How are Chagee (CHA) American Depositary Shares related to Class A Ordinary Shares?

Each Chagee American Depositary Share represents one Class A Ordinary Share . This 1:1 ratio means Xu Chi’s 48,264 ADS correspond to 48,264 Class A Ordinary Shares, separate from the additional Class A shares covered by the employee stock option award.

Chagee (CHA) VP Xu Chi reports ADS stake and option grant

Q: What does Chagee (CHA) Vice President Xu Chi report in this Form 3?

Vice President Xu Chi reports initial ownership of 48,264 American Depositary Shares and an employee stock option over 67,322 Class A Ordinary Shares . This Form 3 simply discloses existing holdings as Xu Chi becomes a reporting insider of Chagee Holdings Ltd.

Q: How many American Depositary Shares of Chagee (CHA) does Xu Chi hold?

Xu Chi directly holds 48,264 American Depositary Shares of Chagee Holdings Ltd. Each ADS represents one Class A Ordinary Share, so this reflects an equivalent number of underlying ordinary shares, separate from shares covered by the disclosed employee stock option grant.

Q: What stock options in Chagee (CHA) does Xu Chi report owning?

Xu Chi reports an employee stock option to purchase 67,322 Class A Ordinary Shares at an exercise price of $3.7614 per share. The option expires on May 1, 2034 , indicating a long-dated equity incentive position in the company.

Q: What is the vesting schedule of Xu Chi’s Chagee (CHA) stock options?

The option over 67,322 Class A Ordinary Shares vests in three annual tranches: 22,441 shares on March 1, 2026, 22,440 shares on March 1, 2027, and 22,441 shares on March 1, 2028. Vesting must occur before those shares become exercisable.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Chagee Holdings Ltd. executive Xu Chi, a Vice President, filed an initial ownership report. The filing lists direct holdings of 48,264 American Depositary Shares, with each ADS representing one Class A Ordinary Share. It also shows an employee stock option over 67,322 Class A Ordinary Shares at an exercise price of $3.7614 per share, expiring on May 1, 2034. According to the vesting schedule, 22,441 shares vest on March 1, 2026, 22,440 on March 1, 2027, and 22,441 on March 1, 2028.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Xu Chi

Role Vice President

Type	Security	Shares	Price	Value
holding	Employee Stock Options (Right to buy)	--	--	--
holding	American Depositary Shares	--	--	--

Holdings After Transaction: Employee Stock Options (Right to buy) — 67,322 shares (Direct); American Depositary Shares — 48,264 shares (Direct)

Footnotes (1)

Each American Depositary Share ("ADS") represents one Class A Ordinary Share. Represents an option to purchase 67,322 Class A Ordinary Shares, with 22,441 Class A Ordinary Shares subject to the option vesting on March 1, 2026, 22,440 Class A Ordinary Shares subject to the option vesting on March 1, 2027, and 22,441 Class A Ordinary Shares subject to the option vesting on March 1, 2028.

Understanding Insider Trading Forms →

03/18/2026 - 04:44 PM

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

OMB APPROVAL

OMB Number:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

Xu Chi

(Last)

(First)

(Middle)

TOWER B, HONGQIAO LIANHE BUILDING

NO. 99 KAIHONG ROAD, CHANGNING DISTRICT

(Street)

SHANGHAI

200051

(City)

(State)

(Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Chagee Holdings Ltd. [ CHA ]

3a. Foreign Trading Symbol

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

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

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

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

X	Form filed by One Reporting Person
	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)
American Depositary Shares	48,264⁽¹⁾	D

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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
Employee Stock Options (Right to buy)	⁽²⁾	05/01/2034	Class A Ordinary Shares	67,322⁽²⁾	$3.7614	D

Explanation of Responses:

1. Each American Depositary Share ("ADS") represents one Class A Ordinary Share.

2. Represents an option to purchase 67,322 Class A Ordinary Shares, with 22,441 Class A Ordinary Shares subject to the option vesting on March 1, 2026, 22,440 Class A Ordinary Shares subject to the option vesting on March 1, 2027, and 22,441 Class A Ordinary Shares subject to the option vesting on March 1, 2028.

	/s/ Chi Xu	03/18/2026
	** 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 5 (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 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What does Chagee (CHA) Vice President Xu Chi report in this Form 3?

Vice President Xu Chi reports initial ownership of 48,264 American Depositary Shares and an employee stock option over 67,322 Class A Ordinary Shares. This Form 3 simply discloses existing holdings as Xu Chi becomes a reporting insider of Chagee Holdings Ltd.

How many American Depositary Shares of Chagee (CHA) does Xu Chi hold?

Xu Chi directly holds 48,264 American Depositary Shares of Chagee Holdings Ltd. Each ADS represents one Class A Ordinary Share, so this reflects an equivalent number of underlying ordinary shares, separate from shares covered by the disclosed employee stock option grant.

What stock options in Chagee (CHA) does Xu Chi report owning?

Xu Chi reports an employee stock option to purchase 67,322 Class A Ordinary Shares at an exercise price of $3.7614 per share. The option expires on May 1, 2034, indicating a long-dated equity incentive position in the company.

What is the vesting schedule of Xu Chi’s Chagee (CHA) stock options?

The option over 67,322 Class A Ordinary Shares vests in three annual tranches: 22,441 shares on March 1, 2026, 22,440 shares on March 1, 2027, and 22,441 shares on March 1, 2028. Vesting must occur before those shares become exercisable.

Does Xu Chi’s Form 3 show any recent buy or sell transactions in Chagee (CHA)?

No specific buy or sell transactions are identified in this report. The entries are classified as holdings, indicating the filing functions as an initial statement of Xu Chi’s existing ADS and stock option positions rather than documenting new market trades.