So-Young International (SY) CMO exercises 30,260 low-priced options

Rhea-AI Filing Summary

So-Young International Inc.’s chief marketing officer and director, Wang Bei, exercised stock options to acquire 30,260 Class A ordinary shares on June 10, 2026 at an exercise price of $0.01 per share. Following the transaction, Wang directly holds 141,940 Class A ordinary shares, represented by American depositary shares, with 13 ADSs equal to 10 ordinary shares.

The filing shows multiple option grants from 2021 and 2022 had fully vested earlier, and several tranches were exercised and eliminated. After these moves, 35,261 options remain outstanding from a January 1, 2026 grant, vesting quarterly through January 1, 2029, all carrying a low exercise price of $0.01 per share.

Insights

Equity compensation analyst

Routine option exercises increased the CMO’s share holdings without any open-market sales.

All transactions are coded “M”, meaning Wang Bei exercised stock options to convert derivative awards into Class A ordinary shares of So-Young International Inc.. The largest step was exercising 30,260 options at an exercise price of $0.01 per share, boosting direct ownership to 141,940 shares.

The remaining entries show exercises of fully vested options from earlier grants, some bringing their balances to zero. A January 1, 2026 grant of 38,466 options still leaves 35,261 options outstanding, vesting quarterly through January 1, 2029. With no sales, tax withholdings, or gifts reported, these look like standard compensation-driven exercises rather than market-timing trades.

Insider Trade Summary

30,260 shares exercised/converted

Mixed 6 txns

Insider Wang Bei

Role CMO

Type	Security	Shares	Price	Value
Exercise	Option (right to buy)	12,824	$0.01	$128.24
Exercise	Option (right to buy)	12,821	$0.01	$128.21
Exercise	Option (right to buy)	769	$0.01	$7.69
Exercise	Option (right to buy)	641	$0.01	$6.41
Exercise	Option (right to buy)	3,205	$0.01	$32.05
Exercise	Class A ordinary share, par value US$0.01	30,260	$0.01	$302.60

Holdings After Transaction: Option (right to buy) — 0 shares (Direct, null); Class A ordinary share, par value US$0.01 — 141,940 shares (Direct, null)

Footnotes (1)

1. The Class A ordinary shares are held in the form of American depositary shares ("ADS"), 13 of which represent 10 class A ordinary shares of the issuer. Represent 30,260 Class A ordinary shares of the issuer received in the form of ADSs upon exercising of the 30,260 share options by the reporting person on June 10, 2026. The reporting person was granted 12,824 share options on November 1, 2022, which fully vested in four installments of 3,205, 3,205, 3,205 and 3,209 on January 1, 2025, April 1, 2025, July 1, 2025 and October 1, 2025, respectively. The reporting person was granted 12,821 performance-based share options on November 1, 2022, which fully vested in two installments of 6,410 on April 1, 2025 and 6,411 on October 1, 2025. The reporting person was granted 769 share options on May 27, 2021, which vested in full on April 1, 2025. The reporting person was granted 641 performance-based share options, which vested in full on April 1, 2025. The reporting person was granted 38,466 share options on January 1, 2026, vesting in 12 quarterly installments, with 3,205 vesting in each of the first 11 installments and 3,211 shares vesting in the final installment on January 1, 2029.

Key Figures

Options exercised: 30,260 shares at $0.01/share Shares held after transaction: 141,940 Class A shares Remaining options from 2026 grant: 35,261 options at $0.01 +4 more

7 metrics

Options exercised 30,260 shares at $0.01/share Class A ordinary shares acquired on June 10, 2026

Shares held after transaction 141,940 Class A shares Direct ownership following June 10, 2026 exercises

Remaining options from 2026 grant 35,261 options at $0.01 Part of 38,466-option grant vesting through January 1, 2029

2026 option grant size 38,466 options Granted January 1, 2026, vesting in 12 quarterly installments

Performance-based options 2022 grant 12,821 options Vested in two installments on April 1 and October 1, 2025

Standard options 2022 grant 12,824 options Vested in four installments during 2025

ADS ratio 13 ADSs = 10 shares Representation of Class A ordinary shares via ADSs

Key Terms

American depositary shares, performance-based share options, exercise or conversion of derivative security, vesting in 12 quarterly installments, +1 more

5 terms

American depositary shares financial

"The Class A ordinary shares are held in the form of American depositary shares ("ADS"), 13 of which represent 10 class A ordinary shares"

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.

performance-based share options financial

"The reporting person was granted 12,821 performance-based share options on November 1, 2022"

exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

vesting in 12 quarterly installments financial

"38,466 share options on January 1, 2026, vesting in 12 quarterly installments"

Class A ordinary share financial

"Class A ordinary share, par value US$0.01"

A Class A ordinary share is a type of common stock a company issues that carries a specific set of rights—most often particular voting power, dividend terms, or transfer rules—distinct from other share classes. For investors it matters because those rights affect control over company decisions, how income is paid out, and how easy shares are to buy or sell; think of it like a tiered ticket that gives different access and influence at the same event.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/11/2026 - 06:56 AM Accepted by SEC EDGAR 06/11/2026 - 06:56 AM Learn about SEC filing dates

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^*

Wang Bei

(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. Issuer Name and Ticker or Trading Symbol
So-Young International Inc. [ SY ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/10/2026

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)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary share, par value US$0.01(1)	06/10/2026		M		30,260(2)	A	$0.01	141,940	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (right to buy)	$0.01	06/10/2026		M			12,824	(3)	10/31/2032	Class A ordinary share, par value US$0.01	12,824	$0.01	0(3)	D
Option (right to buy)	$0.01	06/10/2026		M			12,821	(4)	10/31/2032	Class A ordinary share, par value US$0.01	12,821	$0.01	0(4)	D
Option (right to buy)	$0.01	06/10/2026		M			769	(5)	05/26/2032	Class A ordinary share, par value US$0.01	769	$0.01	0(5)	D
Option (right to buy)	$0.01	06/10/2026		M			641	(6)	10/31/2032	Class A ordinary share, par value US$0.01	641	$0.01	0(6)	D
Option (right to buy)	$0.01	06/10/2026		M			3,205	(7)	12/31/2035	Class A ordinary share, par value US$0.01	3,205	$0.01	35,261(7)	D

Explanation of Responses:

1. The Class A ordinary shares are held in the form of American depositary shares ("ADS"), 13 of which represent 10 class A ordinary shares of the issuer.

2. Represent 30,260 Class A ordinary shares of the issuer received in the form of ADSs upon exercising of the 30,260 share options by the reporting person on June 10, 2026.

3. The reporting person was granted 12,824 share options on November 1, 2022, which fully vested in four installments of 3,205, 3,205, 3,205 and 3,209 on January 1, 2025, April 1, 2025, July 1, 2025 and October 1, 2025, respectively.

4. The reporting person was granted 12,821 performance-based share options on November 1, 2022, which fully vested in two installments of 6,410 on April 1, 2025 and 6,411 on October 1, 2025.

5. The reporting person was granted 769 share options on May 27, 2021, which vested in full on April 1, 2025.

6. The reporting person was granted 641 performance-based share options, which vested in full on April 1, 2025.

7. The reporting person was granted 38,466 share options on January 1, 2026, vesting in 12 quarterly installments, with 3,205 vesting in each of the first 11 installments and 3,211 shares vesting in the final installment on January 1, 2029.

	/s/Bei Wang	06/11/2026
	** 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)

FAQ

What did So-Young (SY) CMO Wang Bei report in this Form 4?

Wang Bei reported exercising stock options to acquire 30,260 Class A ordinary shares of So-Young International Inc. at $0.01 per share. The transactions convert previously granted options into shares and do not include any open-market sales or tax-withholding dispositions.

How many So-Young (SY) shares does Wang Bei hold after the transactions?

After exercising options, Wang Bei directly holds 141,940 Class A ordinary shares of So-Young International Inc. These shares are held in the form of American depositary shares, where 13 ADSs represent 10 Class A ordinary shares of the company.

What options did the So-Young (SY) CMO exercise on June 10, 2026?

On June 10, 2026, Wang Bei exercised 30,260 stock options for Class A ordinary shares at an exercise price of $0.01 per share. Additional smaller option positions from 2021 and 2022 grants were also exercised, bringing several option series down to a zero remaining balance.

Does Wang Bei still hold So-Young (SY) stock options after these exercises?

Yes. After these exercises, Wang Bei still holds 35,261 stock options from a 38,466-option grant dated January 1, 2026. These options vest in 12 quarterly installments through January 1, 2029 and carry an exercise price of $0.01 per Class A ordinary share.

Were any So-Young (SY) shares sold or withheld for taxes in this Form 4?

No. The filing only shows code M transactions, which are option exercises. There are no open-market sales (code S) and no tax-withholding dispositions (code F). The activity purely reflects converting vested options into Class A ordinary shares of So-Young.

How are So-Young (SY) Class A shares represented in ADS form for this insider?

The filing notes that the Class A ordinary shares are held in the form of American depositary shares. For So-Young International Inc., 13 ADSs represent 10 Class A ordinary shares, so Wang Bei’s reported holdings are maintained through this ADS structure.