SCHEDULE: AIFU Share Dilution: Infinew & Wang's Stake Drops to 5.85%

Infinew Limited and Katherine Wang's beneficial ownership in AIFU INC. was diluted to 5.85% following the Issuer's issuance of 5,000,000 Class B ordinary shares to Expansion Group Ltd.

Summary

• Infinew Limited and Katherine Wang, the Reporting Persons, jointly filed this Amendment No. 2 to Schedule 13D.
• The filing reports a dilution of their aggregate beneficial ownership and voting power in AIFU INC. due to the Issuer's issuance of shares to a third party.
• On December 22, 2025, AIFU INC. completed the issuance of 5,000,000 Class B ordinary shares to Expansion Group Ltd.
• The Reporting Persons did not acquire or dispose of any shares in this transaction and continue to beneficially own 1,225,250 ordinary shares (250 Class A and 1,225,000 Class B shares).
• As a direct result of the increase in total outstanding shares, the Reporting Persons' aggregate beneficial ownership was diluted from approximately 7.72% to approximately 5.85%.
• Their aggregate voting power was significantly diluted from approximately 46.51% to approximately 16.05%.
• The percentage calculations are based on 20,935,271 ordinary shares outstanding as of December 22, 2025, comprising 13,435,271 Class A and 7,500,000 Class B ordinary shares.
• Each Class A ordinary share is entitled to one vote, while each Class B ordinary share is entitled to one hundred votes.

Sentiment

Score: 3

Explanation: The filing indicates a substantial dilution of both beneficial ownership and voting power for the reporting persons due to a share issuance by the Issuer to a third party, which is generally a negative event for existing significant shareholders.

Negatives

• Aggregate beneficial ownership of the Reporting Persons was diluted from approximately 7.72% to 5.85%.
• Aggregate voting power of the Reporting Persons was significantly diluted from approximately 46.51% to 16.05%.

Risks

• Reporting Persons' future actions regarding their investment in AIFU INC. may change based on the Issuer's business, prospects, financial position, strategic direction, share price levels, securities market conditions, and general economic and industry conditions.
• Reporting Persons may make additional purchases or dispose of all or part of their investments in the Ordinary Shares.

Future Outlook

The Reporting Persons intend to review their investment in AIFU INC. on a continuing basis and may change their current intentions. They may engage in communications with AIFU INC.'s shareholders, management, or board of directors, and may make suggestions concerning the Issuer's operations, prospects, and strategic direction. They may also make additional purchases of ordinary shares or dispose of their current holdings, depending on various factors including the Issuer's business, financial condition, market for shares, and general economic conditions.

Industry Context

This filing is specific to a change in the ownership and voting power percentage of a particular investor (Infinew Limited and Katherine Wang) in AIFU INC. It does not provide broader industry trends or competitive analysis, focusing solely on the impact of a share issuance on the Reporting Persons' stake.

Stakeholder Impact

• Shareholders (Reporting Persons): Experienced significant dilution of their beneficial ownership and voting power in AIFU INC.
• Shareholders (Other): May experience dilution depending on their class of shares and if they participated in the issuance.
• Issuer (AIFU INC.): Successfully raised capital through the issuance of 5,000,000 Class B ordinary shares to Expansion Group Ltd.

Next Steps

• Reporting Persons will continue to review their investment in AIFU INC. on an ongoing basis.
• They may engage in communications with AIFU INC. shareholders, management, or board members.
• They may make additional purchases of AIFU INC. shares or dispose of their current holdings in the future.

Key Dates

Recommendation

The filing primarily details the dilution of a significant shareholder's stake and voting power due to a share issuance by AIFU INC. to a third party. While this is a negative event for the reporting persons, the filing lacks sufficient information regarding AIFU INC.'s strategic rationale for the capital raise, its financial performance, or future prospects to warrant a 'buy' or 'sell' recommendation for the stock. The reporting persons themselves indicate they hold for investment purposes and may adjust their position based on future developments. Therefore, a 'hold' recommendation is appropriate until more comprehensive information about AIFU INC.'s business and the impact of the capital raise becomes available.

Keywords

AIFU INC., Infinew Limited, Katherine Wang, Schedule 13D, Beneficial Ownership, Share Dilution, Voting Power, Class A Ordinary Shares, Class B Ordinary Shares, SEC Filing, Investment