ZTO Aviation acquires Zhejiang Xinglian for 178m yuan

ZTO Aviation, a consolidated affiliate of ZTO Express (Cayman) Inc., has entered an Equity Transfer Agreement to acquire 100% equity in Zhejiang Xinglian from ZTO Yun Leng for 178,000,000 yuan. Established in 2018, Zhejiang Xinglian is primarily engaged in air freight services. This acquisition is expected to enhance ZTO Group's domestic and international air logistics and overall competitiveness.

The acquisition consideration was determined after arm's length negotiations, referencing a valuation report from China Alliance Appraisal (Shanghai) Co., Ltd. The report, dated November 18, 2025, appraised Zhejiang Xinglian's equity interests at 179,000,000 yuan as of September 30, 2025. This deal constitutes a connected transaction for ZTO Express under Chapter 14A of the Hong Kong Listing Rules, subject to reporting and announcement requirements.

Upon completion, Zhejiang Xinglian will become a wholly-owned subsidiary of ZTO Aviation, with its financial results consolidated into the Group's financials. As of September 30, 2025, Zhejiang Xinglian's total assets were approximately 212.9 million yuan, with net profit after taxation of 3,338,000 yuan for the nine months ended September 30, 2025.