RLX Technology (NYSE: RLX) co-founder Kate Wang details large indirect stakes

Rhea-AI Filing Summary

RLX Technology Inc. director and co-founder Ying (Kate) Wang filed an initial statement of beneficial ownership, detailing large indirect stakes and option awards. The filing shows 308,714,990 Class B ordinary shares held through Leo Valley Holding Limited, a British Virgin Islands company linked to The Alpha Trust for which Ms. Wang is settlor and enforcer.

It also discloses stock options over 11,973,460, 5,986,730 and 5,986,730 Class A ordinary shares at an exercise price of $0.1500 per share, expiring on September 30, 2030, all held indirectly via BJ BJ Limited. BJ BJ Limited holds 71,840,780 Class A ordinary shares for administering awards under the 2021 Plan, including 23,946,920 shares underlying Ms. Wang’s options.

The filing further notes Ms. Wang’s indirect voting rights over 412,501,527 Class A ordinary shares through Founders' Acting-In-Concert Undertakings, as well as additional voting rights over 71,840,780 Class A shares via BJ BJ Limited. No new buy or sell transactions are reported; this form establishes her existing positions and voting influence.

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

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1. Name and Address of Reporting Person^*

Wang Ying Kate

(Last) (First) (Middle)

35/F, PEARL IFC, JIAN'AN

1 ROAD, BAO'AN DIST

(Street)

SHENZHEN, GUANGDONG 518100

(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
RLX Technology Inc. [ RLX ]

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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Co-founder; CEO

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)
Class B ordinary shares	308,714,990	I	Held by Leo Valley Holding Limited(1)
Voting rights of Class A ordinary shares	412,501,527	I	Voting power pursuant to acting-in-concert undertakings(2)
Voting rights of Class A ordinary shares	71,840,780	I	Held by BJ BJ Limited(3)

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 Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	01/31/2023	09/30/2030	Class A ordinary shares	11,973,460	$0.15	I	Held by BJ BJ Limited(3)
Stock Option (right to buy)	01/31/2024	09/30/2030	Class A ordinary shares	5,986,730	$0.15	I	Held by BJ BJ Limited(3)
Stock Option (right to buy)	01/31/2025	09/30/2030	Class A ordinary shares	5,986,730	$0.15	I	Held by BJ BJ Limited(3)

Explanation of Responses:

1. Represents 308,714,990 Class B ordinary shares held by Leo Valley Holding Limited, a British Virgin Islands company. Ms. Ying (Kate) Wang is the sole director of Leo Valley Holding Limited. Leo Valley Holding Limited is beneficially owned and controlled by Lion Valley Limited, a British Virgin Islands company. Lion Valley Limited is wholly owned by Zedra Trust Company (Cayman) Limited, on behalf of and for the benefit of The Alpha Trust as the trustee. Ms. Ying (Kate) Wang is the settlor and enforcer of The Alpha Trust, and Ms. Wang and her family members are the trust's beneficiaries.

2. On October 19, 2022, RLX Technology Inc., Leo Valley Holding Limited and Ms. Ying (Kate) Wang entered into the Founders' Acting-In-Concert Undertakings with (i) Mr. Long (David) Jiang and Longtian Holding Limited, (ii) Mr. Yilong Wen and StarryInv Holding Limited, and (iii) certain minority shareholders of RLX Technology Inc. Pursuant to such undertakings, each of the foregoing parties agreed to act in concert with Leo Valley Holding Limited, and to take the same actions as Leo Valley Holding Limited, with respect to all matters requiring shareholder approval of RLX Technology Inc.

3. Represents 23,946,920 Class A ordinary shares held by BJ BJ Limited for the purpose of administering share incentive awards under the 2021 Plan. For the avoidance of doubt, the 71,840,780 Class A ordinary shares held by BJ BJ Limited reported in Table I include 23,946,920 Class A shares underlying stock options held by Ms. Ying (Kate) Wang. These 23,946,920 shares are disclosed in Table II for informational purposes only and do not represent additional shares beyond the Table I.

	/s/ Ying (Kate) Wang	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.
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* Form 3: SEC 1473 (03-26)

FAQ

What does RLX (RLX) co-founder Ying (Kate) Wang report in this Form 3?

Ying (Kate) Wang reports her initial beneficial ownership in RLX, mainly through indirect stakes. The filing lists large Class B and Class A holdings, option awards, and significant voting rights held via entities such as Leo Valley Holding Limited and BJ BJ Limited.

How many RLX Class B ordinary shares does Ying (Kate) Wang indirectly hold?

The filing shows 308,714,990 Class B ordinary shares held by Leo Valley Holding Limited. Ms. Wang is the sole director of this entity, which is ultimately held via The Alpha Trust, where she is settlor and enforcer and her family members are beneficiaries.

What stock options over RLX Class A shares are disclosed for Ying (Kate) Wang?

The Form 3 lists stock options over 11,973,460, 5,986,730 and 5,986,730 RLX Class A ordinary shares. All carry a $0.1500 exercise price, expire on September 30, 2030, and are held indirectly through BJ BJ Limited as part of share incentive arrangements.

What role does BJ BJ Limited play in RLX share ownership for Ying (Kate) Wang?

BJ BJ Limited holds 71,840,780 RLX Class A ordinary shares to administer share incentive awards under the 2021 Plan. This includes 23,946,920 Class A shares underlying Ms. Wang’s stock options, which are also disclosed separately in the derivative holdings section.

How much voting power over RLX Class A shares does Ying (Kate) Wang have?

The filing reports voting rights over 412,501,527 RLX Class A ordinary shares under Founders' Acting-In-Concert Undertakings. It also notes additional voting rights tied to 71,840,780 Class A shares held by BJ BJ Limited, further consolidating her indirect voting influence.

Does this RLX Form 3 show Ying (Kate) Wang buying or selling shares?

No buy or sell transactions appear in this Form 3. All entries are classified as holdings, meaning the document establishes Ms. Wang’s existing indirect equity positions and voting rights in RLX rather than reporting new market trades or option exercises.