Hong Kong Exchanges and Clearing Limited

FORM 2 - Corporate Substantial Shareholder Notice

Form Serial Number:

CS20260703E00462

1. Date of relevant event:

29/06/2026
(dd/mm/yyyy)

2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later):

01/07/2026
(dd/mm/yyyy)

3. Stock code:

09688

4. Name of listed corporation:

Zai Lab Ltd.

5. Class of shares:

Ordinary Shares

6. Number of issued shares in class:

1,137,828,030

7. Name of substantial shareholder:

JPMorgan Chase & Co.

8. Registered office:

270 Park Avenue, New York, New York, NY, 10017, United States

9. Principal place of business in Hong Kong:

N/A

15. Exchange on which listed:

New York Stock Exchange

16. Name of listed parent and exchange on which parent is listed:

N/A

17. Details of relevant event:

Brief description of relevant event

Capacity in which shares were/are held

Number of shares bought/sold or involved

Currency of transaction

On Exchange

Off Exchange

Before relevant event

After relevant event

Highest price (per share)

Average price (per share)

Average consideration (per share)

Nature of consideration

Long position

Short position

1403	You came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased because: any other event (you must briefly describe the relevant event in the Supplementary Information box)

2201	Interest of corporation controlled by you

2201	Interest of corporation controlled by you

4,698,095

18. Total shares immediately before the relevant event:

	Total number of shares	Percentage figure (%)
Long position	92,957,118	8.16
Short position	66,367,696	5.83
Lending Pool	14,065,450	1.23

19. Total shares immediately after the relevant event:

	Total number of shares	Percentage figure (%)
Long position	97,028,734	8.52
Short position	71,065,791	6.24
Lending Pool	15,361,591	1.35

20. Capacity in which interests disclosed in Box 19 are held:

Capacity code

Number of shares

2101	Beneficial owner

Long position	65,617,174
Short position	71,061,591

2102	Investment manager

Long position	2,580
Short position	4,200

2106	Person having a security interest in shares

Long position	16,047,389
Short position	0

2502	Approved lending agent

Long position	15,361,591
Short position	0

21. Further information in respect of derivative interests:

Derivatives code

Number of shares

4101	Listed derivatives - Physically settled

Long position	15,000,000
Short position	15,000,000

4102	Listed derivatives - Cash settled

Long position	0
Short position	3,700

4105	Unlisted derivatives - Physically settled

Long position	0
Short position	198,600

4106	Unlisted derivatives - Cash settled

Long position	15,349,860
Short position	8,400,731

22. Further information in relation to interests of corporations controlled by substantial shareholder:

Name of controlled corporation

Address and place of incorporation

Name of controlling person

% control

Direct interest (Y/N)

Number of shares

J.P. Morgan SE

TaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 Germany

J.P. Morgan International Finance Limited

100.00

Long position	15,000,000
Short position	15,000,000

J.P. MORGAN MARKETS LIMITED

25 Bank Street Canary Wharf London E14 5JP England

J.P. MORGAN FINANCIAL INVESTMENTS LIMITED

100.00

Long position	600
Short position	0

J.P. Morgan Securities LLC

270 Park Avenue New York NY 10017 United States

J.P. Morgan Broker-Dealer Holdings Inc.

100.00

Long position	44,964,480
Short position	38,547,640

J.P. Morgan Investment Management Inc.

270 Park Avenue New York NY 10017 United States

JPMorgan Asset Management Holdings Inc.

100.00

Long position	2,580
Short position	0

J.P. Morgan Prime Inc.

270 Park Avenue New York NY 10017 United States

J.P. Morgan Securities LLC

100.00

Long position	204,397
Short position	204,397

JPMorgan Chase Bank, National Association

1111 Polaris Parkway Columbus OH 43240 United States

JPMorgan Chase & Co.

100.00

Long position	15,361,591
Short position	0

J.P. Morgan Alternative Asset Management, Inc.

270 Park Avenue New York NY 10017 United States

JPMorgan Asset Management Holdings Inc.

100.00

Long position	0
Short position	4,200

J.P. MORGAN SECURITIES PLC

25 Bank Street Canary Wharf London E14 5JP England

J.P. MORGAN CAPITAL HOLDINGS LIMITED

100.00

Long position	21,495,086
Short position	17,309,554

J.P. Morgan International Finance Limited

270 Park Avenue New York NY 10017 United States

JPMorgan Chase Bank, National Association

100.00

Long position	36,495,086
Short position	32,309,554

JPMorgan Chase Bank, National Association

1111 Polaris Parkway Columbus OH 43240 United States

JPMorgan Chase & Co.

100.00

Long position	36,495,086
Short position	32,309,554

J.P. MORGAN FINANCIAL INVESTMENTS LIMITED

25 Bank Street Canary Wharf London E14 5JP England

JPMorgan Chase Holdings LLC

100.00

Long position	600
Short position	0

JPMorgan Chase Holdings LLC

270 Park Avenue New York NY 10017 United States

JPMorgan Chase & Co.

100.00

Long position	45,172,057
Short position	38,756,237

J.P. Morgan Broker-Dealer Holdings Inc.

4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United States

JPMorgan Chase Holdings LLC

100.00

Long position	45,168,877
Short position	38,752,037

JPMorgan Asset Management Holdings Inc.

270 Park Avenue New York NY 10017 United States

JPMorgan Chase Holdings LLC

100.00

Long position	2,580
Short position	4,200

J.P. Morgan Securities LLC

270 Park Avenue New York NY 10017 United States

J.P. Morgan Broker-Dealer Holdings Inc.

100.00

Long position	204,397
Short position	204,397

J.P. MORGAN CAPITAL HOLDINGS LIMITED

25 Bank Street Canary Wharf London E14 5JP England

J.P. Morgan International Finance Limited

100.00

Long position	21,495,086
Short position	17,309,554

23. Further information in relation to interests held by substantial shareholder jointly with another person:

Name of joint shareholder	Address	Number of shares

24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:

Names of trust	Address	Status code	Number of shares

25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):

Names of other parties	Address	Number of shares

Total number of shares in which a substantial shareholder is interested under sections 317 and 318

26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:

Names	Address	Relationship Code	Percentage (%)

27. Supplementary information:

JP Morgan Chase & Co. came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased.

28. Log/Serial Number of the previous form:

29. Number of concert party document(s) under section 317 attached/uploaded:

Date of filing this Form 2:

03/07/2026
(dd/mm/yyyy)