ZTO Express (Cayman) Inc., the Hong Kong–listed express‐delivery group with a weighted-voting-rights (WVR) structure, disclosed that it has repurchased 12.71 million Class A ordinary shares in the form of American depositary shares (ADSs) between 12 August and 5 October 2026. The repurchases have not yet been cancelled.

Key takeaways

1. Scale of repurchases • Thirty-eight on-market transactions on the New York Stock Exchange resulted in the acquisition of 12.71 million ADSs at prices ranging from USD 19.26 to USD 23.00 per ADS. • The latest buyback on 5 October covered 409,549 ADSs at USD 19.47–19.70, costing USD 8.03 million. • Aggregate purchases executed under the June 2026 shareholder mandate now total 15.28 million shares, equivalent to 1.99 % of the company’s issued share base (excluding treasury shares) at mandate date.

2. Capital structure unchanged—for now • Issued share capital (excluding treasury shares) stood at 557.33 million Class A ordinary shares and 206.10 million Class B ordinary shares as of 5 October 2026, leaving total issued shares at 763.43 million. • No new shares were issued, and no treasury shares were outstanding during the period; all repurchased shares remain pending cancellation.

3. Remaining capacity under buyback mandate • The current authorisation, approved on 16 June 2026, permits repurchase of up to 76.60 million shares. After the 15.28 million shares already bought, approximately 61.32 million shares (about 8.04 % of issued shares) remain available for future repurchase. • Following the 5 October transaction, ZTO Express is restricted from issuing new shares or disposing of treasury shares on the Hong Kong Stock Exchange until 4 November 2026, in line with listing rules.

Implications By continuing to deploy capital toward share buybacks—totalling an estimated USD 290 million since mid-August—ZTO Express is signalling confidence in its valuation and reinforcing shareholder returns through prospective earnings‐per‐share accretion once the repurchased shares are cancelled. The company’s weighted-voting-rights structure remains intact, with 206.10 million Class B shares carrying enhanced voting power alongside 557.33 million Class A shares.