SCHEDULE: Orbis Investment Management Boosts Youdao Stake to 20.1%

Orbis Investment Management Limited has disclosed an increased beneficial ownership of Youdao, Inc. American Depositary Shares, now holding 20.1% of the class.

Summary

• Orbis Investment Management Limited has filed an amendment to its Schedule 13G, reporting beneficial ownership of 6,563,497 Youdao, Inc. American Depositary Shares.
• This holding represents 20.1% of the class of securities.
• The filing indicates that Orbis Investment Management Limited has sole voting power and sole dispositive power over these shares.
• The date of the event requiring this filing is June 30, 2026.
• This is an amendment (Amendment No. 17) to a previous filing.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, indicating a significant but stable ownership stake without immediate aggressive action.

Positives

• Orbis Investment Management Limited has a significant and substantial ownership stake in Youdao, Inc., holding over 20% of the class of securities.
• The reporting entity has sole voting and dispositive power, indicating clear control over its investment decisions regarding these shares.

Negatives

• The filing does not provide specific details on the reasons for the increased ownership or any future intentions beyond maintaining the current stake.
• The filing is an amendment, suggesting a change from a previous ownership level, but the specific nature of the change (increase/decrease) from the prior filing is not detailed within this document.

Risks

• While Orbis Investment Management Limited has sole voting and dispositive power, the filing does not explicitly state intentions regarding influencing the control of Youdao, Inc., which could be a future consideration.
• The filing is an amendment, and the specific details of prior holdings are not included, making it difficult to assess the magnitude and trend of ownership changes without consulting previous filings.

Future Outlook

The filing does not contain forward-looking statements or specific guidance regarding future actions or intentions beyond the current ownership status.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."
• "By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Orbis Investment Management Limited is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s)."
• "I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D."
• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

Industry Context

StockSavvy.ai notes that significant ownership stakes by investment management firms in publicly traded companies, especially in the technology and education sectors like Youdao, are common. This filing indicates a substantial investment by Orbis, which could signal confidence in Youdao's long-term prospects or a strategic portfolio allocation.

Stakeholder Impact

• Shareholders: The significant stake held by Orbis Investment Management may influence market perception and potentially impact share price volatility. It also indicates a large institutional investor's confidence in the company.
• Management and Board of Directors: A substantial shareholder like Orbis may have increased influence on corporate governance decisions and strategic direction.

Next Steps

• Orbis Investment Management Limited will continue to hold its beneficial ownership of Youdao, Inc. American Depositary Shares.
• The company may provide further updates in subsequent filings if ownership levels change significantly or if other reportable events occur.

Key Dates

Keywords

Youdao, Orbis Investment Management, Schedule 13G, American Depositary Shares, Ownership, Beneficial Ownership, Investment Management, Bermuda