Alibaba sells ZTO ADS at $20.02 on NYSE

Alibaba-affiliated entities now report owning 6.1% of ZTO Express after significant ADS sales on September 21, 2026.

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. (ZTO) is the subject of an amended Schedule 13D filing in which Alibaba Group Holding Limited and affiliated entities report beneficial ownership of 46,941,287 Class A ordinary shares, representing 6.1% of ZTO’s total issued and outstanding Class A and Class B ordinary shares.

The filing details that Alibaba’s interest is held through Alibaba ZT Investment Limited, Cainiao Smart Logistics Investment Limited, New Retail Strategic Opportunities Investments 2 Limited, Taobao China Holding Limited, and Cainiao Smart Logistics Network (Hong Kong) Limited. On September 21, 2026, Alibaba ZT Investment Limited sold 23,391,178 ZTO Class A shares and New Retail Strategic Opportunities Investments 2 Limited sold 1,608,822 ZTO Class A shares, each in the form of ADSs at $20.02 per ADS, through broker transactions on the New York Stock Exchange under Rule 144.

Filing Explained

After the September 21 sales, Alibaba’s reporting group still holds 6.1%, remaining above the five-percent disclosure threshold.

The September 22 amendment reports completed September 21 sales by two Alibaba affiliates and states that the reporting group still beneficially owns 46,941,287 ZTO Class A shares, or 6.1% of the combined Class A and Class B shares.

That remaining stake is still above the 5% ownership level covered by Schedule 13D disclosures, so the filing does not show Alibaba’s reported position falling below that threshold.

The reported ownership is shared across Alibaba Group Holding Limited and five affiliated entities: the cover pages show shared voting and shared dispositive power, with zero sole voting or dispositive power reported by each person.

Key Figures

Beneficial ownership by Alibaba Group and affiliates: 46,941,287 shares Ownership percentage: 6.1% Total ZTO shares outstanding: 763,430,906 shares +6 more

9 metrics

Beneficial ownership by Alibaba Group and affiliates 46,941,287 shares Class A ordinary shares of ZTO beneficially owned as reported in the amended Schedule 13D

Ownership percentage 6.1% Portion of ZTO’s total issued and outstanding Class A and Class B ordinary shares held by Alibaba-related entities

Total ZTO shares outstanding 763,430,906 shares Total issued and outstanding Class A and Class B ordinary shares used to calculate ownership percentages

Shares held by Alibaba ZT Investment Limited 34,479,192 shares ZTO Class A ordinary shares beneficially owned via Alibaba ZT Investment Limited (4.5% of total shares)

Shares held by Cainiao Smart Logistics Investment Limited 5,787,037 shares ZTO Class A ordinary shares beneficially owned via Cainiao Smart Logistics Investment Limited (0.8% of total shares)

Shares held by New Retail Strategic Opportunities Investments 2 Limited 3,020,808 shares ZTO Class A ordinary shares beneficially owned via NRF (0.4% of total shares)

ADS sale by Alibaba ZT Investment Limited 23,391,178 ADS-equivalent shares ZTO Class A ordinary shares in ADS form sold on September 21, 2026 through broker transactions on NYSE

ADS sale by NRF 1,608,822 ADS-equivalent shares ZTO Class A ordinary shares in ADS form sold on September 21, 2026 through broker transactions on NYSE

ADS sale price $20.02 per ADS Price for ZTO ADSs sold by Alibaba ZT Investment Limited and NRF on September 21, 2026

Key Terms

beneficial owner, Schedule 13D, American depositary shares, Rule 144, +2 more

6 terms

beneficial owner financial

"AGHL is deemed to be the beneficial owner of the 46,941,287 Class A ordinary shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13D regulatory

"This Amendment No.1 constitutes a filing on behalf of each of"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

American depositary shares financial

"each in the form of ADSs at a price of $20.02 per ADS"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

Rule 144 regulatory

"through broker transactions on the New York Stock Exchange under Rule 144 promulgated"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

joint filing agreement regulatory

"The agreement among the Reporting Persons relating to the joint filing of this Amendment No.1"

reporting person regulatory

"the "Reporting Persons"), with respect to Class A Ordinary Shares"

FAQ

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

What percentage of ZTO (ZTO) does Alibaba Group now beneficially own?

Alibaba Group Holding Limited and affiliated entities report beneficial ownership of 46,941,287 ZTO Class A ordinary shares, representing 6.1% of ZTO’s total issued and outstanding Class A and Class B ordinary shares, based on 763,430,906 total shares cited in the filing.

How many ZTO (ZTO) shares did Alibaba-related entities sell in this 13D/A event?

On September 21, 2026, Alibaba ZT Investment Limited sold 23,391,178 ZTO Class A shares and New Retail Strategic Opportunities Investments 2 Limited sold 1,608,822 ZTO Class A shares, each in the form of ADSs, through broker transactions on the New York Stock Exchange.

At what price were the ZTO (ZTO) ADSs sold by Alibaba-affiliated entities?

The ZTO American depositary shares sold by Alibaba ZT Investment Limited and New Retail Strategic Opportunities Investments 2 Limited on September 21, 2026 were sold at a price of $20.02 per ADS in broker transactions on the New York Stock Exchange under Rule 144.

How is Alibaba Group’s ZTO (ZTO) stake allocated among its subsidiaries?

The filing attributes 34,479,192 ZTO shares to Alibaba ZT Investment Limited, 5,787,037 to Cainiao Smart Logistics Investment Limited, 3,020,808 to New Retail Strategic Opportunities Investments 2 Limited, 3,322,050 to Taobao China Holding Limited, and 332,200 to Cainiao Smart Logistics Network (Hong Kong) Limited.

What total share count for ZTO (ZTO) does the 13D/A use to compute Alibaba’s ownership percentage?

The reported 6.1% ownership by Alibaba Group and affiliates is calculated using 763,430,906 total issued and outstanding Class A and Class B ordinary shares of ZTO Express (Cayman) Inc., as referenced from a Form 6-K furnished on September 21, 2026.

Under which rule were the ZTO (ZTO) ADS sales by Alibaba-affiliated entities executed?

The sales of ZTO Class A ordinary shares in the form of ADSs by Alibaba ZT Investment Limited and New Retail Strategic Opportunities Investments 2 Limited on September 21, 2026 were executed through broker transactions on the New York Stock Exchange under Rule 144 of the Securities Act of 1933.

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

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Available on EDGAR 09/22/2026 - 07:41 AM Accepted by SEC EDGAR 09/22/2026 - 07:41 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

ZTO Express (Cayman) Inc.

(Name of Issuer)

Class A Ordinary Shares, par value US$0.0001 per share

(Title of Class of Securities)

G9897K105

(CUSIP Number)

Jinwei Zhang
26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay
Hong Kong, K3, 000000
852 2215 5100

Ming Kong, Esq
31st Floor, Edinburgh Tower, The Landmark, 15 Queen's Road Central
Hong Kong, K3, 000000
852 2526 6895

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/21/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G9897K105

1

Name of reporting person

Alibaba Group Holding Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,941,287.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,941,287.00

11

Aggregate amount beneficially owned by each reporting person

46,941,287.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The figure reported in Rows 8, 10 and 11 consists of (i) 34,479,192 Class A ordinary shares directly held by Alibaba ZT Investment Limited ("AZIL"), (ii) 5,787,037 Class A ordinary shares directly held by Cainiao Smart Logistics Investment Limited ("Cainiao Investment"), (iii) 3,020,808 Class A ordinary shares directly held by New Retail Strategic Opportunities Investments 2 Limited ("NRF"), (iv) 3,322,050 Class A ordinary shares directly held by Taobao China Holding Limited ("Taobao"), and (v) 332,200 Class A ordinary shares directly held by Cainiao Smart Logistics Network (Hong Kong) Limited ("Cainiao HK"). AGHL is deemed to be the beneficial owner of the 46,941,287 Class A ordinary shares held by AZIL, Cainiao Investment, NRF, Taobao and Cainiao HK. The percentage reported in Row 13 is calculated based on 763,430,906 total issued and outstanding Class A and Class B ordinary shares, par value US$0.0001 per share, according to the Company's current report on Form 6-K furnished on September 21, 2026.

SCHEDULE 13D

CUSIP Number(s): G9897K105

1

Name of reporting person

Alibaba ZT Investment Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 34,479,192.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 34,479,192.00

11

Aggregate amount beneficially owned by each reporting person

34,479,192.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The percentage reported in Row 13 is calculated based on 763,430,906 total issued and outstanding Class A and Class B ordinary shares, par value US$0.0001 per share, according to the Company's current report on Form 6-K furnished on September 21, 2026.

SCHEDULE 13D

CUSIP Number(s): G9897K105

1

Name of reporting person

Cainiao Smart Logistics Investment Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,787,037.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,787,037.00

11

Aggregate amount beneficially owned by each reporting person

5,787,037.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.8 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The percentage reported in Row 13 is calculated based on 763,430,906 total issued and outstanding Class A and Class B ordinary shares, par value US$0.0001 per share, according to the Company's current report on Form 6-K furnished on September 21, 2026.

SCHEDULE 13D

CUSIP Number(s): G9897K105

1

Name of reporting person

New Retail Strategic Opportunities Investments 2 Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,020,808.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,020,808.00

11

Aggregate amount beneficially owned by each reporting person

3,020,808.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The percentage reported in Row 13 is calculated based on 763,430,906 total issued and outstanding Class A and Class B ordinary shares, par value US$0.0001 per share, according to the Company's current report on Form 6-K furnished on September 21, 2026.

SCHEDULE 13D

CUSIP Number(s): G9897K105

1

Name of reporting person

Taobao China Holding Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,322,050.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,322,050.00

11

Aggregate amount beneficially owned by each reporting person

3,322,050.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The percentage reported in Row 13 is calculated based on 763,430,906 total issued and outstanding Class A and Class B ordinary shares, par value US$0.0001 per share, according to the Company's current report on Form 6-K furnished on September 21, 2026.

SCHEDULE 13D

CUSIP Number(s): G9897K105

1

Name of reporting person

Cainiao Smart Logistics Network (Hong Kong) Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 332,200.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 332,200.00

11

Aggregate amount beneficially owned by each reporting person

332,200.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.04 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The percentage reported in Row 13 is calculated based on 763,430,906 total issued and outstanding Class A and Class B ordinary shares, par value US$0.0001 per share, according to the Company's current report on Form 6-K furnished on September 21, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Ordinary Shares, par value US$0.0001 per share
(b)	Name of Issuer: ZTO Express (Cayman) Inc.
(c)	Address of Issuer's Principal Executive Offices: Building One, No. 1685 Huazhi Road, Qingpu District, Shanghai, CHINA , 201708.
Item 1 Comment: This Amendment No.1 to Schedule 13D (this "Amendment No.1") is filed to amend and supplement the Schedule 13D filed by AGHL, AZIL, Cainiao Investment and NRF with the Securities and Exchange Commission on June 21, 2018 (the "Original Schedule 13D"), with respect to ZTO Express (Cayman) Inc. (the "Original Filing"). Except as specifically amended and supplemented by this Amendment No.1, the Original Filing remains in full force and effect. All capitalized terms contained herein but not otherwise defined shall have the meaning ascribed to such terms in the Original Filing.
Item 2.	Identity and Background
(a)	Item 2(a) of the Original Filing is hereby amended and restated as follows: This Amendment No.1 constitutes a Schedule 13D filing on behalf of each of (1) Alibaba Group Holding Limited, (2) Alibaba ZT Investment Limited, (3) Cainiao Smart Logistics Investment Limited, (4) New Retail Strategic Opportunities Investments 2 Limited, (5) Taobao China Holding Limited, and (6) Cainiao Smart Logistics Network (Hong Kong) Limited (AGHL, AZIL, Cainiao Investment, NRF, TCHL and Cainiao Hong Kong are collectively referred to as the "Reporting Persons"), with respect to Class A Ordinary Shares. This Amendment No.1 is filed jointly by the Reporting Persons pursuant to Rule 13d-1(k) under the Exchange Act. The agreement among the Reporting Persons relating to the joint filing of this Amendment No.1 is attached hereto as Exhibit A. The name of each executive officer and each member of the board of directors of each Reporting Person is set forth on Schedule A-1 hereto and is incorporated herein by reference.
(b)	Item 2(b) of the Original Filing is hereby amended and restated as follows: The business address of AGHL, AZIL, NRF, TCHL and Cainiao HK is c/o Alibaba Group Services Limited, 26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. The business address of Cainiao Investment is c/o North Cainiao Post Station, No. 501 Fengxin Road, Yuhang District, Hangzhou, Zhejiang Province 310000, People's Republic of China. The business address of each executive officer and each member of the board of directors of each Reporting Person is set forth on Schedule A-1 hereto and is incorporated herein by reference.
(c)	Item 2(c) of the Original Filing is hereby amended and restated as follows: AGHL is a company incorporated in the Cayman Islands, with its American depositary shares, each representing eight ordinary shares, listed on the New York Stock Exchange (Stock Symbol: BABA), and its ordinary shares listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 9988 (HKD Counter) and 89988 (RMB Counter)). AGHL is a holding company of businesses comprising Alibaba China E-commerce Group, Alibaba International Digital Commerce Group, AI + Cloud businesses, and others. AZIL is an indirect wholly-owned special purpose subsidiary of AGHL. Each of Cainiao Investment and Cainiao HK is wholly owned by Cainiao Smart Logistics Network Limited ("Cainiao Cayman"), a company incorporated under the laws of the Cayman Islands, which in turn is indirectly wholly owned by AGHL. Cainiao Investment principally engages in investment activities on behalf of Cainiao Cayman. Cainiao HK, together with Cainiao Cayman's other subsidiaries, operates e-commerce logistics business based on its smart logistics network and provides cross-border e-commerce logistics services globally. New Retail Strategic Opportunities Fund, L.P., a Cayman Islands exempted limited partnership ("NRSF"), owns 100% of NRF. New Retail Strategic Opportunities Fund GP, L.P., a Cayman Islands exempted limited partnership ("NRSF GP"), is the general partner of NRSF. New Retail Strategic Opportunities GP Limited, a company organized under the laws of the Cayman Islands and an indirect wholly-owned subsidiary of AGHL ("NRSO"), is the general partner of NRSF GP. Each of NRSF, NRSF GP and NRSO principally engages in investment activities. TCHL is an indirectly wholly-owned subsidiary of AGHL and the direct holding company of certain PRC subsidiaries relating to Taobao Marketplace and Tmall. The present principal occupation or employment of each executive officer and each member of the board of directors of each Reporting Person are set forth on Schedule A-1 hereto and are incorporated herein by reference.
(f)	Item 2(f) of the Original Filing is hereby amended and restated as follows: Alibaba Group Holding Limited: Cayman Islands. Alibaba ZT Investment Limited: Hong Kong. Cainiao Investment: British Virgin Islands New Retail Strategic Opportunities Investments 2 Limited: Cayman Islands. TCHL: Hong Kong Cainiao HK: Hong Kong The citizenship of each executive officer and each member of the board of directors of each Reporting Person is set forth on Schedule A-1 hereto and is incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and restated as follows: See Rows 11 and 13 on the cover page of each Reporting Person.
(b)	Item 5(b) of the Schedule 13D is hereby amended and restated as follows: See Rows 7 through 10 on the cover page of each Reporting Person.
(c)	Item 5(c) of the Schedule 13D is hereby amended by adding the paragraph below to the end: On September 21, 2026, AZIL and NRF effected sales of 23,391,178 and 1,608,822 Class A Ordinary Shares, respectively, each in the form of ADSs at a price of $20.02 per ADS, through broker transactions on the New York Stock Exchange under Rule 144 promulgated under the Securities Act of 1933, as amended. SCHEDULE A-1 Directors and Executive Officers of Alibaba Group Holding Limited The following table sets forth the names, business addresses and present principal occupation of each director and executive officer of Alibaba Group Holding Limited, an exempted company incorporated under the laws of the Cayman Islands ("AGHL"). Unless otherwise noted, the business address for each director listed below is c/o Alibaba Group Services Limited, 26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. Unless otherwise noted, the business address for each executive officer listed below is 969 West Wen Yi Road, Yu Hang District, Hangzhou 311121, People's Republic of China. Name and Citizenship Present Principal Occupation Directors Joseph C. TSAI, Canada Chairman of AGHL Eddie Yongming WU, Singapore Director and Chief Executive c/o 969 West Wen Yi Road Officer of AGHL Yu Hang District, Hangzhou 311121 People's Republic of China J. Michael EVANS, Canada Director and President of AGHL Maggie Wei WU, People's Director of AGHL Republic of China Jerry YANG, United States Independent Director of AGHL; of America Founding Partner of AME Cloud Ventures Wan Ling MARTELLO, United Independent Director of AGHL; States of America Founding Partner of BayPine Weijian SHAN, People's Independent Director of AGHL; Republic of China Executive Chairman and Founder of PAG Irene Yun-Lien LEE, People's Independent Director of AGHL; Republic of China Executive Chairman of Hysan Development Limited Albert Kong Ping NG, People's Independent Director of AGHL Republic of China Kabir MISRA, United States Independent Director of AGHL; of America Managing Partner at RPS Ventures Executive Officers Toby Hong XU, People's Chief Financial Officer of AGHL Republic of China Jane Fang JIANG, People's Chief People Officer of AGHL Republic of China Sara Siying YU, People's General Counsel of AGHL Republic of China Fan JIANG, People's Republic Co-Chairman and Chief of China Executive Officer of Alibaba International Digital Commerce Group of AGHL Directors and Executive Officers of Alibaba ZT Investment Limited The following table sets forth the names and present principal occupation of each director of Alibaba ZT Investment Limited, a company with limited liability incorporated under the laws of Hong Kong ("AZIL"). Unless otherwise noted, the business address for each director listed below is c/o Alibaba Group Services Limited, 26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. AZIL does not have any executive officers. Name/Citizenship Present Principal Occupation Sung Kong CHAN, People's Republic Finance Senior Manager of AGHL of China Lei JIN, People's Republic of China Senior Director of Legal of AGHL Directors and Executive Officers of Cainiao Smart Logistics Investment Limited The following table sets forth the name and present principal occupation of the sole director of Cainiao Smart Logistics Investment Limited, a company organized under the laws of the British Virgin Islands ("Cainiao Investment").The business address for the sole director listed below is c/o North Cainiao Post Station, No. 501 Fengxin Road,Yuhang District, Hangzhou, Zhejiang Province 310000, People's Republic of China. Cainiao Investment does not haveany executive officers. Name/Citizenship Present Principal Occupation Lin WAN, People's Republic of China Sole Director of Cainiao Investment; Director and Chief Executive Officer of Cainiao Smart Logistics Network Limited; Sole Director of Cainiao HK Directors and Executive Officers of New Retail Strategic Opportunities Investments 2 Limited The following table sets forth the name and present principal occupation of the director of New Retail Strategic Opportunities Investments 2 Limited, a company organized under the laws of the Cayman Islands ("NRF"). The business address for each director listed below is c/o Alibaba Group Services Limited, 26/F, Tower One, Times Square,1 Matheson Street, Causeway Bay, Hong Kong. NRF does not have any executive officers. Name/Citizenship Present Principal Occupation David John Jepson EGGLISHAW, Director of NRF United Kingdom Directors and Executive Officers of Taobao China Holding Limited The following table sets forth the names and present principal occupation of each director of Taobao China Holding Limited, a company organized under the laws of Hong Kong ("TCHL"). The business address for each director listed below is 26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. TCHL does not have any executive officers. Name/Citizenship Present Principal Occupation Lei JIN, People's Republic of China Senior Director of Legal of AGHL Sung Kong CHAN, People's Republic of China Finance Senior Manager of AGHL Yuehong QIN, People's Republic of China Vice President, Corporate Finance of AGHL Directors and Executive Officers of Cainiao Smart Logistics Network (Hong Kong) Limited The following table sets forth the names and present principal occupation of each director of Cainiao Smart Logistics Network (Hong Kong) Limited, a company organized under the laws of Hong Kong ("Cainiao HK"). The business address for the director listed below is c/o North Cainiao Post Station, No. 501 Fengxin Road, Yuhang District, Hangzhou, Zhejiang Province 310000, People's Republic of China. Cainiao HK does not have any executive officers. Name/Citizenship Present Principal Occupation Lin WAN, People's Republic of China Sole Director of Cainiao Investment; Director and Chief Executive Officer of Cainiao Smart Logistics Network Limited; Sole Director of Cainiao HK
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 - Joint Filing Agreement among Alibaba Group Holding Limited, Alibaba ZT Investment Limited, Cainiao Smart Logistics Investment Limited, New Retail Strategic Opportunities Investments 2 Limited, Taobao China Holding Limited and Cainiao Smart Logistics Network (Hong Kong) Limited, dated September 22, 2026

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Alibaba Group Holding Limited

Signature:	/s/ Jinwei Zhang
Name/Title:	Jinwei Zhang / Authorized Signatory
Date:	09/22/2026

Alibaba ZT Investment Limited

Signature:	/s/ Lei Jin
Name/Title:	Lei Jin / Authorized Signatory
Date:	09/22/2026

Cainiao Smart Logistics Investment Limited

Signature:	/s/ Lin Wan
Name/Title:	Lin Wan / Director
Date:	09/22/2026

New Retail Strategic Opportunities Investments 2 Limited

Signature:	/s/ David Egglishaw
Name/Title:	David Egglishaw / Director
Date:	09/22/2026

Taobao China Holding Limited

Signature:	/s/ Lei Jin
Name/Title:	Lei Jin / Authorized Signatory
Date:	09/22/2026

Cainiao Smart Logistics Network (Hong Kong) Limited

Signature:	/s/ Lin Wan
Name/Title:	Lin Wan / Director
Date:	09/22/2026