Hong Kong Exchanges and Clearing Limited

FORM 2 - Corporate Substantial Shareholder Notice

Form Serial Number:

CS20260714E00702

1. Date of relevant event:

09/07/2026
(dd/mm/yyyy)

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

13/07/2026
(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

1104	The percentage level of your interest in the shares has increased because: you acquired a security interest in the shares

2201	Interest of corporation controlled by you

2201	Interest of corporation controlled by you

5,343,080

HKD

15.4100

15.3155

15.3394

3101

Cash

Short position

18. Total shares immediately before the relevant event:

	Total number of shares	Percentage figure (%)
Long position	100,338,352	8.81
Short position	71,992,712	6.32
Lending Pool	13,915,518	1.22

19. Total shares immediately after the relevant event:

	Total number of shares	Percentage figure (%)
Long position	105,681,432	9.28
Short position	71,509,042	6.28
Lending Pool	13,915,718	1.22

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

Capacity code

Number of shares

2101	Beneficial owner

Long position	66,530,625
Short position	71,504,842

2102	Investment manager

Long position	2,580
Short position	4,200

2106	Person having a security interest in shares

Long position	25,232,509
Short position	0

2502	Approved lending agent

Long position	13,915,718
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	174,600

4106	Unlisted derivatives - Cash settled

Long position	17,270,160
Short position	9,740,925

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	16,600
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	51,718,929
Short position	36,448,939

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	216,710
Short position	216,710

JPMorgan Chase Bank, National Association

1111 Polaris Parkway Columbus OH 43240 United States

JPMorgan Chase & Co.

100.00

Long position	13,915,718
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	24,810,895
Short position	19,839,193

J.P. Morgan International Finance Limited

270 Park Avenue New York NY 10017 United States

JPMorgan Chase Bank, National Association

100.00

Long position	39,810,895
Short position	34,839,193

JPMorgan Chase Bank, National Association

1111 Polaris Parkway Columbus OH 43240 United States

JPMorgan Chase & Co.

100.00

Long position	39,810,895
Short position	34,839,193

J.P. MORGAN FINANCIAL INVESTMENTS LIMITED

25 Bank Street Canary Wharf London E14 5JP England

JPMorgan Chase Holdings LLC

100.00

Long position	16,600
Short position	0

JPMorgan Chase Holdings LLC

270 Park Avenue New York NY 10017 United States

JPMorgan Chase & Co.

100.00

Long position	51,954,819
Short position	36,669,849

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	51,935,639
Short position	36,665,649

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	216,710
Short position	216,710

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	24,810,895
Short position	19,839,193

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:

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:

14/07/2026
(dd/mm/yyyy)