Zai Lab Ltd (ZLAB)

Nasdaq · ADR · Pharmaceutical Preparations

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

7 entities across 4 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-26 — see the exhibit.

Which other public companies file entities in the same places:

Subsidiaries of Zai Lab Ltd as disclosed in its SEC filing
Entity	Jurisdiction	Note
Zai Lab (Hong Kong) Limited	Hong Kong
Zai Lab (AUST) Pty. Ltd.	Australia
Zai Lab (US) LLC	Delaware
ZL China Holding Two Limited	Hong Kong
Zai Auto Immune (Hong Kong) Limited	Hong Kong
Zai Anti Infectives (Hong Kong) Limited	Hong Kong
Zai Lab (Taiwan) Limited	Taiwan

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -15.0%
FAILOperating cash flow positiveOCF -151M
PASSReturn on assets improving-21.7% → -15.0%
PASSCash flow exceeds earningsOCF -151M vs NI -176M
FAILLong-term debt ratio fallingno debt reported
FAILCurrent ratio improving3.51 → 2.45
FAILNo share dilution989M → 1.1B shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.34× → 0.39×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$49.0M	−$268.9M	−$226.2M	—	776,677,430
FY2021	$144.3M	−$704.5M	−$567.5M	—	929,921,120
FY2022	$215.0M	−$443.3M	−$392.2M	—	958,067,140
FY2023	$266.7M	−$334.6M	−$205.4M	—	966,394,130
FY2024	$399.0M	−$257.1M	−$220.5M	—	989,477,730
FY2025	$460.2M	−$175.5M	−$158.9M	—	1,095,311,090

Ownership flow

7 institutions tracked — 3 added, 3 reduced, 3 sold out. Active managers added 1,137,037 shares while index money cut 198,651.

Institutional holders of Zai Lab Ltd and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	2,815,214	+1,552,823	$53.5M
CITADEL ADVISORS LLC	Hedge fund	1,334,906	−386,926	$25.4M
BlackRock, Inc.	Index	664,462	−200,684	$12.6M
MORGAN STANLEY	Active fund	65,401	−28,996	$1.2M
STATE STREET CORP	Index	120,846	+2,033	$2.3M
JPMORGAN CHASE & CO	Active fund	6,917	+136	$127,342

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001704292
FIGI: BBG00HFX3N90
SIC: 2834 · Pharmaceutical Preparations
Incorporated: Cayman Islands
Headquarters: SHANGHAI

Ownership

Institutional: 38.5%
Institutions: 127
Insiders: 2.1%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other pharmaceutical preparations companies

Zai Lab Ltd files under SIC 2834 — all 50 pharmaceutical preparations companies compared on assets and F-score.

PFIZER INCPFE JOHNSON & JOHNSONJNJ Merck & Co., Inc.MRK AbbVie Inc.ABBV ELI LILLY & CoLLY BRISTOL MYERS SQUIBB COBMY

Questions about Zai Lab Ltd

How many subsidiaries does Zai Lab Ltd file with the SEC?: 7, listed in its most recent exhibit 21. They are incorporated across 4 jurisdictions (Hong Kong, Australia, Delaware, Taiwan). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Zai Lab Ltd financially healthy?: Zai Lab Ltd scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Zai Lab Ltd?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are FMR LLC (adding), CITADEL ADVISORS LLC (trimming), BlackRock, Inc. (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

7 entities across 4 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-26 — see the exhibit.

Which other public companies file entities in the same places:

Hong Kong4 Australia1 Delaware1 Taiwan1

Entity

Jurisdiction

Note

Zai Lab (Hong Kong) Limited

Hong Kong

Zai Lab (AUST) Pty. Ltd.

Australia

Zai Lab (US) LLC

Delaware

ZL China Holding Two Limited

Hong Kong

Zai Auto Immune (Hong Kong) Limited

Hong Kong

Zai Anti Infectives (Hong Kong) Limited

Hong Kong

Zai Lab (Taiwan) Limited

Taiwan

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -15.0%
FAILOperating cash flow positiveOCF -151M
PASSReturn on assets improving-21.7% → -15.0%
PASSCash flow exceeds earningsOCF -151M vs NI -176M
FAILLong-term debt ratio fallingno debt reported
FAILCurrent ratio improving3.51 → 2.45
FAILNo share dilution989M → 1.1B shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.34× → 0.39×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$49.0M	−$268.9M	−$226.2M	—	776,677,430
FY2021	$144.3M	−$704.5M	−$567.5M	—	929,921,120
FY2022	$215.0M	−$443.3M	−$392.2M	—	958,067,140
FY2023	$266.7M	−$334.6M	−$205.4M	—	966,394,130
FY2024	$399.0M	−$257.1M	−$220.5M	—	989,477,730
FY2025	$460.2M	−$175.5M	−$158.9M	—	1,095,311,090

Ownership flow

7 institutions tracked — 3 added, 3 reduced, 3 sold out. Active managers added 1,137,037 shares while index money cut 198,651.

Institutional holders of Zai Lab Ltd and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	2,815,214	+1,552,823	$53.5M
CITADEL ADVISORS LLC	Hedge fund	1,334,906	−386,926	$25.4M
BlackRock, Inc.	Index	664,462	−200,684	$12.6M
MORGAN STANLEY	Active fund	65,401	−28,996	$1.2M
STATE STREET CORP	Index	120,846	+2,033	$2.3M
JPMORGAN CHASE & CO	Active fund	6,917	+136	$127,342

Questions about Zai Lab Ltd

How many subsidiaries does Zai Lab Ltd file with the SEC?

7, listed in its most recent exhibit 21. They are incorporated across 4 jurisdictions (Hong Kong, Australia, Delaware, Taiwan). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Zai Lab Ltd financially healthy?

Zai Lab Ltd scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Zai Lab Ltd?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are FMR LLC (adding), CITADEL ADVISORS LLC (trimming), BlackRock, Inc. (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.