Qfin (QFIN) director-associated fund adds 190K ADS and closes short put positions

Rhea-AI Filing Summary

Qfin Holdings, Inc. director-associated entity TPC Compounder Master Fund reported net open-market purchases of the company’s securities. On March 27, it bought 190,000 American Depositary Shares at $12.89 per ADS, held indirectly through the fund, while the reporting person continues to hold 15,000 ADS directly.

The fund also bought 330 put option contracts on the same date at $852 per contract with a $20 exercise price, referencing 33,000 ADS. Footnotes indicate the reporting person disclaims beneficial ownership of the fund’s ADS and put positions except to the extent of any pecuniary interest, and that short put positions totaling 600 contracts were reduced to 270 and later eliminated through purchase transactions.

Insights

Equity derivatives and insider-transactions analyst

Director-linked fund increased ADS exposure and closed out short put positions.

The data show TPC Compounder Master Fund, an entity associated with director Chen Xiaohuan, making net open-market purchases of both Qfin ADS and put options. The fund acquired 190,000 ADS at $12.89 and 330 put contracts with a $20 exercise price.

Footnotes explain that Chen disclaims beneficial ownership of the fund’s positions beyond any pecuniary interest, so these are best viewed as transactions by the fund rather than personal trades. Another footnote describes a short put position totaling 600 contracts that was reduced to 270 and then taken to zero via purchases on March 27 and March 31, turning that derivative exposure from a short obligation into no remaining put position.

The combined picture is a net-buy pattern, with 100% of reported trades on the buy side and no sales. From this single filing, the transactions appear sizable but their overall significance depends on Qfin’s total share count and the fund’s broader strategy, which are not detailed here.

Insider Trade Summary

Net Buyer: 250,600 shares ($3,722,600)

Net Buy 5 txns

Insider Chen Xiaohuan

Role Director

Bought 250,600 shs ($3.72M)

Type	Security	Shares	Price	Value
Purchase	Put Options	330	$852.00	$281K
Purchase	American Depositary Shares	190,000	$12.89	$2.45M
holding	American Depositary Shares	--	--	--
Purchase	Put Options	270	$902.00	$244K
Purchase	American Depositary Shares	60,000	$12.48	$749K

Holdings After Transaction: Put Options — 270 shares (Indirect, By TPC Compounder Master Fund); American Depositary Shares — 190,000 shares (Indirect, By TPC Compounder Master Fund); American Depositary Shares — 15,000 shares (Direct)

Footnotes (1)

1. Each American depositary shares represents two(2) Class A ordinary shares of the Issuer. The reporting person disclaims the beneficial ownership of these American Depositary Shares owned by TPC Compounder Master Fund except to the extent of the reporting person's pecuniary interest. The reporting person is a co-founder and partner at Twin Peaks Capital Limited, which is the fund manager of TPC Compounder Master Fund. Represents the exercise price of the American Depositary Shares. Each American Depositary Share represents two Class A ordinary share of the issuer. The options are exercisable at any time prior to the Expiration Date. The reporting person disclaims the beneficial ownership of these American Depositary Shares underlying the put option positions owned by TPC Compounder Master Fund except to the extent of the reporting person's pecuniary interest. The reporting person is a co-founder and partner at Twin Peaks Capital Limited, which is the fund manager of TPC Compounder Master Fund. Prior to the purchase transactions described herein, the reporting person had a short position in a total of 600 put options contracts, representing obligations to buy. After the execution of the purchase transaction on March 27, 2026, the reporting person had a short position in a total of 270 put options contracts, representing obligations to buy. After the execution of the purchase transaction on March 31, 2026, the reporting person does not own any position in put options.

Key Figures

ADS purchased: 190,000 ADS ADS purchase price: $12.89 per ADS Put contracts purchased: 330 contracts +3 more

6 metrics

ADS purchased 190,000 ADS Open-market purchase at $12.89 per ADS on March 27

ADS purchase price $12.89 per ADS Price for 190,000 indirectly held ADS

Put contracts purchased 330 contracts Put options on 33,000 ADS at $852 per contract

Put option exercise price $20.00 Exercise price for ADS underlying put options

Short put position peak 600 contracts Short put options before purchase transactions described in footnote

Direct ADS holding 15,000 ADS Shares held directly by reporting person after transactions

Key Terms

American Depositary Shares, put options, exercise price, short position, +1 more

5 terms

American Depositary Shares financial

"Each American depositary shares represents two(2) Class A ordinary shares of the Issuer."

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

put options financial

"Prior to the purchase transactions described herein, the reporting person had a short position in a total of 600 put options contracts"

A put option is a financial contract that gives the holder the right to sell a specific asset at a predetermined price within a set period. Investors use put options to protect against potential declines in the value of an asset or to profit if they believe prices will fall, similar to reserving the option to sell an item at today’s price even if its market value drops later.

exercise price financial

"Represents the exercise price of the American Depositary Shares."

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

short position financial

"the reporting person had a short position in a total of 600 put options contracts"

A short position is when an investor borrows shares and sells them now because they expect the stock’s price to fall, planning to buy the shares back later at a lower price and return them. It matters to investors because it can amplify gains if the bet is right but cause unlimited losses if the price rises; large short positions also affect market supply, signal negative sentiment, and can increase volatility, similar to many people betting against a team's chances.

pecuniary interest financial

"except to the extent of the reporting person's pecuniary interest."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chen Xiaohuan

(Last) (First) (Middle)

8 WONG CHUK HANG ROAD

(Street)

HONG KONG 00000

(City) (State) (Zip)

HONG KONG

(Country)

2. Issuer Name and Ticker or Trading Symbol
Qfin Holdings, Inc. [ QFIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
American Depositary Shares(1)	03/31/2023		P		60,000	A	$12.48	250,000(2)	I	By TPC Compounder Master Fund
American Depositary Shares(1)	03/27/2026		P		190,000	A	$12.89	190,000(2)	I	By TPC Compounder Master Fund
American Depositary Shares(1)								15,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Put Options	$20(3)	03/31/2023		P		270		(4)	12/18/2026	American Depositary Shares(1)	27,000(5)	$902	0(6)	I	By TPC Compounder Master Fund
Put Options	$20(3)	03/27/2026		P		330		(4)	12/18/2026	American Depositary Shares(1)	33,000(5)	$852	270(6)	I	By TPC Compounder Master Fund

Explanation of Responses:

1. Each American depositary shares represents two(2) Class A ordinary shares of the Issuer.

2. The reporting person disclaims the beneficial ownership of these American Depositary Shares owned by TPC Compounder Master Fund except to the extent of the reporting person's pecuniary interest. The reporting person is a co-founder and partner at Twin Peaks Capital Limited, which is the fund manager of TPC Compounder Master Fund.

3. Represents the exercise price of the American Depositary Shares. Each American Depositary Share represents two Class A ordinary share of the issuer.

4. The options are exercisable at any time prior to the Expiration Date.

5. The reporting person disclaims the beneficial ownership of these American Depositary Shares underlying the put option positions owned by TPC Compounder Master Fund except to the extent of the reporting person's pecuniary interest. The reporting person is a co-founder and partner at Twin Peaks Capital Limited, which is the fund manager of TPC Compounder Master Fund.

6. Prior to the purchase transactions described herein, the reporting person had a short position in a total of 600 put options contracts, representing obligations to buy. After the execution of the purchase transaction on March 27, 2026, the reporting person had a short position in a total of 270 put options contracts, representing obligations to buy. After the execution of the purchase transaction on March 31, 2026, the reporting person does not own any position in put options.

	/s/ Xiaohuan Chen	03/31/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did the QFIN-related fund buy in the latest Form 4 filing?

An entity linked to Qfin director Chen Xiaohuan, TPC Compounder Master Fund, bought 190,000 American Depositary Shares at $12.89 each and 330 put option contracts at $852 per contract, all in open-market purchases reported as indirect holdings.

How many QFIN shares does the reporting person hold directly and indirectly?

The filing shows 15,000 American Depositary Shares held directly by the reporting person. Indirectly, through TPC Compounder Master Fund, 190,000 ADS are reported following the latest purchase, with the reporting person disclaiming beneficial ownership beyond any pecuniary interest.

What are the details of the QFIN put options reported in the Form 4?

TPC Compounder Master Fund bought 330 put option contracts referencing 33,000 American Depositary Shares, at $852 per contract, with a $20 exercise price and an expiration date of December 18, 2026. The options are exercisable at any time before expiration, according to the footnotes.

How did the short put position in QFIN change according to the filing?

Footnotes state the reporting person, via TPC Compounder Master Fund, initially had a short position in 600 put option contracts. After a March 27 purchase, the short position fell to 270 contracts, and following a March 31 purchase transaction, there was no remaining put option position.

Does Chen Xiaohuan personally own the QFIN ADS held by TPC Compounder Master Fund?

The filing explains that Chen Xiaohuan disclaims beneficial ownership of American Depositary Shares and underlying shares held by TPC Compounder Master Fund, except for any pecuniary interest. Chen is a co-founder and partner at Twin Peaks Capital Limited, the fund’s manager.

What does each QFIN American Depositary Share represent in this filing?

Footnotes specify that each American Depositary Share represents two Class A ordinary shares of Qfin Holdings, Inc. This ratio applies to both the ADS purchased directly and the ADS underlying the reported put option contracts held through TPC Compounder Master Fund.