ZTO VP receives and exercises 5,072 RSUs

ZTO Express (Cayman) Inc. VP of Public Relations Zhang Jianfeng received a grant of 5,072 restricted share units on Class A ordinary shares on March 23, 2026, which vested in full the same day.

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. VP of Public Relations Zhang Jianfeng received a grant of 5,072 restricted share units on Class A ordinary shares on March 23, 2026, which vested in full the same day. Each unit represents one Class A ordinary share.

On the same date, Zhang exercised these 5,072 restricted share units, resulting in 5,072 American depositary shares at a conversion price of $0.00 per share. Following these compensation-related transactions, Zhang directly holds 13,732 American depositary shares. These are awards and an option exercise, not open‑market purchases or sales.

Insider Trade Summary

5,072 shares exercised/converted

Exercise 3 txns

Insider Zhang Jianfeng

Role VP of Public Relations

Type	Security	Shares	Price	Value
Grant/Award	Restricted share units	5,072	$0.00	$0.00
Exercise	Restricted share units	5,072	$0.00	$0.00
Exercise	American depositary shares	5,072	$0.00	$0.00

Holdings After Transaction: Restricted share units — 0 contracts (Direct); American depositary shares — 13,732 shares (Direct)

Footnotes (2)

1. F1. Each represents one Class A ordinary share.
2. F2. These restricted share units were granted on March 23, 2026 and vested in full on the same date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ZTO VP of Public Relations Zhang Jianfeng report?

Zhang Jianfeng reported a grant of 5,072 restricted share units on March 23, 2026, which vested immediately. The units were then exercised into 5,072 American depositary shares at $0.00 per share as part of equity compensation.

Is Zhang Jianfeng’s Form 4 transaction in ZTO stock a market buy or sell?

The Form 4 shows a grant and exercise of restricted share units, not an open-market buy or sell. The transactions are compensation-related awards converted into American depositary shares at $0.00 per share, with no market trade reported.

How many ZTO American depositary shares does Zhang Jianfeng hold after this filing?

After the March 23, 2026 transactions, Zhang directly holds 13,732 American depositary shares. This reflects the addition of 5,072 ADS from the full vesting and exercise of restricted share units granted on that same date.

What do the restricted share units granted to ZTO’s VP represent?

Each restricted share unit granted to Zhang Jianfeng represents one Class A ordinary share of ZTO Express (Cayman) Inc. According to the disclosure, the 5,072 units were granted and fully vested on March 23, 2026 before being exercised into ADS.

Did Zhang Jianfeng exercise all the restricted share units awarded on March 23, 2026?

Yes. The filing shows all 5,072 restricted share units granted on March 23, 2026 were fully vested and exercised the same day, resulting in 5,072 American depositary shares and no remaining restricted share units outstanding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/24/2026 - 06:05 AM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zhang Jianfeng

(Last) (First) (Middle)

BUILDING ONE, NO. 1685 HUAZHI ROAD

(Street)

SHANGHAI 201708

(City) (State) (Zip)

CHINA

(Country)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP of Public Relations

2a. Foreign Trading Symbol
[SEHK: 2057]

3. Date of Earliest Transaction (Month/Day/Year)
03/24/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
American depositary shares(1)	03/23/2026		M		5,072	A	$0	13,732	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted share units	(1)	03/23/2026		A		5,072		(2)	(2)	Class A ordinary shares	5,072	$0	5,072	D
Restricted share units	(1)	03/23/2026		M		5,072		(2)	(2)	Class A ordinary shares	5,072	$0	0	D

Explanation of Responses:

1. Each represents one Class A ordinary share.

2. These restricted share units were granted on March 23, 2026 and vested in full on the same date.

	/s/ Jianfeng Zhang	03/24/2026
	** 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 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)