Ming Hsieh Reports RSU Tax-Withholding; Retains Multi-Million Share Holdings

Rhea-AI Filing Summary

Ming Hsieh, Chief Executive Officer, Director and 10% owner of Fulgent Genetics (FLGT), reported a small disposition of company stock on 08/26/2025. The Form 4 shows 2,944 shares were withheld to satisfy tax withholding obligations arising from the vesting of restricted stock units, at an effective price of $21.47 per share. After the transaction Mr. Hsieh directly beneficially owns 804,281 shares. He also reports indirect holdings of 7,895,115 shares held by a Dynasty Trust, 220,816 shares held by the Ming Hsieh Trust, and two 1,000-share Uniform Transfers to Minor Act accounts for which he is custodian. The form was signed by an attorney-in-fact on 08/28/2025.

Positive

• Continuity of substantial ownership: Reporting person retains 804,281 shares directly plus multi-million share indirect holdings, indicating sustained control and alignment with shareholders.
• Disposition was administrative: The 2,944-share reduction was a tax-withholding on vested RSUs, not a voluntary market sale for liquidity.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine RSU tax-withholding; insider retains substantial control through direct and trust holdings.

The reported disposition of 2,944 shares represents a withholding to cover taxes on vested restricted stock units, a common administrative transaction that does not indicate a voluntary sale for liquidity or diversification. Materially, Mr. Hsieh continues to hold significant voting and economic exposure: 804,281 shares directly and multi-million-share indirect positions via trusts. For governance, concentrated ownership via trusts and direct holdings indicates sustained founder/control influence over corporate decisions.

Securities Analyst

TL;DR: Transaction is minor and administrative; ownership concentrations remain the primary investor-relevant fact.

The 2,944-share disposal at $21.47 is explicitly described as tax withholding upon RSU vesting and is unlikely to affect supply/demand for FLGT stock. Investors should note the scale of indirect holdings (over 7.8 million shares in the Dynasty Trust) and direct ownership of over 800k shares, which preserve significant alignment between management and shareholders and could influence float and liquidity dynamics.

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

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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^*

Hsieh Ming

(Last) (First) (Middle)

C/O FULGENT GENETICS, INC.

4399 SANTA ANITA AVENUE

(Street)

EL MONTE CA 91731

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Fulgent Genetics, Inc. [ FLGT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

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

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 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
Common Stock	08/26/2025		F		2,944(1)	D	$21.47	804,281	D
Common Stock								7,895,115	I	By Trust(2)
Common Stock								220,816	I	By Trust(3)
Common Stock								1,000	I	Uniform Transfer to Minor Account(4)
Common Stock								1,000	I	Uniform Transfer to Minor Account(4)

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

Explanation of Responses:

1. The shares were withheld from the reporting person to satisfy the tax withholding obligations that arose upon the vesting of certain restricted stock units granted to the reporting person on February 26, 2024, which grant was originally reported on Form 4 filed with the U.S. Securities and Exchange Commission on February 28, 2024.

2. Securities held by the Dynasty Trust. Mr. Hsieh is the grantor of the Dynasty Trust and he and his spouse, Eva Hsieh, and Jian Xie serve on the investment committee of the Dynasty Trust. Mr. Hsieh disclaims any beneficial interest except with respect to any pecuniary interest therein.

3. Securities held by The Ming Hsieh Trust (the "Hsieh Trust"). Mr. Hsieh is the trustee of the Hsieh Trust and possesses the sole voting and dispositive power with respect to securities held by the Hsieh Trust.

4. Shares held in a Uniform Transfers to Minor Act account for which Ming Hsieh acts as custodian and possesses the sole voting and dispositive power.

	/s/ Paul Kim as Attorney-in-Fact	08/28/2025
	** 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).
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FAQ

What did Ming Hsieh report on Form 4 for FLGT?

Ming Hsieh reported a disposition of 2,944 shares on 08/26/2025, withheld to satisfy tax obligations from RSU vesting.

How many FLGT shares does Ming Hsieh own after this transaction?

Direct beneficial ownership: 804,281 shares; plus 7,895,115 shares in a Dynasty Trust and 220,816 shares in the Ming Hsieh Trust.

At what price were the shares withheld and when was the transaction dated?

Transaction date: 08/26/2025; price noted: $21.47 per share (withheld to satisfy tax withholding).

What roles does the reporting person hold at Fulgent Genetics (FLGT)?

Ming Hsieh is reported as Chief Executive Officer, a Director, and a 10% owner of Fulgent Genetics.

Who signed the Form 4 and when?

The form was signed by Paul Kim as attorney-in-fact on 08/28/2025.