Chu Norma Ka Yin 4

What Happened
Chu Norma Ka Yin (reported as a 10% owner of DDC Enterprise Ltd., ticker DDC) exercised warrants in two transactions that resulted in a net receipt of 4,237,100 Class A ordinary shares via cashless exercises. On March 20, 2026 she exercised 1,700,000 warrants and received a net 1,623,767 shares (exercise price $0.16; line value shown $259,803). On April 28, 2026 she exercised 2,800,000 warrants and received a net 2,613,333 shares (exercise price $0.16; line value shown $418,133). The underlying warrants were surrendered/converted as part of these exercises.

Key Details

• Transaction dates and prices:
  • Mar 20, 2026: exercised 1,700,000 warrants → net 1,623,767 shares at $0.16 (reported value $259,803); warrants surrendered (800,000 + 900,000 derivative disposals).
  • Apr 28, 2026: exercised 2,800,000 warrants → net 2,613,333 shares at $0.16 (reported value $418,133); warrants surrendered (2,800,000 derivative disposal).
• Aggregate net shares received: 4,237,100 shares; simple sum of line values ≈ $677,936.
• The “Disposed” derivative entries reflect the warrants surrendered/converted in the cashless exercises (i.e., derivative securities were exchanged rather than sold on market).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Filing: Form 4 filed Apr 30, 2026 reporting the Mar 20 and Apr 28 exercises. The Mar 20 trade was reported later than its trade date (i.e., reported in a later filing); late reporting can carry regulatory consequences.

Context

• These were cashless exercises of in‑the‑money warrants: the reporting person surrendered warrants to cover the exercise price and received a net number of underlying shares, rather than paying cash.
• Chu is a 10% owner (Section 16 holder), which is different from an executive officer — filings by 10% owners are required but do not by themselves indicate management trading sentiment.
• For retail investors: exercises increase insider shareholdings but are often structural (conversion of derivatives) rather than open‑market purchases; they should be interpreted as a change in security form (warrant → share), not necessarily a fresh cash investment or a straightforward buy/sell signal.