Liu Qiangdong 4

What Happened
Liu Qiangdong, a director of JD.com (JD), completed derivative conversions/settlements on May 15, 2026. The Form 4 reports an acquisition of 1,000,000 shares (recorded $0) and a simultaneous disposition of 2,000,000 shares (recorded $0). These transactions are reported as conversion/exercise of derivatives (transaction code M) rather than open‑market purchases or sales.

Key Details

• Transaction date: 2026-05-15; reported on 2026-05-15 (timely filing).
• Reported prices: $0.00 for both the acquisition and the disposition (reflects conversion/settlement accounting, not a cash purchase/sale).
• Shares: +1,000,000 (acquired), -2,000,000 (disposed) as shown on the Form 4.
• Shares owned after transaction: not provided in the excerpt of the filing.
• Footnotes:
  • F1: The ADSs acquired each represent two Class A ordinary shares and were received upon vesting/settlement of restricted share units.
  • F2: Each restricted share unit (RSU) represents the right to receive one Class A ordinary share.
  • F3: The RSUs vested on May 15, 2026 and do not have an expiration date.
• Reason for the 2,000,000-share disposition is not specified in the provided filing.

Context
The filing reflects settlement/conversion of RSUs into ADSs rather than an open-market buy or sale. The $0 reported values commonly indicate issuance/settlement mechanics (not cash proceeds). The transaction does not, by itself, indicate a market view; no immediate open-market sale or purchase price is shown and the filing does not state the post-transaction holding balance.