Zhu Rui 4

What Happened

• Director Zhu Rui sold 4,762 shares in an open-market transaction on June 10, 2026 at $4.00 per share, generating $19,048 in proceeds. On the same date the reporting person also had two derivative-related transactions: a conversion/vesting of 15,000 shares (reported as acquired) and a conversion/exercise of 10,000 shares that the form lists as disposed with $0 proceeds.
• The derivative/award activity appears tied to restricted share units and/or ADS conversions (see footnotes). The sale is a disposition (not a purchase); the exercises/conversions are not shown as purchases for cash on the form.

Key Details

• Transaction date: June 10, 2026; Form filed June 11, 2026 (next-day filing; no late filing indicated in the excerpt).
• Sale: 4,762 shares at $4.00 each = $19,048.
• Derivative transactions: 15,000 shares reported as acquired (conversion/vesting), 10,000 reported as exercised/converted and disposed with $0 proceeds (reported as derivative exercise (M) on the form).
• Shares owned after the transactions: not stated in the provided excerpt.
• Footnotes: F1–F3 indicate these involve American Depositary Shares (ADS) and restricted share units (RSUs). Every three ADS represent two Class A ordinary shares; each RSU converts to one Class A share upon vesting. The RSU grant referenced is 30,000 Class A shares granted May 18, 2025, vesting in three equal annual installments.

Context

• The filings combine an open-market sale with RSU/derivative vesting/conversion. The 15,000 acquired entry reflects vesting/conversion of awards; the 10,000 shown as disposed with $0 proceeds may reflect an immediate disposition or tax-related withholding as recorded on the form (the filing lists $0 proceeds). The open-market sale produced modest proceeds (~$19k), and the transactions do not by themselves indicate insider sentiment.