ZTO Express (Cayman) Inc. has revised the conversion mechanics of its US$1.50 billion 0.925% convertible senior notes due 2031 after declaring a semi-annual cash dividend of US$0.39 per ADS and ordinary share for the six months ended 31 December 2025.

Key adjustments effective 8 April 2026:

• Conversion rate: Raised from 32.3130 to 32.8311 Class A ordinary shares per US$1,000 principal amount. • Conversion price: Lowered 1.58% from US$30.9473 to US$30.4589 per share. • Potential dilution: Maximum shares issuable on full conversion rise by 777,150 to 49.25 million, versus 48.47 million previously.

The additional shares fall well within the company’s existing General Mandate, which authorises issuance of up to 160.89 million Class A ordinary shares. ZTO Express has applied to the Hong Kong Stock Exchange for listing approval of the incremental 777,150 shares.

Under the company’s weighted-voting-rights structure, each Class A ordinary share carries one vote, while each Class B share carries 10 votes. Conversions may be settled in cash, shares, or a combination thereof at ZTO Express’s discretion.