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Zai Lab (ZLAB) director Lis sells 7,040 ADS under 10b5-1 plan

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Zai Lab Ltd director William Lis sold 7,040 American Depositary Shares in an open-market transaction. The sale occurred at a price of $18.09 per ADS. After this transaction, he directly holds 50,437 ADS.

Each ADS represents ten Ordinary Shares, and the company states that ADSs and Ordinary Shares are fully fungible. The sale was carried out under a Rule 10b5-1 trading plan adopted by the reporting person on September 10, 2025, indicating the trades were pre-arranged rather than opportunistic.

Positive

  • None.

Negative

  • None.
Insider Lis William
Role null
Sold 7,040 shs ($127K)
Type Security Shares Price Value
Sale American Depositary Shares 7,040 $18.09 $127K
Holdings After Transaction: American Depositary Shares — 50,437 shares (Direct, null)
Footnotes (1)
  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. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2025.
ADS sold 7,040 ADS Open-market sale on June 22, 2026
Sale price per ADS $18.09 per ADS Reported transaction price for sale
Holdings after sale 50,437 ADS Direct ownership following the transaction
ADS to Ordinary Share ratio 1 ADS = 10 Ordinary Shares Economic equivalence stated in footnote
Net shares sold 7,040 ADS Net-sell direction in transaction summary
American Depositary Shares financial
"Each American Depositary Share ("ADS") represents ten Ordinary Shares of the issuer."
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.
Rule 10b5-1 trading plan regulatory
"The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
open-market sale financial
"transaction_action: "open-market sale" with transaction code S for the ADS transaction."
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
fully fungible financial
"Our ADSs and Ordinary Shares are fully fungible."
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Lis William
(Last)(First)(Middle)
C/O ZAI LAB LIMITED
314 MAIN STREET, 4TH FLOOR, SUITE 100
(Street)
CAMBRIDGE MASSACHUSETTS 02142
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Zai Lab Ltd [ ZLAB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/22/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
American Depositary Shares(1)06/22/2026S(2)7,040D$18.0950,437D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2025.
/s/ Bruce Blefeld, Attorney-in-Fact06/24/2026
** Signature of Reporting PersonDate
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 transaction did Zai Lab (ZLAB) director William Lis report?

Director William Lis reported an open-market sale of 7,040 American Depositary Shares at $18.09 per ADS. This Form 4 filing shows a net reduction in his holdings, which now total 50,437 ADS directly after the transaction.

At what price did William Lis sell Zai Lab (ZLAB) ADS and how many does he still hold?

He sold 7,040 American Depositary Shares at $18.09 per ADS. Following the sale, his direct ownership stands at 50,437 ADS, providing investors with a clear picture of his remaining stake after this individual transaction.

Was the Zai Lab (ZLAB) insider sale by William Lis under a Rule 10b5-1 plan?

Yes. The sale was effected under a Rule 10b5-1 trading plan adopted on September 10, 2025. Such plans allow insiders to pre-schedule trades, so the timing typically reflects a preset schedule rather than a reaction to recent company developments.

What does each Zai Lab (ZLAB) American Depositary Share represent for ordinary shares?

Each American Depositary Share represents ten Ordinary Shares of Zai Lab. The company notes that ADSs and Ordinary Shares are fully fungible, and for this Form 4 the insider’s position and trades are reported in terms of ADSs only.

How many Zai Lab (ZLAB) shares did William Lis sell in total economic terms?

He sold 7,040 American Depositary Shares, with each ADS representing ten Ordinary Shares. While the filing reports everything in ADS terms, this structure helps investors understand how ADS movements relate to the underlying Ordinary Shares of the company.