Wang Jingbo 4

What Happened

• Director Wang Jingbo reported the vesting/conversion of restricted share units on March 25, 2026. The filing shows an acquisition of 53,250 American Depositary Shares (ADS) through vesting (F1). Every 3 ADS represent 2 Class A ordinary shares, so the 53,250 ADS represent 35,500 Class A ordinary shares.
• The report also lists dispositions (derivative conversions) totaling 35,500 Class A ordinary shares (16,500; 9,000; 10,000) at $0.00. These disposals correspond to previously granted RSU tranches (grants dated June 18, 2021, 2022 and 2024 per F3–F5). No cash proceeds were reported.

Key Details

• Transaction date: March 25, 2026; Form filed March 26, 2026 (timely).
• Transaction code: M (exercise or conversion of derivative).
• Acquired: 53,250 ADS via RSU vesting (represents 35,500 Class A ordinary shares).
• Disposed: 16,500; 9,000; and 10,000 Class A ordinary shares at $0.00 (total 35,500).
• Shares owned after transaction: Not disclosed in the provided filing.
• Relevant footnotes: F1–F5 explain ADS conversion and the original RSU grants/vesting schedules (June 18, 2021; June 18, 2022; June 18, 2024).
• The $0.00 dispositions are recorded as derivative conversions; filings typically show $0 dispositions when shares are withheld to cover tax withholding or similar settlement obligations (filing does not explicitly state the reason).

Context

• This was a vesting/settlement of restricted share units rather than an open-market purchase or sale. The filing shows conversion/settlement activity; it does not report a market sale for cash. For retail investors, RSU vesting is a routine compensation event and does not by itself signal a buy or sell decision by the insider.