On September 23, 2026, Taobao Holding Limited sold 23.39 million shares of ZTO EXPRESS-W off-exchange at an average of USD 20.02 per share, involving about USD 468.29 million. The transaction was an off-exchange cash deal, not matched on the SEHK open market and therefore not a direct secondary-market dealing.
Prior to the disposal, Taobao Holding Limited's long position in ZTO EXPRESS-W was 61.19 million shares, representing 10.98%; following the disposal, the holding changed to 37.80 million shares, with the long position ratio falling to 6.78%.