SCHEDULE: Niu Technologies: Major Shareholder Boosts Stake to 37.6%

Glory Achievement Fund Limited and affiliated entities increased their beneficial ownership in Niu Technologies to 37.6% through recent open-market purchases totaling approximately $3.8 million.

Summary

• Glory Achievement Fund Limited, Bull Group Limited, and BULL TRUST (the "Reporting Persons") filed Amendment No. 4 to their Schedule 13D.
• Glory Achievement Fund Limited purchased 1,062,931 ADSs, representing 2,125,862 Class A ordinary shares, of Niu Technologies in the open market.
• The purchases occurred between February 10, 2026, and March 3, 2026, for approximately US$3.8 million, using the fund's own working capital.
• The Reporting Persons now beneficially own an aggregate of 58,681,607 ordinary shares, representing 37.6% of Niu Technologies' outstanding ordinary shares.
• The percentage of class is based on 155,927,944 outstanding ordinary shares as of February 28, 2025, assuming conversion of all Class B ordinary shares into Class A ordinary shares.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant shareholder increasing its stake suggests continued confidence in the company's value proposition and future prospects.

Positives

• A significant shareholder group increased its stake, indicating continued confidence in Niu Technologies as an investment.
• The open-market purchases demonstrate a direct financial commitment from the Reporting Persons.

Risks

• The Reporting Persons may acquire additional securities or dispose of all or a portion of their holdings at any time, which could impact share price volatility.
• Future actions are dependent on various factors including market conditions, the Issuer's business, financial condition, operations and prospects, and alternative investment opportunities.

Future Outlook

The Reporting Persons intend to review their shareholding regularly and may acquire additional securities or dispose of existing holdings based on market conditions, the Issuer's performance, and alternative investment opportunities. Any future acquisitions or dispositions will be subject to Niu Technologies' insider trading policy.

Management Comments

• "The Recent Open-Market Purchases were made for investment purposes."
• "The Reporting Persons hold the ADSs of the Issuer for investment purposes."
• "They intend to review their shareholding on a regular basis and, as a result thereof, may at any time or from time to time determine, either alone or as part of a group, (i) to acquire additional securities of the Issuer, through open market purchases, privately negotiated transactions or otherwise, (ii) to dispose of all or a portion of the securities of the Issuer owned by it in the open market, in privately negotiated transactions or otherwise or (iii) to take any other available course of action."

Industry Context

StockSavvy.ai notes that an increase in a significant shareholder's stake often signals confidence in the company's long-term prospects, particularly in the competitive electric scooter and urban mobility sector where Niu Technologies operates. This move could be interpreted as a strategic positioning by the investment fund.

Comparison to Industry Standards

• A 37.6% beneficial ownership stake is substantial, indicating a significant influence over Niu Technologies' strategic direction, comparable to major institutional investors in companies like Tesla (TSLA) or BYD (1211.HK) in the broader EV market, where large funds often hold significant, but typically less concentrated, positions.
• The investment for "investment purposes" is a standard declaration for Schedule 13D filers, similar to how funds like BlackRock or Vanguard disclose their passive or active stakes in various companies.
• The open-market purchases are a common method for increasing stakes, similar to how funds might accumulate shares in companies like XPeng (XPEV) or Nio (NIO) within the electric vehicle ecosystem.

Stakeholder Impact

• Shareholders: May view the increased stake as a positive signal of investor confidence, potentially supporting the stock price. However, the possibility of future dispositions by the Reporting Persons introduces potential volatility.
• Management: The significant stake held by the Reporting Persons could imply increased oversight or influence on strategic decisions.

Next Steps

• The Reporting Persons will regularly review their shareholding.
• Potential future acquisitions or dispositions of Niu Technologies securities.
• Any future actions will be subject to Niu Technologies' insider trading policy.

Key Dates

Recommendation

While the increased stake by a major shareholder is a positive signal of confidence, this filing primarily reports an ownership change rather than new operational or financial performance data. The Reporting Persons also explicitly state their intent to potentially dispose of shares in the future, which introduces uncertainty. Therefore, a "hold" recommendation is appropriate, awaiting further operational updates or strategic developments from Niu Technologies.

Keywords

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