Jianfa Lai and Zto Ljf Holding Limited filed Amendment No. 7 to Schedule 13G with the SEC on November 13, 2026, disclosing beneficial ownership of Class A ordinary shares of ZTO Express (Cayman) Inc. as of September 30, 2026.

Key Highlights

  • Aggregate beneficial ownership (Jianfa Lai): 57,354,264 Class A ordinary shares, representing 7.6% of the class.
  • Aggregate beneficial ownership (Zto Ljf Holding Limited): 57,320,666 Class A ordinary shares, also representing 7.6% of the class.
  • Total outstanding ordinary shares: 752,268,881 as of September 30, 2026, comprising 546,168,881 Class A shares and 206,100,000 Class B shares.
  • Shared voting power: Both reporting persons report shared voting power over 57,320,666 shares; Jianfa Lai reports sole dispositive power over only 33,598 shares.
  • Key pledge: 6,000,000 ADSs are registered in the name of Citibank, N.A., Singapore, with underlying Class A shares pledged under a loan agreement dated December 6, 2019.
  • Trust structure: Zto Ljf Holding Limited is wholly owned by LJFA Holding Limited, which is beneficially owned by The LJF Family Trust, managed by Standard Chartered Trust (Singapore) Limited as trustee.

Ownership Structure and Holdings Breakdown for Jianfa Lai and Zto Ljf Holding Limited

According to the filing, Jianfa Lai, a citizen of the People's Republic of China, and Zto Ljf Holding Limited, a British Virgin Islands company, jointly filed Amendment No. 7 to Schedule 13G covering Class A ordinary shares (par value $0.0001 per share, CUSIP G9897K105) of ZTO Express (Cayman) Inc. The event triggering the filing occurred on September 30, 2026. The filing was submitted on November 13, 2026.

The filing discloses that Jianfa Lai's aggregate beneficial ownership of 57,354,264 Class A ordinary shares consists of several components: (i) 39,000,000 Class A ordinary shares held by Zto Ljf Holding Limited; (ii) 6,000,000 ADSs pledged to Citibank, N.A., Singapore under a loan agreement dated December 6, 2019; (iii) 3,201,625 ADSs pledged to Citibank, N.A. as counterparty under a share forward transaction pursuant to a series of agreements described as the "Forward Contract"; (iv) 9,119,041 Class A ordinary shares in the form of ADSs held by Zto Ljf Holding Limited; and (v) 33,598 Class A ordinary shares held by Zto Es Holding Limited, over which Mr. Lai may request disposition.

The filing further states that Zto Ljf Holding Limited is wholly owned by LJFA Holding Limited, which in turn is "beneficially owned by The LJF Family Trust, a trust established under the laws of Singapore and managed by Standard Chartered Trust (Singapore) Limited as trustee." Mr. Jianfa Lai is identified as the settlor of The LJF Family Trust, with beneficiaries being Mr. Lai and his family members. Mr. Lai is also described as the sole director of Zto Ljf Holding Limited.

What Was Disclosed

The filing is Amendment No. 7 to Schedule 13G, reporting that as of September 30, 2026, Jianfa Lai and Zto Ljf Holding Limited collectively held approximately 7.6% of ZTO Express (Cayman) Inc.'s Class A ordinary shares, with detailed disclosures of pledged ADSs and a trust ownership structure.