Niu Technologies (NIU) CEO Li Yan details options, RSUs and ADS stakes

Rhea-AI Filing Summary

Niu Technologies director and Chief Executive Officer Li Yan filed an initial statement of beneficial ownership, detailing existing equity interests rather than new trades. He reports 930,000 fully vested options granted under the 2018 Share Incentive Plan on August 1, 2019.

Li Yan also holds 1,125,000 unvested RSUs granted on January 10, 2025, vesting in three equal annual installments of 375,000 RSUs on January 10, 2027, January 10, 2028 and January 10, 2029. A further 1,000,000 unvested RSUs granted on January 20, 2026 will vest in four equal annual installments of 250,000 RSUs on January 20, 2027, January 20, 2028, January 20, 2029 and January 20, 2030. Each RSU converts into one Class A ordinary share upon vesting.

The filing also lists 292,500 American depositary shares, with each ADS representing two Class A ordinary shares, and 6,615,000 Class B ordinary shares held indirectly through ELLY Holdings Limited, a BVI company owned by Li Yan and his spouse.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Li Yan

Role Chief Executive Officer

Type	Security	Shares	Price	Value
holding	Options	--	--	--
holding	Restricted share units	--	--	--
holding	Restricted share units	--	--	--
holding	American depositary shares	--	--	--
holding	Class B ordinary shares	--	--	--

Holdings After Transaction: Options — 930,000 shares (Direct); Restricted share units — 1,125,000 shares (Direct); American depositary shares — 292,500 shares (Direct); Class B ordinary shares — 6,615,000 shares (Indirect, Held by ELLY Holdings Limited, a BVI business company owned by the reporting person and his spouse)

Footnotes (1)

1. Each American depositary share ("ADS") represents two (2) Class A ordinary shares, with a par value of US$0.0001 per share, of Niu Technologies (the "Company"). The 930,000 options were granted to the reporting person pursuant to the Company's 2018 Share Incentive Plan (the "2018 Plan") on August 1, 2019, and have been fully vested. The 1,125,000 unvested RSUs were granted to the reporting person pursuant to the 2018 Plan on January 10, 2025, and will vest in three equal annual installments of 375,000 RSUs each on January 10, 2027, January 10, 2028 and January 10, 2029, respectively. Each RSU represents the contingent right to receive one (1) Class A ordinary shares of the Company upon vesting. The 1,000,000 unvested RSUs were granted to the reporting person pursuant to the 2018 Plan on January 20, 2026, and will vest in four equal annual installments of 250,000 RSUs each on January 20, 2027, January 20, 2028, January 20, 2029 and January 20, 2030, respectively.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
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1. Name and Address of Reporting Person^*

Li Yan

(Last) (First) (Middle)

23F BUILDING C RONGXIN TECHNOLOGY CENTER

NO. 34 CHUANGYUAN ROAD CHAOYANG DISTRICT

(Street)

BEIJING F4 100012

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/06/2026

3. Issuer Name and Ticker or Trading Symbol
Niu Technologies [ NIU ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American depositary shares(1)	292,500(1)	D
Class B ordinary shares	6,615,000	I	Held by ELLY Holdings Limited, a BVI business company owned by the reporting person and his spouse

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options	(2)	07/31/2029	Class A ordinary shares	930,000(2)	$3.425	D
Restricted share units	(3)	(3)	Class A ordinary shares	1,125,000(3)	(4)	D
Restricted share units	(5)	(5)	Class A ordinary shares	1,000,000(5)	(4)	D

Explanation of Responses:

1. Each American depositary share ("ADS") represents two (2) Class A ordinary shares, with a par value of US$0.0001 per share, of Niu Technologies (the "Company").

2. The 930,000 options were granted to the reporting person pursuant to the Company's 2018 Share Incentive Plan (the "2018 Plan") on August 1, 2019, and have been fully vested.

3. The 1,125,000 unvested RSUs were granted to the reporting person pursuant to the 2018 Plan on January 10, 2025, and will vest in three equal annual installments of 375,000 RSUs each on January 10, 2027, January 10, 2028 and January 10, 2029, respectively.

4. Each RSU represents the contingent right to receive one (1) Class A ordinary shares of the Company upon vesting.

5. The 1,000,000 unvested RSUs were granted to the reporting person pursuant to the 2018 Plan on January 20, 2026, and will vest in four equal annual installments of 250,000 RSUs each on January 20, 2027, January 20, 2028, January 20, 2029 and January 20, 2030, respectively.

	/s/ Yan Li	03/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does Niu Technologies (NIU) CEO Li Yan report in this Form 3 filing?

Li Yan reports his existing equity holdings in Niu Technologies, not new trades. The filing lists vested stock options, unvested restricted share units, American depositary shares, and Class B ordinary shares held through a family-owned entity, clarifying his overall beneficial ownership structure.

How many stock options in Niu Technologies (NIU) does Li Yan beneficially own?

Li Yan reports holding 930,000 fully vested options in Niu Technologies. These options were granted on August 1, 2019 under the company’s 2018 Share Incentive Plan, and are now fully vested, meaning they are exercisable subject to the plan’s terms and any applicable restrictions.

What restricted share units (RSUs) in Niu Technologies (NIU) does Li Yan hold and when do they vest?

Li Yan holds 1,125,000 unvested RSUs granted January 10, 2025 and 1,000,000 unvested RSUs granted January 20, 2026. They vest in equal annual installments from January 10, 2027 through January 10, 2029 and January 20, 2027 through January 20, 2030, respectively.

How are Li Yan’s American depositary shares (ADSs) in Niu Technologies (NIU) structured?

Li Yan reports holding 292,500 American depositary shares of Niu Technologies. Each ADS represents two Class A ordinary shares with a par value of US$0.0001 per share, providing an indirect way to hold the company’s Class A ordinary equity through depositary receipts.

What indirect holdings in Niu Technologies (NIU) does Li Yan have through ELLY Holdings Limited?

Li Yan reports 6,615,000 Class B ordinary shares held indirectly through ELLY Holdings Limited, a BVI business company owned by him and his spouse. This structure indicates family ownership of these Class B shares, separate from his directly held options, RSUs, and ADSs.

What does each RSU reported by Niu Technologies (NIU) CEO Li Yan represent?

Each restricted share unit reported by Li Yan represents the right to receive one Class A ordinary share of Niu Technologies upon vesting. This means that, as vesting milestones are met, RSUs convert into actual Class A shares, increasing his direct share ownership over time.