Chen Kerry Xuefeng 4

What happened

• CEO Kerry Xuefeng Chen exercised/converted derivatives (options and vested RSUs) on March 25, 2026, resulting in an acquisition of 8,423,097 shares per the Form 4. The filing also shows disposals (at $0.00) totaling 5,615,398 shares related to those derivative transactions, leaving a net increase of 2,807,699 shares retained by the reporting person.
• The disposals reported at $0.00 were recorded as derivative-related dispositions (code M). No cash proceeds are shown in the filing, and no open-market sale price is reported.

Key details

• Transaction date: March 25, 2026; Form 4 filed March 26, 2026 (timely).
• Acquired: 8,423,097 shares via exercise/vesting (derivative conversion).
• Disposed (at $0.00): 5,615,398 shares (multiple tranches), net +2,807,699 shares.
• Footnotes: F1 notes many shares are American Depositary Shares (ADS) acquired on exercise/vesting; every 3 ADS represent 2 Class A ordinary shares. Other footnotes (F3–F13) reference the specific historical option grants and RSUs that vested or were exercised (grants from 2016–2022).
• Filing timeliness: Not reported as late; Form 4 was filed the day after the report date.

Context

• Code M indicates exercise or conversion of derivative securities (options/RSUs). Dispositions recorded at $0.00 typically reflect shares withheld or surrendered in connection with exercises or tax withholding rather than open-market sales; the filing does not show cash sales proceeds.
• This is a mixed transaction (exercise/vesting with share surrender) rather than a straight purchase or an open-market sale; retail investors should view the activity as an insider realizing vested equity while retaining a net increase in holdings.