[Form 4] ZTO Express (Cayman) Inc. Insider Trading Activity

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. director and officer Wang Jilei reported a compensation-related equity transaction. On March 23, 2026, Wang received 13,108 restricted share units, each representing one Class A ordinary share. These units were granted and vested in full on the same date.

Immediately upon vesting, the 13,108 restricted share units were exercised and converted into 13,108 American depositary shares at a stated price of $0.00 per share. Following this conversion, Wang directly holds 28,646 American depositary shares of ZTO Express.

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

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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^*

Wang Jilei

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP of Infrastr. Mgmt.

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		13,108	A	$0	28,646	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		13,108		(2)	(2)	Class A ordinary shares	13,108	$0	13,108	D
Restricted share units	(1)	03/23/2026		M		13,108		(2)	(2)	Class A ordinary shares	13,108	$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/Jilei Wang	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)

FAQ

What insider transaction did ZTO (ZTO) executive Wang Jilei report?

Wang Jilei reported receiving 13,108 restricted share units that vested immediately and were converted into 13,108 American depositary shares. The transaction reflects a stock-based compensation grant, not an open-market purchase or sale, and increased Wang’s directly held ADS position in ZTO Express.

How many ZTO Express shares did Wang Jilei acquire in this Form 4?

Wang effectively acquired 13,108 American depositary shares through conversion of 13,108 restricted share units. Each unit represents one Class A ordinary share. After this equity award and conversion, Wang’s direct holdings increased to 28,646 American depositary shares of ZTO Express (Cayman) Inc.

Were the ZTO (ZTO) restricted share units granted to Wang Jilei fully vested?

Yes, the 13,108 restricted share units granted to Wang Jilei on March 23, 2026 vested in full on the same date. This immediate vesting allowed them to be promptly exercised and converted into an equal number of American depositary shares of ZTO Express.

Did Wang Jilei buy or sell ZTO Express shares on the open market?

No, the Form 4 shows no open-market purchases or sales. Instead, it reports a grant of 13,108 restricted share units and their same-day conversion into 13,108 American depositary shares, all at a stated price of $0.00 per share as part of equity compensation.

What are Wang Jilei’s ZTO Express holdings after this reported transaction?

After the reported equity award and its conversion, Wang Jilei directly holds 28,646 American depositary shares of ZTO Express. These holdings reflect shares derived from vested restricted share units rather than open-market trading activity, according to the Form 4 disclosure and accompanying footnotes.

What does each ZTO Express American depositary share represent in this filing?

Each American depositary share reported in the filing represents one Class A ordinary share of ZTO Express. The 13,108 restricted share units granted and vested on March 23, 2026 were converted on a one-for-one basis into 13,108 American depositary shares held directly by Wang Jilei.