Vault-13

ZAI LAB LTD ZLAB

ADR · ADR · CUSIP 98887Q104 · ISIN US98887Q1040

Zai Lab is an innovative, research-based, commercial stage biopharmaceutical company based in China and the U.S. focused on bringing transformative medicines for cancer, autoimmune and infectious diseases to patients in China and around the world.

139 institutional holders -23 vs Q1 2023
42,826,47942.8m shares reported held*
$1.2bnreported value*
22 new 43 added 46 reduced 43 sold out net sold ≈ $368.5m (-13.2m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $27.68. Options: 6 managers hold calls ($1.9m notional), 8 hold puts ($5.5m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 171Q4 22: 167Q1 23: 162Q2 23: 139139Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022171
Q4 2022167
Q1 2023162
Q2 2023139

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q4 22: 75 bought or addedQ4 22: 81 cut or sold outQ4 22Q1 23: 85 bought or addedQ1 23: 65 cut or sold outQ1 23Q2 23: 65 bought or addedQ2 23: 89 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20227581
Q1 20238565
Q2 20236589

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2.5m$5m$7.5m$10mQ3 22 calls: $7.7mQ3 22 puts: $1.4mQ3 22P/C 0.19Q4 22 calls: $8.5mQ4 22 puts: $6.7mQ4 22P/C 0.79Q1 23 calls: $5.5mQ1 23 puts: $6.0mQ1 23P/C 1.09Q2 23 calls: $1.9mQ2 23 puts: $5.5mQ2 23P/C 2.84
Numbers
QuarterCallsPutsP/C
Q3 2022$7.7m$1.4m0.19
Q4 2022$8.5m$6.7m0.79
Q1 2023$5.5m$6.0m1.09
Q2 2023$1.9m$5.5m2.84

Biggest buyers

JANUS HENDERSON GROUP PLC Added +1,815,712+1.8m
WELLINGTON MANAGEMENT GROUP LLP Added +760,307+760.3k
Capital World Investors Added +557,699+557.7k
Balyasny Asset Management L.P. New +395,930+395.9k
VIKING GLOBAL INVESTORS LP Added +298,200+298.2k
Capital International Investors Added +250,155+250.2k
PFM Health Sciences, LP New +246,706+246.7k
PRICE T ROWE ASSOCIATES INC /MD/ Added +215,742+215.7k
Rock Springs Capital Management LP Added +162,723+162.7k
Legal & General Group Plc Added +161,982+162.0k

Biggest sellers

FMR LLC Reduced -4,174,185-4.2m
BlackRock Inc. Reduced -3,789,907-3.8m
CREDIT SUISSE AG/ Sold out -2,202,229-2.2m
Invesco Ltd. Reduced -1,190,165-1.2m
Capital International, Inc./CA/ Reduced -705,692-705.7k
VANGUARD GROUP INC Sold out -677,919-677.9k
STATE STREET CORP Reduced -616,150-616.1k
Segantii Capital Management Ltd Reduced -482,796-482.8k
GILDER GAGNON HOWE & CO LLC Reduced -468,100-468.1k
Tree Line Advisors (Hong Kong) Ltd. Sold out -460,000-460.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.6m59.2k shares
CITADEL ADVISORS LLC Reduced $219.1k7.9k shares
GROUP ONE TRADING LLC Added $49.9k1.8k shares
SIMPLEX TRADING, LLC Reduced $16.0k600 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares
Cutler Group LLC / CA Unchanged $01.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.9m67.5k shares
GROUP ONE TRADING LLC Added $1.1m39.5k shares
Jefferies Financial Group Inc. New $926.2k33.4k shares
SIMPLEX TRADING, LLC Added $740.0k26.7k shares
JANE STREET GROUP, LLC New $435.4k15.7k shares
CITADEL ADVISORS LLC Added $379.9k13.7k shares
Cutler Group LLC / CA Unchanged $25.0k1.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
RTW INVESTMENTS, LP 13G · institution +4.2 pts · filed 2026-02-17 6.3% +4.2 pts 69.6m 2026-02-17
Qiming Venture Partners IV, L.P. 13G · exempt (held before listing) filed 2025-08-12 6.0% 66.3m 2025-08-12
TCG Crossover GP II, LLC 13G · passive investor new · filed 2026-06-11 5.3% new 59.1m 2026-06-11
RA CAPITAL MANAGEMENT, L.P. 13G · passive investor new · filed 2026-04-06 5.2% new 57.4m 2026-04-06

Fell to 5% or below in the last year: Qiming Corporate GP IV, Ltd (4.4%, 2026-02-13; now reported by Qiming Venture Partners IV, L.P.)

Insider purchases and sales in Q2 2023

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
404Q3 21: 0 buyingQ3 21: 0 sellingQ4 21: 1 buyingQ4 21: 2 sellingQ4 21Q1 22: 0 buyingQ1 22: 2 sellingQ2 22: 0 buyingQ2 22: 0 sellingQ2 22Q3 22: 0 buyingQ3 22: 0 sellingQ4 22: 0 buyingQ4 22: 2 sellingQ4 22Q1 23: 0 buyingQ1 23: 3 sellingQ2 23: 0 buyingQ2 23: 0 sellingQ2 23
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20210—0——
Q4 20211$285.4k2$2.2m—
Q1 20220—2$153.0k—
Q2 20220—0——
Q3 20220—0——
Q4 20220—2$351.7k—
Q1 20230—3$990.4k—
Q2 20230—0——

None reported in Q2 2023.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital World Investors 0.03% of their portfolio LOS ANGELES, CA 5,223,5685.2m $144.8m $144.8m 0.03% Added +557.7k +557,699
2 JANUS HENDERSON GROUP PLC 0.06% of their portfolio LONDON, X0 3,686,7543.7m $102.2m $102.2m 0.06% Added +1.8m +1,815,712
3 Invesco Ltd. 0.03% of their portfolio ATLANTA, GA 3,612,4613.6m $100.2m $100.2m 0.03% Reduced -1.2m -1,190,165
4 VIKING GLOBAL INVESTORS LP 0.30% of their portfolio STAMFORD, CT 2,629,4452.6m $72.9m $72.9m 0.30% Added +298.2k +298,200
5 PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio BALTIMORE, MD 2,625,1152.6m $72.8m $72.8m 0.01% Added +215.7k +215,742
6 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 2,075,3522.1m $57.5m $57.5m 0.01% Added +760.3k +760,307
7 FMR LLC 0.00% of their portfolio BOSTON, MA 1,973,9532.0m $54.7m $54.7m 0.00% Reduced -4.2m -4,174,185
8 Segantii Capital Management Ltd 2.93% of their portfolio HONG KONG, K3 1,795,4791.8m $49.8m $49.8m 2.93% Reduced -482.8k -482,796
9 BAMCO INC /NY/ 0.12% of their portfolio NEW YORK, NY 1,512,0611.5m $41.9m $41.9m 0.12% Added +86.8k +86,847
10 Genesis Investment Management, LLP 4.06% of their portfolio London, X0 1,352,2221.4m $37.4m $37.4m 4.06% Reduced -217.5k -217,542
11 Rock Springs Capital Management LP 0.81% of their portfolio Baltimore, MD 1,222,4231.2m $33.9m $33.9m 0.81% Added +162.7k +162,723
12 Capital International Investors 0.01% of their portfolio Los Angeles, CA 966,853966.9k $26.8m $26.8m 0.01% Added +250.2k +250,155
13 Legal & General Group Plc 0.01% of their portfolio London, X0 934,602934.6k $25.9m $25.9m 0.01% Added +162.0k +161,982
14 Paradigm Biocapital Advisors LP 1.94% of their portfolio NEW YORK, NY 865,297865.3k $24.0m $24.0m 1.94% Added +84.7k +84,739
15 Clearbridge Investments, LLC 0.02% of their portfolio NEW YORK, NY 811,314811.3k $22.5m $22.5m 0.02% Added +15.1k +15,101
16 HSG Holding Ltd 2.20% of their portfolio NA, K3 694,634694.6k $19.3m $19.3m 2.20% Unchanged
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 669,739669.7k $18.6m $18.6m 0.00% Reduced -616.1k -616,150
18 BlackRock Inc. 0.00% of their portfolio New York, NY 591,840591.8k $16.4m $16.4m 0.00% Reduced -3.8m -3,789,907
19 M&G INVESTMENT MANAGEMENT LTD 0.09% of their portfolio London, X0 538,663538.7k $15.1m $15.1m 0.09% Added +10.0k +9,986
20 Allianz Asset Management GmbH 0.03% of their portfolio MUNICH, 2M 473,991474.0k $13.1m $13.1m 0.03% Added +143.3k +143,319
21 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 458,298458.3k $15.2m $15.2m 0.01% Unchanged
22 Vivo Capital, LLC 0.85% of their portfolio Palo Alto, CA 445,505445.5k $12.4m $12.4m 0.85% Added +28.9k +28,865
23 Capital International, Inc./CA/ 0.22% of their portfolio Los Angeles, CA 439,918439.9k $12.2m $12.2m 0.22% Reduced -705.7k -705,692
24 Balyasny Asset Management L.P. 0.03% of their portfolio Chicago, IL 395,930395.9k $11.0m $11.0m 0.03% New
25 FIL Ltd 0.01% of their portfolio HAMILTON, D0 394,469394.5k $10.9m $10.9m 0.01% Added +30.1k +30,130
26 AXA S.A. 0.03% of their portfolio PARIS, I0 321,044321.0k $8.9m $8.9m 0.03% Added +14.4k +14,352
27 PFM Health Sciences, LP 0.28% of their portfolio SAN FRANCISCO, CA 246,706246.7k $6.8m $6.8m 0.28% New
28 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 241,421241.4k $6.7m $6.7m 0.00% Reduced -93.8k -93,790
29 Privium Fund Management B.V. 1.83% of their portfolio AMSTERDAM, P7 240,683240.7k $6.4m $6.4m 1.83% Unchanged
30 PICTET ASSET MANAGEMENT SA 0.01% of their portfolio GENEVA 73, V8 232,210232.2k $6.4m $6.4m 0.01% Reduced -34.1k -34,108
31 Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio VANCOUVER, A1 226,584226.6k $6.3m $6.3m 0.03% Added +103.7k +103,701
32 Woodline Partners LP 0.07% of their portfolio San Francisco, CA 223,032223.0k $6.2m $6.2m 0.07% Reduced -113.9k -113,934
33 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 203,331203.3k $5.6m $5.6m 0.01% Added +155.3k +155,313
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 199,412199.4k $5.5m $5.5m 0.00% Reduced -83.2k -83,214
35 Robeco Institutional Asset Management B.V. 0.01% of their portfolio ROTTERDAM, P7 196,686196.7k $5.5m $5.5m 0.01% Unchanged
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 194,001194.0k $5.4m $5.4m 0.00% Reduced -91.5k -91,489
37 Polar Capital Holdings Plc 0.03% of their portfolio London, X0 181,283181.3k $5.0m $5.0m 0.03% Added +11.7k +11,707
38 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 165,223165.2k $2.7m $2.7m 0.01% Added +96.0k +96,011
39 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 147,131147.1k $4.1m $4.1m 0.01% Added +19.0k +19,000
40 Atika Capital Management LLC 0.51% of their portfolio NEW YORK, NY 145,000145.0k $4.0m $4.0m 0.51% Reduced -14.5k -14,500
41 PLATINUM INVESTMENT MANAGEMENT LTD 0.13% of their portfolio SYDNEY AUSTRALIA 2000, C3 134,783134.8k $3.7m $3.7m 0.13% Unchanged
42 Bridgewater Associates, LP 0.02% of their portfolio Westport, CT 134,657134.7k $3.7m $3.7m 0.02% Reduced -8.1k -8,055
43 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 125,718125.7k $3.5m $3.5m 0.00% Reduced -386.9k -386,852
44 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 118,949118.9k $3.3m $3.3m 0.00% Reduced -89.6k -89,647
45 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 113,037113.0k $3.1m $3.1m 0.01% Reduced -18.3k -18,297
46 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 108,560108.6k $3.1m $3.1m 0.01% Unchanged
47 Zeal Asset Management Ltd 14.16% of their portfolio CENTRAL, K3 106,171106.2k $2.9m $2.9m 14.16% Reduced -198.6k -198,649
48 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 101,085101.1k $2.8m $2.8m 0.00% Added +12.9k +12,900
49 GILDER GAGNON HOWE & CO LLC 0.04% of their portfolio New York, NY 100,637100.6k $2.8m $2.8m 0.04% Reduced -468.1k -468,100
50 Handelsbanken Fonder AB 0.01% of their portfolio STOCKHOLM, V7 94,58594.6k $2.6m $2.6m 0.01% Reduced -570 -570
51 Taikang Asset Management (Hong Kong) Co Ltd 0.61% of their portfolio HONG KONG, K3 94,50094.5k $20.5k $20.5k 0.61% Unchanged
52 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 93,35093.3k $2.6m $2.6m 0.00% Reduced -82.9k -82,929
53 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 87,40087.4k $2.4m $2.4m 0.01% Reduced -10.9k -10,900
54 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 85,41185.4k $2.4m $2.4m 0.00% Reduced -105.6k -105,623
55 INTERNATIONAL BIOTECHNOLOGY TRUST PLC 0.67% of their portfolio London, X0 78,95879.0k $2.2m $2.2m 0.67% Unchanged
56 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 74,26274.3k $2.1m $2.1m 0.00% Reduced -2.8k -2,828
57 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 71,26371.3k $2.0m $2.0m 0.00% Reduced -392.9k -392,870
58 ALPS ADVISORS INC 0.02% of their portfolio Denver, CO 70,57970.6k $2.0m $2.0m 0.02% Added +2.0k +2,019
59 UBS Group AG 0.00% of their portfolio ZURICH, V8 70,07470.1k $1.9m $1.9m 0.00% Reduced -127.4k -127,443
60 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 70,00070.0k $1.9m $1.9m 0.00% Reduced -51.1k -51,080
61 DekaBank Deutsche Girozentrale 0.00% of their portfolio FRANKFURT, 2M 66,64866.6k $1.8m $1.8m 0.00% Added +36.4k +36,366
62 CAPITAL INTERNATIONAL SARL 0.08% of their portfolio Los Angeles, CA 65,17365.2k $1.8m $1.8m 0.08% Reduced -117.0k -116,963
63 CAPITAL FUND MANAGEMENT S.A. 0.03% of their portfolio PARIS, I0 64,68964.7k $1.8m $1.8m 0.03% New
64 TEACHER RETIREMENT SYSTEM OF TEXAS 0.01% of their portfolio AUSTIN, TX 58,96559.0k $1.6m $1.6m 0.01% Added +1.0k +1,016
65 ExodusPoint Capital Management, LP 0.02% of their portfolio NEW YORK, NY 57,19857.2k $1.6m $1.6m 0.02% New
66 ABN AMRO INVESTMENT SOLUTIONS 0.03% of their portfolio PARIS CEDEX 008, I0 56,84356.8k $1.6m $1.6m 0.03% Unchanged
67 AVIVA PLC 0.01% of their portfolio LONDON, X0 55,37055.4k $1.5m $1.5m 0.01% Added +1.8k +1,800
68 Eversept Partners, LP 0.16% of their portfolio NEW YORK, NY 55,17655.2k $1.5m $1.5m 0.16% Reduced -116.8k -116,823
69 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 54,01954.0k $1.5m $1.5m 0.00% Reduced -470 -470
70 OLD MISSION CAPITAL LLC 0.05% of their portfolio CHICAGO, IL 47,78247.8k $1.3m $1.3m 0.05% New
71 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 43,30643.3k $1.2m $1.2m 0.00% Added +15.8k +15,757
72 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 37,50037.5k $1.1m $1.1m 0.00% Reduced -1.2k -1,155
73 WealthPlan Investment Management, LLC 0.31% of their portfolio OMAHA, NE 37,39337.4k $1.0m $1.0m 0.31% Reduced -2.0k -2,000
74 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 31,03931.0k $860.7k $860.7k 0.00% New
75 KBC Group NV 0.00% of their portfolio Brussels, C9 30,11330.1k $835.0k $835.0k 0.00% Added +17.0k +16,992
76 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 26,89726.9k $745.9k $745.9k 0.00% New
77 GSA CAPITAL PARTNERS LLP 0.07% of their portfolio LONDON, X0 26,52126.5k $735.0k $735.0k 0.07% New
78 INDUS CAPITAL PARTNERS, LLC 1.41% of their portfolio NEW YORK, NY 25,25625.3k $700.3k $700.3k 1.41% Unchanged
79 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 24,30524.3k $674.0k $674.0k 0.00% Unchanged
80 Alberta Investment Management Corp 0.01% of their portfolio EDMONTON, A0 22,00022.0k $610.1k $610.1k 0.01% Unchanged
81 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 19,93919.9k $552.9k $552.9k 0.00% Reduced -177.1k -177,064
82 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 19,37419.4k $537.2k $537.2k 0.00% New
83 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 18,97919.0k $526.3k $526.3k 0.00% Reduced -264.7k -264,741
84 PROFUND ADVISORS LLC 0.03% of their portfolio BETHESDA, MD 18,84818.8k $522.7k $522.7k 0.03% Reduced -2.3k -2,302
85 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 18,20218.2k $504.7k $504.7k 0.00% Reduced -2.4k -2,438
86 RWC Asset Management LLP 0.02% of their portfolio LONDON, X0 17,02417.0k $472.1k $472.1k 0.02% Unchanged
87 Long Corridor Asset Management Ltd 0.48% of their portfolio HONG KONG, K3 16,00016.0k $443.7k $443.7k 0.48% Unchanged
88 Greenwoods Asset Management Hong Kong Ltd. 0.02% of their portfolio HONG KONG, K3 15,10015.1k $418.7k $418.7k 0.02% Unchanged
89 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 15,10015.1k $399.4k $399.4k 0.01% Unchanged
90 RBF Capital, LLC 0.03% of their portfolio RENO, NV 15,00015.0k $415.9k $415.9k 0.03% Unchanged
91 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 14,85914.9k $412.0k $412.0k 0.00% New
92 SIMPLEX TRADING, LLC 0.02% of their portfolio CHICAGO, IL 14,58214.6k $404.0k $404.0k 0.02% New
93 PRUDENTIAL PLC 0.00% of their portfolio LONDON, X0 14,45814.5k $400.9k $400.9k 0.00% Added +6.6k +6,616
94 XTX Topco Ltd 0.07% of their portfolio LONDON, X0 14,10414.1k $391.1k $391.1k 0.07% New
95 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 13,25913.3k $367.7k $367.7k 0.00% New
96 Triatomic Management LP 1.14% of their portfolio Palo Alto, CA 13,00013.0k $360.5k $360.5k 1.14% New
97 Swedbank AB 0.00% of their portfolio STOCKHOLM, V7 12,80012.8k $354.9k $354.9k 0.00% Unchanged
98 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 12,70012.7k $352.0k $352.0k 0.00% Reduced -24.1k -24,100
99 VIRTUS ADVISERS, LLC 0.20% of their portfolio HARTFORD, CT 12,42312.4k $344.5k $344.5k 0.20% Added +3.6k +3,646
100 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 12,12412.1k $336.2k $336.2k 0.01% New