Du Ying 4
4 · Zai Lab Ltd · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
Zai Lab CEO Du Ying Exercises Options and Sells Shares
What Happened
Du Ying, Chairperson & CEO of Zai Lab (ZLAB), exercised options to acquire 100,000 American Depositary Shares (ADSs) and sold 100,000 ADSs in open-market transactions. She exercised 50,000 ADSs on May 15 (cost $1.74/ADS, $87,000) and another 50,000 ADSs on May 18 (cost $1.74/ADS, $87,000). On May 15 she sold 50,000 ADSs for about $1,037,110 (weighted average ~$20.7422/ADS) and on May 18 she sold 50,000 ADSs for about $949,765 (weighted average ~$18.9953/ADS). Aggregate proceeds from the sales were roughly $1.99 million; aggregate exercise cost shown was $174,000.
Key Details
- Transaction dates and prices:
- 2026-05-15: exercised 50,000 ADSs @ $1.74 (acquired; $87,000); sold 50,000 ADSs (open market) for $1,037,110 (weighted avg ~$20.7422; range $20.417–$21.28).
- 2026-05-18: exercised 50,000 ADSs @ $1.74 (acquired; $87,000); sold 50,000 ADSs (open market) for $949,765 (weighted avg ~$18.9953; range $18.78–$19.38).
- Two additional entries show 50,000 ADSs each “disposed” at $0 — these reflect the derivative instrument being converted/cancelled on exercise (reported as a derivative disposition), not market sales.
- Reporting notes:
- F1: Each ADS represents 10 ordinary shares; filing reports in ADSs.
- F2: Sales were effected under a Rule 10b5-1 trading plan adopted Nov 11, 2025.
- F3/F4: Weighted-average sale prices and price ranges are provided; full per-price breakdown available on request to SEC staff or holders.
- Shares owned after these transactions are not included in the provided excerpt of the filing.
- Form filed May 19, 2026 covering transactions dated May 15–18, 2026 (see filing for full timeliness details).
Context
These transactions are option exercises (derivative code M) followed by open-market sales. When options are exercised and the shares are sold shortly thereafter, that is commonly a net/cashless settlement or immediate divestiture of acquired shares; the $0 dispositions likely reflect conversion/cancellation of the derivative upon exercise. The sales were executed under a pre-established 10b5-1 plan, which is a pre-set trading arrangement and commonly used to avoid timing concerns. This summary is factual and does not infer insider motivation. For full details, review the Form 4 filing (Accession 0000905148-26-002524).
Insider Transaction Report
- Exercise/Conversion
American Depositary Shares
[F1][F2]2026-05-15$1.74/sh+50,000$87,000→ 1,172,626 total - Sale
American Depositary Shares
[F1][F2][F3]2026-05-15$20.74/sh−50,000$1,037,110→ 1,122,626 total - Exercise/Conversion
American Depositary Shares
[F1][F2]2026-05-18$1.74/sh+50,000$87,000→ 1,172,626 total - Sale
American Depositary Shares
[F1][F2][F4]2026-05-18$19.00/sh−50,000$949,765→ 1,122,626 total - Exercise/Conversion
Stock Options (Right to Buy)
[F2][F5][F1]2026-05-15−50,000→ 311,092 totalExercise: $1.74Exp: 2026-08-25→ American Depositary Shares (50,000 underlying) - Exercise/Conversion
Stock Options (Right to Buy)
[F2][F5][F1]2026-05-18−50,000→ 261,092 totalExercise: $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 $20.7422 per share, at prices ranging from $20.417 to $21.28 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 $18.9953 per share, at prices ranging from $18.78 to $19.38 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.