FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260923E00207 
1. Date of relevant event: 23/09/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later):
(dd/mm/yyyy)
3. Stock code: 02057
4. Name of listed corporation: ZTO Express (Cayman) Inc. - W 
5. Class of shares: Others 
6. Number of issued shares in class: 557,330,906
7. Name of substantial shareholder: Alibaba Group Holding Limited 
8. Registered office: Trident Trust Company (Cayman) Limited, Fourth Floor, One Capital Place, P.O. Box 847, George Town, Grand Cayman, Cayman Islands
9. Principal place of business in Hong Kong: 26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong 
15. Exchange on which listed: New York Stock Exchange and The Stock Exchange of Hong Kong Limited
16. Name of listed parent and exchange on which parent is listed: N/A 
17. Details of relevant event:
  Brief description of relevant event Capacity in which shares were/are held Number of shares bought/sold or involved Currency of transaction On Exchange Off Exchange
Before relevant event After relevant event Highest price (per share) Average price (per share) Average consideration (per share) Nature of consideration
Long position
1201The percentage level of your interest in the shares has reduced because:
you completed a sale of the shares
2201Interest of corporation controlled by you
25,000,000 USD 20.0200
3101Cash
Short position 
 
 
 		            
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position71,941,28712.91
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position46,941,2878.42
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2201Interest of corporation controlled by you
Long position46,941,287

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
  
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
Taobao Holding LimitedVistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands; Cayman IslandAlibaba Group Holding Limited100.00N
Long position37,801,242
Taobao China Holding Limited26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong; Hong KongTaobao Holding Limited100.00Y
Long position3,322,050
Taobao China Holding Limited26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong; Hong KongTaobao Holding Limited100.00N
Long position34,479,192
Alibaba ZT Investment Limited26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong; Hong KongTaobao China Holding Limited100.00Y
Long position34,479,192
Ali CN Investment Holding LimitedVistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands; British Virgin IslandsAlibaba Group Holding Limited100.00N
Long position6,119,237
Cainiao Smart Logistics Network LimitedHarneys Fiduciary (Cayman) Limited，4th Floor, Harbour Place, 103 South Church Street, George Town, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands; Cayman IslandsAli CN Investment Holding Limited94.20N
Long position6,119,237
Cainiao Smart Logistics Investment LimitedOffices of Trident Trust Company (B.V.I.) Limited, Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands; British Virgin IslandsCainiao Smart Logistics Network Limited100.00Y
Long position5,787,037
Cainiao Smart Logistics Network (BVI) LimitedOffices of Trident Trust Company (B.V.I.) Limited, Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands; British Virgin IslandsCainiao Smart Logistics Network Limited100.00N
Long position332,200
Cainiao Smart Logistics Network (Hong Kong) Limited26/F., Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong; Hong KongCainiao Smart Logistics Network (BVI) Limited100.00Y
Long position332,200
Alibaba Investment LimitedTrident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands; British Virgin IslandsAlibaba Group Holding Limited100.00N
Long position3,020,808
New Retail Strategic Opportunities GP LimitedVistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands; Cayman IslandsAlibaba Investment Limited100.00N
Long position3,020,808
New Retail Strategic Opportunities Fund GP, L.P.Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands; Cayman IslandsAlibaba Investment Limited (as limited partner)50.00N
Long position3,020,808
New Retail Strategic Opportunities Fund GP, L.P.Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands; Cayman IslandsNew Retail Strategic Opportunities GP Limited (as general partner)50.00N
Long position3,020,808
New Retail Strategic Opportunities Fund, L.P.Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands; Cayman IslandsNew Retail Strategic Opportunities Fund GP, L.P. (as general partner)0.00N
Long position3,020,808
New Retail Strategic Opportunities Investments 2 LimitedVistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands; Cayman IslandsNew Retail Strategic Opportunities Fund, L.P.100.00Y
Long position3,020,808

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
  
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber of shares
 
Total number of shares in which a substantial shareholder is interested under sections 317 and 318
26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information: Box 5: The class of shares involved is class A ordinary shares.
28. Log/Serial Number of the previous form:
29. Number of concert party document(s) under section 317 attached/uploaded:
Date of filing this Form 2: 23/09/2026
(dd/mm/yyyy)