<SEC-DOCUMENT>0001104659-26-044663.txt : 20260417
<SEC-HEADER>0001104659-26-044663.hdr.sgml : 20260417
<ACCEPTANCE-DATETIME>20260417091543
ACCESSION NUMBER:		0001104659-26-044663
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20260417
FILED AS OF DATE:		20260417
DATE AS OF CHANGE:		20260417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZTO Express (Cayman) Inc.
		CENTRAL INDEX KEY:			0001677250
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37922
		FILM NUMBER:		26869674

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING ONE, NO. 1685 HUAZHI ROAD
		STREET 2:		QINGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201708
		BUSINESS PHONE:		8621 59139988

	MAIL ADDRESS:	
		STREET 1:		BUILDING ONE, NO. 1685 HUAZHI ROAD
		STREET 2:		QINGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201708
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2611946d3_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of April&nbsp;2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-37922</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ZTO Express (Cayman) Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Building One, No.&nbsp;1685
Huazhi Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Qingpu District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shanghai, 201708</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&nbsp;20-F&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U>Exhibit&nbsp;Index</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="tm2611946d3_ex99-1.htm">Exhibit&nbsp;99.1 &mdash; Press Release&mdash;ZTO Express to Hold Annual General Meeting on June&nbsp;16, 2026</A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="tm2611946d3_ex99-2.htm">Exhibit&nbsp;99.2 &ndash; Notice of Annual General Meeting</A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="tm2611946d3_ex99-3.htm">Exhibit&nbsp;99.3 &ndash; Annual General Meeting Circular</A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="tm2611946d3_ex99-4.htm">Exhibit&nbsp;99.4 &ndash; Form&nbsp;of Proxy for Annual General Meeting</A></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">ZTO Express (Cayman) Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Huiping Yan</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huiping Yan</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April&nbsp;17, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2611946d3_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ZTO Express to Hold Annual General Meeting on
June&nbsp;16, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHANGHAI, April&nbsp;17, 2026 /PRNewswire/ &mdash; ZTO Express (Cayman)
Inc. (NYSE: ZTO and HKEX: 2057) (&ldquo;<B>ZTO</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;), a leading and fast-growing express delivery
company in China, today announced that it will hold its annual general meeting of shareholders (&ldquo;<B>AGM</B>&rdquo;) on Tuesday,
June&nbsp;16, 2026, at 2:00 p.m.&nbsp;(Hong Kong time), at 9/F, The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong, for the
purposes of considering and, if thought fit, passing each of the Proposed Resolutions as defined and set forth in the notice of the AGM
(the &ldquo;<B>AGM Notice</B>&rdquo;). An online live webcast of the meeting will also be made available for holders of ordinary shares
of the Company as of the Record Date. The AGM Notice and the form of proxy for the AGM are available on the Company&rsquo;s website at
http://zto.investorroom.com. The board of directors of the Company fully supports the Proposed Resolutions and recommends that shareholders
and holders of American depositary shares (&ldquo;<B>ADSs</B>&rdquo;) vote in favor of the Proposed Resolutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of record of ordinary shares of the Company at the close of
business on May&nbsp;8, 2026, Hong Kong time (the &ldquo;<B>Record Date</B>&rdquo;), are entitled to notice of and to attend and vote
at the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May&nbsp;8, 2026, New
York time, who wish to exercise their voting rights for the underlying Class&nbsp;A ordinary shares must give voting instructions to JPMorgan
Chase Bank, N.A., the depositary of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may obtain an electronic copy of the Company&rsquo;s annual report,
free of charge, from the Company&rsquo;s website at http://zto.investorroom.com, The Stock Exchange of Hong Kong Limited&rsquo;s website
at www.hkexnews.hk or from the U.S. Securities and Exchange Commission&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About ZTO Express (Cayman) Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057) (&ldquo;ZTO&rdquo;
or the &ldquo;Company&rdquo;) is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as
well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ZTO operates a highly scalable network partner model, which the Company
believes is best suited to support the significant growth of e-commerce in&nbsp;China. The Company leverages its network partners to provide
pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the
express delivery service value chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please visit http://zto.investorroom.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>For investor inquiries, please contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ZTO Express (Cayman) Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E-mail: ir@zto.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone: +86 21 5980 4508</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2611946d3_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Exhibit
99.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Hong
Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this notice,
make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this notice.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Under
our weighted voting rights structure, our share capital comprises Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Each
Class&nbsp;A ordinary share entitles the holder to exercise one vote, and each Class&nbsp;B ordinary share entitles the holder to exercise
10 votes, respectively, on all matters that require a shareholder&rsquo;s vote. Shareholders and prospective investors should be aware
of the potential risks of investing in a company with a weighted voting rights structure. Our American depositary shares, each representing
one of our Class&nbsp;A ordinary shares, are listed on the New York Stock Exchange in the United States under the symbol ZTO.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2611946d2_ex99-2img01.jpg" ALT="" STYLE="height: 72px; width: 350px">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ZTO
Express (Cayman) Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&#20013;
 &#36890;&#24555;&#36958; (&#38283;&#26364; )&#26377; &#38480;&#20844;&#21496;</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>(A
company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)</I></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>(Stock Code: 2057)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>NOTICE OF ANNUAL GENERAL
MEETING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>NOTICE
IS HEREBY GIVEN </B>that an annual general meeting (the &ldquo;<B>AGM</B>&rdquo;) of ZTO Express (Cayman) Inc. (the &ldquo;<B>Company</B>&rdquo;)
will be held at 9/F, The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong on Tuesday, June&nbsp;16, 2026 at 2:00 p.m.&nbsp;(Hong
Kong time), for the purpose to consider and vote on the following (unless otherwise specified, terms defined in this notice shall have
the same meanings as those defined in the circular of the Company dated April&nbsp;17, 2026 (the &ldquo;<B>Circular</B>&rdquo;)). Details
regarding the resolutions in this notice are set out in the Circular.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ORDINARY RESOLUTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To
                                            receive and consider the audited consolidated financial statements of the Company and the
                                            reports of the directors and auditor of the Company for the year ended December&nbsp;31,
                                            2025;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To re-elect
                                            Mr.&nbsp;Hongqun HU as an executive director of the Company, subject to his earlier resignation
                                            or removal;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To re-elect
                                            Mr.&nbsp;Xing LIU as a non-executive director of the Company, subject to his earlier resignation
                                            or removal;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To authorize
                                            the board of directors to fix the remuneration of the directors of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To re-appoint
                                            Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu Certified Public Accountants LLP as
                                            auditors of the Company to hold office until the conclusion of the next annual general meeting
                                            of the Company and to authorize the board of directors to fix their remuneration for the
                                            year ending December&nbsp;31, 2026;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To consider
                                            and, if thought fit, pass with or without modification, the following resolution as an ordinary
                                            resolution:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>THAT</B>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">subject
                                            to paragraph (c)&nbsp;below, a general unconditional mandate be and is hereby given to the
                                            directors of the Company during the Relevant Period (as defined in paragraph (d)&nbsp;below)
                                            to exercise all the powers of the Company to allot, issue, and deal with additional Class&nbsp;A
                                            Ordinary Shares (including any sale and transfer of treasury shares out of treasury) or securities
                                            convertible into Class&nbsp;A Ordinary Shares, or options, warrants or similar rights to
                                            subscribe for Class&nbsp;A Ordinary Shares or such convertible securities of the Company
                                            (other than issuance of options, warrants or similar rights to subscribe for additional Class&nbsp;A
                                            Ordinary Shares or securities convertible into Class&nbsp;A Ordinary Shares for cash consideration)
                                            and to make or grant offers, agreements, or options (including any warrants, bonds, notes,
                                            and debentures conferring any rights to subscribe for or otherwise receive Class&nbsp;A Ordinary
                                            Shares) that would or might require the exercise of such powers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the mandate
                                            in paragraph (a)&nbsp;above shall be in addition to any other authorization given to the
                                            Directors and shall authorize the Directors to make or grant offers, agreements and/or options
                                            during the Relevant Period that would or might require the exercise of such powers after
                                            the end of the Relevant Period;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the total
                                            number of Class&nbsp;A Ordinary Shares allotted or agreed conditionally or unconditionally
                                            to be allotted and issued (whether pursuant to options or otherwise) in paragraph (a)&nbsp;above,
                                            otherwise than pursuant to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a Rights
                                            Issue (as defined in paragraph (d)&nbsp;below);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the grant
                                            or exercise of any options under any share scheme of the Company or any other option scheme
                                            or similar arrangements for the time being adopted for the grant or issue to the directors,
                                            officers and/or employee of the Company and/or any of its subsidiaries and/or other eligible
                                            participants specified thereunder of options to subscribe for Class&nbsp;A Ordinary Shares
                                            or rights to acquire Class&nbsp;A Ordinary Shares;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            vesting of restricted shares and restricted share units granted or to be granted pursuant
                                            to the share schemes of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any scrip
                                            dividend or similar arrangement providing for the allotment and issue of Shares in lieu of
                                            the whole or part of a dividend on Shares of the Company in accordance with the Articles
                                            of Association of the Company; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a specific
                                            authority granted by the shareholders of the Company in general meeting, shall not exceed
                                            20% of the total number of issued and outstanding Shares (excluding any treasury shares)
                                            of the Company as at the date of the passing of this resolution (such total number to be
                                            subject to adjustment in the case of any consolidation or subdivision of any of the Shares
                                            of the Company into a smaller or larger number of Shares of the Company respectively after
                                            the passing of this resolution) and the said mandate shall be limited accordingly; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">for the purposes
                                            of this resolution:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Relevant
Period</B>&rdquo; means the period from the passing of this resolution until the earliest of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the conclusion
                                            of the next annual general meeting of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the expiration
                                            of the period within which the next annual general meeting of the Company is required to
                                            be held by the Articles of Association of the Company or any applicable laws; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            date on which the authority set out in this resolution is revoked or varied by an ordinary
                                            resolution of the shareholders of the Company in general meeting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Rights
Issue</B>&rdquo; means an offer of Shares of the Company, or an offer or issue of warrants, options or other securities giving rights
to subscribe for Shares of the Company, open for a period fixed by the Directors to holders of Shares of the Company whose names appear
on the register of members of the Company on a fixed record date in proportion to their then holdings of such Shares of the Company (subject
to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or having
regard to any restrictions or obligations under the laws of, or the requirements of any recognized regulatory body or any stock exchange
in, any territory applicable to the Company).&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To consider
                                            and, if thought fit, pass with or without modification, the following resolution as an ordinary
                                            resolution:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>THAT</B>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a general
                                            unconditional mandate be and is hereby given to the directors of the Company during the Relevant
                                            Period (as defined in paragraph (b)&nbsp;below) to exercise all the powers of the Company
                                            to purchase its Class&nbsp;A Ordinary Shares on The Stock Exchange of Hong Kong Limited (the
                                            &ldquo;<B>Hong Kong Stock Exchange</B>&rdquo;) or on any other stock exchange on which the
                                            securities of the Company may be listed and which is recognized by the Securities and Futures
                                            Commission of Hong Kong and the Hong Kong Stock Exchange for this purpose, provided that
                                            the total number of Shares of the Company which may be purchased pursuant to this mandate
                                            shall not exceed 10% of the total number of issued and outstanding Shares (excluding any
                                            treasury shares) of the Company as at the date of passing of this resolution (such total
                                            number to be subject to adjustment in the case of any consolidation or subdivision of any
                                            of the shares of the Company into a smaller or larger number of shares of the Company respectively
                                            after the passing of this resolution) and the said mandate shall be limited accordingly;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">for the
                                            purposes of this resolution:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Relevant
Period</B>&rdquo; means the period from the passing of this resolution until the earliest of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the conclusion
                                            of the next annual general meeting of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the expiration
                                            of the period within which the next annual general meeting of the Company is required by
                                            the Articles of Association of the Company or any applicable laws to be held; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the date
                                            on which the authority set out in this resolution is revoked or varied by an ordinary resolution
                                            of the shareholders of the Company in general meeting.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>SHARES RECORD DATE AND ADS RECORD
DATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
board of directors of the Company has fixed the close of business on Friday, May&nbsp;8, 2026, Hong Kong time, as the record date (the
 &ldquo;<B>Shares Record Date</B>&rdquo;) of our Class&nbsp;A ordinary shares with a par value of US$0.0001 each (the &ldquo;<B>Class&nbsp;A
Ordinary Shares</B>&rdquo;) and Class&nbsp;B ordinary shares with a par value of US$0.0001 each (the &ldquo;<B>Class&nbsp;B Ordinary
Shares</B>&rdquo;, and together with the Class&nbsp;A Ordinary Shares, the &ldquo;<B>Shares</B>&rdquo;). In order to be eligible to attend
and vote at the AGM, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with
the Company&rsquo;s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor,
Hopewell Centre, 183 Queen&rsquo;s Road East, Hong Kong, not later than 4:30 p.m.&nbsp;on Friday, May&nbsp;8, 2026, Hong Kong time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Holders
of record of the Company&rsquo;s Shares as of the Shares Record Date are entitled to attend and vote at the AGM and any adjourned meeting
thereof. Holders of record of American Depositary Shares (the &ldquo;<B>ADSs</B>&rdquo;) as of the close of business on Friday, May&nbsp;8,
2026, New York time (the &ldquo;<B>ADS Record Date</B>&rdquo;) who wish to exercise their voting rights for the underlying Class&nbsp;A
Ordinary Shares must give voting instructions to JPMorgan Chase Bank, N.A., the depositary of the ADSs. JPMorgan Chase Bank, N.A., as
depositary of the ADSs, will endeavour, to the extent practicable and legally permissible, to vote or cause to be voted at the AGM the
amount of Shares represented by the ADSs in accordance with the instructions that it has properly received from ADS holders. Please be
aware that, because of the time difference between Hong Kong and New York, if a holder of ADSs cancels his or her ADSs in exchange for
Shares on Friday, May&nbsp;8, 2026, New York time, such holder of ADSs will not be able to instruct JPMorgan Chase Bank, N.A., as depositary
of the ADSs, as to how to vote the Shares represented by the cancelled ADSs as described above, and will also not be a holder of those
Shares as of the Shares Record Date for the purpose of determining the eligibility to attend and vote at the AGM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>ATTENDING THE AGM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Only
holders of record of Shares as of the Shares Record Date are entitled to attend and vote at the AGM. Those who hold the Shares indirectly
should contact their brokerage firm, bank or other financial institution for further information on how to attend the AGM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If
a Typhoon Signal No.&nbsp;8 or above, a Black Rainstorm Warning Signal and/or &ldquo;extreme conditions&rdquo; announced by the Government
is/are in force in Hong Kong at or at any time after 11:00 a.m.&nbsp;on the date of the AGM, the AGM will be postponed. The Company will
post an announcement on the websites of the Stock Exchange (https://www.hkexnews.hk) and the Company (http://zto.investorroom.com/) to
notify Shareholders of the date, time and place of the adjourned meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>ACCESSING THE VIRTUAL MEETING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">An
online live webcast of the AGM (the &ldquo;<B>Virtual Meeting</B>&rdquo;) will be made available to holders of Shares as of the Shares
Record Date. Attendees of the Virtual Meeting may submit questions online. Due to the time limit, only selected questions will be answered
at the discretion of the chairperson of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>You
will not be able to vote through the Virtual Meeting. </B>Therefore, if you plan on attending the AGM through accessing the Virtual Meeting,
please send in your proxy form or voting instructions in advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Registered
Shareholders (i.e. those who hold Shares directly) as of the Shares Record Date may view and listen to the online live webcast of the
AGM proceedings and submit questions online through http://meetings.computershare.com/ZTO_2026AGM. The live webcast will be open for
registered holders of Shares to log in approximately 30 minutes prior to the commencement of the AGM and can be accessed from any location
with access to the internet with a smart phone, tablet device or computer. Details regarding the live webcast including the login details
to access the online live webcast are included in the Company&rsquo;s notification letter to registered holders of the Shares to be sent
by the Company&rsquo;s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited. In the event that any holder
of the Shares appoints any person to be their proxy, login details to access the online live webcast will be sent by the Company&rsquo;s
Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, to the email address of such proxy provided in the
returned proxy form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Non-registered
holders of the Shares whose Shares are held through banks, brokers, custodians or HKSCC Nominees Limited (collectively the &ldquo;<B>Intermediary</B>&rdquo;)
as of the Shares Record Date should instruct their Intermediary to appoint themselves as proxies or corporate representatives to view
and listen to the AGM via the online live webcast and in doing so, they will be asked to provide their email address. Details regarding
the online live webcast including the login details will be emailed to them by the Company&rsquo;s Hong Kong branch share registrar,
Computershare Hong Kong Investor Services Limited, one day prior to the AGM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>PROXY FORMS AND ADS VOTING CARD</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
holder of Shares as of the Shares Record Date may appoint a proxy to exercise his or her rights at the AGM. A holder of ADSs as of the
ADS Record Date will need to instruct JPMorgan Chase Bank, N.A., the depositary of the ADSs, as to how to vote the Class&nbsp;A Ordinary
Shares represented by the ADSs. Please refer to the proxy form (for holders of Shares) or ADS voting card (for holders of ADSs), which
are incorporated by reference into and as a part of this notice for further details and instructions. The proxy form is also available
for viewing on our website at http://zto.investorroom.com/.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Holders
of record of the Company&rsquo;s Shares on the Company&rsquo;s register of members as of the Shares Record Date are cordially invited
to attend the AGM in person. Your vote is important. You are urged to complete, sign, date and return the proxy form to the Company&rsquo;s
Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited (&ldquo;<B>Computershare</B>&rdquo;) (for holders
of Shares) or your voting instructions to JPMorgan Chase Bank, N.A. (for holders of the ADSs) as promptly as possible and before the
prescribed deadline if you wish to exercise your voting rights. Computershare must receive the proxy form by no later than 2:00 p.m.,
Hong Kong time, on Sunday, June&nbsp;14, 2026 at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong to ensure
your representation at the AGM, and JPMorgan Chase Bank, N.A. must receive your voting instructions by no later than 9:00 a.m., New York
time, on Monday, June&nbsp;8, 2026 to enable the votes attaching to the Class&nbsp;A Ordinary Shares represented by your ADSs to be cast
at the AGM. For the avoidance of doubt, holders of treasury shares of the Company (if any) shall abstain from voting on matters that
require Shareholders&rsquo; approval at the AGM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>ANNUAL REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">You
may obtain an electronic copy of the Company&rsquo;s annual report, free of charge, from the Company&rsquo;s website at http://zto.investorroom.com/,
the Hong Kong Stock Exchange&rsquo;s website at www.hkexnews.hk or from the SEC&rsquo;s website at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 30%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By order of the Board</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ZTO Express (Cayman) Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Meisong LAI</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Hong Kong, April&nbsp;17, 2026</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>As
at the date of this notice, the board of directors of the Company comprises Mr.&nbsp;Meisong LAI as the chairman and executive director,
Mr.&nbsp;Jilei WANG and Mr.&nbsp;Hongqun HU as executive directors, Mr.&nbsp;Xing LIU and Ms.&nbsp;Di XU as non-executive directors,
Mr.&nbsp;Qin Charles HUANG, Mr.&nbsp;Herman YU and Ms.&nbsp;Fang XIE as independent non-executive directors.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2611946d3_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.3</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If you are in any doubt </B>as to any aspect
of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager,
solicitor, professional accountant or other professional adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If you have sold or transferred </B>all your
shares in ZTO Express (Cayman) Inc., you should at once hand this circular together with the enclosed form of proxy to the purchaser or
the transferee or to the bank, stockbroker or other agent through whom the sale was effected for transmission to the purchaser or the
transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong Kong Exchanges and Clearing Limited and The
Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy
or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this circular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our weighted voting rights structure, our
share capital comprises Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Each Class&nbsp;A ordinary share entitles the holder
to exercise one vote, and each Class&nbsp;B ordinary share entitles the holder to exercise 10 votes, respectively, on all matters that
require a shareholder&rsquo;s vote. Shareholders and prospective investors should be aware of the potential risks of investing in a company
with a weighted voting rights structure. Our American depositary shares, each representing one of our Class&nbsp;A ordinary shares, are
listed on the New York Stock Exchange in the United States under the symbol ZTO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2611946d2_ex99-3sp1img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ZTO
Express (Cayman) Inc.</B></FONT></P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&#20013;
 &#36890;&#24555;&#36958; (&#38283; &#26364;)&#26377;&#38480;&#20844;&#21496;</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>(A company controlled
through weighted voting rights and incorporated in the Cayman Islands with limited liability)</I></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(Stock Code: 2057)</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(1) PROPOSED RE-ELECTION
OF RETIRING DIRECTORS;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(2) PROPOSED GRANT OF
SHARE REPURCHASE MANDATE AND</B>&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SHARE ISSUE MANDATE;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(3)&nbsp;PROPOSED RE-APPOINTMENT
OF THE AUDITORS;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AND</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(4)&nbsp;NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capitalized terms used in the cover page&nbsp;shall have the same meanings
as those defined in this circular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A letter from the Board is set out on pages&nbsp;4 to 9 of this circular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A notice convening the AGM to be held at 9/F,
The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong, on Tuesday, June&nbsp;16, 2026 at 2:00 p.m., Hong Kong time is set out
on pages&nbsp;AGM-1 to AGM-7 of this circular. The form of proxy for use at the AGM is also enclosed with this circular. The form of proxy
is also published on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk), the Company (http://zto.investorroom.com/) and the
SEC (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has fixed the close of business on Friday,
May&nbsp;8, 2026, Hong Kong time, as the record date (the &ldquo;<B>Shares Record Date</B>&rdquo;) of the Class&nbsp;A Ordinary Shares
and Class&nbsp;B Ordinary Shares. Holders of record of the Company&rsquo;s Shares as of the Shares Record Date are entitled to attend
and vote at the AGM and any adjourned meeting thereof. Holders of record of ADSs as of the close of business on Friday, May&nbsp;8, 2026,
New York time (the &ldquo;<B>ADS Record Date</B>&rdquo;) who wish to exercise their voting rights for the underlying Class&nbsp;A Ordinary
Shares must give voting instructions to JPMorgan Chase Bank, N.A., the depositary of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Hong Kong branch share registrar,
Computershare Hong Kong Investor Services Limited, must receive the form of proxy by no later than 2:00 p.m., Hong Kong time, on Sunday,
June&nbsp;14, 2026 at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong to ensure your representation at the
AGM, and JPMorgan Chase Bank, N.A. must receive your voting instructions by no later than 9:00 a.m., New York time, on Monday, June&nbsp;8,
2026 to enable the votes attaching to the Class&nbsp;A Ordinary Shares represented by your ADSs to be cast at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;17, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-top: 2pt; text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; padding-bottom: 2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>CONTENTS</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Page</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">DEFINITIONS &nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">LETTER FROM THE BOARD&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal">4</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 </FONT></TD>
    <TD STYLE="font-size: 10pt; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Re-election of Retiring Directors&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Grant of Share Repurchase Mandate and Share Issue
Mandate&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Re-appointment of the Auditors&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGM and Proxy Arrangement &nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6 </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7 </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility Statement &nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 12%">APPENDIX I</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 5%">&ndash;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 78%">PARTICULARS OF RETIRING DIRECTORS PROPOSED TO BE RE-ELECTED&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-style: normal; font-weight: normal">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">APPENDIX II</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&ndash;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">EXPLANATORY STATEMENT ON THE SHARE REPURCHASE MANDATE&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 95%">NOTICE OF ANNUAL GENERAL MEETING</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: bold 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-style: normal; font-weight: normal">AGM-1</FONT></TD></TR>
  </TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>In this circular, unless the context otherwise
requires, the following expressions shall have the following meanings:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>ADSs</B>&rdquo;</FONT></TD>
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="color: #231F20">American Depositary Shares (each representing one Class A Ordinary Share)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>AGM</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">an annual general meeting of the Company to be held at 9/F, The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong on Tuesday, June 16, 2026 at 2:00 p.m. (Hong Kong time) to consider and, if appropriate, to approve the resolutions contained in the notice of the meeting which is set out on pages AGM-1 to AGM-7 of this circular, or any adjournment thereof. An online live webcast of the meeting will also be made available for holders of Shares as of Shares Record Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Articles of Association</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">the&nbsp;&nbsp;fourth&nbsp;&nbsp;amended&nbsp;&nbsp;and&nbsp;&nbsp;restated&nbsp;&nbsp;memorandum&nbsp;&nbsp;and </FONT><FONT STYLE="color: #231F20">articles of association of the Company, as adopted by a special resolution of the Company passed on April 14, 2023 and effective on the Primary Conversion Date, and as amended from time to time</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>associate(s)</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">has the meaning ascribed to it under the Hong Kong Listing Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>Board</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">the board of Directors</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>CCASS</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">the Central Clearing and Settlement System established and operated by The Hong Kong Securities Clearing Company Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>China</B>&rdquo; or &ldquo;<B>PRC</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">the People&rsquo;s Republic of China, and for the purposes of this circular only, except where the context requires otherwise, excluding Hong Kong, the Macao Special Administrative Region of the People&rsquo;s Republic of China and Taiwan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Class A Ordinary Share(s)</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">Class A ordinary share(s) of the share capital of the </FONT><FONT STYLE="color: #231F20">Company with a par value of US$0.0001 each, giving a holder of a Class A ordinary share one vote per share on any resolution tabled at the Company&rsquo;s general meeting</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Class B Ordinary Share(s)</B>&rdquo;</FONT></TD>
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">Class B ordinary share(s) of the share capital of the </FONT><FONT STYLE="color: #231F20">Company with a par value of US$0.0001 each, conferring weighted voting rights in the Company such that a holder of a Class B ordinary share is entitled to 10 votes per share on any resolution tabled at the Company&rsquo;s general meeting</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">&ldquo;<B>close associate</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">has the meaning ascribed to it under the Hong Kong Listing Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&ldquo;<B>Company</B>&rdquo;, &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo;, or &ldquo;<B>our</B>&rdquo;</TD>
    <TD>ZTO Express (Cayman) Inc., a
company incorporated in the Cayman Islands on April&nbsp;8, 2015 as an exempted company and, where the context requires, its
subsidiaries and consolidated affiliated entities from time to time</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>controlling shareholders</B>&rdquo;</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-size: 10pt; color: #231F20">has the meaning ascribed to it under the Hong Kong </FONT><FONT STYLE="color: #231F20">Listing Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Director(s)</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">the director(s) of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">&ldquo;<B>Group</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">the Company and its subsidiaries and consolidated affiliated entities from time to time</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">&ldquo;<B>HK$</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">Hong Kong dollars, the lawful currency of Hong Kong</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">&ldquo;<B>Hong Kong</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">the Hong Kong Special Administrative Region of the People&rsquo;s Republic of China</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Hong Kong Listing Rules</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">the Rules Governing the Listing of Securities on The </FONT><FONT STYLE="color: #231F20">Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Hong Kong Stock Exchange</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">The Stock Exchange of Hong Kong Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Latest Practicable Date</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">April 10, 2026, being the latest practicable date for </FONT><FONT STYLE="color: #231F20">ascertaining certain information before the publication of this circular</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&ldquo;<B>Nominating and Corporate <B>Governance Committee</B>&rdquo;</B></TD>
    <TD>the nominating and corporate governance
committee of the Company</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="color: #231F20">&ldquo;<B>NYSE</B>&rdquo;</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="color: #231F20">New York Stock Exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Primary Conversion Date</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">May 1, 2023, on which the voluntary conversion of the </FONT><FONT STYLE="color: #231F20">Company to dual primary listing on the Main Board of the Hong Kong Stock Exchange became effective</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>SEC</B>&rdquo;</FONT></TD>
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="color: #231F20">U.S. Securities and Exchange Commission</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>SFO</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>Share(s)</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">the Class A Ordinary Shares and Class B Ordinary Shares in the share capital of the Company, as the context so requires</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Share Issue Mandate</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">a general mandate proposed to be granted to the Directors </FONT><FONT STYLE="color: #231F20">to allot, issue or deal with additional Class A Ordinary Shares (including any sale or transfer of treasury shares) not exceeding 20% of the total number of the issued and outstanding Shares (excluding any treasury shares) as at the date of passing of such ordinary resolution</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Share Repurchase Mandate</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #231F20">a general mandate proposed to be granted to the Directors </FONT><FONT STYLE="color: #231F20">to exercise the powers of the Company to repurchase Class A Ordinary Shares not exceeding 10% of the total number of issued and outstanding Shares (excluding any treasury shares) as at the date of passing of such ordinary resolution</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>Shareholder(s)</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">the holder(s) of the Share(s), where the context requires, ADSs</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>subsidiary(ies)</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">has the meaning ascribed to it in the Hong Kong Listing Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>substantial shareholder(s)</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">has the meaning ascribed to it in the Hong Kong Listing </FONT><FONT STYLE="color: #231F20">Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>Takeovers Code</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">The Codes on Takeovers and Mergers and Share Buy-</FONT><FONT STYLE="color: #231F20">backs
issued by the Securities and Futures Commission in Hong Kong as amended from time to time</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">&ldquo;<B>treasury shares</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #231F20">has the meaning ascribed to it in the Hong Kong Listing &nbsp;</FONT><FONT STYLE="color: #231F20">Rules</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">&ldquo;<B>U.S.</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">the United States of America, its territories, its possessions and all areas subject to its jurisdiction</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">&ldquo;<B>US$</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">U.S. dollars, the lawful currency of the U.S.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">&ldquo;<B>%</B>&rdquo;</FONT></TD>
    <TD><FONT STYLE="color: #231F20">per cent</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>LETTER FROM THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2611946d2_ex99-3sp1img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ZTO
Express (Cayman) Inc.</B></FONT></P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&#20013;
 &#36890;&#24555;&#36958; (&#38283; &#26364;)&#26377;&#38480;&#20844;&#21496;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>(A company controlled
through weighted voting rights and incorporated in the Cayman Islands with limited liability)</I></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(Stock Code: 2057)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><I>Executive Directors</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mr. Meisong LAI <I>(Chairman)</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mr. Jilei WANG</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mr. Hongqun HU</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><I>Non-executive Directors</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mr. Xing LIU</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Ms. Di XU</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><I>Independent Non-executive Directors</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mr. Qin Charles HUANG</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mr. Herman YU</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Ms. Fang XIE</P></TD>
    <TD STYLE="text-align: left; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><I>Registered Office</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Maples Corporate Services Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">P.O. Box 309</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Ugland House</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Grand Cayman, KY1-1104</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><I>Principal
Executive Offices of Main Operations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Building One, No. 1685 Huazhi Road</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Qingpu
District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Shanghai, 201708</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><I>Principal
Place of Business in Hong Kong</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Unit 5603, 56/F, The Center</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">No. 99 Queen&rsquo;s
Road Central</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #231F20">Hong Kong</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 358pt">April&nbsp;17, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>To the Shareholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir or Madam,</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(1) PROPOSED RE-ELECTION
OF RETIRING DIRECTORS;</B>&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(2) PROPOSED GRANT OF
SHARE REPURCHASE MANDATE AND</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SHARE ISSUE MANDATE;</B>&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(3)&nbsp;PROPOSED RE-APPOINTMENT
OF THE AUDITORS;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AND</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>(4)</B> <B>NOTICE OF ANNUAL GENERAL MEETING</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>INTRODUCTION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The purpose of this circular is to
provide Shareholders with information on the proposals that will be put forward at the AGM for Shareholders&rsquo; approval and the notice
of AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>LETTER FROM THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>PROPOSED RE-ELECTION OF RETIRING DIRECTORS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to code provision
B.2.2 of the Corporate Governance Code as set out in Appendix C1 to the Hong Kong Listing Rules, every director, including those appointed
for a specific term, should be subject to retirement by rotation at least once every three years. Therefore, Mr.&nbsp;Hongqun HU and Mr.&nbsp;Xing
LIU will retire as Directors at the AGM, and, being eligible, have offered themselves for re-election at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Details of the retiring Directors
who are subject to re-election at the AGM are set out in Appendix I to this circular in accordance with the relevant requirements of the
Hong Kong Listing Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has in place
a policy for nomination of directors (the &ldquo;<B>Nomination Policy</B>&rdquo;) which includes the nomination procedures and the process
and criteria adopted by the Nominating and Corporate Governance Committee to select and recommend candidates for directorship. Such policy
ensures that the Board has a balance of skills, experience and diversity of perspectives appropriate to the requirements of the Company&rsquo;s
business. In assessing the re-election of Mr.&nbsp;Hongqun HU and Mr.&nbsp;Xing LIU as Directors, the Nominating and Corporate Governance
Committee and the Board have considered their respective contribution and service to the Company, and reviewed their respective expertise
and professional qualifications to determine whether each of Mr.&nbsp;Hongqun HU and Mr.&nbsp;Xing LIU satisfies the criteria under the
Nomination Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Nominating and Corporate
Governance Committee and the Board also took into account the diversity aspects (including without limitation, gender, age, nationality,
culture, educational background and professional experience) and were of the view that the election of Mr.&nbsp;Hongqun HU and Mr.&nbsp;Xing
LIU as Directors will further complement the Company&rsquo;s corporate strategy, and promote the Board diversity. The Nominating and Corporate
Governance Committee was satisfied that each of Mr.&nbsp;Hongqun HU and Mr.&nbsp;Xing LIU has the required character, integrity and experience
to continuously fulfill his role as Director effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>PROPOSED GRANT OF SHARE REPURCHASE MANDATE AND SHARE ISSUE MANDATE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Share Repurchase Mandate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the annual general
meeting of the Company held on June&nbsp;17, 2025 , a general mandate was granted to the Directors to repurchase Shares. Such mandate
will expire at the conclusion of the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to give the
Company the flexibility to repurchase Class&nbsp;A Ordinary Shares on-market if and when appropriate and in accordance with
Rule&nbsp;10.06(1)(ii)&nbsp;of the Hong Kong Listing Rules, an ordinary resolution will be proposed at the AGM to approve the grant
of the Share Repurchase Mandate to the Directors to exercise the powers of the Company to repurchase Class&nbsp;A Ordinary Shares
not exceeding 10% of the total number of issued and outstanding Shares (excluding any treasury shares) as at the date of passing of
such ordinary resolution. As at the Latest Practicable Date, the Company had a total of 769,900,693 issued and outstanding Shares.
Subject to the passing of the relevant ordinary resolution and assuming that the number of issued and outstanding Shares remained
unchanged following the Latest Practicable Date and prior to the date of the AGM, the maximum number of Class&nbsp;A Ordinary Shares
which may be repurchased pursuant to the Share Repurchase Mandate as at the date of grant will be 76,990,069 Class&nbsp;A Ordinary
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>LETTER FROM THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Share Repurchase Mandate
shall be in force from the date of the passing of the relevant resolution at the AGM until the earliest of: (a)&nbsp;the conclusion of
the next annual general meeting of the Company; (b)&nbsp;the expiration of the period within which the next annual general meeting of
the Company is required by the Articles of Association or by any applicable laws to be held; or (c)&nbsp;the date on which the authority
given under the ordinary resolution approving the Share Repurchase Mandate is revoked or varied by an ordinary resolution of the Shareholders
in a general meeting of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An explanatory statement
required by the Hong Kong Listing Rules&nbsp;to be sent to all Shareholders in connection with the Share Repurchase Mandate is set out
in Appendix II to this circular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Share Issue Mandate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the annual general
meeting of the Company held on June&nbsp;17, 2025, a general mandate was granted to the Directors to allot, issue and deal with additional
Class&nbsp;A Ordinary Shares. Such mandate, to the extent not utilised by the date of the AGM, will lapse at the conclusion of the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to give the Company
the flexibility to issue Class&nbsp;A Ordinary Shares (including any sale or transfer of any treasury shares) if and when appropriate
and in accordance with Rule&nbsp;13.36 of the Hong Kong Listing Rules, an ordinary resolution will be proposed at the AGM to approve the
granting of the Share Issue Mandate to the Directors to issue, allot or deal with additional Class&nbsp;A Ordinary Shares (including any
sale or transfer of treasury shares out of treasury) not exceeding 20% of the total number of issued and outstanding Shares (excluding
any treasury shares) as at the date of passing of such ordinary resolution. As at the Latest Practicable Date, the Company had a total
of 769,900,693 issued and outstanding Shares. Subject to the passing of the relevant ordinary resolution and assuming that the number
of issued and outstanding Shares remains unchanged following the Latest Practicable Date and prior to the date of the AGM, the Directors
will be authorized to issue (or sell or transfer out of treasury) a maximum of 153,980,138 Class&nbsp;A Ordinary Shares under the Share
Issue Mandate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Share Issue Mandate
shall be in force from the date of the passing of the relevant resolution at the AGM until the earliest of: (a)&nbsp;the conclusion
of the next annual general meeting of the Company; (b)&nbsp;the expiration of the period within which the next annual general
meeting of the Company is required by the Articles of Association or by applicable laws to be held; and (c)&nbsp;the date on which
the authority given under the ordinary resolution approving the Share Issue Mandate is revoked or varied by an ordinary resolution
of the Shareholders in a general meeting of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>LETTER FROM THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>PROPOSED RE-APPOINTMENT OF THE AUDITORS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board resolved to propose
to the Shareholders to re-appoint Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu Certified Public Accountants LLP as the independent
auditors of the Company for the year ending December&nbsp;31, 2026 and to hold office until the conclusion of the next annual general
meeting of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The re-appointment of the
independent auditors of the Company has been reviewed by the audit committee of the Company which made recommendation to the Board that
the re-appointment be submitted and proposed for Shareholders&rsquo; approval at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An ordinary resolution will
also be proposed to authorize the Board to fix the auditors&rsquo; remuneration for the ensuing year. Deloitte Touche Tohmatsu and Deloitte
Touche Tohmatsu Certified Public Accountants LLP have indicated their willingness to be re-appointed as auditors of the Company for the
said period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>AGM AND PROXY ARRANGEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The AGM will be held at 9/F,
The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong, on Tuesday, June&nbsp;16, 2026 at 2:00 p.m., Hong Kong time. The Company
will make available a live webcast of the AGM (the &ldquo;<B>Virtual Meeting</B>&rdquo;) for all holders of Shares (i.e. those who hold
Shares directly) as of the Shares Record Date. Holders of Shares as of the Shares Record Date may view and listen to the AGM and submit
questions, but will not be able to vote, through the Virtual Meeting. Registered holders of the Shares (i.e. those who hold Shares directly)
as of the Shares Record Date shall receive a notification letter for the login details to access the live webcast of the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The notice of the AGM is
set out in this circular. The form of proxy for use at the AGM is also enclosed with this circular. The form of proxy is also published
on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk), the Company (https://zto.investorroom.com/) and the SEC (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>LETTER FROM THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has fixed the
close of business on Friday, May&nbsp;8, 2026, Hong Kong time, as the record date (the &ldquo;<B>Shares Record Date</B>&rdquo;) of
the Class&nbsp;A Ordinary Shares and Class&nbsp;B Ordinary Shares. Holders of record of the Company&rsquo;s Shares as of the Shares
Record Date are entitled to attend and vote at the AGM and any adjourned meeting thereof. In order to be eligible to attend and vote
at the AGM, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the
Company&rsquo;s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor,
Hopewell Centre, 183 Queen&rsquo;s Road East, Hong Kong, not later than 4:30 p.m.&nbsp;on Friday, May&nbsp;8, 2026, Hong Kong time.
Holders of record of ADSs as of the close of business on Friday, May&nbsp;8, 2026, New York time (the &ldquo;<B>ADS Record
Date</B>&rdquo;) who wish to exercise their voting rights for the underlying Class&nbsp;A Ordinary Shares must give voting
instructions to JPMorgan Chase Bank, N.A., the depositary of the ADSs. JPMorgan Chase Bank, N.A., as depositary of the ADSs, will
endeavour, to the extent practicable and legally permissible, to vote or cause to be voted at the AGM the number of Shares
represented by the ADSs in accordance with the instructions that it has properly received from ADS holders. Please be aware that,
because of the time difference between Hong Kong and New York, if a holder of ADSs cancels his or her ADSs in exchange for Shares on
Friday, May&nbsp;8, 2026, New York time, such holder of ADSs will not be able to instruct JPMorgan Chase Bank, N.A., as depositary
of the ADSs, as to how to vote the Shares represented by the cancelled ADSs as described above, and will also not be a holder of
those Shares as of the Shares Record Date for the purpose of determining the eligibility to attend and vote at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Whether or not you intend
to be present at the AGM, you are requested to complete the form of proxy in accordance with the instructions printed thereon and return
it to the Company&rsquo;s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, not less than 48 hours
before the time fixed for the holding of the AGM (i.e. no later than 2:00 p.m., Hong Kong time, on Sunday, June&nbsp;14, 2026) at 17M
Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong to ensure your representation at the AGM, and JPMorgan Chase
Bank, N.A. must receive your voting instructions by no later than 9:00 a.m., New York time, on Monday, June&nbsp;8, 2026 to enable the
votes attaching to the Class&nbsp;A Ordinary Shares represented by your ADSs to be cast at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The completion and return
of a form of proxy will not preclude holders of the Shares from attending and voting in person at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with the Articles
of Association and Rule&nbsp;13.39(4)&nbsp;of the Hong Kong Listing Rules, all votes of the Shareholders at the AGM shall be taken by
poll and an announcement on the poll results will be published by the Company after the AGM in the manner prescribed under the Hong Kong
Listing Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On a poll, every Shareholder
present in person or by proxy or, in the case of a Shareholder being a corporation, by its duly authorised representative shall have one
vote for each Class&nbsp;A Ordinary Share and ten votes for each Class&nbsp;B Ordinary Share of which he/she/it is the holder. A Shareholder
entitled to more than one vote on a poll needs not use all his/her/its votes or cast all the votes he/she/it uses in the same way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>RECOMMENDATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Directors believe that
the proposals set out in this circular and notice of AGM for, among other matters, the re-election of the retiring Directors, the grant
of the Share Repurchase Mandate and the Share Issue Mandate and the re-appointment of auditors are in the best interests of the Company
and the Shareholders as a whole. Accordingly, the Directors recommend all Shareholders to vote in favor of all such resolutions to be
proposed at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>LETTER FROM THE BOARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>RESPONSIBILITY STATEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This circular, for which
the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Hong Kong Listing
Rules&nbsp;for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm
that to the best of their knowledge and belief the information contained in this circular is accurate and complete in all material respects
and not misleading or deceptive, and there are no other matters the omission of which would make any statement in this circular or this
circular misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Yours faithfully,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">for and on behalf of the Board
    of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ZTO Express (Cayman)
    Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Meisong LAI</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 27%; padding-bottom: 2pt"><B>APPENDIX I</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 73%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICULARS
    OF RETIRING DIRECTORS</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROPOSED TO BE RE-ELECTED</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following are the particulars
of the retiring Directors proposed to be re-elected at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Save as disclosed herein,
as at the Latest Practicable Date, none of the following Directors held (i)&nbsp;any position with the Company or other members of the
Group, (ii)&nbsp;any directorship in any public companies with securities of which are listed on any securities market in Hong Kong or
overseas in the last three years, or (iii)&nbsp;any major appointments and professional qualifications. Save as disclosed herein, as at
the Latest Practicable Date, none of the following Directors had any relationship with any Director, senior management or substantial
shareholder or controlling shareholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As far as the Directors are
aware, save as disclosed herein, there is no information that is required to be disclosed concerning the following Directors pursuant
to any of the requirements under Rules&nbsp;13.51(2)(h)&nbsp;to (v)&nbsp;of the Hong Kong Listing Rules&nbsp;nor are there other matters
concerning the following Directors that need to be brought to the attention of the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXECUTIVE DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Hongqun HU</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr.&nbsp;Hongqun Hu, aged
57, has been our director since May&nbsp;2022 and has served as our chief operating officer since June&nbsp;2017. Mr.&nbsp;Hu currently
serves as directors of other members of the Group. Mr.&nbsp;Hu has thirty years of experience in the financial services industry. Prior
to joining us, Mr.&nbsp;Hu served as the chairman of Zhejiang Tonglu Rural Commercial Bank from March&nbsp;2016 to February&nbsp;2017,
and the governor and chairman of Zhejiang Tonglu Rural Cooperation Bank from March&nbsp;2008 to March&nbsp;2016, respectively. Mr.&nbsp;Hu
graduated from Ningbo University in China with a major in finance in July&nbsp;2003 and studied at the advanced class in modern executive
business administration in Zhejiang University from January&nbsp;2006 to January&nbsp;2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr.&nbsp;Hu has entered into
a director agreement with the Company, which shall continue for an initial period ending on the earlier of (i)&nbsp;three years from the
Primary Conversion Date and (ii)&nbsp;the third annual general meeting of the Company following the Primary Conversion Date. The appointment
shall, subject always to re-election as and when required under the Hong Kong Listing Rules&nbsp;and/or the Articles of Association, be
automatically renewed for successive periods of three years. Either party may terminate the agreement at any time upon thirty days prior
written notice to the other party, or such shorter period as the parties may agree upon. Mr.&nbsp;Hu does not receive any remuneration
in connection with the performance of his duties as Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As far as the Directors are
aware, as at the Latest Practicable Date, Mr.&nbsp;Hu was interested or deemed to be interested in 107,043 Class&nbsp;A Ordinary Shares
within the meaning of Part&nbsp;XV of the SFO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 27%; padding-bottom: 2pt"><B>APPENDIX I</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 73%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICULARS
    OF RETIRING DIRECTORS</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROPOSED TO BE RE-ELECTED</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NON-EXECUTIVE DIRECTOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Xing LIU</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr.&nbsp;Xing LIU, aged 55
has served as our director since May&nbsp;2013. Mr.&nbsp;Liu is currently a partner of HongShan, which he joined in May&nbsp;2007. Mr.&nbsp;Liu
has served as an independent director of Vipshop Holdings Limited (NYSE: VIPS) since January&nbsp;2011. Mr.&nbsp;Liu received an MBA degree
from The Wharton School of the University of Pennsylvania in May&nbsp;2004, a master&rsquo;s degree in computer engineering from Syracuse
University in December&nbsp;1995, and graduated from Fudan University in July&nbsp;1992 with a major in management information systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr.&nbsp;Liu has entered
into a director agreement with the Company, which shall continue for an initial period ending on the earlier of (i)&nbsp;three years from
the Primary Conversion Date and (ii)&nbsp;the third annual general meeting of the Company following the Primary Conversion Date. The appointment
shall, subject always to re-election as and when required under the Hong Kong Listing Rules&nbsp;and/or the Articles of Association, be
automatically renewed for successive periods of three years. Either party may terminate the agreement at any time upon thirty days prior
written notice to the other party, or such shorter period as the parties may agree upon. Mr.&nbsp;Liu is entitled to receive share-based
compensation in the amount of US$50,000 for each year of service in his capacity as a non-executive Director under the director agreement,
which is determined by the Board with reference to the Company&rsquo;s operating results, personal performance and comparable market statistics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As far as the Directors are
aware, as at the Latest Practicable Date, Mr.&nbsp;Liu was interested in 18,448 Class&nbsp;A Ordinary Shares within the meaning of Part&nbsp;XV
of the SFO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 31%; padding-bottom: 2pt"><B>APPENDIX II</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 69%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLANATORY
    STATEMENT ON</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE SHARE REPURCHASE MANDATE</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This appendix serves as an
explanatory statement, as required by Rule&nbsp;10.06(1)(b)&nbsp;of the Hong Kong Listing Rules, to provide information for you to make
a reasonably informed decision on whether to vote for or against ordinary resolution with respect to the Share Repurchase Mandate to be
proposed at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>SHARE CAPITAL</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As at the Latest Practicable
Date, the Company had a total of 769,900,693 issued and outstanding Shares, out of which 563,800,693 were Class&nbsp;A Ordinary Shares
and 206,100,000 were Class&nbsp;B Ordinary Shares; the Company did not hold any treasury shares as defined under the Hong Kong Listing
Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the passing of
the ordinary resolution with respect to the Share Repurchase Mandate to be proposed at the AGM, and on the basis that the Company&rsquo;s
total issued and outstanding Shares remains unchanged from the Latest Practicable Date to the AGM date, the Directors would be authorized
under the Share Repurchase Mandate to repurchase up to 76,990,069 Class&nbsp;A Ordinary Shares, representing 10% of the Company&rsquo;s
total issued and outstanding Shares (excluding any treasury shares), during the period of the Share Repurchase Mandate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>REASONS FOR REPURCHASING SHARES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Directors believe that
it is in the best interests of the Company and Shareholders as a whole to have a general authority from Shareholders to enable the Company
to purchase Class&nbsp;A Ordinary Shares in the market. The repurchases may, depending on market conditions and funding arrangements at
the time, lead to an enhancement of the net asset value per Share and/or its earnings per Share, will be made only when the Directors
believe that such repurchases will benefit the Company and Shareholders as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has in place
a share repurchase program authorized by the Board, it will continue conducting the share repurchases under such program from time to
time by exercising its powers pursuant to the Share Repurchase Mandate to be granted, and where applicable, subsequently renewed or refreshed,
by the Shareholders at the general meeting. The Directors would exercise the power to repurchase only in circumstances where they consider
that the repurchase would be in the best interests of the Company and Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>FUNDING OF REPURCHASES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Repurchases of Class&nbsp;A
Ordinary Shares will be funded by the Company&rsquo;s internal resources, which includes funds legally available for such purposes in
accordance with the Articles of Association, the Hong Kong Listing Rules, and applicable laws and regulations in the Cayman Islands, Hong
Kong and elsewhere (as the case may be).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 31%; padding-bottom: 2pt"><B>APPENDIX II</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 69%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLANATORY
    STATEMENT ON</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE SHARE REPURCHASE MANDATE</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>IMPACT OF REPURCHASES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There may be a material adverse
impact on the working capital or gearing position of the Company (as compared with the position disclosed in the latest published audited
accounts contained in the Company&rsquo;s annual report for the year ended December&nbsp;31, 2025) in the event that the Share Repurchase
Mandate was to be carried out in full at any time during the proposed repurchase period. However, the Directors do not intend to exercise
the Share Repurchase Mandate to such an extent as would, in the circumstances, have a material adverse effect on the Company&rsquo;s working
capital requirements or gearing levels that, in the opinion of the Directors, are from time to time appropriate for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>TAKEOVERS CODE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If, on the exercise of the
power to repurchase Shares pursuant to the Share Repurchase Mandate, a Shareholder&rsquo;s proportionate interest in the Company&rsquo;s
voting right increases, this increase will be treated as an acquisition of voting rights for the purposes of the Takeovers Code. Accordingly,
a Shareholder, or a group of Shareholders acting in concert (as defined in the Takeovers Code) could obtain or consolidate control of
the Company and become obliged to make a mandatory offer in accordance with Rule&nbsp;26 of the Takeovers Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As at the Latest Practicable
Date, to the best knowledge and belief of the Directors, Mr.&nbsp;Meisong Lai held voting rights in a total of 4,941,381 Class&nbsp;A
Ordinary Shares and 206,100,000 Class&nbsp;B Ordinary Shares (through Zto Lms Holding Limited), representing a total of approximately
78.71% voting rights in the Company with respect to Shareholders&rsquo; resolutions. Assuming there will be no change in the number of
issued and outstanding Shares other than the exercise of the Share Repurchase Mandate and the shareholding of Mr.&nbsp;Meisong Lai for
which he could exercise voting rights, the voting rights in the Company of Mr.&nbsp;Meisong Lai would be increased to approximately 81.09%
in the event that the Directors exercise the Share Repurchase Mandate in full. As such, to the best knowledge and belief of the Directors
and in the absence of special circumstances, the exercise of the Share Repurchase Mandate is not expected to give rise to an obligation
to make a mandatory offer under the Takeovers Code. The Directors are not aware of any other consequences which may arise under the Takeovers
Code as a result of any purchase by the Company of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the Directors
do not propose to repurchase Class&nbsp;A Ordinary Shares which would result in less than the relevant prescribed minimum percentage of
Shares in public hands as required by the Hong Kong Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 31%; padding-bottom: 2pt"><B>APPENDIX II</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 69%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLANATORY
    STATEMENT ON</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE SHARE REPURCHASE MANDATE</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>MARKET PRICES OF SHARES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Set out below are the highest
and lowest prices at which the Class&nbsp;A Ordinary Shares traded on the Hong Kong Stock Exchange during the previous twelve months and
until the Latest Practicable Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Share price</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(per Class&nbsp;A Ordinary Share)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Highest</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Lowest</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(HK$)</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(HK$)</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif">April</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">157.10</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">123.70</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">May</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">152.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">132.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">June</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">142.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">131.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">July</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">165.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">138.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">August</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">168.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">140.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">September</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">153.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">138.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">152.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">140.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">163.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">142.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">December</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">170.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">158.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">2026</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">January</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">182.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">162.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">198.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">168.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">March</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">175.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">April&nbsp;(up to the Latest Practicable Date)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">196.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">187.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>REPURCHASES OF SHARES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">During the six months preceding the Latest Practicable
Date, the Company has <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">repurchased ADSs on the NYSE, details
of which are set out below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NYSE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">of ADSs</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Highest</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Lowest</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Date of repurchase</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">repurchased</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">price paid</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">price paid</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(U.S time)</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(US$)</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(US$)</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif">September&nbsp;24, 2025</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">395,651</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">19.29</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">18.76</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">September&nbsp;25, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">395,650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">September&nbsp;26, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">394,479</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">September&nbsp;29, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">417,114</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">September&nbsp;30, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">417,114</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;2, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,807</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.98</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;3, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">103,938</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 31%; padding-bottom: 2pt"><B>APPENDIX II</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 69%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLANATORY
    STATEMENT ON</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE SHARE REPURCHASE MANDATE</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">of ADSs</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Highest</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Lowest</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Date of repurchase</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">repurchased</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">price paid</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">price paid</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">(U.S time)</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(US$)</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(US$)</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif">October&nbsp;7, 2025</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">189,423</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">18.96</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;8, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">283,374</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;10, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">423,128</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;13, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">450,069</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;14, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">450,069</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;15, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">432,744</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;16, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">265,608</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;17, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">445,049</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;21, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">63,077</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.98</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;22, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">386,633</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;28, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;30, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">384,938</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.85</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">383,343</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.63</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;3, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">352,872</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.92</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;4, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">351,243</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;5, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">311,738</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.77</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;6, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">278,832</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;7, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">345,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;10, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">111,394</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;11, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,564</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.98</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;13, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,881</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;14, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">184,312</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;17, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">311,562</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;18, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">162,701</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;19, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">182,363</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;20, 2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,196</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;10, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">611,965</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.65</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;11, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">612,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;12, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">612,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;13, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">612,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;17, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">611,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;18, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">610,259</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;19, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">611,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;20, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">611,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.03</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;23, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">616,596</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;24, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">617,816</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;25, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">617,616</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;26, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">617,816</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.66</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February&nbsp;27, 2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,962</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">All the ADSs repurchased were cancelled as at the Latest
Practicable Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 31%; padding-bottom: 2pt"><B>APPENDIX II</B></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 69%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPLANATORY
    STATEMENT ON</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE SHARE REPURCHASE MANDATE</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On February&nbsp;4, 2026,
the Company completed a US$1.5 billion offering of convertible senior notes due 2031. Concurrently with the pricing of the notes, the
Company repurchased 18,254,400 Class&nbsp;A Ordinary Shares from certain note purchasers in off-market privately negotiated transactions
at the price of HK$179.10 per Class&nbsp;A Ordinary Share (the &ldquo;<B>Concurrent Share Repurchase</B>&rdquo;). The Class&nbsp;A Ordinary
Shares repurchased under the Concurrent Share Repurchase have been cancelled on March&nbsp;16, 2026. For details, please refer to the
Company&rsquo;s announcements dated February&nbsp;4, 2026, and its next day disclosure returns dated February&nbsp;5 and March&nbsp;16,
2026, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Save as disclosed above,
during the six months preceding the Latest Practicable Date, the Company did not repurchase any Shares (whether on the Hong Kong Stock
Exchange or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>GENERAL</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">None of the Directors, nor,
to the best of the Directors&rsquo; knowledge having made all reasonable enquiries, any of their close associates (as defined in the Hong
Kong Listing Rules), has any present intention, in the event that the Share Repurchase Mandate is approved, to sell any Shares to the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No core connected person
(as defined in the Hong Kong Listing Rules) has notified the Company that he/she/it has a present intention to sell Shares to the Company,
or has undertaken not to do so, if the Share Repurchase Mandate is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Directors will exercise
the Share Repurchase Mandate in accordance with the Hong Kong Listing Rules&nbsp;and the applicable laws of the Cayman Islands (being
the jurisdiction of the Company&rsquo;s incorporation). The Directors confirm that to the best of their knowledge and belief, neither
the explanatory statement nor the proposed share repurchase has any unusual features.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following a repurchase of
Shares, the Company may cancel any repurchased Shares and/or hold them as treasury shares subject to, among others, market conditions
and its capital management needs at the relevant time of the repurchase, which may change due to evolving circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For any treasury shares of
the Company deposited with CCASS pending resale on the Stock Exchange, the Company shall (i)&nbsp;procure its broker not to give any instructions
to Hong Kong Securities Clearing Company Limited to vote at general meetings for the treasury shares deposited with CCASS; (ii)&nbsp;in
the case of dividends or distributions (if any and where applicable), withdraw the treasury shares from CCASS, and either re-register
them in its own name as treasury shares or cancel them, in each case before the relevant record date for the dividends or distributions;
and (iii)&nbsp;take any other measures to ensure that it will not exercise any Shareholders&rsquo; rights or receive any entitlements
which would otherwise be suspended under the applicable laws if those Shares were registered in its own name as treasury shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the avoidance of doubt,
holders of treasury shares (if any) shall abstain from voting on matters that require Shareholders&rsquo; approval at the Company&rsquo;s
general meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Hong Kong Exchanges and
Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this notice, make no representation
as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance
upon the whole or any part of the contents of this notice.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Under our weighted voting
rights structure, our share capital comprises Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Each Class&nbsp;A ordinary
share entitles the holder to exercise one vote, and each Class&nbsp;B ordinary share entitles the holder to exercise 10 votes, respectively,
on all matters that require a shareholder&rsquo;s vote. Shareholders and prospective investors should be aware of the potential risks
of investing in a company with a weighted voting rights structure. Our American depositary shares, each representing one of our Class&nbsp;A
ordinary shares, are listed on the New York Stock Exchange in the United States under the symbol ZTO.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2611946d2_ex99-3sp02img001.jpg" ALT="">&nbsp;</P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ZTO
Express (Cayman) Inc.</B></FONT></P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&#20013;
 &#36890;&#24555;&#36958; (&#38283; &#26364;)&#26377;&#38480;&#20844;&#21496;</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>(A company controlled
through weighted voting rights and incorporated in the Cayman Islands with limited liability)</I></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(Stock Code: 2057)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>NOTICE IS HEREBY GIVEN
</B>that an annual general meeting (the &ldquo;<B>AGM</B>&rdquo;) of ZTO Express (Cayman) Inc. (the &ldquo;<B>Company</B>&rdquo;) will
be held at 9/F, The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong on Tuesday, June&nbsp;16, 2026 at 2:00 p.m.&nbsp;(Hong Kong
time), for the purpose to consider and vote on the following (unless otherwise specified, terms defined in this notice shall have the
same meanings as those defined in the circular of the Company dated April&nbsp;17, 2026 (the &ldquo;<B>Circular</B>&rdquo;)). Details
regarding the resolutions in this notice are set out in the Circular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ORDINARY RESOLUTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To receive and consider the audited consolidated financial statements of
the Company and the reports of the directors and auditor of the Company for the year ended December&nbsp;31, 2025;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">To re-elect Mr.&nbsp;Hongqun HU as an executive director of the Company, subject to his earlier resignation
or removal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">To re-elect Mr.&nbsp;Xing LIU as a non-executive director of the Company, subject to his earlier resignation
or removal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">To authorize the board of directors to fix the remuneration of the directors of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">To re-appoint Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu Certified Public Accountants LLP as
auditors of the Company to hold office until the conclusion of the next annual general meeting of the Company and to authorize the board
of directors to fix their remuneration for the year ending December&nbsp;31, 2026;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">To consider and, if thought fit, pass with or without modification, the following resolution as an ordinary
resolution:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>THAT</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">subject to paragraph (c)&nbsp;below, a general unconditional mandate be and is hereby given to the directors
of the Company during the Relevant Period (as defined in paragraph (d)&nbsp;below) to exercise all the powers of the Company to allot,
issue, and deal with additional Class&nbsp;A Ordinary Shares (including any sale and transfer of treasury shares out of treasury) or securities
convertible into Class&nbsp;A Ordinary Shares, or options, warrants or similar rights to subscribe for Class&nbsp;A Ordinary Shares or
such convertible securities of the Company (other than issuance of options, warrants or similar rights to subscribe for additional Class&nbsp;A
Ordinary Shares or securities convertible into Class&nbsp;A Ordinary Shares for cash consideration) and to make or grant offers, agreements,
or options (including any warrants, bonds, notes, and debentures conferring any rights to subscribe for or otherwise receive Class&nbsp;A
Ordinary Shares) that would or might require the exercise of such powers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the mandate in paragraph (a)&nbsp;above shall be in addition to any other authorization given to the Directors
and shall authorize the Directors to make or grant offers, agreements and/or options during the Relevant Period that would or might require
the exercise of such powers after the end of the Relevant Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the total number of Class&nbsp;A Ordinary Shares allotted or agreed conditionally or unconditionally to
be allotted and issued (whether pursuant to options or otherwise) in paragraph (a)&nbsp;above, otherwise than pursuant to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">a Rights Issue (as defined in paragraph (d)&nbsp;below);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">the grant or exercise of any options under any share scheme of the Company or any other option scheme
or similar arrangements for the time being adopted for the grant or issue to the directors, officers and/or employee of the Company and/or
any of its subsidiaries and/or other eligible participants specified thereunder of options to subscribe for Class&nbsp;A Ordinary Shares
or rights to acquire Class&nbsp;A Ordinary Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">the vesting of restricted shares and restricted share units granted or to be granted pursuant to the share
schemes of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">any scrip dividend or similar arrangement providing for the allotment and issue of Shares in lieu of the
whole or part of a dividend on Shares of the Company in accordance with the Articles of Association of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify">a specific authority granted by the shareholders of the Company in general meeting, shall not exceed 20%
of the total number of issued and outstanding Shares (excluding any treasury shares) of the Company as at the date of the passing of this
resolution (such total number to be subject to adjustment in the case of any consolidation or subdivision of any of the Shares of the
Company into a smaller or larger number of Shares of the Company respectively after the passing of this resolution) and the said mandate
shall be limited accordingly; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">for the purposes of this resolution:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Relevant Period</B>&rdquo;
means the period from the passing of this resolution until the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">the conclusion of the next annual general meeting of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">the expiration of the period within which the next annual general meeting of the Company is required to
be held by the Articles of Association of the Company or any applicable laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">the date on which the authority set out in this resolution is revoked or varied by an ordinary resolution
of the shareholders of the Company in general meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Rights Issue</B>&rdquo; means
an offer of Shares of the Company, or an offer or issue of warrants, options or other securities giving rights to subscribe for Shares
of the Company, open for a period fixed by the Directors to holders of Shares of the Company whose names appear on the register of members
of the Company on a fixed record date in proportion to their then holdings of such Shares of the Company (subject to such exclusions or
other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or having regard to any restrictions
or obligations under the laws of, or the requirements of any recognized regulatory body or any stock exchange in, any territory applicable
to the Company).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">To consider and, if thought fit, pass with or without modification, the following resolution as an ordinary
resolution:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>THAT</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">a general unconditional mandate be and is hereby given to the directors of the Company during the Relevant
Period (as defined in paragraph (b)&nbsp;below) to exercise all the powers of the Company to purchase its Class&nbsp;A Ordinary Shares
on The Stock Exchange of Hong Kong Limited (the &ldquo;<B>Hong Kong Stock Exchange</B>&rdquo;) or on any other stock exchange on which
the securities of the Company may be listed and which is recognized by the Securities and Futures Commission of Hong Kong and the Hong
Kong Stock Exchange for this purpose, provided that the total number of Shares of the Company which may be purchased pursuant to this
mandate shall not exceed 10% of the total number of issued and outstanding Shares (excluding any treasury shares) of the Company as at
the date of passing of this resolution (such total number to be subject to adjustment in the case of any consolidation or subdivision
of any of the shares of the Company into a smaller or larger number of shares of the Company respectively after the passing of this resolution)
and the said mandate shall be limited accordingly; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">for the purposes of this resolution:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Relevant Period</B>&rdquo; means
the period from the passing of this resolution until the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">the conclusion of the next annual general meeting of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">the expiration of the period within which the next annual general meeting of the Company is required by
the Articles of Association of the Company or any applicable laws to be held; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">the date on which the authority set out in this resolution is revoked or varied by an ordinary resolution
of the shareholders of the Company in general meeting.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SHARES RECORD DATE AND ADS RECORD DATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The board of directors of
the Company has fixed the close of business on Friday, May&nbsp;8, 2026, Hong Kong time, as the record date (the &ldquo;<B>Shares Record
Date</B>&rdquo;) of our Class&nbsp;A ordinary shares with a par value of US$0.0001 each (the &ldquo;<B>Class&nbsp;A Ordinary Shares</B>&rdquo;)
and Class&nbsp;B ordinary shares with a par value of US$0.0001 each (the &ldquo;<B>Class&nbsp;B Ordinary Shares</B>&rdquo;, and together
with the Class&nbsp;A Ordinary Shares, the &ldquo;<B>Shares</B>&rdquo;). In order to be eligible to attend and vote at the AGM, all valid
documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the Company&rsquo;s Hong Kong
branch share registrar, Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen&rsquo;s
Road East, Hong Kong, not later than 4:30 p.m.&nbsp;on Friday, May&nbsp;8, 2026, Hong Kong time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of record of the
Company&rsquo;s Shares as of the Shares Record Date are entitled to attend and vote at the AGM and any adjourned meeting thereof. Holders
of record of American Depositary Shares (the &ldquo;<B>ADSs</B>&rdquo;) as of the close of business on Friday, May&nbsp;8, 2026, New York
time (the &ldquo;<B>ADS Record Date</B>&rdquo;) who wish to exercise their voting rights for the underlying Class&nbsp;A Ordinary Shares
must give voting instructions to JPMorgan Chase Bank, N.A., the depositary of the ADSs. JPMorgan Chase Bank, N.A., as depositary of the
ADSs, will endeavour, to the extent practicable and legally permissible, to vote or cause to be voted at the AGM the amount of Shares
represented by the ADSs in accordance with the instructions that it has properly received from ADS holders. Please be aware that, because
of the time difference between Hong Kong and New York, if a holder of ADSs cancels his or her ADSs in exchange for Shares on Friday, May&nbsp;8,
2026, New York time, such holder of ADSs will not be able to instruct JPMorgan Chase Bank, N.A., as depositary of the ADSs, as to how
to vote the Shares represented by the cancelled ADSs as described above, and will also not be a holder of those Shares as of the Shares
Record Date for the purpose of determining the eligibility to attend and vote at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATTENDING THE AGM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Only holders of record of
Shares as of the Shares Record Date are entitled to attend and vote at the AGM. Those who hold the Shares indirectly should contact their
brokerage firm, bank or other financial institution for further information on how to attend the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a Typhoon Signal No.&nbsp;8
or above, a Black Rainstorm Warning Signal and/or &ldquo;extreme conditions&rdquo; announced by the Government is/are in force in Hong
Kong at or at any time after 11:00 a.m.&nbsp;on the date of the AGM, the AGM will be postponed. The Company will post an announcement
on the websites of the Stock Exchange (https://www.hkexnews.hk) and the Company (http://zto.investorroom.com/) to notify Shareholders
of the date, time and place of the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ACCESSING THE VIRTUAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An online live webcast of
the AGM (the &ldquo;<B>Virtual Meeting</B>&rdquo;) will be made available to holders of Shares as of the Shares Record Date. Attendees
of the Virtual Meeting may submit questions online. Due to the time limit, only selected questions will be answered at the discretion
of the chairperson of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>You will not be able to
vote through the Virtual Meeting. </B>Therefore, if you plan on attending the AGM through accessing the Virtual Meeting, please send in
your proxy form or voting instructions in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Registered Shareholders (i.e.
those who hold Shares directly) as of the Shares Record Date may view and listen to the online live webcast of the AGM proceedings and
submit questions online through http://meetings.computershare.com/ZTO_2026AGM. The live webcast will be open for registered holders of
Shares to log in approximately 30 minutes prior to the commencement of the AGM and can be accessed from any location with access to the
internet with a smart phone, tablet device or computer. Details regarding the live webcast including the login details to access the online
live webcast are included in the Company&rsquo;s notification letter to registered holders of the Shares to be sent by the Company&rsquo;s
Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited. In the event that any holder of the Shares appoints
any person to be their proxy, login details to access the online live webcast will be sent by the Company&rsquo;s Hong Kong branch share
registrar, Computershare Hong Kong Investor Services Limited, to the email address of such proxy provided in the returned proxy form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Non-registered holders of
the Shares whose Shares are held through banks, brokers, custodians or HKSCC Nominees Limited (collectively the &ldquo;<B>Intermediary</B>&rdquo;)
as of the Shares Record Date should instruct their Intermediary to appoint themselves as proxies or corporate representatives to view
and listen to the AGM via the online live webcast and in doing so, they will be asked to provide their email address. Details regarding
the online live webcast including the login details will be emailed to them by the Company&rsquo;s Hong Kong branch share registrar, Computershare
Hong Kong Investor Services Limited, one day prior to the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROXY FORMS AND ADS VOTING CARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A holder of Shares as of
the Shares Record Date may appoint a proxy to exercise his or her rights at the AGM. A holder of ADSs as of the ADS Record Date will need
to instruct JPMorgan Chase Bank, N.A., the depositary of the ADSs, as to how to vote the Class&nbsp;A Ordinary Shares represented by the
ADSs. Please refer to the proxy form (for holders of Shares) or ADS voting card (for holders of ADSs), which are incorporated by reference
into and as a part of this notice for further details and instructions. The proxy form is also available for viewing on our website at
http://zto.investorroom.com/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of record of the
Company&rsquo;s Shares on the Company&rsquo;s register of members as of the Shares Record Date are cordially invited to attend the AGM
in person. Your vote is important. You are urged to complete, sign, date and return the proxy form to the Company&rsquo;s Hong Kong branch
share registrar, Computershare Hong Kong Investor Services Limited (&ldquo;<B>Computershare</B>&rdquo;) (for holders of Shares) or your
voting instructions to JPMorgan Chase Bank, N.A. (for holders of the ADSs) as promptly as possible and before the prescribed deadline
if you wish to exercise your voting rights. Computershare must receive the proxy form by no later than 2:00 p.m., Hong Kong time, on Sunday,
June&nbsp;14, 2026 at 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wan Chai, Hong Kong to ensure your representation at the
AGM, and JPMorgan Chase Bank, N.A. must receive your voting instructions by no later than 9:00 a.m., New York time, on Monday, June&nbsp;8,
2026 to enable the votes attaching to the Class&nbsp;A Ordinary Shares represented by your ADSs to be cast at the AGM. For the avoidance
of doubt, holders of treasury shares of the Company (if any) shall abstain from voting on matters that require Shareholders&rsquo; approval
at the AGM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 2pt"><B>NOTICE OF ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNUAL REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You may obtain an electronic
copy of the Company&rsquo;s annual report, free of charge, from the Company&rsquo;s website at http://zto.investorroom.com/, the Hong
Kong Stock Exchange&rsquo;s website at www.hkexnews.hk or from the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 35%; font: 10pt Times New Roman, Times, Serif">By order of the Board</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">ZTO Express (Cayman) Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">Meisong LAI</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">Chairman</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong, April&nbsp;17, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>As at the date of this
notice, the board of directors of the Company comprises Mr.&nbsp;Meisong LAI as the chairman and executive director, Mr.&nbsp;Jilei WANG
and Mr.&nbsp;Hongqun HU as executive directors, Mr.&nbsp;Xing LIU and Ms.&nbsp;Di XU as non-executive directors, Mr.&nbsp;Qin Charles
HUANG, Mr.&nbsp;Herman YU and Ms.&nbsp;Fang XIE as independent non-executive directors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>tm2611946d3_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><B>Exhibit 99.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Hong Kong Exchanges and
Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation
as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance
upon the whole or any part of the contents of this announcement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Under our weighted voting
rights structure, our share capital comprises Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Each Class&nbsp;A ordinary
share entitles the holder to exercise one vote, and each Class&nbsp;B ordinary share entitles the holder to exercise 10 votes, respectively,
on all matters that require a shareholder&rsquo;s vote. Shareholders and prospective investors should be aware of the potential risks
of investing in a company with a weighted voting rights structure. Our American depositary shares, each representing one of our Class&nbsp;A
ordinary shares, are listed on the New York Stock Exchange in the United States under the symbol ZTO.</I></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2611946d2_ex99-4img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ZTO Express (Cayman) Inc.&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#20013; &#36890;&#24555;&#36958; (&#38283;
 &#26364;)&#26377;&#38480;&#20844;&#21496;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<I>(A company controlled through weighted
voting rights and incorporated in the Cayman Islands with limited liability)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Stock Code: 2057)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY FORM&nbsp;FOR ANNUAL GENERAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attached please find the
proxy form for the Annual General Meeting issued by ZTO Express (Cayman) Inc. (the &ldquo;<B>Company</B>&rdquo;). This proxy form is also
available for viewing on the Company&rsquo;s website at https://zto.investorroom.com/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By order of the Board of Directors</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ZTO Express (Cayman) Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meisong LAI</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Chairman</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Hong Kong, April&nbsp;17, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>As at the date of this
announcement, the board of directors of the Company comprises Mr.&nbsp;Meisong LAI as the chairman and executive director, Mr.&nbsp;Jilei
WANG and Mr.&nbsp;Hongqun HU as executive directors, Mr.&nbsp;Xing LIU and Ms.&nbsp;Di XU as non-executive directors, Mr.&nbsp;Qin Charles
HUANG, Mr.&nbsp;Herman YU and Ms.&nbsp;Fang XIE as independent non-executive directors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ZTO
Express (Cayman) Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(A company controlled through weighted voting
rights and incorporated in the Cayman Islands with limited liability)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(NYSE: ZTO and SEHK: 2057)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Form&nbsp;of Proxy for Annual General Meeting<BR>
</B>to be held on Tuesday, June&nbsp;16, 2026<BR>
(or any adjournment(s)&nbsp;or postponement(s)&nbsp;thereof)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Form&nbsp;of Proxy is
furnished in connection with the solicitation by the board (the &ldquo;<B>Board</B>&rdquo;) of directors (the &ldquo;<B>Director(s)</B>&rdquo;)
of ZTO Express (Cayman) Inc., a Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), of proxies from the holders of the issued and
outstanding Class&nbsp;A ordinary shares with a par value of US$0.0001 per share (the &ldquo;<B>Class&nbsp;A Ordinary Shares</B>&rdquo;)
and Class&nbsp;B ordinary shares with a par value of US$0.0001 per share of the Company (the &ldquo;<B>Class&nbsp;B Ordinary Shares</B>&rdquo;,
and together with the Class&nbsp;A Ordinary Shares, the &ldquo;<B>Ordinary Shares</B>&rdquo;) to be exercised at the Annual General Meeting
of the Company (the &ldquo;<B>Meeting</B>&rdquo;) to be held at 9/F, The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong on
Tuesday, June&nbsp;16, 2026 at 2:00 p.m., Hong Kong time, and at any adjournment(s)&nbsp;or postponement(s)&nbsp;thereof, for the purposes
set forth in the accompanying Notice of Annual General Meeting (the &ldquo;<B>Meeting Notice</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Only the holders of record
of the Ordinary Shares on the Company&rsquo;s register of members at the close of business on Friday, May&nbsp;8, 2026 (Hong Kong Time)
(the &ldquo;<B>Record Date</B>&rdquo;) are entitled to notice of, to attend and to vote at the Meeting. Each Class&nbsp;A Ordinary Share
is entitled to one vote, and each Class&nbsp;B Ordinary Share is entitled to ten votes, on all matters subject to vote at the Meeting.
The quorum of the Meeting is one or more Shareholders holding Ordinary Shares which carry in aggregate (or representing by proxy) (i)&nbsp;not
less than 10%, for so long as the Class&nbsp;A Ordinary Shares remain listed on The Stock Exchange of Hong Kong Limited, or (ii)&nbsp;otherwise
not less than one-third, of all votes attaching to all shares in issue, on a one vote per Ordinary Share basis, present in person or by
proxy and entitled to vote, throughout the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Ordinary Shares represented
by all properly executed proxies returned to the Company will be voted at the Meeting as indicated or, if no instruction is given, the
proxy will vote the Ordinary Shares in his/her discretion, unless a reference to the holder of the proxy having such discretion has been
deleted and initialed on this Form&nbsp;of Proxy. Where the chairman of the Meeting acts as proxy and is entitled to exercise his/her
discretion, he/she is likely to vote the Ordinary Shares FOR the resolutions. As to any other business that may properly come before the
Meeting, all properly executed proxies will be voted by the persons named therein in accordance with their discretion. The Company does
not presently know of any other business which may come before the Meeting. However, if any other matter properly comes before the Meeting,
or any adjournment(s)&nbsp;or postponement(s)&nbsp;thereof, which may properly be acted upon, unless otherwise indicated the proxies solicited
hereby will be voted on such matter in accordance with the discretion of the proxy holders named therein. Any person giving a proxy has
the right to revoke it at any time before it is exercised by (i)&nbsp;submitting to the Company, at the address set forth below, a duly
signed revocation or (ii)&nbsp;voting in person at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>To be valid, this Form&nbsp;of
Proxy must be completed, signed and returned to 17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wanchai, Hong Kong as soon as
possible so that it is received by the Company no later than 2:00 p.m., Hong Kong time, on Sunday, June&nbsp;14, 2026 to ensure your representation
at the Meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ZTO Express (Cayman)
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(A company controlled through weighted voting
rights and incorporated in the Cayman Islands with limited liability)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(NYSE: ZTO and SEHK: 2057)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;of Proxy for Annual General Meeting<BR>
</B>to be held on Tuesday, June&nbsp;16, 2026<BR>
(or any adjournment(s)&nbsp;or postponement(s)&nbsp;thereof)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I/We _______________________________________________________________________________________________________________________
of ________________________________________________________________________________________________________, being the registered holder
of _________________________________________________________________________________ Class A Ordinary Shares,<I><SUP>(Note 1)</SUP></I>
par value US$0.0001 per share, and ____________________________________________________________________________________ Class B Ordinary
Shares,<I><SUP>(Note 1)</SUP></I> par value US$0.0001 per share, of ZTO Express (Cayman) Inc. (the &ldquo;Company&rdquo;), hereby appoint
the Chairman of the meeting <I><SUP>(Note 2)</SUP></I> or _________________________________________________________________________________________________________________________
(email address: ) ______________________________________________________________________________________________________)<I><SUP>(Note
5)</SUP></I> of ___________________________________________________________________________________________________________ as my/our
proxy to attend and act for me/us at the Annual General Meeting (or at any adjournment(s) or postponement(s) thereof) of the Company
to be held at 9/F, The Center, 99 Queen&rsquo;s Road Central, Central, Hong Kong on Tuesday, June 16, 2026 at 2:00 p.m., and at any adjournment(s)
or postponement(s) thereof (the &ldquo;<B>Meeting</B>&rdquo;), and in the event of a poll, to vote for me/us as indicated below, or if
no such indication is given, as my/our proxy thinks fit.<I><SUP>(Note 3)</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; width: 3%; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; width: 52%; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESOLUTIONS</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; width: 15%; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR</B><I><SUP>(Note
    3)</SUP></I></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; width: 15%; text-align: center; border-right: Black 1pt solid"><B>AGAINST</B><I><SUP>(Note 3)</SUP></I></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; width: 15%; text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABSTAIN</B><I><SUP>(Note
    3)</SUP></I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; text-align: justify; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As an ordinary resolution: To receive and consider the audited consolidated financial statements of the Company and the reports of the directors and auditor of the Company for the year ended December&nbsp;31, 2025.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; text-align: justify; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As an ordinary resolution: To re-elect Mr.&nbsp;Hongqun HU as an executive director of the Company, subject to his earlier resignation or removal.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; text-align: justify; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">As&nbsp;an&nbsp;ordinary&nbsp;resolution:&nbsp;To&nbsp;re-elect&nbsp;Mr.&nbsp;Xing&nbsp;LIU&nbsp;as&nbsp;a&nbsp;non-executive&nbsp;director&nbsp;of&nbsp;the Company, subject to his earlier resignation or removal.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; text-align: justify; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&nbsp;As an ordinary resolution: To authorize the board of directors to fix the remuneration of the directors of the Company.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; text-align: justify; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As an ordinary resolution: To re-appoint Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu Certified Public Accountants LLP as auditors of the Company to hold office until the conclusion of the next annual general meeting of the Company and to authorize the board of directors to fix their remuneration for the year ending December 31, 2026.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; text-align: justify; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As an ordinary resolution: To grant a general mandate to the directors to issue, allot, and deal with additional Class A Ordinary Shares of the Company (including any sale or transfer of treasury shares out of the treasury) not exceeding 20% of the total number of issued and outstanding shares of the Company (excluding any treasury shares) as at the date of passing of this resolution.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.05in 0.1in; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; padding: 0.05in 0.1in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As an ordinary resolution: To grant a general mandate to the directors to repurchase Class A Ordinary Shares of the Company not exceeding 10% of the total number of issued and outstanding shares of the Company (excluding any treasury shares) as at the date of passing of this resolution.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0.05in 0.1in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated _______________________________, 2026</FONT></TD>
    <TD STYLE="width: 49%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature(s)<I><SUP>(Note 4) ________________________________________</SUP></I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Notes:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please insert the number of shares registered in your name(s)&nbsp;to which this proxy relates. If no number is inserted, this form of proxy will be deemed to relate to all the shares in the Company registered in your name(s).</FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any proxy other than the Chairman is preferred, strike out the words &ldquo;the Chairman of the meeting&rdquo; and insert the name and address of the proxy desired in the space provided. A member may appoint one or more proxies to attend and vote in his/her stead. <B>ANY ALTERATION MADE TO THIS FORM&nbsp;OF PROXY MUST BE INITIALED BY THE PERSON(S)&nbsp;WHO SIGN(S)&nbsp;IT</B>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMPORTANT: IF YOU WISH TO VOTE FOR THE RESOLUTION, TICK THE APPROPRIATE BOX MARKED &ldquo;FOR.&rdquo; IF YOU WISH TO VOTE AGAINST THE RESOLUTION, TICK THE APPROPRIATE BOX MARKED &ldquo;AGAINST.&rdquo; ALTERNATIVELY, YOU MAY&nbsp;ALSO INDICATE THE RESPECTIVE NUMBERS OF SHARES FOR EACH OF THE &ldquo;FOR,&rdquo; &ldquo;AGAINST&rdquo; AND &ldquo;ABSTAIN&rdquo; COLUMNS. </B>Failure to complete any or all the boxes will entitle your proxy to cast his or her votes at his or her discretion. A proxy need not be a member of the Company, but must attend the Meeting in person. A member may only have one form of proxy valid at any one time and if a member submits more than one form of proxy, the last form of proxy received in the manner described in this form of proxy above shall be treated as the only valid form of proxy. Any alteration made to this form of proxy must be duly initialed by the person who signs it. Completion and deposit of a form of proxy does not prevent a member from attending the Meeting in person but if a member attends the Meeting and votes, this proxy will be revoked.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This form of proxy must be signed by you or your attorney duly authorized in writing or, in the case of a corporation, must be either executed under its common seal or under the hand of an officer or attorney or other person duly authorized to sign the same.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A valid email address of your proxy must be provided in the space provided (except when the chairman of the Meeting is appointed as your proxy). If no email address is provided, your proxy cannot participate in the Meeting by online live webcast.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>PERSONAL INFORMATION COLLECTION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Personal Data&rdquo; in this form of proxy
has the same meaning as &ldquo;personal data&rdquo; in the Personal Data (Privacy) Ordinance, Cap 486 (&ldquo;<B>PDPO</B>&rdquo;), which
includes your and your proxy&rsquo;s name and address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You and your proxy&rsquo;s Personal Data provided
in this form of proxy will be used in connection with processing your request for the appointment of a proxy to attend, act and vote on
your behalf as directed above at the Meeting. The supply of your and your proxy&rsquo;s Personal Data is on a voluntary basis. However,
the Company may not be able to process your request unless you provide us with your and your proxy&rsquo;s Personal Data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your and your proxy&rsquo;s Personal Data will
be disclosed or transferred to the Company&rsquo;s share registrar and its Hong Kong branch share registrar and transfer office and/or
other companies or bodies for the purpose stated above, or when it is required to do so by law, for example, in response to a court order
or a law enforcement agency&rsquo;s request, and will be retained for such period as may be necessary for our verification and record
purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By providing your proxy&rsquo;s Personal Data
in this form of proxy, you should have obtained the express consent (which has not been withdrawn in writing) from your proxy in using
his/her Personal Data provided in this form of proxy and that you have informed your proxy of the purpose for and the manner in which
his/her Personal Data may be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You/your proxy have/has the right to request access
to and/or correction of your/your proxy&rsquo;s Personal Data respectively in accordance with the provisions of the PDPO. Any such request
for access to and/or correction of your/your proxy&rsquo;s Personal Data should be in writing by either of the following means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By mail to: Personal Data Privacy Officer<BR>
Computershare Hong Kong Investor Services Limited<BR>
17M Floor, Hopewell Centre, 183 Queen&rsquo;s Road East, Wanchai, Hong Kong<BR>
By email to: PrivacyOfficer@computershare.com.hk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
