Li Gefei 4

What Happened

• Li Gefei, Chief Operating Officer and a director of So-Young International Inc. (SY), exercised 46,153 stock options on March 31, 2026 (transaction code M). The exercise price was $0.01 per share, a total cash outlay of about $462. The filing also reports two derivative dispositions on the same date totaling 46,153 shares (38,461 and 7,692) at $0.01 each (total $462), i.e., the disposals equal the number of shares acquired.
• The exercised Class A ordinary shares were received in the form of American Depositary Shares (ADSs) per the filing footnote.

Key Details

• Transaction date: March 31, 2026; Form 4 filed April 2, 2026 (reports transactions occurring Mar 31).
• Exercise: 46,153 shares @ $0.01 = $462 (acquired).
• Dispositions: 38,461 shares @ $0.01 = $385 and 7,692 shares @ $0.01 = $77 (disposed; together equal 46,153).
• ADS conversion: Footnote states ADS ratio — 13 ADS represent 10 Class A ordinary shares; F2 confirms the 46,153 Class A shares were received as ADSs.
• Option grants and vesting (from footnotes):
  • Grant 1 (F3): 57,695 options granted Aug 15, 2024; vesting in nine installments (19,231 on Feb 1, 2025, then eight equal installments of 4,808 every three months through Feb 1, 2027).
  • Grant 2 (F4): 28,846 options granted Aug 15, 2024; vested in two installments (19,231 on Feb 1, 2025 and 9,615 on Aug 1, 2025).
• Amount of shares owned following the transaction is not specified in the provided excerpt of the filing.
• No late-filing indicator was provided in the material shown.

Context

• Transaction code M denotes exercise or conversion of a derivative (options). The filing shows disposals equal to the exercised amount, which indicates the exercised shares were subsequently disposed of; the Form 4 does not state the reason (e.g., sell-to-cover for taxes, immediate market sale, or transfer).
• For retail investors: exercises followed immediately by disposals are common and often used to cover tax liabilities or option costs; they do not necessarily signal a change in the insider’s long-term view. This filing is factual disclosure of the exercise and related disposals.