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.
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersShanghai, People's Republic of China
- Websitezailaboratory.com
- FilingsSEC EDGAR
* 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 ($11.9k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $19.00. Options: 1 managers hold calls ($5.7k notional), 5 hold puts ($7.5m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 171 |
| Q4 2022 | 167 |
| Q1 2023 | 162 |
| Q2 2023 | 139 |
| Q3 2023 | 123 |
| Q4 2023 | 125 |
| Q1 2024 | 118 |
| Q2 2024 | 106 |
| Q3 2024 | 105 |
| Q4 2024 | 133 |
| Q1 2025 | 162 |
| Q2 2025 | 157 |
| Q3 2025 | 138 |
| Q4 2025 | 126 |
| Q1 2026 | 99 |
| Q2 2026 | 93 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 51 | 50 |
| Q4 2024 | 78 | 44 |
| Q1 2025 | 95 | 62 |
| Q2 2025 | 81 | 96 |
| Q3 2025 | 68 | 84 |
| Q4 2025 | 67 | 84 |
| Q1 2026 | 43 | 85 |
| Q2 2026 | 43 | 50 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $7.2m | $7.8m | 1.08 |
| Q4 2025 | $395.1k | $6.5m | 16.40 |
| Q1 2026 | $225.7k | $6.3m | 27.71 |
| Q2 2026 | $5.7k | $7.5m | 1318.00 |
Biggest buyers
| TCG Crossover Management, LLC | New | +6.1m |
| Woodline Partners LP | New | +2.2m |
| GOLDMAN SACHS GROUP INC | Added | +2.2m |
| ADAR1 Capital Management, LLC | Added | +1.9m |
| FMR LLC | Added | +1.6m |
| TWO SIGMA INVESTMENTS, LP | Added | +989.7k |
| Nantahala Capital Management, LLC | New | +400.0k |
| CITIGROUP INC | Added | +299.8k |
| Spruce Street Capital LP | New | +279.1k |
| JANE STREET GROUP, LLC | Added | +208.6k |
Biggest sellers
| UBS Group AG | Reduced | -434.7k |
| CITADEL ADVISORS LLC | Reduced | -403.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Sold out | -291.6k |
| BlackRock, Inc. | Reduced | -200.7k |
| SUPERSTRING CAPITAL MANAGEMENT LP | Reduced | -120.0k |
| Walleye Capital LLC | Sold out | -94.7k |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -72.2k |
| BAROMETER CAPITAL MANAGEMENT INC. | Sold out | -66.5k |
| TD Asset Management Inc | Sold out | -37.4k |
| Point72 Asset Management, L.P. | Sold out | -35.1k |
Biggest calls
| SIMPLEX TRADING, LLC | Reduced | $5.7k300 shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $3.9m203.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.1m109.8k shares |
| CITADEL ADVISORS LLC | Added | $953.8k50.2k shares |
| GROUP ONE TRADING LLC | Reduced | $478.8k25.2k shares |
| SIMPLEX TRADING, LLC | Added | $129.2k6.8k 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.
| Holder | Stake |
|---|---|
| RTW INVESTMENTS, LP 13G · institution +4.2 pts · filed 2026-02-17 | 6.3% |
| Qiming Venture Partners IV, L.P. 13G · exempt (held before listing) filed 2025-08-12 | 6.0% |
| TCG Crossover GP II, LLC 13G · passive investor new · filed 2026-06-11 | 5.3% |
| RA CAPITAL MANAGEMENT, L.P. 13G · passive investor new · filed 2026-04-06 | 5.2% |
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 since 1 Apr 2026
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)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 2 | $212.0k | — |
| Q1 2025 | 0 | — | 5 | $7.8m | $7.8m |
| Q2 2025 | 0 | — | 7 | $10.2m | $6.5m |
| Q3 2025 | 1 | $289.1k | 5 | $7.7m | $7.1m |
| Q4 2025 | 0 | — | 3 | $641.8k | $431.7k |
| Q1 2026 | 1 | $32.7k | 5 | $4.5m | $4.3m |
| Q2 2026 | 0 | — | 6 | $5.8m | $4.2m |
| Q3 2026 | 1 | $33.1k | 2 | $235.1k | $235.1k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-08-19 | Chen Yajing Chief Financial Officer · American Depositary Shares | Sold plan | $7.0k260 shares |
| 2026-08-12 | Lis William Director · American Depositary Shares | Sold plan | $212.7k8.5k shares |
| 2026-08-11 | Chen Yajing Chief Financial Officer · American Depositary Shares | Sold plan | $15.5k619 shares |
| 2026-07-01 | GAYNOR RICHARD Director · American Depositary Shares | Bought plan | $33.1k1.7k shares |
| 2026-06-30 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold | $130.2k7.0k shares |
| 2026-06-26 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold | $428.5k24.5k shares |
| 2026-06-26 | Edmondson Frazor Titus III Chief Legal Officer · American Depositary Shares | Sold | $71.6k4.1k shares |
| 2026-06-26 | Chen Yajing Chief Financial Officer · American Depositary Shares | Sold | $39.5k2.3k shares |
| 2026-06-22 | Lis William Director · American Depositary Shares | Sold plan | $127.4k7.0k shares |
| 2026-05-18 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold plan | $950.0k50.0k shares |
| 2026-05-15 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold plan | $1.0m50.0k shares |
| 2026-05-14 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold plan | $1.0m50.0k shares |
| 2026-05-14 | Edmondson Frazor Titus III Chief Legal Officer · American Depositary Shares | Sold plan | $71.0k3.5k shares |
| 2026-05-13 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold plan | $998.3k50.0k shares |
| 2026-04-06 | Smiley Joshua L Officer · American Depositary Shares | Sold | $61.7k3.0k shares |
| 2026-04-06 | Amado Rafael Officer · American Depositary Shares | Sold | $56.0k2.7k shares |
| 2026-04-06 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold | $54.3k2.7k shares |
| 2026-04-06 | Edmondson Frazor Titus III Chief Legal Officer · American Depositary Shares | Sold | $25.0k1.2k shares |
| 2026-04-06 | Chen Yajing Chief Financial Officer · American Depositary Shares | Sold | $17.4k853 shares |
| 2026-04-02 | Amado Rafael Officer · American Depositary Shares | Sold | $202.1k9.9k shares |
| 2026-04-02 | Smiley Joshua L Officer · American Depositary Shares | Sold | $196.0k9.6k shares |
| 2026-04-02 | Du Ying Chairperson & CEO, director · American Depositary Shares | Sold | $113.7k5.6k shares |
| 2026-04-02 | Chen Yajing Chief Financial Officer · American Depositary Shares | Sold | $106.0k5.2k shares |
| 2026-04-02 | Edmondson Frazor Titus III Chief Legal Officer · American Depositary Shares | Sold | $85.5k4.2k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| RTW INVESTMENTS, LP 1.07% of their portfolio | 6.6m $124.9m | Unchanged |
| TCG Crossover Management, LLC 2.80% of their portfolio | 6.1m $116.6m | New |
| RA CAPITAL MANAGEMENT, L.P. 0.95% of their portfolio | 5.7m $109.1m | Added +36.3k |
| ADAR1 Capital Management, LLC 3.01% of their portfolio | 3.4m $64.0m | Added +1.9m |
| FMR LLC 0.00% of their portfolio | 2.8m $53.5m | Added +1.6m |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 2.3m $44.0m | Added +2.2m |
| Woodline Partners LP 0.13% of their portfolio | 2.2m $41.9m | New |
| Frazier Life Sciences Management, L.P. 0.79% of their portfolio | 1.9m $36.1m | Unchanged |
| BAMCO INC /NY/ 0.05% of their portfolio | 1.6m $30.9m | Reduced -34.6k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 1.3m $24.7m | Added +989.7k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 1.3m $24.4m | Reduced -403.9k |
| Rock Springs Capital Management LP 0.76% of their portfolio | 814.7k $15.5m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 664.5k $12.6m | Reduced -200.7k |
| C WorldWide Group Holding A/S 0.23% of their portfolio | 510.0k $9.7m | Unchanged |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 476.5k $9.1m | Added +208.6k |
| B Group, Inc. 4.86% of their portfolio | 450.6k $8.6m | Unchanged |
| Nantahala Capital Management, LLC 0.23% of their portfolio | 400.0k $7.6m | New |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 393.2k $7.2m | Unchanged |
| NAN FUNG TRINITY (HK) LTD 0.65% of their portfolio | 346.5k $6.6m | Unchanged |
| Aberdeen Group plc 0.01% of their portfolio | 311.3k $5.9m | Added +73.6k |
| CITIGROUP INC 0.00% of their portfolio | 300.8k $5.7m | Added +299.8k |
| Spruce Street Capital LP 1.04% of their portfolio | 279.1k $5.3m | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 253.2k $4.8m | Added +9.6k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio | 247.0k $4.7m | Added +130.4k |
| Hennion & Walsh Asset Management, Inc. 0.12% of their portfolio | 230.4k $4.4m | Added +16.1k |
| Hudson Bay Capital Management LP 0.02% of their portfolio | 215.0k $4.1m | Added +185.0k |
| NEXTBio Capital Management LP 1.60% of their portfolio | 183.4k $3.5m | Unchanged |
| SUPERSTRING CAPITAL MANAGEMENT LP 1.87% of their portfolio | 155.8k $3.0m | Reduced -120.0k |
| Tidal Investments LLC 0.01% of their portfolio | 154.0k $2.9m | Reduced -29.7k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 147.2k $2.8m | New |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 141.2k $2.7m | Added +77.9k |
| Seven Fleet Capital Management LP 0.48% of their portfolio | 136.0k $2.9m | Added +58.2k |
| Privium Fund Management B.V. 0.43% of their portfolio | 122.2k $2.3m | Reduced -10.0k |
| STATE STREET CORP 0.00% of their portfolio | 120.8k $2.3m | Added +2.0k |
| ALPS ADVISORS INC 0.01% of their portfolio | 110.4k $2.1m | Added +19.6k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 102.0k $1.9m | Reduced -72.2k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 76.6k $1.5m | Added +11.3k |
| Legal & General Group Plc 0.00% of their portfolio | 71.5k $1.4m | Added +1.4k |
| UBS Group AG 0.00% of their portfolio | 69.5k $1.3m | Reduced -434.7k |
| Virtus Investment Advisers, LLC 0.30% of their portfolio | 68.1k $1.3m | Added +20.6k |
| Headlands Technologies LLC 0.14% of their portfolio | 68.0k $1.3m | Added +39.9k |
| MORGAN STANLEY 0.00% of their portfolio | 65.4k $1.2m | Reduced -29.0k |
| DCF Advisers, LLC 0.32% of their portfolio | 63.5k $1.2m | Unchanged |
| Quadrature Capital Ltd 0.01% of their portfolio | 39.0k $741.5k | New |
| WealthPlan Investment Management, LLC 0.03% of their portfolio | 36.8k $698.5k | Unchanged |
| NORTHERN TRUST CORP 0.00% of their portfolio | 24.0k $455.6k | Reduced -1.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 23.9k $453.7k | Unchanged |
| Invesco Ltd. 0.00% of their portfolio | 22.4k $425.5k | Reduced -4.2k |
| XTX Topco Ltd 0.00% of their portfolio | 18.3k $348.6k | Reduced -28.7k |
| Schonfeld Strategic Advisors LLC 0.00% of their portfolio | 15.5k $294.4k | New |
| Squarepoint Ops LLC 0.00% of their portfolio | 15.3k $291.0k | Reduced -4.1k |
| Erste Asset Management GmbH 0.00% of their portfolio | 15.1k $278.0k | Unchanged |
| Vanguard Personalized Indexing Management, LLC 0.00% of their portfolio | 11.1k $211.5k | Added +587 |
| Persistent Asset Partners Ltd 0.07% of their portfolio | 11.0k $209.8k | Reduced -1.3k |
| TWO SIGMA SECURITIES, LLC 0.02% of their portfolio | 10.1k $192.5k | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 6.9k $127.3k | Added +136 |
| China Universal Asset Management Co., Ltd. 0.01% of their portfolio | 5.2k $99.6k | Reduced -845 |
| GROUP ONE TRADING LLC 0.00% of their portfolio | 5.1k $96.7k | Reduced -2.6k |
| Nykredit A/S 0.00% of their portfolio | 4.2k $78.8k | First filing |
| Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio | 3.9k $74.6k | Reduced -1.5k |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 2.7k $50.5k | Added +922 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.7k $32.0k | Reduced -44 |
| Basecamp Wealth Advisors LLC 0.01% of their portfolio | 1.5k $28.5k | Reduced -1.2k |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 1.0k $19.2k | New |
| US BANCORP \DE\ 0.00% of their portfolio | 960 $18.2k | Reduced -63 |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 768 $14.6k | Added +15 |
| GF FUND MANAGEMENT CO. LTD. 0.00% of their portfolio | 729 $13.9k | Reduced -144 |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 690 $13.1k | Reduced -267 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 628 $11.9k | Unchanged |
| Federation des caisses Desjardins du Quebec 0.00% of their portfolio | 300 $5.7k | New |
| BARCLAYS PLC 0.00% of their portfolio | 292 $5.5k | Reduced -3.2k |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio | 205 $3.9k | Added +3 |
| Arax Advisory Partners 0.00% of their portfolio | 201 $3.8k | New |
| ASSETMARK, INC 0.00% of their portfolio | 155 $2.9k | Reduced -53 |
| Quent Capital, LLC 0.00% of their portfolio | 150 $2.9k | Reduced -80 |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 147 $2.8k | Unchanged |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 140 $2.7k | Reduced -80 |
| Smartleaf Asset Management LLC 0.00% of their portfolio | 132 $2.4k | Unchanged |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 117 $2.2k | Reduced -67 |
| North Star Investment Management Corp. 0.00% of their portfolio | 97 $1.8k | New |
| Ameritas Advisory Services, LLC 0.00% of their portfolio | 76 $1.4k | New |
| AMERIFLEX GROUP, INC. 0.00% of their portfolio | 62 $1.2k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 60 $1.1k | Reduced -5.4k |
| BESSEMER GROUP INC 0.00% of their portfolio | 60 $1.0k | Added +6 |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 40 $760 | Unchanged |
| Cornerstone Financial Management LLC 0.00% of their portfolio | 32 $608 | Unchanged |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 26 $494 | Added +4 |
| Bell Investment Advisors, Inc 0.00% of their portfolio | 26 $494 | Unchanged |
| Caitong International Asset Management Co., Ltd 0.00% of their portfolio | 26 $494 | Added +5 |
| Stone House Investment Management, LLC 0.00% of their portfolio | 22 $418 | New |
| Blue Trust, Inc. 0.00% of their portfolio | 5 $95 | Unchanged |
| Larson Financial Group LLC 0.00% of their portfolio | 4 $76 | Reduced -40 |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 3 $57 | New |