ZTO Express notifies holders of repurchase right for convertible notes

ZTO Express (Cayman) Inc. (NYSE: ZTO, HKEX: 2057) announced it is notifying holders of its 1.50% Convertible Senior Notes due 2027 of their right to require the company to repurchase their notes on September 2, 2025.

The repurchase right allows holders to require ZTO Express to buy back all or part of their notes in integral multiples of $1,000 principal amount. The repurchase price equals 100% of the principal amount plus any accrued and unpaid additional interest through September 2, 2025.

As of July 29, 2025, $1 billion in aggregate principal amount of the notes remained outstanding. If all outstanding notes are surrendered for repurchase, the total cash purchase price would be $1 billion.

The exercise period for the repurchase right began at 9:00 a.m. New York time on July 30, 2025, and will terminate at 5:00 p.m. New York time on August 28, 2025. Holders may withdraw previously tendered notes before the deadline.

The repurchase right stems from the indenture dated August 29, 2022, between ZTO Express and Citibank N.A., which serves as trustee. The company stated it will file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission detailing the terms and procedures.

ZTO Express operates an express delivery network in China through a network partner model. The company provides pickup and last-mile delivery services while controlling line-haul transportation and sorting operations.

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