Zhongtong Express (ADR) (ZTO)
Runs China's parcel network through central sorting, line-haul transport and local delivery partners.
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Operates a Chinese express-delivery network built around centrally managed sorting and line-haul transport, with local partners handling pickup and last-mile delivery. Network-transit fees drive the business, while the Cayman holding structure and partner network make execution dependent on PRC rules and service control across local operators.
Provides express-delivery services across China through a network that combines centrally operated sorting hubs and line-haul transport with local partners handling pickup and last-mile delivery. Network-transit fees for sorting and line-haul services are the core revenue engine.
Dense transit infrastructure, digital waybills and centralized control points help move parcels across cities and counties. The model concentrates capital-intensive sorting and transport in the central network while extending the local footprint through thousands of partner-operated outlets.
Execution depends on coordinating network partners and enforcing service standards across locally run operations. The listed Cayman holding company conducts mainland operations through subsidiaries and a variable interest entity under PRC foreign-ownership restrictions, while founder Meisong Lai retains control through weighted voting rights.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 3, 2026 | JP Morgan | Downgrade | ||
| Jul 8, 2026 | Macquarie | Reiterate | Rating: —Target: $26.60 | Target: $31.60 |
| May 20, 2026 | Morgan Stanley | Target | Target: $24.20 | Target: $30.10 |
| Feb 8, 2026 | Macquarie | Target | Target: $21.20 | Target: $26.60 |
| May 29, 2025 | JP Morgan | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $4.68B · Total debt $3.29B · Total assets $14.74B · Shareholders' equity $9.50B
- Revenue
- $2.17B
- Operating income
- $472.7M
- Net income
- $454.0M
Reported in CNY, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | ≈ 7.45% | 59.04M ADS | |
|---|---|---|---|
| 214 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 26.90% | 213.03M ADS | |
| 11 holders · as of Mar 24, 2026 | |||
| Strategic holders | 5.03% | 39.85M ADS | |
| 1 holder · as of Feb 14, 2017 | |||
| Other | ≈ 60.62% | 480.12M ADS | |
| remainder | |||
792.05M ADS as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's Dec 2023 annual report; nothing newer is on file here.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Meisong LaiInsiderdirector, officer: Chief Executive Officer | 26.64% | 4.94M ADS · 206.10M B ordinary | filed Mar 24, 2026 |
Onyx Gem Investment Holdings LimitedStrategic | 5.03% | 39.85M | filed Feb 14, 2017 |
Pzena Investment Management LLCInstitution | 0.92% | 7.32M A ADS | as of Jun 30, 2026 |
Goldman Sachs Group IncInstitution | 0.67% | 5.29M A ADS | as of Jun 30, 2026 |
Serenity Capital Management Pte. Ltd.Institution | 0.64% | 5.06M A ADS | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
Not reported.