ZTO Express reports independent investigation conclusion on short seller report

ZTO Express provided an update on the status of the independent investigation. Shortly after the publication of a report issued by the short-seller firm Grizzly Research on March 2, the audit committee of the company’s board of directors decided to conduct an independent investigation into the allegations made in the Initial Short Seller Report. The Independent Investigation was conducted by the Audit Committee with the assistance of independent professional advisors. The Independent Investigation is now substantially complete. Based on findings of the Independent Investigation, the Audit Committee has concluded that the allegations in the Initial Short Seller Report and Additional Short Seller Report are not substantiated.