How many restricted share units did the ZTO (ZTO) CEO receive?

The CEO received a grant of 154,000 restricted share units. According to the disclosure, these RSUs were granted and fully vested on March 23, 2026, and were then exercised into an equal number of American depositary shares.

Were the ZTO (ZTO) restricted share units subject to a vesting schedule?

The restricted share units granted to the CEO vested in full on the grant date. The filing states they were granted on March 23, 2026 and vested in full on the same date, allowing immediate exercise into American depositary shares.

ZTO Express (NYSE: ZTO) CEO receives 154,000 RSUs, now holds 332,461 ADSs

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

ZTO Express (Cayman) Inc. reported that Chief Executive Officer Lai Meisong received a grant of 154,000 restricted share units on March 23, 2026, which vested in full on the same date. These units were then fully exercised into 154,000 American depositary shares, each representing one Class A ordinary share. Following the transactions, Lai directly holds 332,461 American depositary shares.

Insider Trade Summary

154,000 shares exercised/converted

Mixed 3 txns

Insider Lai Meisong

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted share units	154,000	$0.00	--
Exercise	Restricted share units	154,000	$0.00	--
Exercise	American depositary shares	154,000	$0.00	--

Holdings After Transaction: Restricted share units — 154,000 shares (Direct); American depositary shares — 332,461 shares (Direct)

Footnotes (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 →

03/24/2026 - 06:16 AM

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^*

Lai Meisong

(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 Executive 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
American depositary shares⁽¹⁾	03/23/2026		M		154,000	A	$0	332,461	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted share units	⁽¹⁾	03/23/2026		A		154,000		⁽²⁾	⁽²⁾	Class A ordinary shares	154,000	$0	154,000	D
Restricted share units	⁽¹⁾	03/23/2026		M		154,000		⁽²⁾	⁽²⁾	Class A ordinary shares	154,000	$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/ Meisong Lai	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did ZTO (ZTO) report for Lai Meisong?

ZTO reported that CEO Lai Meisong received 154,000 restricted share units on March 23, 2026, which vested immediately and were exercised into 154,000 American depositary shares, increasing his direct holdings to 332,461 ADSs.

Did the ZTO (ZTO) CEO sell any shares in this Form 4 filing?

No share sales were reported. The Form 4 shows only acquisitions: a grant of 154,000 restricted share units and their exercise into 154,000 American depositary shares, with zero transactions coded as sales or dispositions.

What are the ZTO (ZTO) American depositary shares mentioned in the filing?

Each American depositary share referenced in the filing represents one Class A ordinary share. The CEO’s 154,000 ADSs received from exercising restricted share units therefore correspond to 154,000 underlying Class A ordinary shares.

What is the ZTO (ZTO) CEO’s direct ownership after these transactions?

After the March 23, 2026 award and exercise, CEO Lai Meisong directly holds 332,461 American depositary shares. This figure reflects his position following conversion of 154,000 restricted share units into ADSs on that date.