Hexstone exits Boqii Holding (NYSE: BQ) stake in 13G/A exit filing

Rhea-AI Filing Summary

Boqii Holding Ltd's significant shareholder Hexstone Capital LLC and its managing member Brendan O'Neil have filed an exit Schedule 13G/A. The filing reports that each now beneficially owns 0 Class A ordinary shares and represents 0.00% of the class as of the update.

The amendment states that both parties have ceased to be beneficial owners of more than five percent of Boqii’s Class A ordinary shares, formally updating prior ownership disclosures and confirming no current voting or dispositive power over the shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Boqii Holding Ltd

(Name of Issuer)

Class A Ordinary Shares, par value $0.16 per share

(Title of Class of Securities)

G1311F119

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G1311F119

1

Names of Reporting Persons

Hexstone Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: This constitutes an exit filing for the reporting person.

SCHEDULE 13G

CUSIP No. G1311F119

1

Names of Reporting Persons

Brendan O'Neil

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: This constitutes an exit filing for the reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Boqii Holding Ltd
(b)	Address of issuer's principal executive offices: Room 1203, 12th Floor, Building T1, Smart Cloud, No. 1, Lane 235, Yubei Road, Pudong New Area, Shanghai, The People's Republic of China
Item 2.
(a)	Name of person filing: (i) Hexstone Capital LLC, a Nevada limited liability company ("Hexstone"); and (ii) Brendan O'Neil ("Mr. O'Neil"). The foregoing persons are hereinafter collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed as Exhibit 1 to the Statement on Schedule 13G filed by the Reporting Persons with the U.S. Securities and Exchange Commission on November 10, 2025 (the "Schedule 13G"), pursuant to which the Reporting Persons have agreed to file this Amendment No. 1 to Schedule 13G (the "Amendment No. 1") and all subsequent amendments to the Schedule 13G and this Amendment No. 1 jointly in accordance with the provisions of Rule 13d-1(k) of the Act. The filing of this Amendment No. 1 should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Class A ordinary shares, par value $0.16 per share, of the issuer (the ''Ordinary Shares'') reported herein.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 3053 Fillmore St, Suite 303, San Francisco, CA 94123.
(c)	Citizenship: Hexstone is a limited liability company organized under the laws of the State of Nevada. Mr. O'Neil is a citizen of the United States.
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.16 per share
(e)	CUSIP No.: G1311F119
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The purpose of this Amendment No. 1 is to amend and supplement the Schedule 13G in order to update the beneficial ownership information on the cover pages and in Item 4 in the Schedule 13G, including to indicate that each of the Reporting Persons has ceased to be the beneficial owner of more than five percent of the outstanding shares of Common Stock and to amend Item 5 of the Schedule 13G accordingly. This Amendment No. 1 constitutes an exit filing for each of the Reporting Persons. The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Amendment No. 1 and is incorporated herein by reference for each such Reporting Person. None of the Reporting Persons beneficially owns any Ordinary Shares. Hexstone has the power to dispose of and the power to vote any Ordinary Shares beneficially owned by it, which power may be exercised by its managing member, Mr. O'Neil. Mr. O'Neil does not directly own any Ordinary Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. O'Neil may be deemed to beneficially own any Ordinary Shares which are beneficially owned by Hexstone.
(b)	Percent of class: 0.00%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (A) Hexstone: 0.00 (B) Mr. O'Neil: 0.00
	(ii) Shared power to vote or to direct the vote: (A) Hexstone: 0.00 (B) Mr. O'Neil: 0.00
	(iii) Sole power to dispose or to direct the disposition of: (A) Hexstone: 0.00 (B) Mr. O'Neil: 0.00
	(iv) Shared power to dispose or to direct the disposition of: (A) Hexstone: 0.00 (B) Mr. O'Neil: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 1 filed with the Schedule 13G.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Hexstone Capital LLC

Signature:	/s/ Hexstone Capital LLC
Name/Title:	Brendan O'Neil, Managing Member
Date:	02/03/2026

Brendan O'Neil

Signature:	/s/ Brendan O'Neil
Name/Title:	Brendan O'Neil
Date:	02/03/2026

Comments accompanying signature: LIST OF EXHIBITS Exhibit No. 1 - Joint Filing Agreement, dated November 10, 2025 (incorporated by reference to Exhibit 1 to the Schedule 13G filed by the Reporting Persons with the SEC on November 10, 2025)

FAQ

What does the Schedule 13G/A filing mean for Boqii (BQ)?

The Schedule 13G/A shows Hexstone Capital LLC and Brendan O’Neil have reduced their Boqii Class A ordinary share holdings to zero. It confirms they no longer own more than five percent or have voting or dispositive power over these shares.

Who are the reporting persons in the Boqii (BQ) Schedule 13G/A?

The reporting persons are Hexstone Capital LLC, a Nevada limited liability company, and Brendan O’Neil, a United States citizen and Hexstone’s managing member. They jointly reported their beneficial ownership position in Boqii’s Class A ordinary shares as required under U.S. securities rules.

What ownership percentage in Boqii (BQ) do Hexstone and Brendan O’Neil report now?

Hexstone Capital LLC and Brendan O’Neil each report beneficial ownership of 0 Class A ordinary shares of Boqii, representing 0.00% of the class. The filing states this amendment constitutes an exit filing because they no longer hold more than five percent.

Why is this Schedule 13G/A called an exit filing for Boqii (BQ)?

It is described as an exit filing because Hexstone Capital LLC and Brendan O’Neil have ceased to be beneficial owners of more than five percent of Boqii’s outstanding Class A ordinary shares. They now report zero beneficial ownership and zero voting or dispositive power.

Do Hexstone and Brendan O’Neil still have voting power over Boqii (BQ) shares?

No. The filing states that Hexstone and Brendan O’Neil each have sole and shared voting power of 0.00 and sole and shared dispositive power of 0.00. This confirms they do not control any Boqii Class A ordinary shares through voting or disposition rights.