Susquehanna group reports 6.9% EHang (EH) ownership stake

Rhea-AI Filing Summary

EHang Holdings Limited received an amended Schedule 13G showing that G1 Execution Services, LLC and Susquehanna Securities, LLC collectively report beneficial ownership of 7,229,576 Class A ordinary shares, representing 6.9% of the class as of the measurement date.

The holdings include American depositary shares and options on ADSs, with each ADS representing two Class A shares. The reporting broker-dealers state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of EHang.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

EHang Holdings Limited

(Name of Issuer)

Class A Ordinary Shares, US$0.0001 par value per share

(Title of Class of Securities)

26853E102

(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. 26853E102

1

Names of Reporting Persons

G1 Execution Services, 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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 11,176.00
6	Shared Voting Power 7,229,576.00
7	Sole Dispositive Power 11,176.00
8	Shared Dispositive Power 7,229,576.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,229,576.00

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)

6.9 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 26853E102

1

Names of Reporting Persons

Susquehanna Securities, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,218,400.00
6	Shared Voting Power 7,229,576.00
7	Sole Dispositive Power 7,218,400.00
8	Shared Dispositive Power 7,229,576.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,229,576.00

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)

6.9 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: EHang Holdings Limited
(b)	Address of issuer's principal executive offices: 11/F Building One, EHang Technology Park, No. 29 Bishan Blvd., Huangpu District, Guangzhou, 510700, People's Republic of China
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the Class A Ordinary Shares, US$0.0001 par value per share (the "Shares"), of EHang Holdings Limited (the "Company"). (i) G1 Execution Services, LLC (ii) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Class A Ordinary Shares, US$0.0001 par value per share
(e)	CUSIP No.: 26853E102
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 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by G1 Execution Services, LLC consists of 5,588 American depositary shares ("ADSs"). The number of Shares reported as beneficially owned by Susquehanna Securities, LLC consists of (i) options to buy 878,600 ADSs, and (ii) 2,730,600 ADSs. Each American depositary share represents two (2) Shares. The Company's Annual Report on Form 20-F, filed on April 15, 2025, indicates that there were 104,943,155 Shares outstanding as of March 31, 2025.
(b)	Percent of class: 6.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
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.
	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.
	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.

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.

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	02/12/2026

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	02/12/2026

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement* * Previously filed

FAQ

What ownership stake in EHang (EH) do G1 Execution Services and Susquehanna report?

They report beneficial ownership of 7,229,576 Class A ordinary shares of EHang, representing 6.9% of the class. This stake is reported jointly on an amended Schedule 13G as of a measurement date tied to December 31, 2025.

Who are the reporting persons in this EHang (EH) Schedule 13G/A filing?

The filing lists G1 Execution Services, LLC and Susquehanna Securities, LLC as reporting persons. Both are affiliated broker-dealers that may be deemed a group and each reports sole and shared voting and dispositive power over portions of the EHang Class A shares.

How is the 6.9% EHang (EH) ownership by Susquehanna Securities structured?

Susquehanna Securities’ beneficial ownership comprises options to buy 878,600 ADSs and 2,730,600 ADSs, with each ADS representing two Class A shares. These positions contribute to the aggregate 7,229,576 shares and 6.9% ownership disclosed in the Schedule 13G/A.

What does the filing say about the purpose of the EHang (EH) holdings?

The reporting firms certify the EHang securities were acquired and are held in the ordinary course of business. They state the holdings are not for the purpose of changing or influencing control of EHang and are not connected with any control-seeking transaction.

How many EHang (EH) shares were outstanding when this 6.9% stake was calculated?

The filing cites EHang’s Form 20-F stating 104,943,155 Class A shares outstanding as of March 31, 2025. Using this figure, the reporting persons calculate that their 7,229,576 beneficially owned shares represent 6.9% of the outstanding class.

How are voting and dispositive powers over EHang (EH) shares divided between the reporting parties?

G1 Execution Services reports 11,176 shares with sole voting and dispositive power, while Susquehanna Securities reports 7,218,400 shares with sole voting and dispositive power. Both also report shared voting and dispositive power over 7,229,576 shares in total.