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  4. [Form 3] Qfin Holdings, Inc. Initial Statement of Beneficial Ownership

Qfin (QFIN) director discloses call, put options and ADS stake

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Qfin Holdings, Inc. director Chen Xiaohuan filed an initial ownership report showing option positions and American Depositary Shares (ADSs). The filing lists indirect call options over 94,000 ADSs with a $22.50 exercise price expiring on December 18, 2026, and indirect put options over 60,000 ADSs with a $20.00 exercise price expiring the same date. These options are exercisable at any time before expiration and are held by TPC Compounder Master Fund, managed by Twin Peaks Capital Limited. Chen disclaims beneficial ownership of ADSs underlying these options except for any pecuniary interest. The filing also shows direct ownership of 15,000 ADSs, with each ADS representing two Class A ordinary shares of Qfin.

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Insider Chen Xiaohuan
Role Director
Type Security Shares Price Value
holding Call Options (long position; right to buy) -- -- --
holding Put Options (short position; obligation to buy) -- -- --
holding American Depositary Shares -- -- --
Holdings After Transaction: Call Options (long position; right to buy) — 94,000 shares (Indirect, by TPC Compounder Master Fund); Put Options (short position; obligation to buy) — 60,000 shares (Indirect, by TPC Compounder Master Fund); American Depositary Shares — 15,000 shares (Direct)
Footnotes (4)
  1. F1. Each American depositary shares represents two(2) Class A ordinary shares of the Issuer.
  2. F2. The options are exercisable at any time prior to the Expiration Date.
  3. F3. The reporting person disclaims the beneficial ownership of these American Depositary Shares underlying the option positions owned by TPC Compounder Master Fund except to the extent of the reporting person's pecuniary interest. The reporting person is a co-founder and partner at Twin Peaks Capital Limited, which is the fund manager of TPC Compounder Master Fund.
  4. F4. Represents the exercise price of the American Depositary Shares. Each American Depositary Share represents two Class A ordinary share of the issuer.

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FAQ

What insider holdings did Qfin (QFIN) director Chen Xiaohuan report on Form 3?
Chen reported option positions and ADS holdings in Qfin. The filing shows call options over 94,000 ADSs, put options over 60,000 ADSs, and direct ownership of 15,000 ADSs, establishing Chen’s initial disclosed stake and derivative exposure in the company.

How many Qfin (QFIN) ADSs underlie Chen Xiaohuan’s reported option positions?
The report lists 94,000 underlying ADSs for call options and 60,000 underlying ADSs for put options. Both option positions reference Qfin American Depositary Shares, giving derivative exposure to a total of 154,000 ADSs held indirectly through TPC Compounder Master Fund.

What are the exercise prices and expiration dates of Chen’s Qfin (QFIN) options?
The call options have a $22.50 exercise price per ADS and the put options have a $20.00 exercise price. Both sets of options expire on December 18, 2026 and are exercisable at any time before that expiration date.

How many Qfin (QFIN) ADSs does Chen Xiaohuan hold directly versus indirectly?
Chen directly holds 15,000 Qfin American Depositary Shares. Indirectly, through TPC Compounder Master Fund, there are option positions referencing 94,000 underlying ADSs via calls and 60,000 underlying ADSs via puts, according to the Form 3 disclosure details.

What is the ADS to ordinary share ratio for Qfin (QFIN) in this filing?
Each Qfin American Depositary Share represents two Class A ordinary shares. This ratio is specified in the footnotes, meaning 1 ADS equals 2 underlying Class A ordinary shares of the issuer, affecting how option exposures translate to ordinary share equivalents.

How does TPC Compounder Master Fund relate to Chen Xiaohuan’s Qfin (QFIN) holdings?
TPC Compounder Master Fund holds the option positions reported as indirect holdings. Chen is a co-founder and partner at Twin Peaks Capital Limited, the fund’s manager, and disclaims beneficial ownership of underlying ADSs except for any pecuniary interest described in the footnote.
SEC Form 3
FORM 3UNITED 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*
Chen Xiaohuan
(Last)(First)(Middle)
8 WONG CHUK HANG ROAD
(Street)
HONG KONG00000
(City)(State)(Zip)
HONG KONG
(Country)		2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026		3. Issuer Name and Ticker or Trading Symbol
Qfin Holdings, Inc. [ QFIN ]
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)
XDirector10% Owner
Officer (give title below)Other (specify below)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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(1)15,000D
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)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Call Options (long position; right to buy) (2)12/18/2026American Depositary Shares94,000(3)$22.5(4)Iby TPC Compounder Master Fund
Put Options (short position; obligation to buy) (2)12/18/2026American Depositary Shares60,000(3)$20(4)Iby TPC Compounder Master Fund
Explanation of Responses:
1. Each American depositary shares represents two(2) Class A ordinary shares of the Issuer.
2. The options are exercisable at any time prior to the Expiration Date.
3. The reporting person disclaims the beneficial ownership of these American Depositary Shares underlying the option positions owned by TPC Compounder Master Fund except to the extent of the reporting person's pecuniary interest. The reporting person is a co-founder and partner at Twin Peaks Capital Limited, which is the fund manager of TPC Compounder Master Fund.
4. Represents the exercise price of the American Depositary Shares. Each American Depositary Share represents two Class A ordinary share of the issuer.
/s/ Chen Xiaohuan03/18/2026
** Signature of Reporting PersonDate
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