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

Each American Depositary Share of Zai Lab represents ten Ordinary Shares of the company. The ADSs and Ordinary Shares are fully fungible, and for this Form 4, all amounts are reported in terms of ADS rather than underlying Ordinary Shares.

Zai Lab (ZLAB) director receives 22,371 ADS equity award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Leung Nisa reported acquisition or exercise transactions in this Form 4 filing.

Zai Lab Ltd director Nisa Leung received a stock grant of 22,371 American Depositary Shares (ADS) as compensation. These are restricted shares that vest in full on June 17, 2027, contingent on her continued service on the board. Following this award, she directly holds 96,297 ADS in total.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Leung Nisa

Role null

Type	Security	Shares	Price	Value
Grant/Award	American Depositary Shares	22,371	$0.00	--

Holdings After Transaction: American Depositary Shares — 96,297 shares (Direct, null)

Footnotes (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. Represents restricted shares that vest in full on June 17, 2027, subject to the Reporting Person's continued service as a member of the issuer's board of directors through such vesting date.

Key Figures

ADS granted: 22,371 ADS Grant price per ADS: $0.00 Holdings after transaction: 96,297 ADS +2 more

5 metrics

ADS granted 22,371 ADS Restricted stock award on June 17, 2026

Grant price per ADS $0.00 Equity compensation, non-cash award

Holdings after transaction 96,297 ADS Direct ownership following the grant

Vesting date June 17, 2027 Restricted shares vest in full on this date

ADS to Ordinary ratio 1 ADS = 10 Ordinary Shares Representation of each American Depositary Share

Key Terms

American Depositary Shares, restricted shares, vest in full, board of directors

4 terms

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.

restricted shares financial

"Represents restricted shares that vest in full on June 17, 2027"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

vest in full financial

"restricted shares that vest in full on June 17, 2027"

board of directors financial

"subject to the Reporting Person's continued service as a member of the issuer's board of directors"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

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Form 4 Insider Transactions: What Each Field Means →

06/22/2026 - 04:08 PM

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^*

Leung Nisa

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

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)
American Depositary Shares⁽¹⁾	06/17/2026		A		22,371⁽²⁾	A	$0	96,297	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)

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. Represents restricted shares that vest in full on June 17, 2027, subject to the Reporting Person's continued service as a member of the issuer's board of directors through such vesting date.

	/s/ Bruce Blefeld, Attorney-in-Fact	06/22/2026
	** 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 did Zai Lab (ZLAB) director Nisa Leung report in this Form 4?

Nisa Leung reported receiving a grant of 22,371 American Depositary Shares from Zai Lab. The award is a form of equity compensation and increases her direct holdings to 96,297 ADS after the transaction.

Is the Zai Lab (ZLAB) Form 4 transaction a stock purchase or a grant?

The Form 4 shows a stock grant, not an open-market purchase. The transaction is coded "A" for grant or award acquisition, with 22,371 ADS received at a price of $0.00 per share as director compensation.

When do the Zai Lab (ZLAB) restricted shares granted to Nisa Leung vest?

The restricted shares vest in full on June 17, 2027, subject to her continued service on Zai Lab’s board. If she remains a director through that date, all 22,371 ADS from this award will become fully vested.

How many Zai Lab (ZLAB) shares does Nisa Leung hold after this Form 4?

After the reported grant, Nisa Leung directly holds 96,297 American Depositary Shares of Zai Lab. This total includes the newly awarded 22,371 ADS, which are currently restricted and scheduled to vest in June 2027.