Welcome to our dedicated page for ATA Creativity Global SEC filings (Ticker: AACG), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
ATA Creativity Global filings document a foreign-issuer reporting record built around Form 6-K current reports, Form 20-F annual disclosures, and registration-statement updates. The filings cover the company’s education services business, including portfolio training, research-based learning services, overseas study counselling, operating results, balance sheet items, non-GAAP measures, and currency translation.
Regulatory documents also describe the company’s ADS and common-share structure, registered direct offering activity, material agreements, and capital-structure disclosures. Governance filings include annual and extraordinary shareholder meeting materials, proxy statements, ADS voting instructions, auditor appointments, director and committee changes, and other shareholder voting matters.
ATA Creativity Global filed its Form 20-F for the year ended December 31, 2025, reporting net revenues of RMB268.1 million (US$38.3 million), flat versus 2024 and up from RMB221.6 million in 2023. The company enrolled 4,127 students in 2025, with 57% in portfolio training programs for art study abroad.
The Cayman holding company conducts operations mainly in China through majority-owned PRC subsidiary Huanqiuyimeng and a variable interest entity (VIE) that owns 30.96% of Huanqiuyimeng and other stakes. Control of the VIE is based on contracts, not equity, and PRC regulators could challenge this structure, potentially affecting operations and ADS value.
Management details extensive PRC licensing and data-compliance risks, including possible requirements for private school permits, travel agency and ICP licenses, cybersecurity review, and cross-border data approvals. The report also discusses HFCAA-related audit inspection developments and notes that the current auditor, based in Singapore, is subject to PCAOB inspection.
Empire Fortune Management Limited has filed an amended Schedule 13D reporting ownership of 8,559,434 common shares of ATA Creativity Global, representing 9.9% of the outstanding class. The stake was acquired for investment purposes using bank financing totaling USD 3,423,774.
The filing explains that on November 17, 2025, ATA Creativity Global entered into a Subscription Agreement for a registered direct offering of 11,067,547 ADSs at $0.8 per ADS, equivalent to $0.4 per common share. Empire Fortune subscribed 8,559,434 of these common shares, and XUE Fenglan is identified as the sole beneficial owner of Empire Fortune.
ATA Creativity Global received a new significant shareholder as Empire Fortune Management Limited filed a Schedule 13D. Empire Fortune reports beneficial ownership of 8,559,434 common shares, described as 11.47% of the class, acquired for investment using USD3423773.6 of bank-sourced funds.
The stake arose from a registered direct offering in which the issuer sold 11,067,547 ADSs at $0.8 per ADS, equivalent to $0.4 per common share. Empire Fortune subscribed 8,559,434 of the common shares and states the investment is intended for medium- to long-term holding, subject to market conditions and liquidity needs.
ATA Creativity Global’s Chief Financial Officer, Sima Ruobai, filed an initial ownership report showing a stock option position. The filing lists an option over 200,000 common shares with a $0.79 exercise price, expiring on February 6, 2032. According to the footnote, the option became exercisable in four equal tranches on February 6 of 2023, 2024, 2025 and 2026.
ATA Creativity Global reported flat full-year 2025 net revenues of RMB268.1 million (about $38.3 million), but profitability deteriorated. Gross profit fell to RMB130.3 million and gross margin slipped to 48.6% from 52.7% in 2024 as costs for research-based learning and part-time teachers increased.
Net loss attributable to the company widened to RMB48.0 million (about $6.9 million) from RMB36.1 million, including a one-time goodwill impairment of RMB33.9 million in Q4 2025. Q4 2025 revenues declined 11.7% to RMB89.1 million, and the quarter swung from a prior-year profit to a RMB26.3 million loss.
The company completed a registered direct offering of 11,067,547 ADSs at $0.80 per ADS, raising approximately $8.85 million in gross proceeds. As of December 31, 2025, cash and cash equivalents were RMB85.2 million, with a working capital deficit of RMB233.2 million and shareholders’ equity of RMB32.0 million.
ATA Creativity Global director files initial insider report. Director Feng Zhiping submitted a Form 3 as an insider of ATA Creativity Global (ticker AACG). This filing serves as an initial statement of beneficial ownership, and the data provided here shows no reportable transactions or derivative positions.
ATA Creativity Global director Andrew Y Yan filed an initial ownership report showing he holds 633,000 common shares. A footnote explains that this total includes 83,344 unvested restricted shares, indicating a significant equity stake tied partly to long-term incentive compensation.
ATA Creativity Global director and Chief Executive Officer Kevin Xiaofeng Ma has filed an initial ownership report showing significant holdings of the company’s common shares. He directly owns 1,734,446 common shares.
Indirectly, 4,998,988 common shares are held by Able Knight Development Limited, which is ultimately owned through a trust with Mr. Ma as settlor and certain family members as beneficiaries. Mr. Ma disclaims beneficial ownership of these shares except to the extent of any pecuniary interest. An additional 18,427,074 common shares are held indirectly through Joingear Limited, where Mr. Ma is the sole director and 100% shareholder.
ATA Creativity Global reported board changes, with two independent directors resigning and two new independent directors appointed along with revised committee roles.
Effective February 2, 2026, Mr. Alec Tsui and Ms. Hope Ni resigned as independent directors and from their respective Audit, Compensation, and Nominations Committee positions for personal reasons, stating there was no disagreement with the Company. Effective February 4, 2026, Mr. Haoyu Wang and Ms. Zhiping Feng were appointed as independent directors. Mr. Wang now chairs the Audit Committee and serves on the Compensation and Nominations Committees, while Ms. Feng chairs the Compensation Committee and serves on the Audit and Nominations Committees. The report is incorporated by reference into the Company’s Form F-3 registration statement.
ATA Creativity Global’s major shareholder group led by Xiaofeng Ma filed Amendment No. 10 to update their ownership after a new share issuance.
Ma and affiliated entities now beneficially own 25,160,508 Common Shares, representing 29.2% of ATA Creativity Global’s outstanding Common Shares, based on 86,102,136 shares outstanding as of January 28, 2026. This reflects dilution from the company’s January 28, 2026 issuance of 11,067,547 American Depositary Shares, each representing two Common Shares.
The stake includes 1,734,446 Common Shares held directly by Xiaofeng Ma, 4,998,988 Common Shares held by Able Knight Development Limited (ultimately for a Ma family trust structure), and 18,427,074 Common Shares held by Joingear Limited, a British Virgin Islands company wholly owned by Ma.