ZTO (ZTO) President reports RSU grants and ADS conversions

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. President Zhu Jingxi reported routine equity compensation activity. On March 23, 2026, Zhu received 15,172 restricted share units (RSUs), each representing one Class A ordinary share, which vested in full the same day and were exercised into 15,172 American depositary shares (ADSs).

On the same date, Zhu’s spouse was granted 237 RSUs that also vested and were exercised into 237 ADSs. After these conversions, Zhu holds 32,325 ADSs directly, and 480,698 ADSs indirectly through a spouse. The transactions are classified as grants and derivative exercises, with no open‑market purchases or sales.

Insider Trade Summary

15,409 shares exercised/converted

Mixed 6 txns

Insider Zhu Jingxi

Role President

Type	Security	Shares	Price	Value
Grant/Award	Restricted share units	15,172	$0.00	--
Exercise	Restricted share units	15,172	$0.00	--
Grant/Award	Restricted share units	237	$0.00	--
Exercise	Restricted share units	237	$0.00	--
Exercise	American depositary shares	15,172	$0.00	--
Exercise	American depositary shares	237	$0.00	--

Holdings After Transaction: Restricted share units — 15,172 shares (Direct); Restricted share units — 237 shares (Indirect, By spouse); American depositary shares — 32,325 shares (Direct); American depositary shares — 480,698 shares (Indirect, By spouse)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

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^*

Zhu Jingxi

(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)
	President

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		15,172	A	$0	32,325	D
American depositary shares(1)	03/23/2026		M		237	A	$0	480,698	I	By spouse

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		15,172		(2)	(2)	Class A ordinary shares	15,172	$0	15,172	D
Restricted share units	(1)	03/23/2026		M		15,172		(2)	(2)	Class A ordinary shares	15,172	$0	0	D
Restricted share units	(1)	03/23/2026		A		237		(2)	(2)	ordinary shares	237	$0	237	I	By spouse
Restricted share units	(1)	03/23/2026		M		237		(2)	(2)	ordinary shares	237	$0	0	I	By spouse

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/ Jingxi Zhu	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 transactions did ZTO President Zhu Jingxi report on March 23, 2026?

On March 23, 2026, President Zhu Jingxi reported grants and exercises of restricted share units that converted into American depositary shares. These were equity compensation transactions, not open-market trades, reflecting routine awards that vested and were immediately settled in ZTO ADSs.

How many ZTO ADSs did President Zhu Jingxi acquire through equity awards?

President Zhu Jingxi effectively acquired 15,172 American depositary shares through vested restricted share units on March 23, 2026. Each RSU represented one Class A ordinary share, and the units vested in full and were converted into ADSs at a price of $0.00 per unit.

What ZTO equity awards were reported for Zhu Jingxi’s spouse?

Zhu Jingxi’s spouse was granted 237 restricted share units on March 23, 2026. These RSUs vested in full the same day and converted into 237 American depositary shares, reported as indirect ownership “By spouse,” reflecting family-related holdings rather than direct trades on the market.

Did the ZTO Form 4 show any insider buying or selling on the open market?

The Form 4 shows no open-market buying or selling of ZTO securities. All reported activity involves grants and exercises of restricted share units that converted into American depositary shares at $0.00, indicating compensation-related transactions rather than discretionary market trades.

What are President Zhu Jingxi’s ZTO ADS holdings after these transactions?

Following the March 23, 2026 transactions, President Zhu Jingxi holds 32,325 American depositary shares directly. Indirectly, through a spouse, 480,698 ADSs are reported. These figures reflect the position visible in this filing after the vested restricted share units were converted into ADSs.

How are ZTO restricted share units related to Class A ordinary shares and ADSs?

Each restricted share unit represents one Class A ordinary share of ZTO. In this filing, vested RSUs for President Zhu and a spouse were exercised and settled in American depositary shares, so the number of RSUs granted and exercised matches the number of ADSs received.