SCHEDULE: Major Shareholder Increases Stake in Niu Technologies to 32.9%

Glory Achievement Fund Limited, along with Bull Group Limited and BULL TRUST, has increased its beneficial ownership in Niu Technologies to 32.9% through recent open-market purchases.

Summary

• Amendment No. 1 to Schedule 13D was filed by Glory Achievement Fund Limited, Bull Group Limited, and BULL TRUST (the "Reporting Persons").
• The Reporting Persons collectively beneficially own 51,250,157 Class A ordinary shares of Niu Technologies.
• This ownership represents 32.9% of the total outstanding ordinary shares (Class A and Class B combined) of Niu Technologies as of February 28, 2025.
• Glory Achievement Fund Limited acquired an additional 964,111 ADSs, representing 1,928,222 Class A ordinary shares, through open-market purchases.
• These recent purchases occurred between November 30, 2023, and July 18, 2025, totaling approximately US$2.9 million.
• The funds for these purchases came from Glory Achievement Fund Limited's own working capital.
• The Reporting Persons hold the shares for investment purposes and intend to regularly review their shareholding.

Sentiment

Score: 7

Explanation: The increased stake by a significant shareholder suggests confidence in the company's future prospects, which is generally a positive indicator for investors.

Positives

• A significant increase in beneficial ownership by a major shareholder indicates confidence in Niu Technologies' future prospects.
• The open-market purchases suggest the Reporting Persons believe in the current valuation of the company's shares.
• The stated intent to review shareholding regularly and potentially acquire additional securities signals ongoing interest and potential future support for the stock.

Risks

• Future actions by the Reporting Persons, including potential acquisitions or dispositions of securities, are dependent on various factors such as share price levels, general market and economic conditions, and the Issuer's business performance.
• Any future acquisitions or dispositions of ADSs will be subject to Niu Technologies' policies, including its insider trading policy.

Future Outlook

The Reporting Persons intend to regularly review their shareholding in Niu Technologies and may, at any time, acquire additional securities, dispose of existing holdings, or pursue other actions based on market conditions, the Issuer's performance, and alternative investment opportunities.

Industry Context

This filing indicates a significant investor's increased confidence in Niu Technologies, a company likely involved in electric two-wheelers. Such an increase in stake by a major shareholder can be seen as a positive signal within the industry, suggesting potential for growth or undervaluation.

Stakeholder Impact

• Shareholders: Increased confidence due to a major investor raising its stake. Potential for increased liquidity if the Reporting Persons decide to dispose of shares in the future.
• Management: May feel increased scrutiny or support from a significant shareholder.

Next Steps

• Reporting Persons will continue to review their shareholding on a regular basis.
• Potential future acquisitions or dispositions of Niu Technologies securities.
• Any future actions will be subject to Niu Technologies' insider trading policy.

Key Dates

Recommendation

The filing indicates a significant shareholder, Glory Achievement Fund Limited, has increased its stake in Niu Technologies, demonstrating confidence in the company. While this is a positive signal, the filing does not provide new operational or financial performance data to warrant a 'buy' recommendation. Investors should hold their positions and monitor future company performance and the Reporting Persons' actions.

Keywords

Niu Technologies, NIU, Schedule 13D, Beneficial Ownership, Shareholder, Investment, Class A ordinary shares, ADSs, Glory Achievement Fund Limited, Bull Group Limited, BULL TRUST, Equity Stake