Kanzhun (BZ) CMO Chen Xu Exercises Options, Sells 400K Shares

What Happened
Chen Xu, Kanzhun's Chief Marketing Officer and a director, exercised 400,000 options at a $0.50 strike (cost $200,000) and immediately sold 400,000 Class A ordinary shares in connection with that exercise for a weighted-average price of $8.50, generating roughly $3.4 million. The filing also shows the related derivative/netting entry for the cashless exercise (options surrendered).

Key Details

• Transaction date: 2026-09-04; Form 4 filed 2026-09-09.
• Exercise: 400,000 shares via option exercise at $0.50 → $200,000 cash outlay. (Transaction code M)
• Sale: 400,000 Class A ordinary shares sold for a weighted-average price $8.50 → ~ $3,400,000 gross proceeds. Sales ranged $8.47–$8.535 (footnote F3). (Transaction code S)
• Related derivative entry: 400,000 option/derivative interest reported as disposed in connection with the cashless exercise (transaction code M, $0.00) (footnote F2).
• Shares owned after transaction: not specified in the supplied items of this summary/filing.
• Notable footnotes:
  • F1/F2: Shares were held/sold through ADS (each ADS = 2 Class A shares); the sale was in ADS form as part of a cashless exercise.
  • F3: weighted-average sale price; per-footnote breakdown available on request.
  • F4: some shares are held via an employee shareholding trust.
  • F5: all options exercised were fully vested and exercisable as of the date.

Context
This was a cashless exercise: options were exercised and shares were sold immediately to cover the exercise cost and related amounts (the filing shows the surrendered derivative interest and the ADS sale). Sales by executives are common and may be routine (liquidity/tax), while purchases typically carry clearer buy signals; this filing is primarily a sale following option exercise. The Form 4 lists the filing date; verify timeliness against the SEC’s two-business-day rule if timing is a concern.