G1 Execution Services, LLC and Susquehanna Securities, LLC report beneficial ownership of 4,457,014 Class A Ordinary Shares of EHang Holdings Limited, representing 4.0% of the class.
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G1 Execution Services, LLC and Susquehanna Securities, LLC report beneficial ownership of 4,457,014 Class A Ordinary Shares of EHang Holdings Limited, representing 4.0% of the class. This includes G1’s 823 American depositary shares (ADSs), equivalent to 1,646 shares, and Susquehanna’s options to buy 498,600 ADSs plus 1,729,084 ADSs. Each ADS represents two shares. EHang’s Annual Report states there were 111,215,614 shares outstanding as of December 31, 2025. The reporting persons indicate they may be deemed a group as affiliated broker-dealers, report shared voting and dispositive power over the 4,457,014 shares, and each disclaims beneficial ownership of shares held directly by the other. They also state they own 5% or less of the class.
Key Figures
Beneficial ownership:4,457,014 Class A Ordinary SharesOwnership percentage:4.0%Shares outstanding:111,215,614 Shares+4 more
7 metrics
Beneficial ownership4,457,014 Class A Ordinary SharesShares beneficially owned collectively by the reporting persons
Ownership percentage4.0%Percent of EHang Class A Ordinary Shares beneficially owned
Shares outstanding111,215,614 SharesEHang Class A Ordinary Shares outstanding as of December 31, 2025
G1 ADS holdings823 ADSsAmerican depositary shares held by G1 Execution Services, LLC
Susquehanna ADS options498,600 ADSsOptions to buy ADSs held by Susquehanna Securities, LLC
Susquehanna ADS holdings1,729,084 ADSsAmerican depositary shares held by Susquehanna Securities, LLC
ADS to share ratio2 Shares per ADSEach American depositary share represents two Class A Ordinary Shares
Key Terms
beneficial ownership, American depositary shares, sole voting power, shared dispositive power, +1 more
5 terms
beneficial ownershipfinancial
"The information required by this Item 4(a) is set forth in Row 9..."
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.
American depositary sharesfinancial
"The number of Shares reported as beneficially owned by G1... consists of 823 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.
sole voting powerfinancial
"5 | Sole Voting Power 1,646.00 6 | Shared Voting Power 4,457,014.00"
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.
shared dispositive powerfinancial
"8 | Shared Dispositive Power 4,457,014.00"
broker-dealersfinancial
"affiliated independent broker-dealers, which may be deemed a group"
A broker-dealer is a firm or individual that helps people buy and sell securities and may also trade those securities for its own account. Think of it like a market clerk who can either match a buyer with a seller or sell items from the shop’s shelves; investors rely on broker-dealers to execute trades, custody assets, provide market access and advice, and their actions and fees can affect trade speed, cost and potential conflicts of interest.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stake in EHang (EH) do G1 Execution Services and Susquehanna report?
They report beneficial ownership of 4,457,014 Class A Ordinary Shares of EHang, equal to 4.0% of the class, based on 111,215,614 shares outstanding as of December 31, 2025.
How are the EHang (EH) holdings of G1 Execution Services structured?
G1 Execution Services, LLC reports holdings consisting of 823 American depositary shares (ADSs), which represent 1,646 underlying Class A Ordinary Shares, with sole and shared voting and dispositive powers as disclosed.
What EHang (EH) securities does Susquehanna Securities hold?
Susquehanna Securities, LLC reports options to buy 498,600 ADSs and 1,729,084 ADSs. Together with affiliate holdings, this contributes to 4,457,014 shares beneficially owned.
What percentage of EHang (EH) does 4,457,014 shares represent?
The reported 4,457,014 Class A Ordinary Shares represent 4.0% of EHang’s outstanding shares, using the company’s disclosed total of 111,215,614 shares outstanding as of December 31, 2025.
Do the EHang (EH) reporting persons consider themselves a group?
They state the affiliated broker-dealers may be deemed a group and therefore report shared voting and dispositive power over 4,457,014 shares, while each disclaims beneficial ownership of the other’s directly held shares.
Are G1 Execution and Susquehanna above 5% ownership in EHang (EH)?
No. They explicitly state ownership of 5 percent or less of EHang’s Class A Ordinary Shares, with their combined reported beneficial ownership at 4.0% of the class.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
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)
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):
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
1,646.00
6
Shared Voting Power
4,457,014.00
7
Sole Dispositive Power
1,646.00
8
Shared Dispositive Power
4,457,014.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,457,014.00
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)
4.0 %
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 Number(s):
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
4,455,368.00
6
Shared Voting Power
4,457,014.00
7
Sole Dispositive Power
4,455,368.00
8
Shared Dispositive Power
4,457,014.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,457,014.00
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)
4.0 %
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:
EHang Future City, No. 118 Dongjiang Avenue, 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 shares of 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 823 American depositary shares ("ADSs"). The number of Shares reported as beneficially owned by Susquehanna Securities, LLC consists of (i) options to buy 498,600 ADSs, and (ii) 1,729,084 ADSs. Each American depositary share represents two (2) Shares.
The Company's Annual Report on Form 20-F, filed on May 15, 2026, indicates that there were 111,215,614 Shares outstanding as of December 31, 2025.
(b)
Percent of class:
4.0 %
(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.
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.
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.
