Founded on May 8, 2002, ZTO Express (“ZTO” or “the Company”) is one of the leading express delivery companies in China in terms of parcel volume, with a 20.4% market share in 2020. ZTO is both a key enabler and a direct beneficiary of China’s fast-growing e-commerce market, and has established itself as the trusted express delivery partner for millions of commerce customers, including online merchants and consumers selling and buying products on Chinese leading e-commerce sites, such as Alibaba, PDD, JD.com. ZTO operates a highly scalable network partner model that enables it to expand nationwide network quickly and provide e-commerce merchants with greater geographic reach at low cost. Under a network partner model, it operates the mission-critical line-haul transportation and sorting network within the express delivery service value chain, whereas its network partners operate the outlets that provide first-mile pickup and last-mile delivery services. Operational efficiency and economies of scale enable ZTO to achieve strong operating leverage which drives higher return on invested capital and equity. ZTO’s objective is to become a world-leading comprehensive logistical services provider.