ZLAB Form 144: Proposed Sale of 46,387 ADS (~$1.65M) Disclosed

Rhea-AI Filing Summary

Zai Lab Limited (ZLAB) Form 144 discloses planned and recent insider sales of American Depositary Shares (ADS). The notice lists a proposed sale of 46,387 ADS with an aggregate market value of $1,645,285.18 to be executed through Fidelity on NASDAQ. The filing shows the ADS to be sold were acquired by option exercise (option granted 10/22/2015; acquisition dated 08/13/2025) and the payment method is cash. The filing also itemizes sales by the same person in the prior three months totaling 284,048 ADS for approximately $9.26 million. Outstanding ADS are listed as 421,725,450, so these disclosed transactions represent a small fraction of total shares.

Positive

• The filing provides detailed, dated disclosure of insider sales including quantities, gross proceeds, broker, and exchange, supporting market transparency.

Negative

• The filer reported 284,048 ADS sold in the past three months for approximately $9.26 million, which may prompt investor scrutiny even though it is a small percentage of outstanding shares.
• A proposed sale of 46,387 ADS with aggregate market value of $1,645,285.18 is disclosed, indicating continued insider selling activity.

Insights

Securities Analyst

TL;DR: Multiple recent insider ADS sales totaling ~284k shares (~$9.26M) were disclosed; proposed sale of 46,387 ADS (~$1.65M) filed.

The Form 144 provides clear, itemized disclosure of insider dispositions including dates, quantities, and gross proceeds. The planned sale of 46,387 ADS at an aggregate value of $1,645,285.18 is accompanied by a record that the ADS were acquired via exercise of options originally granted 10/22/2015. Recent reported dispositions across May–August 2025 total 284,048 ADS for about $9.26M. Relative to the stated outstanding share count of 421,725,450 ADS, these transactions are immaterial in percentage terms but are important for transparency and market monitoring.

Corporate Governance Expert

TL;DR: The filing reflects compliant insider reporting; transactions appear executed through a broker and include required seller attestations.

The Form 144 lists the broker (Fidelity Brokerage Services) and the exchange (NASDAQ), and includes the seller's representation regarding possession of material nonpublic information. The securities to be sold were recorded as acquired by option exercise and will be sold for cash. The filing documents multiple recent sales by the same person, which raises governance transparency flags for investors to note but does not itself indicate any regulatory noncompliance in the filing text.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
American Depositary Shares	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	46387	1645285.18	421725450	08/13/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
American Depositary Shares	08/13/2025	Option Granted - 10/22/2015	Issuer			46387	08/13/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	05/13/2025	50000	1428650.00
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	05/14/2025	46389	1302858.26
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	06/26/2025	23669	855196.47
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	06/30/2025	6918	245723.90
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	07/02/2025	7072	249143.73
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	08/08/2025	50000	1737155.00
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	08/11/2025	50000	1731815.00
Ying Du 899 Halei Road Building B, Pudong Shanghai F4 201203	American Depositary Shares	08/12/2025	50000	1712555.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What insider sales did Zai Lab (ZLAB) disclose on this Form 144?

The Form 144 discloses a proposed sale of 46,387 ADS (aggregate market value $1,645,285.18) and documents prior sales totaling 284,048 ADS for about $9.26 million during May–August 2025.

Through which broker and exchange will the planned ZLAB ADS sale occur?

The planned sale is listed with Fidelity Brokerage Services LLC and the securities exchange is NASDAQ.

How were the ADS to be sold by the filer acquired?

The securities to be sold are shown as acquired by option exercise (option granted 10/22/2015; acquisition dated 08/13/2025) and the payment method is stated as cash.

What is the total number of ZLAB ADS outstanding reported in the filing?

The filing lists 421,725,450 shares outstanding.

How material are these insider sales relative to outstanding shares?

Combined recent sales of 284,048 ADS represent approximately 0.067% of the reported 421,725,450 outstanding ADS.