{
 "as_of": "2026-11-04",
 "cmr": "hk-cm-kg/HKEX/02057",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# ZTO EXPRESS-W (Main Board: 02057) — research page\n\nAs of 2026-11-04 · hk-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is ZTO EXPRESS-W, listed on the Main Board of the HK market under ticker 02057, with ISIN KYG9897K1058 and LEI 549300SCJPK3YZJTJR78. Its security type is Corporate and its jurisdiction is Cayman Islands (KY). Its segment is not on the record and its sector is not on the record. Its listing status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 154 filings in the window 2025-11-04 to 2026-11-04, across 126 filing days. The median gap between filing days is 1 day. The latest filing is dated 2026-11-04 and is of type monthly_return, 0 days before the record date of 2026-11-04. The Main Board median cadence gap is 9.0 days across 2472 issuers, with a median of 46.0 filings and a median latency of 2.0 days. The sector median is not on the record.\n\n## Auditor\n\nThe auditor of record is Deloitte Touche Tohmatsu, and its location is not on the record. Auditor changes are not on the record, as this register has no lifecycle type map yet.\n\n## Events and halts\n\nListing, delisting, name change, domicile change and segment move are not on the record, as this register has no lifecycle type map yet. The halt flag is listed, not halted.\n\n## Orderability\n\nThe outcome is not determinable. The chapter's orderability section carries no client categories, so the outcome cannot name its client category. The rule version is acm-68000/hk/suitability-sfc-code-of-conduct-paragraph-5-2/r1, and the chapter is as of 2026-11-04.\n\n## Coverage\n\nNo research houses were found on the issuer's investor-relations page as of the record.\n\n## Open research\n\nNo openly published research notes were found on the record.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe vintage is not sealed. No issuer years are sealed. The market has no sealed earliest date, and the live record began on 2026-09-12. The years 2021, 2022, 2023, 2024, 2025 and 2026 are sealed in the store but not served as of a date, and the as-of door answers not_sealed.\n\n## Sources\n\n8 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx (identity.exchange)\n- https://api.gleif.org/api/v1/lei-records/549300SCJPK3YZJTJR78 (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.hk-cm-kg.ai/events/HKEX/02057 (the disclosure lines)\n- https://www.hkex.com.hk/eng/stat/smstat/dayquot/d261104e.htm (the halt flag)\n- https://zto.investorroom.com/download/2025+Annual+Report+-+HKEX.pdf (the auditor)\n- https://mcp.hk-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://mcp.hk-cm-kg.ai/record/HKEX/02057 (the record)\n",
 "market": "HK",
 "node": "hk-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": "2026-09-12",
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "6 years are sealed in the HK store; their Replay split is not built, so the as-of door answers not_sealed and the record is the live record as of 2026-11-04",
   "record_version": 1,
   "sealed": false,
   "store_years_sealed_not_served": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025",
    "2026"
   ]
  },
  "auditor": {
   "auditor": {
    "read_by": "read by Grok (grok-4.6, web search)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://zto.investorroom.com/download/2025+Annual+Report+-+HKEX.pdf",
    "state": "filled",
    "value": "Deloitte Touche Tohmatsu"
   },
   "auditor_firm_id": {
    "market": "HK",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "HK",
    "state": "not_on_record"
   },
   "changes": {
    "market": "HK",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "hk-cm-kg/HKEX/02057",
  "coverage": {
   "count": 0,
   "houses": [],
   "pages_checked": [],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": null,
   "state": "none_found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 2472,
     "median_cadence_gap_days": 9,
     "median_filings": 46,
     "median_latency_days": 2,
     "name": "Main Board"
    },
    "sector": {
     "market": "HK",
     "state": "not_on_record"
    }
   },
   "by_type": {
    "agm_egm": 7,
    "announcement": 13,
    "annual_report": 1,
    "circular": 1,
    "director_change": 1,
    "dividend": 1,
    "esg_report": 1,
    "interim_report": 1,
    "monthly_return": 13,
    "next_day_disclosure": 109,
    "results": 6
   },
   "cadence_median_gap_days": 1,
   "filing_days": 126,
   "filings": 154,
   "latency_days": 0,
   "latest": [
    {
     "category": null,
     "date": "2026-11-04",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1104/2026110400532.pdf",
     "title": "Monthly Return of Equity Issuer on Movements in Securities for the month ended 31 October 2026",
     "type": "monthly_return"
    },
    {
     "category": null,
     "date": "2026-10-30",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1030/2026103000431.pdf",
     "title": "Next Day Disclosure Return",
     "type": "next_day_disclosure"
    },
    {
     "category": null,
     "date": "2026-10-29",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1029/2026102900271.pdf",
     "title": "Next Day Disclosure Return",
     "type": "next_day_disclosure"
    },
    {
     "category": null,
     "date": "2026-10-28",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1028/2026102800191.pdf",
     "title": "Next Day Disclosure Return",
     "type": "next_day_disclosure"
    },
    {
     "category": null,
     "date": "2026-10-27",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1027/2026102700178.pdf",
     "title": "Next Day Disclosure Return",
     "type": "next_day_disclosure"
    }
   ],
   "latest_filing_date": "2026-11-04",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.hk-cm-kg.ai/events/HKEX/02057",
   "window": {
    "from": "2025-11-04",
    "to": "2026-11-04"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "Main Board"
   },
   "isin": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "KYG9897K1058"
   },
   "jurisdiction": {
    "read_by": "GLEIF LEI record (LEI per the LEI column) (legal jurisdiction)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://api.gleif.org/api/v1/lei-records/549300SCJPK3YZJTJR78",
    "state": "sourced",
    "value": "Cayman Islands (KY)"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-04",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN KYG9897K1058)",
    "state": "sourced",
    "value": "549300SCJPK3YZJTJR78"
   },
   "name": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "ZTO EXPRESS-W"
   },
   "sector": {
    "market": "HK",
    "reason": "HKEX publishes the industry classification per issuer on its website pages, not in the List of Securities (no page reads by order)",
    "state": "not_on_record"
   },
   "security_type": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "market": "HK",
    "state": "not_on_record"
   },
   "ticker": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "02057"
   },
   "website": {
    "market": "HK",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": {
    "market": "HK",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
    "market": "HK",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "listing": {
    "market": "HK",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
    "market": "HK",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "segment_move": {
    "market": "HK",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "market": "HK",
  "node": "hk-cm-kg",
  "numbers_hash": "sha256:8f0d2dc74fe00f51b2077334fe0e1cdfb626e10d72494e40b915074c19d629e7",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [],
   "state": "none_found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [],
   "determinable": false,
   "read": {
    "chapter": "https://mcp.hk-cm-kg.ai/book/aio.json",
    "door": "https://mcp.hk-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "reason": "the chapter's orderability section carries no client_categories: the outcome cannot name its client category",
   "rule_version": "acm-68000/hk/suitability-sfc-code-of-conduct-paragraph-5-2/r1",
   "section": "hk.aio.v6"
  },
  "record": {
   "as_of": "2026-11-04",
   "url": "https://mcp.hk-cm-kg.ai/record/HKEX/02057",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-04",
   "source": "https://www.hkex.com.hk/eng/stat/smstat/dayquot/d261104e.htm",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:8f0d2dc74fe00f51b2077334fe0e1cdfb626e10d72494e40b915074c19d629e7",
 "path": "/hk/HKEX/02057",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is ZTO EXPRESS-W, listed on the Main Board of the HK market under ticker 02057, with ISIN KYG9897K1058 and LEI 549300SCJPK3YZJTJR78. Its security type is Corporate and its jurisdiction is Cayman Islands (KY). Its segment is not on the record and its sector is not on the record. Its listing status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 154 filings in the window 2025-11-04 to 2026-11-04, across 126 filing days. The median gap between filing days is 1 day. The latest filing is dated 2026-11-04 and is of type monthly_return, 0 days before the record date of 2026-11-04. The Main Board median cadence gap is 9.0 days across 2472 issuers, with a median of 46.0 filings and a median latency of 2.0 days. The sector median is not on the record.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor of record is Deloitte Touche Tohmatsu, and its location is not on the record. Auditor changes are not on the record, as this register has no lifecycle type map yet.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "Listing, delisting, name change, domicile change and segment move are not on the record, as this register has no lifecycle type map yet. The halt flag is listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome is not determinable. The chapter's orderability section carries no client categories, so the outcome cannot name its client category. The rule version is acm-68000/hk/suitability-sfc-code-of-conduct-paragraph-5-2/r1, and the chapter is as of 2026-11-04.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "No research houses were found on the issuer's investor-relations page as of the record.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "No openly published research notes were found on the record.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The vintage is not sealed. No issuer years are sealed. The market has no sealed earliest date, and the live record began on 2026-09-12. The years 2021, 2022, 2023, 2024, 2025 and 2026 are sealed in the store but not served as of a date, and the as-of door answers not_sealed.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "8 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://api.gleif.org/api/v1/lei-records/549300SCJPK3YZJTJR78"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.hk-cm-kg.ai/events/HKEX/02057"
  },
  {
   "for": "the halt flag",
   "source": "https://www.hkex.com.hk/eng/stat/smstat/dayquot/d261104e.htm"
  },
  {
   "for": "the auditor",
   "source": "https://zto.investorroom.com/download/2025+Annual+Report+-+HKEX.pdf"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.hk-cm-kg.ai/book/aio.json"
  },
  {
   "for": "the record",
   "source": "https://mcp.hk-cm-kg.ai/record/HKEX/02057"
  }
 ],
 "title": "ZTO EXPRESS-W (02057) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}