Yuanbao (YB) CPO Sun Shuli Receives Awards, Converts to ADSs

What Happened

• Sun Shuli, Chief Product Officer and Director of Yuanbao Inc. (YB), received equity awards and completed derivative conversions on September 16, 2026. The Form 4 reports two grants of 90,000 derivative units each (total 180,000) and conversion/exercise activity on the same date.
• Reported transactions include grant/award entries (code A) for 90,000 and 90,000 derivative units (no cash paid), exercise/conversion entries (code M) showing 27,000 derivative shares disposed and 4,500 derivative shares acquired (all at $0.00, reflecting conversion/exercise rather than a market purchase), and a tax-withholding entry (code F) of 822 ADSs disposed at an estimated $12.44 each to cover tax liabilities (estimated withholding value $10,226).

Key Details

• Transaction date: September 16, 2026. Form filed September 18, 2026 (appears timely).
• Awards: two grants of 90,000 derivative units (total 180,000).
• Conversion/exercise: 27,000 derivative shares reported disposed; 4,500 derivative shares reported acquired; both reported with $0.00 per-share price (derivative settlement).
• Tax withholding: 822 ADSs withheld to satisfy tax obligations, reported at $12.44/ADS (estimated total $10,226). Footnote says the ADS withholding number is estimated and may be amended to reflect actual withholding.
• Shares owned after transaction: not specified in the provided filing summary.
• Relevant footnotes: F1 = option vesting schedule (4 annual installments starting 9/16/2027); F2 = RSU vesting schedule (8 installments, first vesting 30% on 9/16/2026); F3 = ADSs issued upon RSU vesting, convertible into six (6) Class A ordinary shares per ADS; F4 = ADS withholding estimate based on $12.44 closing price.

Context

• These transactions are primarily award grants and derivative conversions rather than open-market purchases or voluntary sales. The zero-dollar per-share amounts reflect exercising/converting derivative awards (not buying shares on the market).
• The RSU schedule indicates a 30% RSU vesting occurred on 9/16/2026 (explaining the ADS acquisition upon vesting); options granted will vest in future years beginning 9/16/2027. The withholding of 822 ADSs to satisfy taxes is common when RSUs/ADSs vest and does not necessarily indicate a separate sale.
• Transaction codes: A = Award/Grant, M = Exercise/Conversion of derivative, F = Payment of exercise price/tax withholding.