| Issuer / Guarantor | ZTO Express (Cayman) Inc |
|---|---|
| Size | USD 1500mn |
| Type | Convertible |
| Leads | Citigroup, Goldman Sachs |
| Maturity | 01 Mar 2031 (5.1 years) |
| Coupon | 0.925% (0.55 - 1.05%) |
| Premium | 35% (35 - 40%) |
| Calls | @ 100% from Mar 2029 (3.1 yrs); 130% trigger |
| Puts | 3.1yrs @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | Make-whole table |
| CoCo | None |
| Announced | 04 Feb 2026 |