Qiming-related investment entities have filed an amended Schedule 13G reporting their ownership in Zai Lab Limited’s ordinary shares. QM11 Limited is shown as directly holding 48,883,643 ordinary shares, equal to 4.4% of the class, based on 1,119,628,030 shares outstanding as of December 31, 2025.
Those 48,883,643 ordinary shares consist of 280,680 American depositary shares and 46,076,843 ordinary shares. Qiming Venture Partners IV, L.P. is reported with shared beneficial ownership of 47,387,408 shares, or 4.2% of the class, while Qiming Managing Directors Fund IV, L.P. reports 1,496,235 shares, or 0.1%. The filing states that the reporting persons’ holdings represent ownership of 5 percent or less of the outstanding ordinary shares.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
Zai Lab Limited
(Name of Issuer)
Ordinary shares, par value US $0.000006 per share
(Title of Class of Securities)
98887Q104
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
98887Q104
1
Names of Reporting Persons
Qiming Corporate GP IV, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
48,883,643.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
48,883,643.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
48,883,643.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Note to Row (5) (7) and (9): As of the date of this 13G/A filing, Qiming Corporate GP IV, Ltd. is the general partner of Qiming Managing Directors Fund IV, L.P. and Qiming GP IV, L.P. Qiming Managing Directors Fund IV, L.P. holds approximately 3.06% of the equity interest of QM11 Limited. Qiming GP IV, L.P. is the general partner of Qiming Venture Partners IV, L.P., which holds approximately 96.94% of the equity interest of QM11 Limited. QM11 Limited is the owner of 48,883,643 ordinary shares, which is consisted of 280,680 American depository shares ("ADSs") and 46,076,843 ordinary shares.
Note to Row (11): The percentage is calculated based upon an aggregate of 1,119,628,030 ordinary shares outstanding as of December 31, 2025, which is based on the information disclosed by the Issuer as of December 31, 2025.
SCHEDULE 13G
CUSIP No.
98887Q104
1
Names of Reporting Persons
Qiming Managing Directors Fund IV, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,496,235.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,496,235.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,496,235.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.1 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row (6) (8) and (9): As of the date of this 13G/A filing, Qiming Managing Directors Fund IV, L.P. holds approximately 3.06% of the equity interest of QM11 Limited, which is the owner of 48,883,643 ordinary shares, which is consisted of 280,680 ADSs and 46,076,843 ordinary shares.
Note to Row (11): The percentage is calculated based upon an aggregate of 1,119,628,030 ordinary shares outstanding as of December 31, 2025, which is based on the information disclosed by the Issuer as of December 31, 2025.
SCHEDULE 13G
CUSIP No.
98887Q104
1
Names of Reporting Persons
Qiming GP IV, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
47,387,408.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
47,387,408.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
47,387,408.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row (6) (8) and (9): As of the date of this 13G/A filing, Qiming GP IV, L.P. is the general partner of Qiming Venture Partners IV, L.P., which owns approximately 96.94% of the equity interest of QM11 Limited, which is the owner of 48,883,643 ordinary shares, which is consisted of 280,680 ADSs and 46,076,843 ordinary shares.
Note to Row (11): The percentage is calculated based upon an aggregate of 1,119,628,030 ordinary shares outstanding as of December 31, 2025, which is based on the information disclosed by the Issuer as of December 31, 2025.
SCHEDULE 13G
CUSIP No.
98887Q104
1
Names of Reporting Persons
Qiming Venture Partners IV, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
47,387,408.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
47,387,408.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
47,387,408.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row (6) (8) and (9): As of the date of this 13G/A filing, Qiming Venture Partners IV, L.P. holds approximately 96.94% of the equity interest of QM11 Limited, which is the owner of 48,883,643 ordinary shares, which is consisted of 280,680 ADSs and 46,076,843 ordinary shares.
Note to Row (11): The percentage is calculated based upon an aggregate of 1,119,628,030 ordinary shares outstanding as of December 31, 2025, which is based on the information disclosed by the Issuer as of December 31, 2025.
SCHEDULE 13G
CUSIP No.
98887Q104
1
Names of Reporting Persons
QM11 Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
HONG KONG
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
48,883,643.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
48,883,643.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
48,883,643.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Note to Row (5) (7) and (9): As of the date of this 13G/A filing, QM11 Limited holds 48,883,643 ordinary shares of the Issuer, which is consisted of 280,680 ADSs and 46,076,843 ordinary shares.
Note to Row (11): The percentage is calculated based upon an aggregate of 1,119,628,030 ordinary shares outstanding as of December 31, 2025, which is based on the information disclosed by the Issuer as of December 31, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Zai Lab Limited
(b)
Address of issuer's principal executive offices:
314 Main Street, 4th Floor, Suite 100, Cambridge, MA, 02142.
Item 2.
(a)
Name of person filing:
Qiming Corporate GP IV, Ltd.
Qiming Managing Directors Fund IV, L.P.
Qiming GP IV, L.P.
Qiming Venture Partners IV, L.P.
QM11 Limited
(b)
Address or principal business office or, if none, residence:
The registered address of each of Qiming Corporate GP IV, Ltd., Qiming Managing Directors Fund IV, L.P., Qiming GP IV, L.P. and Qiming Venture Partners IV, L.P. is M&C Corporate Services Limited, P.O. Box309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands.
The registered address of QM11 Limited is Units 4205-06, 42nd Floor, Gloucester Tower, the Landmark, 15 Queen's Road Central, Hong Kong.
(c)
Citizenship:
Qiming Corporate GP IV, Ltd., Qiming Managing Directors Fund IV, L.P., Qiming GP IV, L.P. and Qiming Venture Partners IV, L.P. are organized in Cayman Islands.
QM11 Limited is a company organized in Hong Kong.
(d)
Title of class of securities:
Ordinary shares, par value US $0.000006 per share
(e)
CUSIP No.:
98887Q104
Item 4.
Ownership
(a)
Amount beneficially owned:
The information set forth in Row (9) of the cover page for each of the Reporting Person is incorporated herein by reference.
(b)
Percent of class:
The information set forth in Row (11) of the cover page for each of the Reporting Person is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information set forth in Row (5) of the cover page for each of the Reporting Person is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information set forth in Row (6) of the cover page for each of the Reporting Person is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information set forth in Row (7) of the cover page for each of the Reporting Person is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information set forth in Row (8) of the cover page for each of the Reporting Person is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Qiming Corporate GP IV, Ltd.
Signature:
/s/ Holan Lam
Name/Title:
Holan Lam/Authorized Signatory
Date:
02/13/2026
Qiming Managing Directors Fund IV, L.P.
Signature:
/s/ Holan Lam
Name/Title:
Holan Lam/Authorized Signatory
Date:
02/13/2026
Qiming GP IV, L.P.
Signature:
/s/ Holan Lam
Name/Title:
Holan Lam/Authorized Signatory
Date:
02/13/2026
Qiming Venture Partners IV, L.P.
Signature:
/s/ Holan Lam
Name/Title:
Holan Lam/Authorized Signatory
Date:
02/13/2026
QM11 Limited
Signature:
/s/ Holan Lam
Name/Title:
Holan Lam/Authorized Signatory
Date:
02/13/2026
Exhibit Information
Exhibit 99.1 Joint Filing Agreement, dated as of February 13, 2019 (incorporated by reference to Exhibit A to the Reporting Persons' Schedule 13G filed with the SEC on February 13, 2019)
https://www.sec.gov/Archives/edgar/data/1704292/000095010319001958/dp102255_sc13ga-zai.htm
