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Top KingWin CEO reports 90.71% voting power

Class B shares carry 200 votes each and may be converted into 200 Class A shares at the holder's option.

(Moderate)

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Form Type
SCHEDULE 13D

Rhea-AI Filing Summary

Ruilin Xu, identified as Top KingWin Ltd (DPU)'s chief executive officer and chairman, reported beneficial ownership representing 90.71% of the company's total voting power as of October 8, 2026. That represents 32,187,368 votes, reflecting 154,873 Class B shares held directly and, through Xu Ruilin Capital, 768 Class A shares and 6,060 Class B shares.

Top KingWin issued Xu 20,991 Class B shares on July 27, 2026; 81,081 on May 8, 2026; 51,282 on November 27, 2025; and 1,519 on June 17, 2025, under his employment agreement. The June 17, 2025 count is stated on a post-1:25 reverse-split basis. Each Class B share carries 200 votes and may be converted into 200 Class A shares at the holder's option.

Reported voting power beneficially owned 32,187,368 votes As of October 8, 2026
Share of total voting power 90.71% As of October 8, 2026
Class B shares held directly 154,873 shares Ruilin Xu's reported holdings
Class A shares held indirectly 768 shares Held through Xu Ruilin Capital
Class B shares held indirectly 6,060 shares Held through Xu Ruilin Capital
Shares issued to Ruilin Xu 20,991 Class B ordinary shares July 27, 2026; under the employment agreement
Shares issued to Ruilin Xu 81,081 Class B ordinary shares May 8, 2026; under the employment agreement
Shares issued to Ruilin Xu 51,282 Class B ordinary shares November 27, 2025; under the employment agreement
beneficial ownership financial
"The percentage of beneficial ownership of the Reporting Person"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting power financial
"Shared Voting Power 1,212,768.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
dispositive power financial
"shared dispositive power over 768 Class A Ordinary Shares"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Class B Ordinary Shares technical
"Each Class B Ordinary Share is entitled to two hundred (200) votes"
Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.
Employment Agreement financial
"pursuant to the Employment Agreement"

FAQ

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

What voting power did Ruilin Xu beneficially own in DPU?

Ruilin Xu beneficially owned 90.71% of DPU's total voting power as of October 8, 2026, representing 32,187,368 votes.

How many DPU shares did Ruilin Xu hold directly and through Xu Ruilin Capital?

He directly held 154,873 Class B ordinary shares and indirectly held 768 Class A ordinary shares and 6,060 Class B ordinary shares through Xu Ruilin Capital.

What shares did DPU issue to Ruilin Xu under his employment agreement?

The issuer issued 20,991 Class B shares on July 27, 2026; 81,081 on May 8, 2026; 51,282 on November 27, 2025; and 1,519 on June 17, 2025. The June 17, 2025 count is on a post-1:25 reverse-split basis.

What voting and conversion rights do DPU Class B shares carry?

Each Class B ordinary share carries 200 votes and may be converted into 200 Class A ordinary shares at the holder's option.

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

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G8923U129

(CUSIP Number)
Ruilin Xu
15N, Block B, Zhongzhou Holding Financial Center
Nanshan District, Shenzhen, F4, 518000
(86) 182 1944 5669

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
06/17/2025

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D




Comment for Type of Reporting Person:
Numbers in Rows (7) & (9) represent the voting power of 154,873 Class B ordinary shares, par value of US$0.000001 per share (the "Class B Ordinary Shares"), directly held by the reporting person. Numbers in Rows (8) and (10) represent the voting power of 768 class A ordinary shares, par value of US$0.000001 per share (the "Class A Ordinary Shares") and 6,060 Class B Ordinary Shares, directly held by Xu Ruilin Capital Co. Ltd. ("Xu Ruilin Capital"), which is an entity controlled by the reporting person. Number in Row (11) represents the voting power of 768 Class A Ordinary Shares and 6,060 Class B Ordinary Shares, held by Xu Ruilin Capital, and154,873 Class B Ordinary Shares, directly held by Ruilin Xu. The Class B Ordinary Shares are convertible to Class A Ordinary Shares at any time on a one for two hundred basis. Each Class A Ordinary Share is entitled to one (1) vote and each Class B Ordinary Share is entitled to two hundred (200) votes. Each Class B Ordinary Share may be converted to two hundred (200) Class A Ordinary Shares at the option of the holder. The beneficial ownership percentage in Row (13) is calculated based on 3,295,826 Class A Ordinary Shares and 160,933 Class B Ordinary Shares of the Issuer issued and outstanding as of October 8, 2026.


SCHEDULE 13D


Ruilin Xu
Signature:/s/ Ruilin Xu
Name/Title:Ruilin Xu
Date:10/09/2026

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