Core Viewpoint - ZTO Express (02057) announced the issuance of $1.5 billion in notes, with a purchase price of 98.9% of the principal amount, scheduled for February 4, 2026 [1] Group 1: Notes Issuance Details - The company will sell $1.5 billion in notes to initial buyers, with the notes being offered to at least six independent allocators [1] - The notes will be priced at 100% of the principal amount plus any accrued interest from February 9, 2026 [1] - The initial conversion price is approximately $30.9473 per share, representing a 37.5% premium over the closing price of $22.51 per American Depositary Share on February 3, 2026 [1] Group 2: Estimated Proceeds and Share Conversion - The estimated net proceeds from the issuance are approximately $1.4041 billion, with the notes convertible into about 4.84695 million shares [1] - The net price per share for conversion is expected to be around $28.9692, based on the closing price of HKD 179.10 per A-class ordinary share [1] Group 3: Pricing and Share Buyback - The company has entered into capped call transactions with initial buyers, with the premium for these options being approximately $76.95 million, or about 5.1% of the total principal amount of the notes [2] - Concurrently, the company agreed to repurchase approximately 18.2544 million A-class ordinary shares, representing about 2.29% of the shares outstanding as of February 3, 2026, and about 37.66% of the convertible shares [2]