ZTO (ZTO) Files Form 144 for 300,000 ADR Sale on 08/26/2025

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. filed a Form 144 reporting a proposed sale of 300,000 ADRs through Goldman Sachs & Co. LLC with an aggregate market value of $5,751,000, with an approximate sale date of 08/26/2025 on the NYSE. The ADRs were acquired by the reporting person as Class A ordinary shares on 06/28/2016 in a cash purchase. The filing also discloses recent sales by ZTO ES Holding Limited totaling 236,718 ADRs in four transactions during May–August 2025 with combined gross proceeds shown in the filing.

Positive

• Full compliance with Rule 144 disclosure: acquisition date, payment method, broker, and planned sale date are provided
• Recent sales disclosed with exact amounts and gross proceeds, improving transparency about prior disposals

Negative

• Insider/affiliate sales totaling 236,718 ADRs in the past three months and a proposed sale of 300,000 ADRs may be viewed negatively by some investors

Insights

Securities Analyst

TL;DR: Form 144 reports a planned sale of 300,000 ADRs worth $5.75M, following multiple recent disposals by the same holder.

The filing clearly identifies the broker (Goldman Sachs & Co. LLC), the class (ADR), and the intended transaction date (08/26/2025). It shows the securities were originally purchased on 06/28/2016 for cash and quantifies recent disposals by ZTO ES Holding Limited on 05/28/2025, 06/11/2025, 06/25/2025, and 08/26/2025 with gross proceeds listed. For investors, the filing is a routine disclosure of intended resale activity rather than an operational update.

Compliance / Corporate Governance Specialist

TL;DR: The Form 144 appears compliant with Rule 144 disclosure requirements and documents recent aggregated sales by the reporting entity.

The notice includes required acquisition details (date and cash payment), broker information, and a representation regarding material nonpublic information. It also lists four completed sales by ZTO ES Holding Limited with explicit gross proceeds, aiding transparency. The filing does not include any additional corporate governance actions or statements beyond the required attestations.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
ADR	Goldman Sachs & Co. LLC 200 West Street New York NY 10282	300000	5751000	598368490	08/26/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Ordinary Shares	06/28/2016	Purchase	Issuer			300000	06/28/2016	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
ZTO ES Holding Limited Building One, No. 1685 Huazhi Road Qingpu District Shanghai F4 201708	ADR	05/28/2025	26356	460175.76
ZTO ES Holding Limited Building One, No. 1685 Huazhi Road Qingpu District Shanghai F4 201708	ADR	06/25/2025	39331	703411.34
ZTO ES Holding Limited Building One, No. 1685 Huazhi Road Qingpu District Shanghai F4 201708	ADR	06/11/2025	6553	115758.75
ZTO ES Holding Limited Building One, No. 1685 Huazhi Road Qingpu District Shanghai F4 201708	ADR	08/26/2025	107478	2060557.47

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What securities are being reported for sale in the ZTO Form 144?

The filing reports a proposed sale of 300,000 ADRs (American Depositary Receipts) of ZTO Express (Cayman) Inc.

When is the approximate sale date for the 300,000 ADRs in the filing?

The filing lists the approximate sale date as 08/26/2025 on the NYSE via Goldman Sachs & Co. LLC.

What was the aggregate market value reported for the proposed sale?

The aggregate market value reported for the 300,000 ADRs is $5,751,000.

When were the ADRs being sold originally acquired by the reporting person?

The securities were acquired as Class A ordinary shares on 06/28/2016 and paid for in cash.

Has the reporting person sold any ZTO ADRs in the past three months?

Yes. The filing lists four sales by ZTO ES Holding Limited during May–August 2025 totaling 236,718 ADRs with gross proceeds for each transaction shown in the filing.