What does each American depositary share of FEDU represent for Li Zongwei’s holdings?

Each American depositary share (ADS) represents ten ordinary shares of Four Seasons Education (Cayman) Inc. This ratio applies both to Li Zongwei’s 1,000 ADSs held directly and to the ADSs underlying his stock option awards.

Four Seasons Education director reports ADS options

Q: What equity holdings does Li Zongwei report in Four Seasons Education (FEDU)?

Li Zongwei reports stock options over 3,000, 2,000, and 5,000 underlying ADSs and holds 1,000 ADSs directly. These positions represent his reported beneficial ownership in Four Seasons Education (Cayman) Inc. as of the reported date.

Q: What are the exercise prices of Li Zongwei’s stock options in FEDU?

Li Zongwei’s reported stock options have exercise prices of $8.00 and $10.00 per ADS. Two grants are exercisable at $8.00 per ADS and one grant at $10.00 per ADS, each linked to different expiration and vesting schedules.

Q: When do Li Zongwei’s reported stock options in FEDU expire?

The reported stock options expire on July 3, 2028, February 5, 2031, and August 12, 2034. Each grant has its own vesting schedule, so exercisability is staged over several years before the respective expiration dates.

Q: How many American depositary shares of FEDU does Li Zongwei hold directly?

Li Zongwei reports direct ownership of 1,000 American depositary shares (ADSs) of Four Seasons Education (Cayman) Inc. These ADSs are separate from the underlying shares associated with his stock option positions.

Q: How do Li Zongwei’s FEDU stock options vest over time?

One option grant vested in four equal annual installments from July 3, 2019, another from February 5, 2022, and a third will vest in four equal installments on August 12 of 2025–2028, subject to the award terms.

Four Seasons Education (Cayman) Inc. director Li Zongwei reports equity holdings in the company.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

3/A

Rhea-AI Filing Summary

Four Seasons Education (Cayman) Inc. director Li Zongwei reports equity holdings in the company. The holdings include stock options over 3,000, 2,000, and 5,000 underlying American depositary shares (ADSs) at exercise prices of $8.00, $8.00, and $10.00 per ADS, expiring in 2028, 2031, and 2034, respectively. The options have vesting schedules described in the filing’s footnotes. Li also holds 1,000 ADSs directly. Each ADS represents ten ordinary shares of Four Seasons Education (Cayman) Inc.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Li Zongwei

Role Director

Type	Security	Shares	Price	Value
holding	Stock Option (Right to Buy) ^{F2, F1}	--	--	--
holding	Stock Option (Right to Buy) ^{F3, F1}	--	--	--
holding	Stock Option (Right to Buy) ^{F4, F1}	--	--	--
holding	American Depository Shares ^F1	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 10,000 contracts (Direct); American Depository Shares — 1,000 shares (Direct)

Footnotes (4)

F1. Each American depositary share ("ADS") represents ten (10) ordinary shares of Four Seasons Education (Cayman) Inc. (the "Company").
F2. This option vested in four equal annual installments beginning on July 3, 2019.
F3. This option vested in four equal annual installments beginning on February 5, 2022.
F4. The options vest in four equal installments on each of August 12, 2025, August 12, 2026, August 12, 2027, and August 12, 2028, respectively.

Key Figures

Option exercise price: $8.0000 per ADS Option exercise price: $10.0000 per ADS Underlying ADSs: 3,000 ADSs +4 more

7 metrics

Option exercise price $8.0000 per ADS Stock Option (Right to Buy) expiring July 3, 2028 and February 5, 2031

Option exercise price $10.0000 per ADS Stock Option (Right to Buy) expiring August 12, 2034

Underlying ADSs 3,000 ADSs Underlying shares for option at $8.0000 expiring July 3, 2028

Underlying ADSs 2,000 ADSs Underlying shares for option at $8.0000 expiring February 5, 2031

Underlying ADSs 5,000 ADSs Underlying shares for option at $10.0000 expiring August 12, 2034

Direct ADS holdings 1,000 ADSs American depositary shares held directly as of March 18, 2026

ADS to ordinary share ratio 10 ordinary shares per ADS Each American depositary share represents ten ordinary shares

Key Terms

American depositary share, Stock Option (Right to Buy), exercise price, expiration date

4 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy) with underlying ADSs"

exercise price financial

"conversion_or_exercise_price: "8.0000" and "10.0000" per ADS"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

expiration date financial

"expiration_date values include 2028-07-03, 2031-02-05, 2034-08-12"

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

FAQ

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

What equity holdings does Li Zongwei report in Four Seasons Education (FEDU)?

Li Zongwei reports stock options over 3,000, 2,000, and 5,000 underlying ADSs and holds 1,000 ADSs directly. These positions represent his reported beneficial ownership in Four Seasons Education (Cayman) Inc. as of the reported date.

What are the exercise prices of Li Zongwei’s stock options in FEDU?

Li Zongwei’s reported stock options have exercise prices of $8.00 and $10.00 per ADS. Two grants are exercisable at $8.00 per ADS and one grant at $10.00 per ADS, each linked to different expiration and vesting schedules.

When do Li Zongwei’s reported stock options in FEDU expire?

The reported stock options expire on July 3, 2028, February 5, 2031, and August 12, 2034. Each grant has its own vesting schedule, so exercisability is staged over several years before the respective expiration dates.

How many American depositary shares of FEDU does Li Zongwei hold directly?

Li Zongwei reports direct ownership of 1,000 American depositary shares (ADSs) of Four Seasons Education (Cayman) Inc. These ADSs are separate from the underlying shares associated with his stock option positions.

How do Li Zongwei’s FEDU stock options vest over time?

One option grant vested in four equal annual installments from July 3, 2019, another from February 5, 2022, and a third will vest in four equal installments on August 12 of 2025–2028, subject to the award terms.

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

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Available on EDGAR 08/14/2026 - 04:01 PM Accepted by SEC EDGAR 08/14/2026 - 04:00 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
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Li Zongwei

(Last)

(First)

(Middle)

SUHE CENTER

99 NORTH SHANXI ROAD

(Street)

SHANGHAI

200085

(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
Four Seasons Education (Cayman) Inc. [ FEDU ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)
03/16/2026

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

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

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 Depository Shares⁽¹⁾	1,000	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)
Stock Option (Right to Buy)	⁽²⁾	07/03/2028	American Depository Shares⁽¹⁾	3,000	$8	D
Stock Option (Right to Buy)	⁽³⁾	02/05/2031	American Depository Shares⁽¹⁾	2,000	$8	D
Stock Option (Right to Buy)	⁽⁴⁾	08/12/2034	American Depository Shares⁽¹⁾	5,000	$10	D

Explanation of Responses:

1. Each American depositary share ("ADS") represents ten (10) ordinary shares of Four Seasons Education (Cayman) Inc. (the "Company").

2. This option vested in four equal annual installments beginning on July 3, 2019.

3. This option vested in four equal annual installments beginning on February 5, 2022.

4. The options vest in four equal installments on each of August 12, 2025, August 12, 2026, August 12, 2027, and August 12, 2028, respectively.

	/s/ Li Zongwei	08/14/2026
	** 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