AIFU holder YS Management's stake falls to about 6.67%

Available on EDGAR 11/12/2026 - 08:30 AM EST Accepted by SEC EDGAR 11/12/2026 - 08:30 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

AIFU Inc.’s ownership amendment reports that YS Management Company Limited beneficially owns 4,826,333 Class A ordinary shares, approximately 6.67% of the issuer’s outstanding ordinary shares. Yif Liu owns YS Management Company Limited and may be deemed to beneficially own the shares it holds. The reported voting power is approximately 0.44%.

On November 6, 2026, AIFU completed an issuance of 11,203,443 Class A ordinary shares to certain third parties in relation to an acquisition. The reporting persons did not acquire or dispose of shares after their prior amendment; the decrease in their reported ownership percentage and voting power resulted solely from the increase in outstanding shares. AIFU had 72,379,191 ordinary shares outstanding as of November 6, 2026, including 62,129,191 Class A and 10,250,000 Class B ordinary shares. For the ownership-percentage calculation, Class B shares are treated as converted into Class A shares; each Class A share carries one vote and each Class B share carries 100 votes.

Key Figures

Beneficially owned Class A ordinary shares: 4,826,333 shares Beneficial ownership: Approximately 6.67% Total voting power: Approximately 0.44% +2 more

5 metrics

Beneficially owned Class A ordinary shares 4,826,333 shares Held directly by YS Management Company Limited

Beneficial ownership Approximately 6.67% Of AIFU’s total ordinary shares outstanding as of November 6, 2026

Total voting power Approximately 0.44% Reported for the reporting persons following the share issuance

Class A ordinary shares issued 11,203,443 shares Issued by AIFU on November 6, 2026, to certain third parties in relation to an acquisition

Ordinary shares outstanding 72,379,191 shares As of November 6, 2026

Key Terms

beneficial ownership, aggregate voting power, Class B ordinary shares

3 terms

beneficial ownership financial

"beneficial ownership of Class A ordinary shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

aggregate voting power financial

"Percentage of aggregate voting power"

Class B ordinary shares financial

"10,250,000 Class B ordinary shares"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many AIFU shares does YS Management Company Limited own?

YS Management Company Limited beneficially owns 4,826,333 Class A ordinary shares, approximately 6.67% of AIFU’s outstanding ordinary shares. Yif Liu owns YS Management Company Limited and may be deemed to beneficially own the shares held by the company.

Why is the reported AIFU voting-power percentage lower than the ownership percentage?

The reporting persons’ reported voting power is approximately 0.44%. Each Class A ordinary share carries one vote, while each Class B ordinary share carries 100 votes; Class B shares are treated as converted into Class A shares only for calculating percentage ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

AIFU Inc.

(Name of Issuer)

Class A ordinary share, par value $0.002 per share

(Title of Class of Securities)

G3314G128

(CUSIP Number)

YS Management Company Limited
c/o Yif Liu 28 Lower Kent Ridge Road,
Singapore, U0, 11837
852 84353173

Yif Liu
28 Lower Kent Ridge Road,
Singapore, U0, 11837
852 84353173

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/06/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G3314G128

1

Name of reporting person

YS Management Company Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,826,333.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,826,333.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,826,333.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.67 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Represents 4,826,333 Class A ordinary shares directly held by YS Management Company Limited, which is 100% owned by Yif Liu. Note to Row 13: The percentage calculation is based on 72,379,191 ordinary shares, including 62,129,191 Class A ordinary shares and 10,250,000 Class B ordinary shares, of the Issuer outstanding as of November 6, 2026 according to the records of the Issuer.

SCHEDULE 13D

CUSIP Number(s): G3314G128

1

Name of reporting person

Yif Liu

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GUINEA-BISSAU

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,826,333.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,826,333.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,826,333.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.67 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row 7, 9, 11: Represents 4,826,333 Class A ordinary shares directly held by YS Management Company Limited, which is 100% owned by Yif Liu. Note to Row 13: The percentage calculation is based on 72,379,191 ordinary shares, including 62,129,191 Class A ordinary shares and 10,250,000 Class B ordinary shares, of the Issuer outstanding as of November 6, 2026 according to the records of the Issuer.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary share, par value $0.002 per share
(b)	Name of Issuer: AIFU Inc.
(c)	Address of Issuer's Principal Executive Offices: 01-10, Jinzhong Guobin Hui, Xili St., Shenzhen, CHINA , 518055.
Item 1 Comment: This Amendment No. 3 to Schedule 13D (the "Amendment") amends and supplements the prior statement on Schedule 13D as filed on January 16, 2026 (the "Original 13D"), Amendment No. 1 to Schedule 13D as filed on September 28, 2026, Amendment No. 2 to Schedule 13D as filed on October 14, 2026 (the Original 13D as amended and supplemented, the "Previous Schedule 13D"), and relates to the beneficial ownership of Class A ordinary shares, par value $0.002 per share (the "Class A Ordinary Shares") of AIFU Inc., a Cayman Islands exempted company (the "Issuer") whose principal executive office is located at Room 001, Build 10, Jinzhong Guobin Hui, 2nd Road, Qinyuan, Lihu Community, Xili Street, Nanshan District, Shenzhen, People's Republic of China. Except as set forth below, all items of the Previous Schedule 13D remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Previous Schedule 13D.
Item 2.	Identity and Background
(b)	Item 2(b) of the Previous Schedule 13D is hereby amended and supplemented in its entirety as follows: The registered address of YS Management Company Limited is RM 502C 5/F Ho King Commercial Centre, 2-16 Fayuen Street, Mongkok, Hong Kong. The address of Yif Liu is 28 Lower Kent Ridge Road, Singapore 11837
Item 5.	Interest in Securities of the Issuer
(a)	The responses of each of the Reporting Persons to Rows (7) through (13), including the footnotes thereto, of the cover pages of this Amendment are hereby incorporated by reference in this Item 5. Item 5(a) of the Previous Schedule 13D is hereby amended and restated as follow: Pursuant to the current report of the Issuer on Form 6-K filed on November 6, 2026, on November 6, 2026, the Issuer completed the issuance of 11,203,443 Class A ordinary shares to certain third parties ("Share Issuance") in relation to an acquisition. The Reporting Persons did not acquire or dispose of any shares subsequent to the filing of the Previous Schedule 13D on October 14, 2026. The decrease in the Reporting Persons' aggregate beneficial ownership and their aggregate voting power was solely due to the increase in the total number of the Issuer's outstanding shares from the Share Issuance. Following the Share Issuance, YSM beneficially owns 4,826,333 Class A ordinary shares of the Issuer, representing approximately 6.67% of the Issuer's total issued and outstanding ordinary shares and approximately 0.44% of the total voting power. YSM is 100% owned by Yif Liu. Consequently, Yif Liu may be deemed to beneficially own the Ordinary Shares held by YSM. The percentage calculation is based on 72,379,191 ordinary shares, including 62,129,191 Class A ordinary shares and 10,250,000 Class B ordinary shares, of the Issuer outstanding as of November 6, 2026 according to the records of the Issuer. The Class B ordinary shares are treated as converted into Class A ordinary shares only for the purpose of calculating the percentage ownership. Percentage of aggregate voting power is calculated by dividing the voting power beneficially owned by each Reporting Person by the voting power of all of our Class A ordinary shares and Class B ordinary shares as a single class. Each Class A ordinary share is entitled to one (1) vote while each Class B ordinary share is entitled to one hundred (100) votes on any and all matters submitted for a vote. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.
(c)	During the 60 days preceding the filing of this Amendment, none of the Reporting Persons has effected any transactions in the Ordinary Shares.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1: Joint Filing Agreement dated November 12, 2026 by and between the Reporting Persons Exhibit 2: List of directors and executive officers of YS Management Company Limited (filed herewith)

SIGNATURE

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.

YS Management Company Limited

Signature:	/s/ Yif Liu
Name/Title:	Yif Liu /Director
Date:	11/12/2026

Yif Liu

Signature:	/s/ Yif Liu
Name/Title:	Yif Liu
Date:	11/12/2026