Xu Yifang 4

What Happened
Director Xu Yifang acquired 1,000,000 shares on June 23, 2026 in an award/acquisition reported on Form 4. The filing lists no acquisition price (N/A) because these shares were issued upon vesting of performance-based restricted stock units (RSUs) rather than purchased. Per the filing, the shares consist of ADSs; each ADS represents four Class A ordinary shares, so the award equates to 4,000,000 underlying Class A shares.

Key Details

• Transaction date: 2026-06-23; Form 4 filed: 2026-06-24 (timely).
• Transaction type/code: Award/Acquisition (A) — vesting of performance-based RSUs.
• Shares reported acquired: 1,000,000 (ADSs); price: N/A.
• Equivalent underlying shares: 1,000,000 ADSs × 4 = 4,000,000 Class A ordinary shares.
• Shares owned after transaction: Not specified in the provided summary of the filing.
• Footnote: These shares were received upon vesting of a portion of performance-based RSUs granted May 1, 2025 that vest in eight installments based on performance criteria.

Context
This was a vesting of performance-based RSUs — not an open-market purchase or sale — so it reflects compensation/vesting mechanics rather than a direct trading signal. For retail investors, awards and vesting are routine and do not by themselves imply insider intent to buy or sell stock.