amount of the 2027 Notes, the repurchased notes were equivalent to approximately 33,630,148 ADSs. The repurchase price per ADS was $29.2075. Following this event, the company's issued shares (excluding treasury shares) balance changed from 34,237,800 to 607,652 as of September 2, 2025.

The transaction was carried out as a general offer, with the aggregate repurchase price paid being $982,252,000. No actual ADSs were repurchased, as the transaction involved the notes themselves.