ZTO Express (Cayman) Inc

ZTO Express (Cayman) Inc. is a major express delivery company in China, operating a highly scalable franchise-based network partner model to serve the country's e-commerce logistics needs. The company controls mission-critical line-haul transportation and automated sorting hub infrastructure while leveraging approximately 6,000 direct network partners operating over 31,000 pickup and delivery outlets for first-mile and last-mile services. ZTO's logistics network covers 99% of cities and counties across China, supported by over 10,000 self-owned line-haul trucks, 92 sorting hubs with 782 automated sorting lines, and over 3,600 line-haul routes. Beyond its core express delivery business, ZTO is expanding into less-than-truckload (LTL) logistics, international express delivery in Southeast Asia and Africa, cross-border freight forwarding (through subsidiary China Oriental Express Co., Ltd.), warehousing, cold chain, and commerce solutions. The company also provides financing services and sells ancillary materials such as thermal paper and branded packing materials to network partners. ZTO utilizes a variable interest entity (VIE) structure common among Chinese companies listed abroad, with its consolidated VIE providing mail delivery services in China. The company operates a dual-class share structure with Class A shares (one vote per share) and Class B shares (ten votes per share), and is dual-listed on the NYSE (ZTO) and the Hong Kong Stock Exchange (2057). Each ADS represents one Class A ordinary share. Updated Aug 19, 2026