HILLHOUSE INVESTMENT MANAGEMENT, LTD. 4

What Happened Hillhouse Investment Management, Ltd. (a reported 10% owner) sold 555,555 shares of ArriVent BioPharma, Inc. (AVBP) on December 10, 2025 at $23.37 per share, generating proceeds of $12,983,320. The Form 4 lists the transaction as an open market or private sale (code S).

Key Details

• Transaction date and price: 2025-12-10 at $23.37 per share.
• Shares sold: 555,555; Total proceeds: $12,983,320.
• Shares owned after transaction: not specified in the filing.
• Filing date: 2026-02-03 — filed well after the Dec 10 transaction (Form 4s are normally due within 2 business days), so this appears to be a late filing.
• Footnotes: Securities were held through multiple Hillhouse entities (HACF, VSUM VI, VSUM VIII, ARVT) and the statement is filed jointly by Hillhouse Investment Management, Ltd. (HIM) and HHLR Advisors, Ltd. The filers disclaim beneficial ownership except to the extent of any pecuniary interest.
• No 10b5-1 plan, tax-withholding sale, or other special sale mechanics are disclosed in the filing.

Context This report reflects an institutional sale by a 10% holder (Hillhouse) through its funds and subsidiaries rather than an individual officer or director. Institutional sales can reflect portfolio rebalancing or liquidity needs and are not, by themselves, a definitive indicator of company fundamentals. The filing’s late submission is notable for compliance monitoring.