Kanzhun (BZ) CMO Chen Xu Exercises Options, Sells 200,000 Shares

What Happened

• Chen Xu, Chief Marketing Officer and director of Kanzhun Ltd (BZ), exercised vested options and sold shares on 2026-09-10. He exercised options to acquire 200,000 shares at $0.50 each (cost $100,000) and sold 200,000 shares in an open-market/ADS sale at $8.15 per share for proceeds of $1,630,000. The filing also shows 200,000 option-derived shares were surrendered/treated as disposed at $0.00 as part of the transaction (cashless exercise mechanics).

Key Details

• Transaction date: 2026-09-10.
• Exercise (derivative code M): 200,000 shares acquired @ $0.50 = $100,000.
• Sale (code S): 200,000 shares sold @ $8.15 = $1,630,000.
• Derivative disposition (code M): 200,000 shares disposed @ $0.00 (surrender/withholding in connection with cashless exercise).
• Footnotes: Shares are held through American Depositary Shares (ADS); each ADS represents two Class A ordinary shares (F1). The sale was in ADS form and part of a cashless exercise (F2). Options were fully vested and exercisable (F4); some shares are held via an employee shareholding trust (F3).
• Shares owned after the transactions: not specified in the data provided.
• Filing timeliness: Reported on 2026-09-11 for transactions on 2026-09-10 (appears timely).

Context

• This appears to be a routine cashless exercise: options were exercised and some or all of the resulting shares were sold immediately to cover the exercise cost and any withholding (explains the zero-dollar derivative disposition). Such transactions are common when executives convert vested options to cash and do not necessarily indicate a change in long-term view.