Core Viewpoint - Citigroup reports that ZTO Express (02057) plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, indicating a potential restart of the buyback plan during the upcoming earnings release [1] Group 1: Share Repurchase and Convertible Notes - ZTO Express has a remaining share repurchase capacity of $700 million until September 2025, suggesting that the company may soon resume its buyback program [1] - The issuance of convertible notes is viewed slightly positively due to low interest rates and reasonable premiums that could offset potential dilution effects [1] Group 2: Financial Performance - ZTO Express reported a 13.3% growth in package volume, aligning with Citigroup's expectations [1] - The revenue range for ZTO Express is projected to be between 48.5 billion and 50 billion RMB, with gross profit estimated between 12.15 billion and 12.55 billion RMB, both of which are roughly in line with Citigroup's and market expectations [1]
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