He Eric 4

What Happened

• Director He Eric had 1,591 restricted stock units (RSUs) convert/exercise into 1,591 American Depositary Shares (ADS) on 2026-05-01 (transaction code M). Each ADS represents four Class A ordinary shares, so this equals 6,364 underlying Class A shares.
• The filing also shows a simultaneous disposal of 1,591 ADS at $0.00. A disposal at zero proceeds typically indicates shares were surrendered/withheld to satisfy tax withholding or similar obligations rather than sold on the open market.

Key Details

• Transaction date: 2026-05-01; Form 4 filed: 2026-05-06.
• Exercise/conversion (acquired): 1,591 ADS — price N/A per form.
• Disposal (surrender/withholding): 1,591 ADS at $0.00 (no cash proceeds recorded).
• ADS to ordinary share ratio: 1 ADS = 4 Class A shares → 1,591 ADS = 6,364 Class A shares.
• Footnotes: RSUs represent the contingent right to receive one ADS on vesting; the ADS were acquired through vesting of RSUs (Footnotes F1–F3).
• Shares owned after the transaction: not disclosed in the provided filing excerpt.
• Timeliness: Form filed on 2026-05-06 for a 2026-05-01 transaction (appears to be one business day past the usual 2-business-day Form 4 deadline).

Context

• This was not an open-market sale or purchase; it reflects RSU vesting and a likely withholding/surrender of vested ADS to cover taxes or similar obligations — a common administrative step that does not necessarily signal an investment decision.
• Transaction code M denotes exercise/conversion of a derivative (here, RSUs converting to ADS). The $0.00 disposal is not a market sale.