COO Hu Hongqun gains 14,218 ADSs in ZTO Express (NYSE: ZTO) award

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. Chief Operating Officer Hu Hongqun reported a stock-based compensation event. On March 23, 2026, Hu received a grant of 14,218 restricted share units, which vested in full on the same date and were exercised into 14,218 American depositary shares, each representing one Class A ordinary share. Following these transactions, Hu directly holds 31,448 American depositary shares.

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^*

Hu Hongqun

(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)
	Chief Operating Officer

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		14,218	A	$0	31,448	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		14,218		(2)	(2)	Class A ordinary shares	14,218	$0	14,218	D
Restricted share units	(1)	03/23/2026		M		14,218		(2)	(2)	Class A ordinary shares	14,218	$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/Hongqun Hu	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) report for Hu Hongqun?

ZTO reported that COO Hu Hongqun received a grant of 14,218 restricted share units on March 23, 2026. These units vested the same day and were exercised into 14,218 American depositary shares as stock-based compensation.

How many ZTO (ZTO) shares does Hu Hongqun hold after this Form 4?

After the reported transactions, COO Hu Hongqun directly holds 31,448 American depositary shares of ZTO Express. This reflects the addition of 14,218 ADSs issued upon the same-day vesting and exercise of restricted share units.

Was the ZTO (ZTO) insider transaction a purchase or a grant?

The activity was a grant and exercise, not an open-market purchase. Hu received 14,218 restricted share units as compensation, which vested immediately and were converted into the same number of American depositary shares at no cash exercise price.

What do the ZTO (ZTO) restricted share units reported in the Form 4 represent?

Each restricted share unit reported for ZTO represents one Class A ordinary share via an American depositary share. On March 23, 2026, 14,218 RSUs vested in full and were exercised into 14,218 American depositary shares held directly by Hu.

Did ZTO (ZTO) COO Hu Hongqun sell any shares in this Form 4 filing?

No share sales are reported. The Form 4 shows acquisitions through a grant of 14,218 restricted share units, their exercise, and issuance of 14,218 American depositary shares, resulting in direct ownership of 31,448 ADSs with no dispositions disclosed.