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BZ · Ownership

Is the smart money (institutions and insiders) accumulating or distributing? One lagging input, not a buy signal.

13F fund flowQuarter ended Jun 30, 2026: more funds trimmed or exited than added or entered, mild distribution (27 new · 99 increased · 98 reduced · 30 closed · 30 unchanged or with no prior quarter on file). Flows at this scale move slowly; treat as context. These positions are 94 days old; the 45-day figure often quoted is the SEC filing deadline after quarter-end, not the age of the data. The counts above compare each filer’s position with its own previous 13F. The change in the number of filers and in the ownership share is not shown: the filings we read hold only each filer’s latest 13F, so there is no earlier quarter of the same filers to compare against. That is a limit of the source, not a statement about this company.
SHARES HELD BY 13F FILERS
75.7%
284 filers, Jun 30, 2026
# 13F FUNDS
284
13F VALUE
$4.0B
307.9M shares
Basis: shares reported by 284 13F filers for Jun 30, 2026, over shares outstanding implied from the current quote, measured 94 days apart. It measures the ownership we have filings for, not total institutional ownership, and it moves with the share count between filings.
routine sells are usually compensation mechanics; open-market buys are the rarer signal. Rows labelled with another security are the derivative leg of a vest or exercise, not share sales
DateNameRoleTypeSharesPriceSEC filing
Sep 17, 2026Wang WenbeiDeputy Chief Financial OfficerAcquired · Option exercise65,000—
Sep 17, 2026Wang WenbeiDeputy Chief Financial OfficerDisposed · Option exercise40,000Restricted Share Unit—
Sep 17, 2026Wang WenbeiDeputy Chief Financial OfficerDisposed · Option exercise25,000Restricted Share Unit—
Sep 17, 2026Mu YangdirectorAcquired · Option exercise122,500—
Sep 17, 2026Mu YangdirectorDisposed · Open-market sale60,704$7.46
Sep 17, 2026Mu YangdirectorDisposed · Option exercise80,000Restricted Share Unit—
Sep 17, 2026Mu YangdirectorDisposed · Option exercise42,500Restricted Share Unit—
Sep 11, 2026Zhao Peng JonathanChief Executive OfficerDisposed · Open-market sale359,600$8.28↗
Sep 10, 2026Zhao Peng JonathanChief Executive OfficerDisposed · Open-market sale384,000$8.18↗
Sep 10, 2026Chen XuChief Marketing OfficerAcquired · Option exercise200,000$0.50↗
Sep 10, 2026Chen XuChief Marketing OfficerDisposed · Open-market sale200,000$8.15↗
Sep 10, 2026Chen XuChief Marketing OfficerDisposed · Option exercise200,000Option (Right to Buy)—↗
Sep 4, 2026Chen XuChief Marketing OfficerAcquired · Option exercise400,000$0.50↗
Sep 4, 2026Chen XuChief Marketing OfficerDisposed · Open-market sale400,000$8.50↗
Sep 4, 2026Chen XuChief Marketing OfficerDisposed · Option exercise400,000Option (Right to Buy)—↗
Aug 27, 2026Zhao Peng JonathanChief Executive OfficerAcquired · Grant / award10,985,000Restricted Share Unit—↗
Jun 16, 2026Liu HongyudirectorAcquired · Option exercise4,212—↗
Jun 16, 2026Liu HongyudirectorDisposed · Option exercise4,212Restricted Share Unit—↗
Jun 16, 2026Sun YonggangdirectorAcquired · Option exercise4,212—↗
Jun 16, 2026Sun YonggangdirectorDisposed · Open-market sale548$6.81↗
Lag warningThese holdings were reported for Jun 30, 2026 and are 94 days old, so this is a rear-view mirror, not real-time positioning. Funds have 45 days after each quarter-end to file, which is why the newest complete quarter always runs 45 to 135 days behind.
Price dashes explainedRows with a price of “—” are option exercises / RSU vests or filings reported without a usable per-share price, not $0 trades.

Not investment advice.

Methodology© 2026 Tenet Investing Inc. · Toronto, Canada

Data from Intrinio and Financial Modeling Prep.