What does one NetEase (NTES) American Depositary Share represent?

Each NetEase American Depositary Share represents five ordinary shares of NetEase, Inc. This ratio is specified in the Form 4 footnotes and describes how the ADS relate to the company’s underlying ordinary share capital.

NetEase (NTES) legal chief sells 10,000 ADS at $128.30 average

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

NetEase, Inc. General Counsel Paul William Boltz Jr. reported an open-market sale of 10,000 American Depositary Shares at a weighted average price of $128.30 per ADS on June 29, 2026. After this transaction, he directly holds 12,223 ADS. Each ADS represents five ordinary shares of NetEase, Inc. according to the filing footnotes.

Insider Trade Summary

Net Seller: 10,000 shares ($1,283,000)

Net Sell 1 txn

Insider Boltz Paul William JR

Role General Counsel

Sold 10,000 shs ($1.28M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares	10,000	$128.30	$1.28M

Holdings After Transaction: American Depositary Shares — 12,223 shares (Direct, null)

Footnotes (1)

Each American depositary share represents five ordinary shares of NetEase, Inc. (the "Company"). This transaction was executed in multiple trades at prices ranging from $128.08 to $129.00; the price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and prices at which the transactions were effected upon request to the SEC staff, the Company, or a security holder of the Company.

Key Figures

ADS sold: 10,000 ADS Weighted average sale price: $128.30 per ADS Holdings after transaction: 12,223 ADS +2 more

5 metrics

ADS sold 10,000 ADS Open-market sale on June 29, 2026

Weighted average sale price $128.30 per ADS Open-market sale range $128.08–$129.00

Holdings after transaction 12,223 ADS Direct ownership following sale

ADS to ordinary share ratio 1 ADS = 5 ordinary shares Conversion ratio disclosed in footnote

Sale price range $128.08–$129.00 per ADS Multiple trades executed within this band

Key Terms

American Depositary Shares, open-market sale, weighted average sale price, ordinary shares, +1 more

5 terms

American Depositary Shares financial

"Each American depositary share represents five ordinary shares of NetEase, Inc."

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.

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average sale price financial

"the price reported above reflects the weighted average sale price"

ordinary shares financial

"Each American depositary share represents five ordinary shares of NetEase, Inc."

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/30/2026 - 06:43 AM Accepted by SEC EDGAR 06/30/2026 - 06:43 AM

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
Estimated average burden
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^*

Boltz Paul William JR

(Last)

(First)

(Middle)

C/O NETEASE, RM 802,CHINA LIFE CTR, TW A

ONE HARBOURGATE, NO.18 HUNG LUEN RD, KLN

(Street)

HONG KONG

000000

(City)

(State)

(Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
NetEase, Inc. [ NTES ]

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

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

2a. Foreign Trading Symbol
[HKEX: 9999]

3. Date of Earliest Transaction (Month/Day/Year)
06/29/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depositary Shares⁽¹⁾	06/29/2026		S		10,000	D	$128.3⁽²⁾	12,223	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Each American depositary share represents five ordinary shares of NetEase, Inc. (the "Company").

2. This transaction was executed in multiple trades at prices ranging from $128.08 to $129.00; the price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and prices at which the transactions were effected upon request to the SEC staff, the Company, or a security holder of the Company.

	/s/ Doris Fang, Attorney-in-Fact for Paul William Boltz, Jr.	06/30/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did NetEase (NTES) report for Paul William Boltz Jr.?

NetEase reported that General Counsel Paul William Boltz Jr. sold 10,000 American Depositary Shares. The transaction was an open-market sale and was disclosed in a Form 4 insider filing with post-transaction holdings and pricing details.

At what price did the NetEase (NTES) General Counsel sell his ADS shares?

The 10,000 American Depositary Shares were sold at a weighted average price of $128.30 per ADS. Individual trades occurred in a price range from $128.08 to $129.00, according to the transaction footnote in the filing.

How many NetEase (NTES) shares does the General Counsel hold after the sale?

Following the reported sale, General Counsel Paul William Boltz Jr. directly holds 12,223 American Depositary Shares. This updated ownership figure is disclosed in the Form 4 as the total number of ADS directly owned after the transaction.

Was the NetEase (NTES) insider sale an open-market transaction?

Yes. The filing describes the transaction as an open-market sale of American Depositary Shares. The insider sold 10,000 ADS in multiple trades on the same date within a narrow price range specified in the footnote.

Does the NetEase (NTES) filing provide details on the individual trade prices?

The filing states that trades occurred between $128.08 and $129.00 per ADS, with $128.30 as the weighted average price. It also notes the insider will provide detailed trade information upon request to regulators or shareholders.