ZTO EXPRESS CAYMAN INC

CUSIP: 98980AAB1 Class: NOTE 1.500% 9/0

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

Increased Positions (1)

Jefferies Financial Group Inc.

Value ($000) $5,573 (+33.8%) Shares 5,896,000 (+35.7%)

Institution	Prev Shares	Curr Shares	Change
Jefferies Financial Group Inc.	4,346,000	5,896,000	+1,550,000 (+35.7%)

Decreased Positions (1)

BANK OF AMERICA CORP /DE/

Value ($000) $1 (-36.6%) Shares 1,600 (-38.5%)

Institution	Prev Shares	Curr Shares	Change
BANK OF AMERICA CORP /DE/	2,600	1,600	-1,000 (-38.5%)

Exited Positions (4)

MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC

Value ($000) $1,359 Shares 70,800

MACQUARIE GROUP LTD

Value ($000) $2,989 Shares 3,100,000

Value ($000) $23 Shares 22,000

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO

Value ($000) $1 Shares 1,000

Institution	Prev Shares	Prev Value ($000)
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC	70,800	$1,359
MACQUARIE GROUP LTD	3,100,000	$2,989
BARCLAYS PLC	22,000	$23
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	1,000	$1