Boqii Holding Ltd (BQ) — Schedule 13G filing: Hexstone Capital LLC and Brendan O'Neil disclosed beneficial ownership of 349,292 Class A Ordinary Shares, representing 9.9% of the class as of November 4, 2025.
The reported amount reflects 349,000 shares held by Hexstone plus 292 shares deemed beneficially owned from pre-funded warrants due to a 9.99% beneficial ownership limitation (the blocker). Both reporting persons show shared voting and dispositive power over 349,292 shares and no sole power.
Boqii had 3,496,128 Class A Ordinary Shares outstanding as of November 4, 2025, after giving effect to the issuer's offering disclosed in a prospectus supplement dated November 3, 2025, assuming no exercise of the pre-funded warrants sold. The filers certified the securities were not acquired to change or influence control, consistent with a passive 13G.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Boqii Holding Ltd
(Name of Issuer)
Class A Ordinary Shares, par value $0.16 per share
(Title of Class of Securities)
G1311F119
(CUSIP Number)
11/04/2025
(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
349,292.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
349,292.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
349,292.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: As more fully described in Item 4 of this Statement on Schedule 13G (this ''Schedule 13G''), such shares and percentage are based on 3,496,128 Class A ordinary shares, par value $0.16 per share, of the issuer (the ''Ordinary Shares'') outstanding as of November 4, 2025, after giving effect to the issuer's offering (the ''Offering'') disclosed in the issuer's prospectus supplement, dated November 3, 2025, to the registration statement on Form F-3, as amended (File No. 333-267919), declared effective by the U.S. Securities and Exchange Commission on November 23, 2022 (the ''Prospectus Supplement''), assuming no exercise of any of the pre-funded warrants to purchase Ordinary Shares (the ''Pre-Funded Warrants'') sold in the Offering. Beneficial ownership consists of 349,000 Ordinary Shares held directly by the reporting person and does not include full exercise of the Pre-Funded Warrants held directly by the reporting person, which exercises are subject to a 9.99% beneficial ownership limitation provision (the ''Blocker'').
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
349,292.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
349,292.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
349,292.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: As more fully described in Item 4 of this Schedule 13G, such shares and percentage are based on 3,496,128 Ordinary Shares outstanding as of November 4, 2025, after giving effect to the Offering disclosed in the Prospectus Supplement, assuming no exercise of any of the Pre-Funded Warrants sold in the Offering. Beneficial ownership consists of 349,000 Ordinary Shares indirectly held by the reporting person and does not include full exercise of the Pre-Funded Warrants indirectly held by the reporting person, which exercises are subject to a Blocker.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Boqii Holding Ltd
(b)
Address of issuer's principal executive offices:
Building 9, No. 388, Shengrong Road, Pudong New District, Shanghai 201210, 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 this Schedule 13G, pursuant to which such Reporting Persons have agreed to file this Schedule 13G and all subsequent amendments to the Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act.
The filing of this Schedule 13G should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of 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 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 Schedule 13G and is incorporated herein by reference for each such Reporting Person. The share amounts and ownership percentages reported are based on 3,496,128 Ordinary Shares outstanding as of November 4, 2025, after giving effect to the Offering disclosed in the Prospectus Supplement, assuming no exercise of any of the Pre-Funded Warrants sold in the Offering.
Hexstone holds (i) 349,000 Ordinary Shares and (ii) Pre-Funded Warrants exercisable for up to 401,000 Ordinary Shares, of which 292 Ordinary Shares issuable upon exercise of the Pre-Funded Warrants may be deemed beneficially owned by Hexstone as a result of the triggering of the Blocker in the Pre-Funded Warrants, which prohibits Hexstone from exercising the Pre-Funded Warrants for Ordinary Shares if, as a result of such exercise, the holder thereof, together with its affiliates and any persons acting as a group together with such holder or any of such affiliates, would beneficially own more than 9.99% of the total number of Ordinary Shares then issued and outstanding immediately after giving effect to any such exercise.
Consequently, Hexstone is the beneficial owner of 349,292 Ordinary Shares (the "Shares"). Hexstone has the power to dispose of and the power to vote the Shares beneficially owned by it, which power may be exercised by its managing member, Mr. O'Neil. Mr. O'Neil does not directly own the Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. O'Neil may be deemed to beneficially own the Shares which are beneficially owned by Hexstone.
(b)
Percent of class:
9.99%
(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: 349,292.00
(B) Mr. O'Neil: 349,292.00
(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: 349,292.00
(B) Mr. O'Neil: 349,292.00
Item 5.
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)(K), so indicate under Item 3(k) 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 herewith.
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:
11/10/2025
Brendan O'Neil
Signature:
/s/ Brendan O'Neil
Name/Title:
Brendan O'Neil
Date:
11/10/2025
Comments accompanying signature: See Exhibit 1 filed herewith.
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