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Zai Lab Ltd·4

May 19, 4:18 PM ET

Du Ying 4

Research Summary

AI-generated summary

Updated

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).