So-Young (NYSE: SY) COO exercises options, receives 46,153 Class A shares

Rhea-AI Filing Summary

So-Young International Inc. COO Li Gefei exercised employee stock options on Class A ordinary shares of the company. On March 31, 2026, Li exercised options to acquire 46,153 Class A ordinary shares at an exercise price of US$0.01 per share, received in the form of American depositary shares, where 13 ADSs represent 10 Class A ordinary shares. Following the transactions, Li directly holds 46,153 Class A ordinary shares, reflecting a routine compensation-related option exercise with no open-market share sales reported.

Insider Trade Summary

46,153 shares exercised/converted

Mixed 3 txns

Insider Li Gefei

Role COO

Type	Security	Shares	Price	Value
Exercise	Option (right to buy)	38,461	$0.01	$384.61
Exercise	Option (right to buy)	7,692	$0.01	$76.92
Exercise	Class A ordinary share, par value US$0.01	46,153	$0.01	$461.53

Holdings After Transaction: Option (right to buy) — 19,234 shares (Direct); Class A ordinary share, par value US$0.01 — 46,153 shares (Direct)

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 46,153 Class A ordinary shares of the issuer received in the form of ADSs upon exercising of the 46,153 share options by the reporting person on March 31, 2026. The reporting person was granted 57,695 share options on August 15, 2024, vesting in nine installments: 19,231 on February 1, 2025, followed by eight equal installments of 4,808 every three months thereafter until February 1, 2027. The reporting person was granted 28,846 share options on August 15, 2024. The option has fully vested in two installments of 19,231 on February 1, 2025 and 9,615 on August 1, 2025.

Key Figures

Shares acquired via exercise: 46,153 Class A ordinary shares Exercise price: US$0.01 per share Options exercised (summary): 46,153 share options +3 more

6 metrics

Shares acquired via exercise 46,153 Class A ordinary shares Options exercised on March 31, 2026

Exercise price US$0.01 per share Stock option exercise price

Options exercised (summary) 46,153 share options transactionSummary exerciseShares

Option grant 1 size 57,695 share options Granted August 15, 2024, vesting in nine installments

Option grant 2 size 28,846 share options Granted August 15, 2024, fully vested in two installments

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

Key Terms

American depositary shares, Class A ordinary share, share options, exercise or conversion of derivative security, +1 more

5 terms

American depositary shares financial

"The Class A ordinary shares are held in the form of American depositary 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.

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.

share options financial

"The reporting person was granted 57,695 share options on August 15, 2024"

Share options are contracts that give someone the right, but not the obligation, to buy a company’s stock at a predetermined price for a limited time—think of them like a coupon to purchase shares later at a set price. They matter to investors because when exercised they increase the number of outstanding shares (dilution), can change management incentives and company value, and represent a potential future claim on profits or equity.

exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

vesting financial

"vesting in nine installments: 19,231 on February 1, 2025"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

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^*

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. 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)
	COO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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)	03/31/2026		M		46,153(2)	A	$0.01	46,153	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	03/31/2026		M			38,461	(3)	08/14/2034	Class A ordinary share, par value US$0.01	38,461	$0.01	19,234(3)	D
Option (right to buy)	$0.01	03/31/2026		M			7,692	(4)	08/14/2034	Class A ordinary share, par value US$0.01	7,692	$0.01	21,154(4)	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 46,153 Class A ordinary shares of the issuer received in the form of ADSs upon exercising of the 46,153 share options by the reporting person on March 31, 2026.

3. The reporting person was granted 57,695 share options on August 15, 2024, vesting in nine installments: 19,231 on February 1, 2025, followed by eight equal installments of 4,808 every three months thereafter until February 1, 2027.

4. The reporting person was granted 28,846 share options on August 15, 2024. The option has fully vested in two installments of 19,231 on February 1, 2025 and 9,615 on August 1, 2025.

	/s/Gefei Li	04/02/2026
	** 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) COO Li Gefei report in this Form 4 filing?

Li Gefei reported exercising employee stock options to acquire 46,153 Class A ordinary shares of So-Young International Inc. at US$0.01 per share, received as American depositary shares, with no open-market sales disclosed in this filing.

How many So-Young (SY) shares does the COO hold after these transactions?

After the reported option exercises, COO Li Gefei directly holds 46,153 Class A ordinary shares of So-Young International Inc., according to the Form 4 data, reflecting shares acquired through compensation-related stock option exercises.

At what price were the So-Young (SY) options exercised by the COO?

The options were exercised at an exercise price of US$0.01 per Class A ordinary share. This low exercise price reflects the structure of employee stock options granted as part of compensation packages rather than open-market share purchases.

How are So-Young (SY) Class A shares represented in American depositary shares?

So-Young International Inc. Class A ordinary shares are held in the form of American depositary shares, where 13 ADSs represent 10 Class A ordinary shares. The exercised options resulted in receiving ADSs based on this stated ratio.

What option grants to the So-Young (SY) COO are described in the filing footnotes?

Footnotes describe grants of 57,695 share options on August 15, 2024, vesting in nine installments, and a separate grant of 28,846 share options on the same date, which fully vested in two installments during 2025.

Does this So-Young (SY) Form 4 show any share sales by the COO?

No share sales are reported. The Form 4 shows option exercises (code M) resulting in the acquisition of 46,153 Class A ordinary shares, with no open-market dispositions or tax-withholding share sales disclosed in the provided data.