On November 11, a ByteDance spokesperson clarified that reports claiming "ByteDance has become a new shareholder in ZTO Express" are inaccurate. The company had made a minor investment in ZTO Express by the end of 2021, holding only a small stake. The recent change in business registration reflects an internal restructuring at ZTO Express and does not indicate ByteDance's new involvement as a shareholder.

Earlier reports suggested that ZTO Express had completed a new round of capital increase, raising its registered capital from 420 million yuan to approximately 600 million yuan. The funding round reportedly introduced multiple strategic investors, including ByteDance and Taobao China, as new shareholders. It was also speculated that the capital injection and participation of prominent investors signaled ZTO Express's efforts to optimize its equity structure and secure additional resources for future growth.