Officer Amado Rafael sells 3,000 ADS; holds 42,178 ADS after trade

Rhea-AI Filing Summary

Zai Lab officer Amado Rafael, who is identified as President and Head of Global Oncology Research and Development, reported a sale of 3,000 American Depositary Shares (ADS) on 08/08/2025. The Form 4 shows the sale was effected pursuant to a Rule 10b5-1 trading plan adopted on November 22, 2024. Each ADS represents ten ordinary shares of the issuer.

After the reported transaction, the reporting person directly beneficially owned 42,178 ADS. The filing discloses the per-ADS price for the reported sale as $35.

Positive

• Sale executed under a Rule 10b5-1 trading plan adopted on November 22, 2024
• Clear disclosure of amount sold (3,000 ADS), sale price ($35 per ADS), and post-transaction holdings (42,178 ADS)

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine officer sale under a pre-existing 10b5-1 plan; disclosed holdings remain material and clearly reported.

The Form 4 documents a sale of 3,000 ADS at $35 per ADS executed under a Rule 10b5-1 plan adopted on November 22, 2024. The reporting person retains 42,178 ADS post-transaction. This is a straightforward disclosure of insider activity with explicit quantities, price, and the governing trading plan; there is no additional financial data or operational information in the filing to evaluate broader impact on company fundamentals.

Corporate Governance Expert

TL;DR: Governance practices are followed: the sale was executed under a documented 10b5-1 plan and properly reported on Form 4.

The filing states the transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on November 22, 2024, which provides an affirmative defense for pre-planned trades. The report identifies the reporting person s an officer (President, Head of Global Oncology R&D) and discloses direct ownership of 42,178 ADS after a 3,000 ADS sale. From a disclosure and compliance standpoint, the form contains the required elements for insider-trading transparency.

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).

X

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^*

Amado Rafael

(Last) (First) (Middle)

C/O ZAI LAB LIMITED

314 MAIN STREET, 4TH FLOOR, SUITE 100

(Street)

CAMBRIDGE MA 02142

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Zai Lab Ltd [ ZLAB ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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 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
American Depositary Shares(1)	08/08/2025		S(2)		3,000	D	$35	42,178	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

Explanation of Responses:

1. Each American Depositary Share ("ADS") represents ten Ordinary Shares of the issuer. Our ADSs and Ordinary Shares are fully fungible. For purposes of this Form 4, we are reporting this in terms of ADSs.

2. The transaction reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 22, 2024.

Remarks:

President, Head of Global Oncology Research and Development

	/s/ Bruce Blefeld, Attorney-in-Fact	08/12/2025
	** 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.

FAQ

Who filed the Form 4 for Zai Lab (ZLAB)?

The Form 4 was filed by Amado Rafael, identified as President and Head of Global Oncology Research and Development.

How many ADS did the reporting person sell and at what price?

The filing reports a sale of 3,000 ADS at a price of $35 per ADS.

Was the transaction part of a 10b5-1 trading plan?

Yes. The transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on November 22, 2024.

How many ADS does the reporting person own after the transaction?

After the reported sale, the reporting person directly beneficially owned 42,178 ADS.

What does one ADS represent for Zai Lab?

Each American Depositary Share (ADS) represents ten ordinary shares of Zai Lab, as stated in the filing.