Yuanbao (YB) Director Han Xu Harley Receives RSUs; Tax-Withheld ADSs

What Happened

• Director Han Xu Harley reported the vesting of restricted share units (RSUs) on September 16, 2026. The Form 4 shows 19,362 RSUs vested (code A) and were converted/exercised (code M) into American Depositary Shares (ADSs). To satisfy tax withholding, 1,045 ADSs were withheld at an estimated price of $12.44 each, yielding approximately $13,000 (code F).
• These were awards/vesting events — not an open-market purchase or discretionary sale — and are generally routine compensation-related transactions rather than a market-timing trade.

Key Details

• Transaction date: September 16, 2026; Form 4 filed September 18, 2026 (timely filing).
• Reported items:
  • 19,362 RSUs vested (A) and were converted/exercised (M) into ADSs.
  • 1,045 ADSs withheld for taxes (F) at an estimated $12.44/ADS = ~$13,000. The withholding number is estimated and may be amended.
  • The filing also lists a reported M-code entry for 3,227 ADSs (conversion/exercise) in the same reporting period.
• Shares owned after the transaction: not specified in the summary data provided.
• Footnotes:
  • F1: RSUs fully vested on Sept 16, 2026; each RSU equals a contingent right to one Class A ordinary share on vesting.
  • F2: The reported ADSs were acquired upon vesting; each ADS is convertible into six Class A ordinary shares.
  • F3: Withheld ADSs are an estimated number based on the $12.44 closing price and may be revised.

Context

• This was an award vesting event (compensation) with routine tax-withholding rather than a deliberate buy or sell. For retail investors, vesting and tax-withholding filings are common and do not necessarily signal the insider’s view of the company’s prospects.
• The ADS structure means vested ADSs can be converted into Class A ordinary shares (1 ADS = 6 Class A shares), which is a structural detail of Yuanbao’s share form rather than an additional market action.