So-Young (SY) COO Li Gefei Exercises Options, Receives Award

What Happened

• Li Gefei, COO and director of So-Young International Inc. (SY), exercised 23,076 share options on June 15, 2026 at an exercise price of $0.01 per share (cash paid: $231). The same day the reporting person disposed of those 23,076 shares (two disposals: 1,923 and 21,153 shares).
• Separately, on May 13, 2026, 10,576 performance-based options vested and were reported as an acquired award at $0.01 per share (reported value $106).
• The exercise and immediate disposals are reported as derivative transactions (code M for exercise); the small dollar amounts reflect the $0.01 per-share exercise price and related reported proceeds.

Key Details

• Transaction dates and prices:
  • May 13, 2026: 10,576 performance-based options vested (acquired) at $0.01/share (value reported $106).
  • June 15, 2026: Exercised 23,076 options at $0.01/share (acquired, $231); disposed 1,923 and 21,153 shares (disposals reported as derivative transactions, values $19 and $212).
• Shares owned after transaction: not specified in the Form 4 provided.
• ADS note: Class A ordinary shares are held as ADSs; 13 ADS represent 10 Class A ordinary shares (the exercised shares were received in ADS form).
• Footnotes: grants/vesting referenced include option grants on Aug 15, 2024 and Feb 1, 2025; 10,576 performance options vested May 13, 2026.
• Filing timeliness: The Form 4 was filed on June 15, 2026. The May 13 vesting was reported on June 15 and therefore appears late (not reported within the usual two-business-day window).

Context

• For retail investors: the filing shows an options exercise paired with same-day disposals of the resulting ADSs — a pattern consistent with an immediate sale (often used to cover exercise costs), rather than a long-term buy-and-hold purchase. The May 13 entry is a performance-based grant that vested and was reported as acquired.
• These entries are factual reporting of option vesting, exercise and disposals; they do not by themselves indicate the reporting person's longer-term view of the stock.