HK Stock Market Move | ZTO EXPRESS-W (02057) rose nearly 3%, with parcel volume expected to increase by 13.3% year-on-year in 2025. It plans to issue $1.5 billion in notes at a premium of approximately 37.5%.

ZTO EXPRESS-W (02057) rose nearly 3%, and as of the time of writing, it has risen 2.74% to 184 Hong Kong dollars, with a turnover of 321 million Hong Kong dollars. On the news front, on February 4th, ZTO EXPRESS-W announced that the company estimates that by 2025, its total revenue will be between RMB 48.5 billion and RMB 50 billion, an increase of about 9.5% to 12.9% compared to RMB 44.2807 billion in 2024. In addition, the gross profit for 2025 is estimated to be between RMB 12.15 billion and RMB 12.55 billion, a decrease of about 8.5% to 11.4% from RMB 13.717 billion in 2024. The estimated increase in total revenue is mainly driven by the increase in package volume from 340.1 billion in 2024 to 385.2 billion in 2025 (a year-on-year increase of 13.3%). On February 5th, ZTO EXPRESS-W planned to issue $1.5 billion in notes at a premium of about 37.5%. Citigroup pointed out that as of September 2025, there is still a remaining $700 million in share repurchase quota, and the company may restart the repurchase program when it announces its performance in the near future. The bank believes that low interest rates and a reasonable premium can fully offset the potential dilution impact, and the view on the issuance of convertible notes is slightly positive. In addition, ZTO Express announced its preliminary performance for 2025, with a package volume growth of 13.3%, in line with the bank's expectations, with revenue in the range of RMB 48.5-50 billion and gross profit between RMB 12.15-12.55 billion, both of which roughly align with the bank's and market expectations.