SCHEDULE: Zhibao Technology: Ma Group Nears 50% Stake

Botao Ma and affiliated entities report beneficial ownership of 49.4% of Zhibao Technology Inc.'s Class A and B ordinary shares.

Summary

• Botao Ma and a group of affiliated entities (Mavy Holdings Limited, Maximum Global Holdings Limited, Shenbao Limited Partnership, and Shanghai Xinhui Investment Consulting Co., Ltd.) collectively beneficially own 16,816,692 Class B ordinary shares of Zhibao Technology Inc.
• This represents 49.4% of the total Class A and Class B ordinary shares outstanding as of March 16, 2026.
• The Class B ordinary shares are convertible into Class A ordinary shares on a one-for-one basis.
• Botao Ma is identified as having sole voting and dispositive power over his reported shares and is connected to all other reporting entities, indicating a coordinated ownership group.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is a factual disclosure of existing beneficial ownership and does not inherently convey positive or negative operational or financial news for the company.

Positives

• Significant ownership by a single individual and affiliated entities (49.4%) can indicate strong insider confidence and alignment of interests with the company's long-term success.
• The concentration of ownership may provide stability in strategic decision-making.

Negatives

• High concentration of ownership (49.4%) by a single individual and affiliated entities could limit the influence of other shareholders and potentially lead to decisions that primarily benefit the controlling group.
• The complex ownership structure involving multiple entities (Mavy, Maximum, Shenbao, Xinhui) and trusts could make it challenging for external investors to fully understand the ultimate control and decision-making processes.

Risks

• The significant beneficial ownership by Botao Ma and his affiliated entities (49.4%) could lead to potential corporate governance issues if the interests of the controlling shareholder diverge from those of minority shareholders.
• The ability of Class B shares to convert to Class A shares on a one-for-one basis means that the controlling group could potentially increase their direct voting power in Class A shares, further solidifying control.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

StockSavvy.ai notes that significant beneficial ownership by founders or key executives, as seen with Botao Ma's nearly 50% stake in Zhibao Technology Inc., is common in early-stage or founder-led companies. This level of control can streamline decision-making but also raises questions about minority shareholder influence, a common theme in corporate governance discussions across various industries.

Stakeholder Impact

• Shareholders: The significant concentration of voting power (49.4%) with Botao Ma and his affiliated entities means that other shareholders, particularly minority shareholders, may have limited influence over major corporate decisions.
• Management: The strong control by the beneficial owner could provide clear strategic direction but also potentially limit independent decision-making by non-affiliated management.

Key Dates

Keywords

Zhibao Technology Inc., Botao Ma, Schedule 13G, Beneficial Ownership, Class A Ordinary Shares, Class B Ordinary Shares, Corporate Governance, Shareholder Structure, Insider Ownership