BQ Files Form 25—Boqii ADSs Set for NYSE American Delisting

Rhea-AI Filing Summary

Boqii Holding Ltd (NYSE American: BQ) has filed a Form 25-NSE with the U.S. Securities and Exchange Commission, formally notifying the SEC and the NYSE American of its decision to remove its American Depositary Shares (ADSs)—each ADS representing 150 Class A ordinary shares—from listing and registration under Section 12(b) of the Exchange Act.

The filing states that NYSE American believes it meets all requirements to submit the form and has signed the notification on 11 July 2025. The exchange checked the box indicating it acted under Rule 12d2-2(b), which covers exchange-initiated delistings after the exchange has followed its own rules and procedures.

Once the Form 25 becomes effective—typically 10 days after filing—the ADSs will be delisted from NYSE American and, 90 days after filing, the securities will be deregistered unless the company files an alternative registration.

No financial performance data, strategic rationale, or future trading venue information is provided in this document. Investors should monitor subsequent filings (e.g., Form 15, press releases) for details on trading arrangements in the over-the-counter (OTC) market or any corporate actions affecting share ownership.

Positive

• None.

Negative

• Exchange-initiated Form 25 indicates imminent delisting, sharply reducing liquidity and investor access.
• No disclosure of alternative listing or continued SEC reporting, heightening uncertainty about future transparency and governance.

Insights

Equity Research Analyst

TL;DR: Exchange-initiated Form 25 signals imminent delisting of Boqii ADSs—materially negative for liquidity and valuation.

Impact assessment: The filing is immediately impactful. Delisting will eliminate exchange-based liquidity, reduce visibility, and may trigger forced selling by index and mandate-constrained investors. While Boqii can still trade OTC, spreads typically widen and volumes fall. The notice does not specify any plan to relist elsewhere or maintain SEC reporting, leaving governance and transparency uncertain. Absent additional context, the event is negative for equity holders.

UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

001-39547

Issuer:	Boqii Holding Ltd
Exchange:	NYSE AMERICAN LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	Building 1, No. 399, SHENGXIA Road
	Pudong New District		201203
Telephone number:					86 21 6109 6226

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

American Depositary Shares (each representing one hundred fifty (150) Class A Ordinary Shares)

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, NYSE AMERICAN LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-07-11	By	Anthony Sozzi		Analyst, Market Watch
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

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

Why is Boqii Holding Ltd (BQ) filing Form 25-NSE?

The filing notifies the SEC that Boqii’s ADSs will be removed from listing and registration on NYSE American under Rule 12d2-2(b).

When will Boqii’s ADSs be delisted from NYSE American?

Form 25 ordinarily becomes effective 10 calendar days after filing (filed 11 July 2025), after which the ADSs will be delisted.

Will Boqii Holding Ltd remain an SEC-reporting company?

The document is silent; if no Form 15 is filed, Boqii may remain subject to SEC reporting. Investors must watch for subsequent filings.

How many ordinary shares does each Boqii ADS represent?

Each ADS represents 150 Class A ordinary shares of Boqii Holding Ltd.

Can Boqii ADSs trade after delisting?

Typically they move to the over-the-counter market, but the company has not yet provided specific arrangements.