On September 23, 2026, Alibaba ZT Investment Limited sold 23.39 million class A ordinary shares of ZTO EXPRESS-W (02057) off-exchange at an average of USD 20.02 per share, involving about USD 468.29 million. The transaction was an off-exchange trade (consideration: cash) and not a direct secondary-market dealing.
Prior to the disposal, Alibaba ZT Investment Limited's long position in ZTO EXPRESS-W was 57.87 million shares, representing 10.38%; following the disposal, the holding changed to 34.48 million shares, with the long position ratio falling to 6.19%.