Baozun director exercises 51,809 RSUs into ADSs

Baozun Inc. director Ye Changqing reported an exercise of equity awards.

Rhea-AI Filing Summary

Baozun Inc. director Ye Changqing reported an exercise of equity awards. On June 30, 2026, Ye exercised 51,809 restricted stock units (RSUs), which were converted into 17,269 American Depositary Shares (ADSs), with each ADS representing three Class A ordinary shares.

Following this transaction, Ye directly holds 17,269 ADSs and 42,000 RSUs. In total, the footnotes indicate there were 93,809 RSUs before the exercise, of which 51,809 had fully vested and were converted into ADSs on the same date.

Insider Trade Summary

51,809 shares exercised/converted

Exercise 2 txns

Insider Ye Changqing

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	51,809	$0.00	$0.00
Exercise	American Depositary Shares	17,269	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 42,000 contracts (Direct); American Depositary Shares — 17,269 shares (Direct)

Footnotes (3)

1. F1. Each of American Depositary Share represents three Class A Ordinary Shares.
2. F2. Each Restricted Stock Unit ("RSU") represents the contingent right to receive one Class A ordinary share of the Issuer.
3. F3. Of the total 93,809 RSUs, 51,809 RSUs had been fully vested and were converted into 17,269 American Depositary Shares on June 30, 2026.

Key Figures

RSUs exercised: 51,809 RSUs ADSs acquired: 17,269 ADSs RSUs remaining: 42,000 RSUs +2 more

5 metrics

RSUs exercised 51,809 RSUs Fully vested and converted on June 30, 2026

ADSs acquired 17,269 ADSs Received from RSU conversion on June 30, 2026

RSUs remaining 42,000 RSUs Total RSUs held after the June 30, 2026 transaction

Total RSUs before exercise 93,809 RSUs Aggregate RSUs referenced in footnotes prior to conversion

ADS to ordinary share ratio 1 ADS = 3 Class A shares Each American Depositary Share represents three Class A ordinary shares

Key Terms

American Depositary Shares, Restricted Stock Unit, Class A Ordinary Shares, RSUs

4 terms

American Depositary Shares financial

"Each of American Depositary Share represents three Class A Ordinary Shares."

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

Restricted Stock Unit financial

"Each Restricted Stock Unit ("RSU") represents the contingent right to receive one Class A ordinary share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Class A Ordinary Shares financial

"Each of American Depositary Share represents three Class A Ordinary Shares."

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

RSUs financial

"Of the total 93,809 RSUs, 51,809 RSUs had been fully vested and were converted"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Baozun (BZUN) director Ye Changqing report?

Baozun director Ye Changqing reported exercising 51,809 restricted stock units (RSUs) on June 30, 2026. These vested RSUs were converted into 17,269 American Depositary Shares, increasing his direct ADS holdings while reducing his remaining unvested RSU balance.

How many Baozun (BZUN) American Depositary Shares did Ye Changqing acquire?

Ye Changqing acquired 17,269 American Depositary Shares on June 30, 2026. These ADSs came from the conversion of 51,809 fully vested RSUs, with each ADS representing three Class A ordinary shares of Baozun Inc., according to the Form 4 footnotes.

How many restricted stock units does Ye Changqing still hold in Baozun (BZUN)?

After the June 30, 2026 transaction, Ye Changqing holds 42,000 restricted stock units. The filing notes there were 93,809 RSUs in total, of which 51,809 had fully vested and were converted into 17,269 American Depositary Shares on that date.

What do Baozun (BZUN) restricted stock units and ADSs represent in this Form 4?

Each Baozun restricted stock unit represents the contingent right to receive one Class A ordinary share. Each American Depositary Share represents three Class A ordinary shares, so 17,269 ADSs correspond to 51,807 ordinary shares, closely matching the 51,809 RSUs exercised.

Was the Baozun (BZUN) Form 4 transaction a purchase or an exercise of awards?

The Form 4 shows an exercise of derivative awards rather than an open-market purchase. Ye Changqing exercised 51,809 RSUs that had fully vested, converting them into 17,269 American Depositary Shares at a stated transaction price per share of $0.0000.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 06:22 AM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ye Changqing

(Last) (First) (Middle)

LANE 510, WEST JIANGCHANG ROAD

(Street)

SHANGHAI F4 200346

(City) (State) (Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Baozun Inc. [ BZUN ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
American Depositary Shares(1)	06/30/2026		M		17,269	A	$0	17,269	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	$0(2)	06/30/2026		M			51,809(3)	(3)	(3)	Class A Ordinary Shares	51,809	$0	42,000	D

Explanation of Responses:

1. Each of American Depositary Share represents three Class A Ordinary Shares.

2. Each Restricted Stock Unit ("RSU") represents the contingent right to receive one Class A ordinary share of the Issuer.

3. Of the total 93,809 RSUs, 51,809 RSUs had been fully vested and were converted into 17,269 American Depositary Shares on June 30, 2026.

	/s/ Benjamin Changqing Ye	07/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)