So-Young (SY) COO exercises options, now holds 69,229 shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

So-Young International Inc. COO Li Gefei reported routine equity compensation activity. On June 15, 2026, Li exercised options to acquire 23,076 Class A ordinary shares at $0.01 per share, increasing direct holdings to 69,229 Class A ordinary shares, held in the form of ADSs. Separately, Li received a fully vested grant of 10,576 performance-based share options on May 13, 2026 at an exercise price of $0.01 per share.

Insider Trade Summary

23,076 shares exercised/converted

Mixed 4 txns

Insider Li Gefei

Role COO

Type	Security	Shares	Price	Value
Exercise	Option (right to buy)	1,923	$0.01	$19.23
Exercise	Option (right to buy)	21,153	$0.01	$211.53
Exercise	Class A ordinary share, par value US$0.01	23,076	$0.01	$230.76
Grant/Award	Option (right to buy)	10,576	$0.01	$105.76

Holdings After Transaction: Option (right to buy) — 0 shares (Direct, null); Class A ordinary share, par value US$0.01 — 69,229 shares (Direct, null)

Footnotes (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 23,076 Class A ordinary shares of the issuer received in the form of ADSs upon exercising of the 23,076 share options by the reporting person on June 15, 2026. The reporting person was granted 1,923 share options on February 1, 2025, which vested in full on the grant date. 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. The reporting person was granted 10,576 performance-based share options, which vested in full on May 13, 2026.

Key Figures

Options exercised into shares: 23,076 Class A ordinary shares Exercise price: $0.01 per share Shares held after exercise: 69,229 Class A ordinary shares +3 more

6 metrics

Options exercised into shares 23,076 Class A ordinary shares Exercised on June 15, 2026

Exercise price $0.01 per share For options exercised and granted

Shares held after exercise 69,229 Class A ordinary shares Direct holdings following June 15, 2026 transactions

New performance-based options 10,576 share options Granted and fully vested on May 13, 2026

Option expiration August 14, 2034 Expiration date for the reported options

ADS to share ratio 13 ADS = 10 Class A shares Structure of So-Young ADS holdings

Key Terms

American depositary shares, performance-based share options, Exercise or conversion of derivative security, Class A ordinary shares, +1 more

5 terms

American depositary shares financial

"The Class A ordinary shares are held in the form of American depositary shares ("ADS")"

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.

Exercise or conversion of derivative security financial

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

Class A ordinary shares financial

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

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/15/2026 - 07:22 AM Accepted by SEC EDGAR 06/15/2026 - 07:21 AM

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

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)
05/13/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A ordinary share, par value US$0.01⁽¹⁾	06/15/2026		M		23,076⁽²⁾	A	$0.01	69,229	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option (right to buy)	$0.01	06/15/2026		M			1,923	⁽³⁾	08/14/2034	Class A ordinary share, par value US$0.01	1,923	$0.01	0⁽³⁾	D
Option (right to buy)	$0.01	06/15/2026		M			21,153	⁽⁴⁾	08/14/2034	Class A ordinary share, par value US$0.01	21,153	$0.01	0⁽⁴⁾	D
Option (right to buy)	$0.01	05/13/2026		A		10,576		⁽⁵⁾	08/14/2034	Class A ordinary share, par value US$0.01	10,576	$0.01	10,576⁽⁵⁾	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 23,076 Class A ordinary shares of the issuer received in the form of ADSs upon exercising of the 23,076 share options by the reporting person on June 15, 2026.

3. The reporting person was granted 1,923 share options on February 1, 2025, which vested in full on the grant date.

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.

5. The reporting person was granted 10,576 performance-based share options, which vested in full on May 13, 2026.

	/s/ Gefei Li	06/15/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did So-Young (SY) COO Li Gefei report?

Li Gefei reported exercising options to acquire 23,076 Class A ordinary shares at $0.01 per share and receiving 10,576 performance-based share options. These transactions reflect routine equity compensation activity rather than open-market buying or selling of So-Young shares.

How many So-Young (SY) shares does COO Li Gefei hold after the Form 4 transactions?

After exercising options on June 15, 2026, Li Gefei holds 69,229 Class A ordinary shares directly. These shares are held in the form of American depositary shares, which each represent a fixed number of So-Young’s Class A ordinary shares.

What was the exercise price for the So-Young (SY) options exercised by the COO?

The options exercised by Li Gefei on June 15, 2026 had an exercise price of $0.01 per Class A ordinary share. This low exercise price is typical of employee stock options granted as part of long-term incentive compensation programs.

What new option grant did So-Young (SY) COO Li Gefei receive?

On May 13, 2026, Li Gefei received 10,576 performance-based share options with a $0.01 exercise price. According to the disclosure, these options vested in full on the grant date, making them immediately exercisable for So-Young Class A ordinary shares.

Were any of the So-Young (SY) COO’s transactions open-market buys or sales?

No open-market purchases or sales were reported. The Form 4 shows option exercises to acquire shares and a grant of performance-based options. These are compensation-related transactions, not discretionary market trades in So-Young’s shares.

How are So-Young (SY) Class A ordinary shares held by the COO structured?

Li Gefei’s Class A ordinary share holdings are in the form of American depositary shares. The disclosure states that 13 ADSs represent 10 Class A ordinary shares, providing a depositary-traded vehicle for the company’s underlying equity.