SCHEDULE: AIFU Share Issuance Dilutes Major Shareholder Stake

AIFU Inc.'s recent issuance of over 102 million Class A ordinary shares has significantly diluted the beneficial ownership and voting power of Infinew Limited and Katherine Wang.

Summary

• This Amendment No. 3 to Schedule 13D reports a significant dilution in the beneficial ownership and voting power of Infinew Limited and Katherine Wang in AIFU Inc.
• The dilution resulted from AIFU Inc.'s issuance of 102,578,839 Class A ordinary shares to YS Management Company Limited and Ethereal Group Ltd on January 9, 2026.
• This share issuance was in relation to AIFU Inc.'s previously announced acquisition of 100% of the equity interest in Nova Lumina Limited.
• The Reporting Persons (Infinew Limited and Katherine Wang) did not acquire or dispose of any shares themselves.
• Their aggregate beneficial ownership was diluted from approximately 5.85% to approximately 0.99%.
• Their aggregate voting power was diluted from approximately 16.05% to approximately 14.15%.
• As a direct result of this dilution, the Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities as of January 9, 2026.
• The percentage calculations are based on 123,514,110 ordinary shares outstanding as of January 9, 2026, comprising 116,014,110 Class A ordinary shares and 7,500,000 Class B ordinary shares.
• Each Class A ordinary share is entitled to one (1) vote, while each Class B ordinary share is entitled to one hundred (100) votes.

Sentiment

Score: 3

Explanation: The sentiment is negative for the Reporting Persons as their ownership and voting power in AIFU Inc. have been significantly diluted, reducing their influence and stake in the company.

Negatives

• The Reporting Persons' aggregate beneficial ownership in AIFU Inc. was significantly diluted from approximately 5.85% to 0.99%.
• The Reporting Persons' aggregate voting power was reduced from approximately 16.05% to 14.15%.
• Infinew Limited and Katherine Wang ceased to be beneficial owners of more than five percent of the class of securities.

Risks

• Reduced influence over AIFU Inc. due to the significant dilution of beneficial ownership from 5.85% to 0.99%.
• Decreased voting power from 16.05% to 14.15%, potentially impacting their ability to influence corporate decisions.

Future Outlook

This filing does not contain any forward-looking statements or guidance from the Reporting Persons regarding their future intentions or the Issuer's outlook.

Industry Context

This filing is a specific disclosure regarding a change in a major shareholder's ownership stake due to an issuer's corporate action (acquisition-related share issuance). It does not provide broader industry trends or competitive analysis.

Related Party Transactions

• Infinew Limited is 100% owned by Katherine Wang, who is also its sole director. Both are Reporting Persons and are filing jointly.

Stakeholder Impact

• Shareholders Infinew Limited and Katherine Wang experienced a significant reduction in their percentage of beneficial ownership and voting power in AIFU Inc.
• The overall shareholder base of AIFU Inc. has expanded due to the issuance of new shares.

Key Dates

Keywords

AIFU Inc., Infinew Limited, Katherine Wang, Schedule 13D, beneficial ownership, share dilution, voting power, Class A ordinary shares, Class B ordinary shares, equity issuance, acquisition