BYSI Form 4: Decheng Funds Report Sales and Retain Significant Stakes
Rhea-AI Filing Summary
Decheng Capital-related entities reported sales of BeyondSpring Inc. (BYSI) ordinary shares. Decheng Capital China Life Sciences USD Fund III, L.P. sold 803 shares on 09/04/2025 at a weighted-average price of $1.82, 1,106 shares on 09/05/2025 at $1.86, and 7,090 shares on 09/08/2025 at $1.93, leaving Fund III with 1,895,756 shares beneficially owned. The filing also reports indirect holdings of 1,617,409 shares by Decheng Capital China Life Sciences USD Fund II, L.P. and 891,734 shares by Decheng Capital Global Healthcare Fund (Master), LP. Footnotes state the reported prices are weighted averages across specified price ranges and that the general partners and Dr. Xiangmin (Cui) may be deemed to beneficially own the funds' holdings. The Form 4 is signed by Xiangmin Cui on 09/08/2025.
Positive
- Timely disclosure of insider-related transactions with detailed weighted-average prices and price ranges provided
- Substantial retained holdings remain across the Decheng funds after reported sales, with Fund III holding 1,895,756 shares
Negative
- Insider-related sales occurred (8,999 shares sold by Fund III over three days), which investors may view as a reduction in insider exposure
- No explanation provided in the filing for the purpose of the sales or indication of any Rule 10b5-1 trading plan
Insights
TL;DR: Insider-related funds executed small, disclosed share sales over three days; holdings remain substantial and were properly reported.
The transactions are disclosed sales by affiliated funds rather than direct sales by the named individual. The amounts sold from Fund III total 8,999 shares over three dates with weighted-average prices disclosed and price ranges provided in footnotes. Reported post-transaction beneficial ownership levels remain material: Fund III 1,895,756 shares, Fund II 1,617,409 shares, Healthcare 891,734 shares. From a regulatory and market-disclosure perspective, the filing is complete and includes the weighted-average price ranges and required attribution language about general partners and the manager. There is no information in the filing about the rationale for the sales or any planned future transactions.
TL;DR: The filing shows compliance with Section 16 reporting by affiliated funds, with appropriate attribution to GP entities and manager.
The Form 4 lists Decheng Capital entities as reporting persons and identifies the relationship as Director and 10% owner. The explanatory footnotes clarify the holding structure and disclaimers of beneficial ownership by GPs and the manager except for pecuniary interest. The form is signed by Xiangmin Cui on 09/08/2025, meeting signature requirements. The document does not present any disclosed agreements, Rule 10b5-1 plans, or amendments; it solely reports the completed sales and resulting indirect beneficial ownership figures.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Ordinary Shares | 7,090 | $1.93 | $14K |
| Sale | Ordinary Shares | 1,106 | $1.86 | $2K |
| Sale | Ordinary Shares | 803 | $1.82 | $1K |
| holding | Ordinary Shares | -- | -- | -- |
| holding | Ordinary Shares | -- | -- | -- |
Footnotes (1)
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.79 to $1.88 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.82 to $1.90 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.79 to $1.99 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. 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. 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.
