ZTO Express (NYSE: ZTO) CEO details large Class B and ADS stake

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. Chief Executive Officer Lai Meisong filed an initial ownership report showing existing equity positions, not new trades. He holds options to acquire 450,000 Class A ordinary shares at an exercise price of $21.88 per share, expiring on March 22, 2034, which vest in equal installments over three years from March 22, 2024. He indirectly owns 206,100,000 Class B ordinary shares and 4,608,920 American depositary shares through Zto Lms Holding Limited, and directly holds 178,461 American depositary shares, each representing one Class A ordinary share.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Lai Meisong

(Last) (First) (Middle)

BUILDING ONE, NO. 1685 HUAZHI ROAD

(Street)

SHANGHAI F4 201708

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/16/2026

3. Issuer Name and Ticker or Trading Symbol
ZTO Express (Cayman) Inc. [ ZTO ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B ordinary shares	206,100,000	I	By Zto Lms Holding Limited
American depositary shares(1)	4,608,920	I	By Zto Lms Holding Limited
American depositary shares(1)	178,461	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options (right to buy)	(2)	03/22/2034	Class A ordinary shares	450,000	$21.88	D

Explanation of Responses:

1. Each represents one Class A ordinary share.

2. These options were granted on March 22, 2024 and vest in equal installments over a three-year period.

	/s/ Meisong Lai	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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FAQ

What does Lai Meisong’s Form 3 filing for ZTO reveal about his holdings?

The Form 3 shows existing holdings, not new trades. Lai Meisong reports options over 450,000 Class A shares, 206,100,000 Class B ordinary shares indirectly, 4,608,920 ADSs indirectly, and 178,461 ADSs directly, establishing his baseline ownership in ZTO.

How many stock options does Lai Meisong hold in ZTO Express (ZTO)?

He holds options over 450,000 Class A ordinary shares. These options were granted on March 22, 2024, have an exercise price of $21.88 per share, vest in equal installments over three years, and expire on March 22, 2034, indicating a long-term incentive structure.

What indirect ZTO shareholdings does Lai Meisong report through Zto Lms Holding Limited?

He reports indirect ownership of 206,100,000 Class B ordinary shares and 4,608,920 American depositary shares through Zto Lms Holding Limited. This structure concentrates a large portion of his economic interest in ZTO in an affiliated entity rather than in directly held shares.

How many ZTO American depositary shares does Lai Meisong hold directly?

He directly holds 178,461 American depositary shares. Each American depositary share represents one Class A ordinary share, giving him a direct listed equity stake alongside his larger indirect positions and his options on additional Class A ordinary shares.

When do Lai Meisong’s ZTO stock options vest and expire?

The options were granted on March 22, 2024 and vest in equal installments over three years. They expire on March 22, 2034, giving a 10-year option term that aligns his incentives with ZTO’s longer-term performance and share price development.

Do the reported ZTO holdings on Lai Meisong’s Form 3 indicate recent buying or selling?

No, the Form 3 reflects baseline ownership as he becomes a reporting insider. The entries are classified as holdings, with no reported buy or sell transactions, establishing his starting positions in options, Class B shares, and American depositary shares.