Decheng entities disclose multi‑million BYSI stakes via Form 3

Rhea-AI Filing Summary

Decheng Capital and related funds disclosed initial beneficial ownership in BeyondSpring Inc. (BYSI). Three Decheng-managed funds report indirect holdings of 1,979,072, 1,903,579 and 1,000,000 ordinary shares respectively. The filings indicate indirect ownership through general partner entities and identify Dr. Xiangmin Cui as manager with disclaimers of ownership except for pecuniary interest. No derivative securities are reported.

Positive

• Three institutional funds managed by Decheng disclose substantial holdings, showing committed institutional investment in BYSI.
• Clear ownership structure is provided: holdings are held by funds and attributed to GP entities with manager identified.
• No derivative securities reported, reducing complexity around potential option dilution or contingent claims.

Negative

• None.

Insights

Financial Analyst

TL;DR: Institutional Decheng entities disclose substantial indirect stakes in BYSI totaling multi‑million ordinary shares; no derivatives reported.

The Form 3 disclosures list three Decheng-managed funds holding sizeable indirect positions in BeyondSpring, with holdings of 1,979,072; 1,903,579; and 1,000,000 ordinary shares. Ownership is reported indirectly through GP entities with Dr. Xiangmin Cui identified as manager and disclaimers limiting beneficial ownership to pecuniary interest. The absence of reported derivative positions simplifies the ownership picture for investors assessing potential dilution or option-based exposure.

Corporate Governance Expert

TL;DR: Disclosure signals concentrated institutional ownership and clear GP/manager relationships; governance implications are disclosure‑driven, not operational.

The filing clarifies that the positions are held by limited partnership funds and attributed indirectly to their general partner entities and the manager, Dr. Xiangmin Cui. Each GP and Dr. Cui include standard disclaimers of beneficial ownership except to the extent of pecuniary interest. The Form 3 is a routine ownership disclosure; it documents significant stakes but contains no governance actions, board changes, or agreements affecting control.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Decheng Capital China Life Sciences USD Fund III, L.P.

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/02/2025

3. Issuer Name and Ticker or Trading Symbol
BeyondSpring Inc. [ BYSI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	1,979,072	I	By Decheng Capital China Life Sciences USD Fund III, L.P.(1)
Ordinary Shares	1,903,579	I	By Decheng Capital China Life Sciences USD Fund II, L.P.(2)
Ordinary Shares	1,000,000	I	By Decheng Capital Global Healthcare Fund (Master), LP(3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Decheng Capital China Life Sciences USD Fund III, L.P.

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital Management III (Cayman), LLC

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital China Life Sciences USD Fund II, L.P.

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital Global Healthcare Fund (Master), LP

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital Global Healthcare GP, LLC

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Cui Xiangmin

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These securities are held directly by Decheng Capital China Life Sciences USD Fund III, L.P. ("Fund III"). Decheng Capital Management III (Cayman), LLC ("GP III") is the general partner of Fund III. Dr. Cui is the manager of GP III. Each of Fund III, GP III and Dr. Cui may be deemed to beneficially own the securities held by Fund III. Each of GP III and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

2. These securities are held directly by Decheng Capital China Life Sciences USD Fund II, L.P. ("Fund II"). Decheng Capital Management II (Cayman), LLC ("GP II") is the general partner of Fund II. Dr. Cui is the manager of GP II. Each of Fund II, GP II and Dr. Cui may be deemed to beneficially own the securities held by Fund II. Each of GP II and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

3. These securities are held directly by Decheng Capital Global Healthcare Fund (Master), LP ("Healthcare"). Decheng Capital Global Healthcare GP, LLC ("Healthcare GP") is the general partner of Healthcare. Dr. Cui is the manager of Healthcare GP. Each of Healthcare GP and Dr. Cui may be deemed to beneficially own the securities held by Healthcare. Each of Healthcare GP and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

	Decheng Capital China Life Sciences USD Fund III, L.P., By Decheng Capital Management III (Cayman), LLC, its General Partner, By /s/ Xiangmin Cui, Manager	08/11/2025
	Decheng Capital Management III (Cayman), LLC, By /s/Xiangmin Cui, Manager	08/11/2025
	Decheng Capital China Life Sciences USD Fund II, L.P., By Decheng Capital Management II (Cayman), LLC, its General Partner, By /s/ Xiangmin Cui, Manager	08/11/2025
	Decheng Capital Global Healthcare Fund (Master), LP, By Decheng Capital Global Healthcare GP, LLC, its General Partner, By Decheng Capital LLC, its Manager, By /s/ Xiangmin Cui, Manager	08/11/2025
	Decheng Capital Global Healthcare GP, LLC, By Decheng Capital LLC, its Manager, By /s/ Xiangmin Cui, Manager	08/11/2025
	/s/ Xiangmin Cui	08/11/2025
	** Signature of Reporting Person	Date
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FAQ

Who filed the Form 3 reporting beneficial ownership in BeyondSpring (BYSI)?

The filings were made by Decheng Capital entities, including Decheng Capital China Life Sciences USD Fund III, L.P., Decheng Capital China Life Sciences USD Fund II, L.P., and Decheng Capital Global Healthcare Fund (Master), LP, with related GP entities and Dr. Xiangmin Cui identified as manager.

How many BYSI ordinary shares are reported by the Decheng funds?

The Form 3 lists indirect holdings of 1,979,072, 1,903,579, and 1,000,000 ordinary shares held by the three funds respectively.

Does the filing report any derivative securities (options, warrants, convertible securities)?

No. Table II shows no derivative securities reported; only non‑derivative ordinary share holdings are disclosed.

Is a specific individual named in the ownership disclosure for BYSI?

Yes. Dr. Xiangmin (Xiangmin) Cui is identified as manager of the GP entities and is referenced in the explanatory statements, with standard disclaimers of beneficial ownership except for pecuniary interest.

Are the holdings reported as direct or indirect ownership?

The shares are reported as indirect (I) ownership, held by the named funds and attributed through their general partner structures.