CNFinance (NYSE: CNF) VP reports 20M share options and indirect stake

Rhea-AI Filing Summary

CNFinance Holdings Ltd. vice president Zhang Zehui has filed an initial ownership report showing a large equity-linked position in the company. The filing lists a stock option giving him the right to buy 20,000,000 ordinary shares at an exercise price of approximately US$0.0725 per share, expiring on December 31, 2027.

In addition, the report notes an indirect interest through Kylin Investment Holdings Limited, a British Virgin Islands company in which Zhang holds 10% of the total outstanding shares. Kylin Investment holds Class A ordinary shares of CNFinance, so Zhang’s stake in Kylin gives him an indirect economic interest alongside his direct option position. The filing records ownership, not new market purchases or sales.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Zhang Zehui

(Last) (First) (Middle)

22F, SOUTHERN FINANCE PLAZA

NO. 7 3RD CHUNRONG ROAD, TIANHE DISTRICT

(Street)

GUANGZHOU 510000

(City) (State) (Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
CNFinance Holdings Ltd. [ CNF ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice President

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares	24,394,938(1)	I	By Kylin Investment Holdings Limited

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	12/31/2019	12/31/2027	Ordinary Shares	20,000,000	$0.0725(2)	D

Explanation of Responses:

1. Kylin Investment Holdings Limited, or Kylin Investment, is a company incorporated in the British Virgin Islands.10% of the total outstanding shares of Kylin Investment are held by the Reporting Person. Kylin Investment holds 243,949,380 Class A ordinary shares of the Issuer.

2. The exercise price of the stock options is RMB0.5 per share. For convenience only, this amount has been translated into U.S. dollars at the rate of RMB6.8961 to US$1.00, the noon buying rate in effect on March 13, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board.

	/s/ Zhang Zehui	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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.
* Form 3: SEC 1473 (03-26)

FAQ

What does CNFinance (CNF) vice president Zhang Zehui report owning in this Form 3?

He reports a stock option over 20,000,000 ordinary shares at about US$0.0725 per share, expiring December 31, 2027. The filing also notes an indirect economic interest through Kylin Investment Holdings Limited, where he owns 10% of the outstanding shares.

Are there any buy or sell transactions disclosed for CNF in this Form 3?

No buy or sell transactions are disclosed; the entries are classified as holdings. The Form 3 serves as an initial statement of beneficial ownership, listing Zhang Zehui’s option position and indirect interest, rather than reporting new market purchases or sales of CNFinance shares.

What are the key terms of the 20,000,000-share option reported for CNFinance (CNF)?

The option covers 20,000,000 ordinary shares with an exercise price equivalent to RMB0.5 per share, translated to about US$0.0725. It has an exercise date referenced in 2019 and an expiration date of December 31, 2027, indicating a long-dated incentive position.

How is Kylin Investment Holdings Limited related to CNFinance (CNF) and Zhang Zehui?

Kylin Investment Holdings Limited is a British Virgin Islands company that holds Class A ordinary shares of CNFinance. The filing states that 10% of Kylin Investment’s total outstanding shares are held by Zhang Zehui, giving him an indirect economic interest in CNFinance through that entity.

Does the CNFinance (CNF) Form 3 suggest changes in insider sentiment or trading activity?

The Form 3 reflects existing holdings rather than new trades, so it does not directly signal changes in insider sentiment. It documents Zhang Zehui’s substantial option position and his indirect interest via Kylin Investment, providing transparency on his overall exposure to CNFinance equity.