NYSE:ZTOLogistics
ZTO Express (ZTO) Is Up 8.9% After Funding Buybacks With Low-Coupon Convertibles - Has The Bull Case Changed?
In early February 2026, ZTO Express (Cayman) Inc. issued 2025 guidance calling for higher revenues but lower gross profit versus 2024, and completed a US$1.50 billion callable, convertible senior unsecured bond offering due 2031 priced at par with a 0.925% fixed coupon.
The combination of rising parcel volumes, thinner margins, and using low-coupon convertible debt to fund refinancing, capped calls, and share repurchases adds a complex layer to how investors may assess ZTO’s capital...