Li Yongwei 4

What Happened
Li Yongwei, a Vice President of Youdao, exercised stock options totaling 6,300 underlying ordinary shares (settled into ADSs) and sold those ADSs on June 29–30, 2026. He exercised 4,000 options on June 29 and 2,300 on June 30 (exercise price $4.50 per share). The 4,000 ADSs sold on June 29 had a weighted average sale price of $11.60 ($46,400 proceeds) and the 2,300 ADSs sold on June 30 had a weighted average sale price of $12.20 ($28,060 proceeds), for combined gross proceeds of about $74,460. The total exercise cost was roughly $28,350 (6,300 × $4.50), implying an approximate pre-tax/net-of-exercise gain of $46,110 before fees and taxes.

Key Details

• Transaction dates: exercised and sold 4,000 shares on 2026-06-29; exercised and sold 2,300 shares on 2026-06-30.
• Exercise price: $4.50 per share for both option awards.
• Sale prices (weighted averages): $11.60 (4,000 shares) and $12.20 (2,300 shares).
• Gross proceeds from sales: ≈ $74,460; exercise cost: ≈ $28,350; approximate net before fees/taxes: ≈ $46,110.
• Option grant details: both option awards were granted Jan 25, 2021 and expire Jan 26, 2027.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Filing date: Form filed 2026-07-01 for transactions on 2026-06-29/30 — appears to be filed within normal Form 4 timing.

Context
These were derivative transactions (code M) — Li exercised stock options and the shares were promptly sold the same days. This is effectively a cashless exercise/sell-to-cover pattern (exercise followed by immediate sale) rather than an outright open‑market purchase that might signal a new bullish stake. The transactions are routine for option holders realizing gains; they do not by themselves indicate the insider’s longer-term view of the company.