On September 23, 2026, Taobao China Holding Limited disposed of 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. This was an off-exchange transaction with cash consideration, not matched on the SEHK open market, and therefore not a direct secondary-market dealing.

Prior to the disposal, Taobao China 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%.