SCHEDULE: Bigger Capital, District 2 Divest Entire Boqii Holding Stake

Bigger Capital and District 2 Capital, along with Michael Bigger, have sold their entire beneficial ownership in Boqii Holding Ltd as of November 5, 2025.

Summary

• Bigger Capital Fund L P and Bigger Capital Fund GP, LLC previously held 232,667 Class A Ordinary Shares, representing 6.65% of Boqii Holding Ltd.
• District 2 Capital Fund LP, District 2 Capital LP, District 2 GP LLC, and District 2 Holdings LLC previously held 116,333 Class A Ordinary Shares, representing 3.33% of Boqii Holding Ltd.
• Michael Bigger, through his affiliations, beneficially owned an aggregate of 349,000 Class A Ordinary Shares, representing approximately 9.98% of the company.
• These ownership percentages were calculated based on 2,798,128 Class A Ordinary Shares outstanding before an offering and an additional 698,000 shares offered.
• As of November 5, 2025, all reporting persons sold all their Common Stock, including shares issuable upon exercise of Pre-Funded Warrants.
• Following the sale, the reporting persons no longer beneficially own at least 5.00% of Boqii Holding Ltd's Common Stock.

Sentiment

Score: 2

Explanation: The complete divestment by a significant investor group, including Michael Bigger, indicates a strong negative sentiment from these specific investors regarding Boqii Holding Ltd's future prospects.

Negatives

• A significant investor group, including Bigger Capital and District 2 Capital, has fully divested its entire stake in Boqii Holding Ltd.
• The sale includes all Class A Ordinary Shares and shares issuable upon exercise of Pre-Funded Warrants.
• This divestment means the reporting persons no longer hold a beneficial ownership of 5% or more in the company.

Risks

• The complete divestment by a significant investor group could signal a lack of confidence in the company's future prospects.
• Such a large-scale sale could put downward pressure on the company's stock price.
• Reduced institutional ownership might decrease market liquidity for Boqii Holding Ltd shares.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Boqii Holding Ltd.

Industry Context

The filing is a disclosure of beneficial ownership change by an external investor group and does not provide specific industry context or relate to broader industry trends or competitors.

Stakeholder Impact

• Shareholders: May interpret the complete divestment by a significant investor group as a negative signal, potentially leading to decreased confidence and downward pressure on the stock price.
• Potential Investors: Might view the exit of a major holder as a red flag, influencing their investment decisions.

Key Dates

Recommendation

The complete divestment of a significant stake by a major investor group, including Michael Bigger, signals a strong lack of confidence in Boqii Holding Ltd's future performance from these sophisticated investors. This action suggests that the reporting persons no longer see value or growth potential in the company, which could precede further declines or indicate underlying issues not immediately apparent. For a seasoned investor, such a complete exit by a substantial holder is a significant negative indicator, warranting a "sell" recommendation to avoid potential further losses or to reallocate capital to more promising opportunities.

Keywords

Boqii Holding Ltd, Schedule 13G, Beneficial Ownership, Bigger Capital, District 2 Capital, Class A Ordinary Shares, Divestment, Institutional Investor