Weichai group cuts Ballard Power (BLDP) stake to 10.32% after May sales

Rhea-AI Filing Summary

Ballard Power Systems' major shareholder Weichai, through Weichai Hong Kong, now beneficially owns 31,102,826 common shares, representing 10.32% of Ballard’s outstanding stock. The shares are owned by Weichai Hong Kong, with shared voting and disposal power by Weichai Power and Shandong Heavy Industry Group.

This amendment reports additional open-market sales, including 3,897,000 shares sold on May 15, 2026 under Rule 144, which contributed to a reduction of over one percentage point in the group’s aggregate beneficial ownership. Over the past sixty days, Weichai Hong Kong sold a total of 15,028,886 Ballard shares in open-market trades at prices slightly above $4 per share.

Insights

Equity ownership analyst

Large strategic holder modestly reduces Ballard Power stake via open-market sales.

The reporting group led by Weichai now holds 31,102,826 Ballard Power common shares, or 10.32% of the company, after recent open-market disposals. Ownership remains significant, indicating continued exposure despite a reduced stake.

Weichai Hong Kong sold 15,028,886 shares in the last sixty days, including 3,897,000 shares on May 15, 2026 under Rule 144, at prices around $4.07–$4.27 per share. These transactions appear as liquidity-driven secondary sales rather than new issuance, so the immediate effect is on ownership mix rather than the company’s capital structure.

Key Figures

Beneficial ownership: 31,102,826 shares Ownership percentage: 10.32% Shares outstanding: 301,475,849 shares +3 more

6 metrics

Beneficial ownership 31,102,826 shares Shares beneficially owned by each reporting person

Ownership percentage 10.32% Percent of Ballard common shares represented by 31,102,826

Shares outstanding 301,475,849 shares Ballard common shares issued and outstanding used for ownership calculation

Shares sold in 60 days 15,028,886 shares Aggregate Ballard shares sold by Weichai Hong Kong in past sixty days

Largest daily sale 3,897,000 shares Shares sold on May 15, 2026 at $4.0688 per share

Sale prices range $4.1198–$4.2742 per share Prices for open-market sales between May 8 and May 15, 2026

Key Terms

beneficially owned, Rule 144, open market transactions, percent of class, +1 more

5 terms

beneficially owned financial

"The aggregate number of securities and percentage of the class of securities of the Issuer beneficially owned by each Reporting Person"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Rule 144 regulatory

"open market sales by Weichai Hong Kong through a broker of an aggregate of 3,897,000 Common Shares of the Issuer pursuant to Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

open market transactions financial

"Weichai Hong Kong sold an aggregate of 15,028,886 Common Shares in open market transactions as follows"

Open market transactions are the buying and selling of a company’s shares or other securities conducted on public exchanges or through the wider market rather than through private deals or negotiated placements. They matter to investors because these trades change supply and demand in real time—like shoppers affecting a store’s inventory—and so can move prices, signal management or investor sentiment, affect liquidity, and alter ownership stakes that influence future returns and risk.

percent of class financial

"Percent of class represented by amount in Row (11) 10.32 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

shared voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 Sole Voting Power 0.00 8 Shared Voting Power 31,102,826.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Ballard Power Systems Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

058586108

(CUSIP Number)

Yunyun HU
2102-03 China Merchants Twr, Shun Tak, Ctr, 168-200 Connaught Rd Central
Hong Kong, K3, 00000
852 22953686

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

05/15/2026

(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): 058586108

1

Name of reporting person

Weichai Power Hong Kong International Development Co., 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)

BK, AF, WC

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 0.00
8	Shared Voting Power 31,102,826.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,102,826.00

11

Aggregate amount beneficially owned by each reporting person

31,102,826.00

12

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

13

Percent of class represented by amount in Row (11)

10.32 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

1. The percentage of class of securities is calculated by dividing the number of Common Shares (as defined below) beneficially owned by the Reporting Persons (as defined below) by a total of 301,475,849 issued and outstanding Common Shares of the Issuer (as defined below), as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the Securities and Exchange Commission ("SEC") on May 5, 2026.

SCHEDULE 13D

CUSIP Number(s): 058586108

1

Name of reporting person

Weichai Power Co., Ltd.

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)

BK, AF, WC

5

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

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 31,102,826.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,102,826.00

11

Aggregate amount beneficially owned by each reporting person

31,102,826.00

12

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

13

Percent of class represented by amount in Row (11)

10.32 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

1. The percentage of class of securities is calculated by dividing the number of Common Shares beneficially owned by the Reporting Persons by a total of 301,475,849 issued and outstanding Common Shares of the Issuer, as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the SEC on May 5, 2026.

SCHEDULE 13D

CUSIP Number(s): 058586108

1

Name of reporting person

Shandong Heavy Industry Group Co., Ltd.

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)

BK, AF, WC

5

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

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 31,102,826.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,102,826.00

11

Aggregate amount beneficially owned by each reporting person

31,102,826.00

12

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

13

Percent of class represented by amount in Row (11)

10.32 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

1. The percentage of class of securities is calculated by dividing the number of Common Shares beneficially owned by the Reporting Persons by a total of 301,475,849 issued and outstanding Common Shares of the Issuer, as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the SEC on May 5, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: Ballard Power Systems Inc.
(c)	Address of Issuer's Principal Executive Offices: 9000 Glenlyon Parkway, BURNABY, BRITISH COLUMBIA, BRITISH COLUMBIA, CANADA , 5J8.
Item 1 Comment: This Amendment No. 3 amends the statement on the Schedule 13D originally filed by the Reporting Persons on November 23, 2018 (as amended to date, the "Schedule 13D"). Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged. This Amendment No. 3 is being filed by the Reporting Persons to report additional open market sales by Weichai Hong Kong through a broker of an aggregate of 3,897,000 Common Shares of the Issuer pursuant to Rule 144 ("Rule 144") under the Securities Act of 1933, as amended, which resulted in a decrease of over one percent (1%) in the aggregate percentage beneficial ownership of the Reporting Persons, as previously reported in the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	(a) Item 5(a) of the Schedule 13D is hereby amended in its entirety as follows: The aggregate number of securities and percentage of the class of securities of the Issuer beneficially owned by each Reporting Person named in Item 2(a), as well as the number of securities as to which such person is deemed to have sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, shared power to dispose or direct the disposition, is set forth in the following table: Number of Shares Power to Vote Power to Dispose No of Securities Percent Reporting Person Beneficially Owned Sole Shared(1) Sole Shared(1) of Class(2) Weichai Hong Kong 31,102,826 0 31,102,826 0 31,102,826 10.32% Weichai Power 31,102,826 0 31,102,826 0 31,102,826 10.32% SHIG 31,102,826 0 31,102,826 0 31,102,826 10.32% Total(3) 31,102,826 0 31,102,826 0 31,102,826 10.32% (all Reporting Persons) 1. Weichai Hong Kong is the direct and record owner of 31,102,826 Common Shares and shares the power to vote and the power to dispose of all of such Common Shares with Weichai Power and SHIG by virtue of the fact that Weichai Power is Weichai Hong Kong's parent company, and Weichai Power is controlled by SHIG. SHIG holds less than 20% of the shares in Weichai Power but is able to exercise influence over Weichai Power by virtue of its status as the largest shareholder of Weichai Power and representatives or designees of SHIG currently comprise a majority of members of Weichai Power's board of directors. 2. The percentage of class of securities is calculated by dividing the number of Common Shares beneficially owned by the Reporting Persons by a total of 301,475,849 issued and outstanding Common Shares of the Issuer, as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the SEC on May 5, 2026. 3. The Reporting Persons disclaim membership in a group.
(c)	Item 5(c) of the Schedule 13D is hereby amended in its entirety as follows: (c) During the past sixty days, Weichai Hong Kong sold an aggregate of 15,028,886 Common Shares in open market transactions as follows: Date Number of Common Shares Sold Price per Common Share 5/8/2026 2,111,111 $4.2742 5/11/2026 2,399,353 $4.1767 5/12/2026 2,368,422 $4.2167 5/13/2026 3,330,000 $4.1725 5/14/2026 923,000 $4.1198 5/15/2026 3,897,000 $4.0688

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.

Weichai Power Hong Kong International Development Co., Limited

Signature:	/s/ Yunyun Hu
Name/Title:	Yunyun Hu/Director
Date:	05/19/2026

Weichai Power Co., Ltd.

Signature:	/s/ Chenglong Sun
Name/Title:	Chenglong Sun/Authorized Representative
Date:	05/19/2026

Shandong Heavy Industry Group Co., Ltd.

Signature:	/s/ Chenglong Sun
Name/Title:	Chenglong Sun/Authorized Representative
Date:	05/19/2026

FAQ

How many Ballard Power (BLDP) shares does Weichai now own?

Weichai’s reporting group beneficially owns 31,102,826 Ballard common shares, equal to 10.32% of the company. The shares are held directly by Weichai Hong Kong, with Weichai Power and Shandong Heavy Industry Group sharing voting and disposal power.

What percentage of Ballard Power (BLDP) does Weichai’s group hold after this amendment?

The reporting group holds 10.32% of Ballard Power’s common shares. This percentage is based on 301,475,849 shares outstanding as reported in Ballard’s First Quarter 2026 Interim Financial Statements filed on May 5, 2026.

How many Ballard Power (BLDP) shares did Weichai Hong Kong recently sell?

Over the past sixty days, Weichai Hong Kong sold an aggregate of 15,028,886 Ballard common shares in open-market transactions. These trades were executed on multiple dates in May 2026 at prices slightly above $4 per share.

What was the largest single-day Ballard Power (BLDP) sale reported?

The largest single-day sale was on May 15, 2026, when Weichai Hong Kong sold 3,897,000 Ballard common shares at a price of $4.0688 per share. This transaction was executed under Rule 144 for resales of restricted or control securities.

How is the 10.32% Ballard Power (BLDP) ownership percentage calculated?

The 10.32% ownership is calculated by dividing the 31,102,826 shares beneficially owned by the reporting persons by 301,475,849 issued and outstanding shares of Ballard Power, as disclosed in its First Quarter 2026 Interim Financial Statements.

Who holds voting and disposal power over Weichai’s Ballard Power (BLDP) shares?

Weichai Hong Kong is the direct owner of 31,102,826 shares, while Weichai Power and Shandong Heavy Industry Group share voting and disposal power. SHIG influences Weichai Power as its largest shareholder with board representation.