Wu Lei 4

What Happened

• Wu Lei, CEO of GigaCloud Technology Inc (GCT), exercised/converted a derivative on March 30, 2026 that resulted in the acquisition of 120,000 Class A ordinary shares at $0 per share (total cash paid = $0). The filing also reports disposition of the corresponding derivative instrument (i.e., the derivative interest was converted/canceled upon exercise). This is an exercise/conversion transaction (Form 4 code M), not an open-market purchase or a sale for cash.

Key Details

• Transaction date: 2026-03-30; Form 4 filed: 2026-04-01 (appears timely under the two-business-day rule).
• Acquired: 120,000 shares at $0.00 per share (total reported cash value = $0).
• Disposed: 120,000 derivative units (reported as the derivative instrument being converted/disposed; no cash proceeds reported).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F2: Class B ordinary shares are convertible at any time into an equal number of Class A ordinary shares at no cost.
  • F3/F4: The Class B shares referenced are held by Ji Xiang Hu Tong Holdings Limited; Mr. Wu is the sole member/manager of an LLC that owns that entity and also controls Talent Boom Group Limited, so he may be an indirect beneficial owner of those securities.
  • F1: The filing includes a legal statement that it is not an admission of beneficial ownership for Section 16 purposes.

Context

• This was a conversion/exercise of a derivative into shares (code M). There is no record in the excerpt of an immediate sale of the acquired shares (no cashless exercise or sale reported), so the transaction appears to have increased Mr. Wu’s direct share count rather than realizing cash proceeds.
• Such conversions at no cost commonly reflect structural share-class conversions or option/award exercises tied to prior grants; they are procedural and should be interpreted as informational rather than a clear bullish or bearish signal on their own.