Orbis holds 20.1% stake in Youdao ADSs

Orbis Investment Management Limited reports beneficial ownership of 6,563,497 American Depositary Shares of Youdao, Inc., representing 20.1% of this class.

Rhea-AI Filing Summary

Orbis Investment Management Limited reports beneficial ownership of 6,563,497 American Depositary Shares of Youdao, Inc., representing 20.1% of this class. Orbis has sole voting and sole dispositive power over all of these ADSs, with no shared voting or dispositive authority reported.

The ADSs each represent one Class A ordinary share with a par value of US$0.0001. Orbis notes that other persons have rights to receive dividends or proceeds from the sale of these securities, even though Orbis is the beneficial owner for reporting purposes. The signatory certifies that Orbis operates under a foreign regulatory scheme substantially comparable to that of a functionally equivalent U.S. institution.

Key Figures

Beneficially owned ADSs: 6,563,497 Percent of class owned: 20.1% Sole voting power: 6,563,497 +1 more

4 metrics

Beneficially owned ADSs 6,563,497 American Depositary Shares of Youdao, Inc. beneficially owned by Orbis Investment Management Limited

Percent of class owned 20.1% Percentage of Youdao American Depositary Shares beneficially owned by Orbis Investment Management Limited

Sole voting power 6,563,497 Number of Youdao ADSs over which Orbis has sole power to vote or direct the vote

Sole dispositive power 6,563,497 Number of Youdao ADSs over which Orbis has sole power to dispose or direct disposition

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, American Depositary Shares, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: 6,563,497"

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.

Sole Voting Power financial

"Sole Voting Power 6,563,497.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"Sole Dispositive Power 6,563,497.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

American Depositary Shares financial

"Title of class of securities: American Depositary Shares"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

percent of class financial

"Percent of class: 20.1 %"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Youdao, Inc. (DAO) does Orbis Investment Management Limited own?

Orbis Investment Management Limited reports beneficial ownership of 20.1% of Youdao, Inc.’s American Depositary Shares. This corresponds to 6,563,497 ADSs over which Orbis has sole voting and dispositive power.

How many Youdao (DAO) shares does Orbis Investment Management Limited control?

Orbis Investment Management Limited beneficially owns 6,563,497 Youdao American Depositary Shares. It has sole voting and sole dispositive power over this entire position, with no shared authority reported.

Does Orbis share voting power over its Youdao (DAO) holdings?

No. Orbis Investment Management Limited reports 6,563,497 ADSs with 0 shared voting power and 0 shared dispositive power. All voting and disposition authority over these shares is held on a sole basis by Orbis.

Who can receive dividends from Orbis’s Youdao (DAO) shares?

Orbis states that other persons have rights to receive dividends or sale proceeds from the Youdao securities it beneficially owns. These interests can relate to more than 5% of the class but are held on behalf of others.

What type of Youdao (DAO) security does Orbis hold?

Orbis holds American Depositary Shares of Youdao, Inc., each representing one Class A ordinary share with a par value of US$0.0001. The reported position totals 6,563,497 ADSs.

Where is Orbis Investment Management Limited, a major Youdao (DAO) holder, based?

Orbis Investment Management Limited is organized in Bermuda, with a principal business office at 25 Front Street, Hamilton HM11, Bermuda. It certifies that its foreign regulatory regime is comparable to a U.S. equivalent institution.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/14/2026 - 02:18 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 17)

Youdao, Inc.

(Name of Issuer)

American Depositary Shares, each representing 1 Class A Ordinary Share, par value US$0.0001

(Title of Class of Securities)

98741T104

(CUSIP Number)

06/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 98741T104

1

Names of Reporting Persons

Orbis Investment Management Limited

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

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,563,497.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,563,497.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,563,497.00

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)

20.1 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Youdao, Inc.
(b)	Address of issuer's principal executive offices: NO. 399, WANGSHANG ROAD, BINJIANG DISTRICT, HANGZHOU, CHINA 310051
Item 2.
(a)	Name of person filing: Orbis Investment Management Limited
(b)	Address or principal business office or, if none, residence: 25 Front Street Hamilton HM11, Bermuda
(c)	Citizenship: Orbis Investment Management Limited - BERMUDA
(d)	Title of class of securities: American Depositary Shares, each representing 1 Class A Ordinary Share, par value US$0.0001
(e)	CUSIP No.: 98741T104
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).
	Equivalent to IA.
Item 4.	Ownership
(a)	Amount beneficially owned: 6,563,497
(b)	Percent of class: 20.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Orbis Investment Management Limited - 6,563,497
	(ii) Shared power to vote or to direct the vote: Orbis Investment Management Limited - 0
	(iii) Sole power to dispose or to direct the disposition of: Orbis Investment Management Limited - 6,563,497
	(iv) Shared power to dispose or to direct the disposition of: Orbis Investment Management Limited - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Other persons have the right to receive dividends from, the power to direct the receipt of dividends from, or the right to receive the proceeds from the sale of, the securities of the issuer identified in Item 4(a) that are beneficially owned by Orbis Investment Management Limited.
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.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Orbis Investment Management Limited is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Orbis Investment Management Limited

Signature:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	08/14/2026