BeOne Medicines Director Exercises Options & Sells $10.9M in ADSs Under Rule 10b5-1 Plan

Executive Summary

On October 15, 2026, BeOne Medicines Ltd. (ONC) filed a Form 4 disclosing that Xiaodong Wang, a Director and Chair of the Scientific Advisory Board, executed an option exercise and subsequent sale of 31,027 American Depositary Shares (ADSs) (representing 403,351 ordinary shares) on October 13, 2026. The aggregate sale proceeds were approximately $10.89 million at a weighted average price of approximately $350.99 per ADS.

Transaction Details

• Option Exercise: Exercised 403,351 stock options at an exercise price of $2.84 per ordinary share (equivalent to 31,027 ADSs at $36.90 per ADS), with the options set to expire on November 15, 2026.
• Open Market Sales: All 31,027 ADSs were sold in five tranches ranging from $348.98 to $353.325 per share:
  • 7,167 ADSs @ $349.5613
  • 10,361 ADSs @ $350.4741
  • 5,681 ADSs @ $351.3958
  • 6,558 ADSs @ $352.5691
  • 1,260 ADSs @ $353.2367
• Plan Details: The transactions were conducted under a pre-established Rule 10b5-1 trading plan adopted on June 9, 2026.

Ownership Structure Post-Transaction

While the reporting person's direct ADS balance following the transaction is 0, Dr. Wang retains substantial equity in BeOne Medicines:

• Direct Ownership: 4,588,113 Ordinary Shares
• Indirect Ownership:
  • 1,025,063 Ordinary Shares held via a family trust
  • 3,953,100 Ordinary Shares held via Wang Investment LLC
  • 50 Ordinary Shares held by spouse
• Derivative Holdings: 403,364 options remaining.

Analytical Takeaway

This transaction represents a standard exercise-and-sell execution driven by the impending November 15, 2026 option expiration date and conducted under a pre-arranged Rule 10b5-1 plan. Despite the sizable $10.9 million liquidity event, Dr. Wang maintains over 9.5 million ordinary shares across direct and indirect holdings, keeping his financial interests heavily aligned with shareholders.