CHEN PEHONG 4

What Happened

• Director Pehong Chen reported a derivative conversion/exercise (code M) tied to restricted shares that vested on May 16, 2026. The filing shows 6,250 shares acquired at $0.00 (vesting/conversion) and 6,250 shares disposed at $0.00 (a non‑cash transfer/derivative disposition).
• No cash consideration was reported for either transaction (price $0.00), indicating these were vesting/conversion events for restricted shares rather than market purchases or sales.

Key Details

• Transaction date: May 16, 2026; Form 4 filed May 19, 2026 (reporting period 2026-05-16).
• Reported transactions: 6,250 shares acquired (exercise/conversion, code M) and 6,250 shares disposed (derivative disposition), both at $0.00.
• Footnotes of note:
  • F1: Each American depositary share (ADS) represents one Class A ordinary share.
  • F2: The shares are held by the Chen Family Trust (established by Mr. Chen) with Mr. Chen and Adele W. Chi named as trustees.
  • F3–F5: These were restricted shares granted under the issuer's incentive plans; they vested on May 16, 2026 and do not have an expiration date.
• Shares owned after the reported transactions are not specified in the information provided.

Context

• Code M indicates exercise or conversion of a derivative; here it reflects restricted shares vesting and being converted/allocated rather than a cash buy or market sale.
• The $0.00 disposition suggests a transfer (e.g., into the family trust) rather than a sale for proceeds — transfers/gifts do not necessarily signal a change in market sentiment.
• This filing is informational about a vesting/transfer event; it is not a typical purchase (bullish) or open‑market sale (liquidation).