Du Ying 4

4 · Zai Lab Ltd · Filed Mar 10, 2026

AI-generated summary of this filing

Updated Mar 10, 2026

Zai Lab CEO Du Ying Exercises Options, Sells 100,000 ADS

What Happened

Du Ying, Chairperson, CEO and a director of Zai Lab (ZLAB), exercised stock options to acquire 100,000 ADS (reported as ADS; 1 ADS = 10 ordinary shares) and immediately sold those 100,000 ADS in open-market trades. The exercises were recorded at $1.74 per ADS (total exercise cost ≈ $174,000). The sales raised approximately $1,922,400 in aggregate (50,000 ADS sold on 2026-03-06 at a weighted avg ≈ $19.4187; 50,000 ADS sold on 2026-03-09 at a weighted avg ≈ $19.0293).
The filing also shows two derivative-disposal entries at $0.00, which reflect conversion/cancellation of the underlying options upon exercise. These option grants vested in equal annual installments over five years beginning August 25, 2017 (footnote F5).

Key Details

Transaction dates and prices:
- 2026-03-06: Exercised 50,000 ADS @ $1.74 (acquired, $87,000) and sold 50,000 ADS (weighted avg sale price $19.4187; range $19.04–$19.68; gross ≈ $970,935).
- 2026-03-09: Exercised 50,000 ADS @ $1.74 (acquired, $87,000) and sold 50,000 ADS (weighted avg sale price $19.0293; range $18.78–$19.25; gross ≈ $951,465).
Total: 100,000 ADS exercised (total cost ≈ $174,000) and 100,000 ADS sold (total proceeds ≈ $1,922,400).
Shares owned after transaction: Not disclosed in the provided filing excerpt.
Notable footnotes:
- F1: ADS are reported (1 ADS = 10 ordinary shares).
- F2: Transactions were made pursuant to a Rule 10b5-1 trading plan adopted Nov 11, 2025.
- F3/F4: Provide weighted-average sale prices and price ranges for the two sale groups.
- F5: Vesting schedule for the options (annual over five years beginning Aug 25, 2017).
Filing: Form 4 filed March 10, 2026, reporting transactions on March 6 and March 9, 2026.

Context

This sequence (exercise of options followed by immediate open-market sales) is common when insiders exercise vested options and sell shares to cover exercise costs and taxes; it is often reported as an exercise (code M) plus a sale (code S).
The sales were executed under a pre-established 10b5-1 plan (footnote F2), which indicates the trades followed a predetermined program rather than ad-hoc timing by the insider.

Form 4

Period: 2026-03-06

DirectorChairperson & CEO

Transactions

Exercise/Conversion
American Depositary Shares
[F1]
2026-03-06$1.74/sh+50,000$87,000→ 1,014,161 total
Sale
American Depositary Shares
[F1][F2][F3]
2026-03-06$19.42/sh−50,000$970,935→ 964,161 total
Exercise/Conversion
American Depositary Shares
[F1]
2026-03-09$1.74/sh+50,000$87,000→ 1,014,161 total
Sale
American Depositary Shares
[F1][F2][F4]
2026-03-09$19.03/sh−50,000$951,465→ 964,161 total
Exercise/Conversion
Stock Options (Right to Buy)
[F5][F1]
2026-03-06−50,000→ 772,184 total
Exercise: $1.74Exp: 2026-08-25→ American Depositary Shares (50,000 underlying)
Exercise/Conversion
Stock Options (Right to Buy)
[F5][F1]
2026-03-09−50,000→ 722,184 total
Exercise: $1.74Exp: 2026-08-25→ American Depositary Shares (50,000 underlying)

Footnotes (5)

[F1]Each American Depositary Share ("ADS") represents ten Ordinary Shares of the issuer. Our ADSs and Ordinary Shares are fully fungible. For purposes of this Form 4, we are reporting this in terms of ADSs.
[F2]The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 11, 2025.
[F3]Reflects a weighted average sale price of $19.4187 per share, at prices ranging from $19.04 to $19.68 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.
[F4]Reflects a weighted average sale price of $19.0293 per share, at prices ranging from $18.78 to $19.25 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.
[F5]The option vested in equal annual installments over five years beginning on August 25, 2017, the first anniversary of the date of grant.

Signature

/s/ Bruce Blefeld, Attorney-in-Fact|2026-03-10

1 file