Wang Bei 4

What Happened

• Wang Bei, Chief Marketing Officer and a director of So-Young International Inc. (SY), exercised 30,260 stock options on June 10, 2026 at an exercise price of $0.01 per share, resulting in the acquisition of 30,260 Class A ordinary shares (received as ADSs) for a total cash outlay of $303. The Form 4 also reports related conversion entries for option tranches that together total 30,260 underlying shares — these entries reflect the exercise/conversion of vested option grants (transaction code M), not open-market sales.

Key Details

• Transaction date: June 10, 2026; Form 4 filed June 11, 2026 (timely).
• Exercise price: $0.01 per share; shares acquired: 30,260; total cost: $303.
• Several exercised/converted option tranches are reported individually (12,824; 12,821; 769; 641; 3,205 — which sum to 30,260).
• ADS ratio: 13 ADS represent 10 Class A ordinary shares (shares were received in the form of ADSs).
• Grants/vesting referenced: option awards from Nov 1, 2022 and May 27, 2021 (previously vested) are the source of the exercised options; a separate Jan 1, 2026 grant vests quarterly through 2029 (not exercised here).
• Shares owned after the transaction are not specified in the provided excerpt.

Context

• This filing reports an option exercise (derivative conversion). The “Disposed”/conversion line items reflect the conversion/exercise of option tranches into underlying shares (transaction code M), not sales on the open market. No sale/10b5-1 plan or tax-withholding sale is disclosed in the provided information. Exercises are routine for insiders when options vest; they do not by themselves indicate a view for or against the company.