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Alibaba Group Holding Limited sells $500 million ZTO Express shares

September 2026

Client(s) Alibaba Group Holding Limited

Jones Day advised Alibaba Group Holding Limited (“Alibaba”, NYSE: BABA; HKEX: 9988) in connection with the sale by Alibaba of an aggregate of 25,000,000 American Depositary Shares (“ADSs”) of ZTO Express (Cayman) Inc. (NYSE: ZTO; HKEX: 2057) at a price of US$20.02 per ADS, for aggregate gross proceeds of approximately US$500 million. The sale was conducted pursuant to Rule 144 under the Securities Act of 1933, as amended.

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