So-Young International (SY) COO discloses multi-year stock option grants

Rhea-AI Filing Summary

So-Young International Inc.’s COO, Li Gefei, filed an initial Form 3 reporting holdings of stock options on the company’s Class A Ordinary Shares. The options carry a low exercise price of $0.0100 per share and vest in multiple tranches between 2025 and 2029, with expirations in 2034 and 2035. Individual option grants include underlying amounts such as 19,231, 9,615, 8,018, and 4,808 shares, all held directly. The filing reports these derivative positions and does not show any current share purchases or sales.

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^*

Li Gefei

(Last) (First) (Middle)

2/F, EAST TOWER, POLY PLAZA,

NO. 66 XIANGBIN ROAD, CHAOYANG DISTRICT

(Street)

BEIJING F4 100012

(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
So-Young International Inc. [ SY ]

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

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)

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
Option (right to buy)	02/01/2025	08/14/2034	Class A Ordinary Share	19,231	$0.01	D
Option (right to buy)	05/01/2025	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	08/01/2025	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	11/01/2025	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	02/01/2026	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	05/01/2026	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	08/01/2026	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	11/01/2026	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	02/01/2027	08/14/2034	Class A Ordinary Share	4,808	$0.01	D
Option (right to buy)	02/01/2025	08/14/2034	Class A Ordinary Share	19,231	$0.01	D
Option (right to buy)	08/01/2025	08/14/2034	Class A Ordinary Share	9,615	$0.01	D
Option (right to buy)	02/01/2025	08/14/2034	Class A Ordinary Share	1,923	$0.01	D
Option (right to buy)	04/01/2026	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	07/01/2026	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	10/01/2026	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	01/01/2027	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	04/01/2027	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	07/01/2027	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	10/01/2027	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	01/01/2028	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	04/01/2028	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	07/01/2028	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	10/01/2028	12/31/2035	Class A Ordinary Share	8,012	$0.01	D
Option (right to buy)	01/01/2029	12/31/2035	Class A Ordinary Share	8,018	$0.01	D

Explanation of Responses:

	/s/ Gefei Li	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.
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)

FAQ

What does Li Gefei’s Form 3 filing for So-Young International (SY) show?

The Form 3 shows COO Li Gefei reporting existing holdings of stock options on So-Young’s Class A Ordinary Shares. These options have a low $0.0100 exercise price and vest over several dates between 2025 and 2029, with expirations in 2034-2035.

Are there any stock purchases or sales in the So-Young International (SY) Form 3?

The filing does not report any stock purchases or sales. It lists holding entries for options, with transactionSummary showing zero buy, sell, acquire, or dispose counts and 24 holding entries, indicating disclosure of existing derivative positions rather than new trading activity.

What options does Li Gefei hold in So-Young International (SY) according to the Form 3?

Li Gefei holds multiple options (rights to buy) So-Young Class A Ordinary Shares at an exercise price of $0.0100 per share. Underlying amounts include tranches such as 19,231, 9,615, 8,018, and 4,808 shares, all reported as direct ownership.

When do Li Gefei’s So-Young International (SY) options vest and expire?

The options have staggered exercise (vesting) dates from February 1, 2025 through January 1, 2029. Expiration dates are disclosed as August 14, 2034 for some grants and December 31, 2035 for others, defining the period during which they can be exercised.

What is the significance of the $0.0100 exercise price in the So-Young (SY) Form 3?

Each reported option carries an exercise price of $0.0100 per Class A Ordinary Share. This very low strike price means that, if exercised, Li Gefei could acquire shares at a nominal cost, making the economic value primarily dependent on So-Young’s future trading price and continued employment conditions.