SCHEDULE: Hexstone Capital Discloses 9.99% Stake in Boqii Holding

Hexstone Capital LLC and Brendan O'Neil have reported a 9.99% beneficial ownership stake in Boqii Holding Ltd's Class A Ordinary Shares.

Summary

• Hexstone Capital LLC and Brendan O'Neil jointly reported beneficial ownership of 349,292 Class A Ordinary Shares of Boqii Holding Ltd.
• This represents 9.99% of the outstanding Class A Ordinary Shares.
• The ownership percentage is calculated based on 3,496,128 Ordinary Shares outstanding as of November 4, 2025, following a recent offering.
• Hexstone Capital LLC directly holds 349,000 Ordinary Shares and Pre-Funded Warrants exercisable for up to 401,000 Ordinary Shares.
• Due to a 9.99% beneficial ownership limitation ("Blocker") on the Pre-Funded Warrants, only 292 shares from the warrants are currently included in the beneficial ownership calculation.
• Brendan O'Neil, as managing member of Hexstone Capital LLC, is deemed to beneficially own the same shares.
• The shares were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of a significant stake by an institutional investor. While not explicitly "positive" in terms of operational performance, a new substantial investor can be seen as a vote of confidence. The "blocker" on warrants introduces a slight nuance but is a common structural element.

Positives

• A significant institutional investor, Hexstone Capital LLC, has taken a substantial stake (9.99%) in Boqii Holding Ltd, potentially signaling confidence in the company.
• The investment includes both direct share ownership and pre-funded warrants, indicating a structured approach to investment.

Negatives

• The 9.99% beneficial ownership limitation on the pre-funded warrants restricts Hexstone Capital LLC from immediately exercising all warrants, which could limit their upside if the stock performs well and they wish to increase their stake beyond the blocker.

Risks

• The beneficial ownership limitation (Blocker) on the Pre-Funded Warrants prevents Hexstone Capital LLC from exceeding 9.99% ownership, which could limit their ability to influence the company or fully capitalize on their investment if they desired a larger stake.

Future Outlook

NA

Industry Context

This filing indicates an institutional investor's interest in the pet products and services industry, which Boqii Holding Ltd operates in. The acquisition of a significant stake by Hexstone Capital LLC suggests a belief in the long-term prospects of Boqii Holding Ltd or the broader sector, despite the specific details of the offering and warrants.

Stakeholder Impact

• Shareholders: The entry of a new significant investor could be viewed positively, potentially increasing investor confidence and liquidity.
• Management: Management will now have a significant shareholder to engage with, potentially influencing strategic decisions or governance.

Next Steps

• Hexstone Capital LLC and Brendan O'Neil will be responsible for timely filing of any subsequent amendments to this Schedule 13G if their beneficial ownership changes.

Key Dates

Recommendation

This filing is a disclosure of a significant ownership stake by an institutional investor, Hexstone Capital LLC, in Boqii Holding Ltd. While the acquisition of a nearly 10% stake by a new investor can be seen as a positive signal of confidence, the filing itself does not provide new operational or financial performance data to warrant a change in investment thesis. The presence of pre-funded warrants with a beneficial ownership blocker is a structural detail rather than a performance indicator. Therefore, without additional information on the company's fundamentals or strategic direction, a "hold" recommendation is appropriate, maintaining existing positions while awaiting further operational updates.

Keywords

Boqii Holding Ltd, Hexstone Capital LLC, Brendan O'Neil, Schedule 13G, Beneficial Ownership, Class A Ordinary Shares, Pre-Funded Warrants, SEC Filing, Institutional Investor, Equity Stake