Intchains Group Ltd amendment to a Schedule 13G/A reports beneficial ownership by entities controlled by Qiang Ding. The filing lists holdings of 25,961,500, 3,000,000, 5,912,120, and 6,318,800 Class B ordinary shares held by four reporting entities as of March 31, 2026.
The filing states an aggregate beneficial ownership of 41,192,420 Class B ordinary shares attributable to Mr. Ding, calculated on an as-converted basis at 33.92% using issuer figures of 57,431,614 Class A and 63,992,240 Class B ordinary shares outstanding as of December 31, 2025. The cover-page notes alternative percentage calculations on partially diluted and Class B-only bases.
Positive
None.
Negative
None.
Insights
Concentrated voting power through Class B shares is explicit; founder control is sizable.
Intchains Group Ltd has a dual-class capital structure where each Class B share carries 10 votes and is convertible to Class A. The filing quantifies holdings and voting/dispositive power across four BVI entities and the individual owner.
Implications hinge on shareholder voting dynamics and conversion mechanics; subsequent filings may clarify any planned conversions or transfers, but timing is not stated in the excerpt.
The amendment updates beneficial ownership figures and preserves required disclosure language and calculations.
The cover pages show sole voting and dispositive power for each reporting entity and provide explicit percentage calculations using issuer-provided outstanding share counts as of December 31, 2025. The statements follow Schedule 13G/A norms for passive reporting of holdings.
Watch for future filings if holdings or conversion activity change; the amendment itself does not state any transfer or sale.
Intchain DQ Asset Holding shares25,961,500 sharesheld as of March 31, 2026
Intchains DQ Holding shares3,000,000 sharesheld as of March 31, 2026
Intchains CHX1 shares5,912,120 sharesheld as of March 31, 2026
Intchains CHX2 shares6,318,800 sharesheld as of March 31, 2026
Aggregate beneficial ownership41,192,420 sharesattributed to Qiang Ding as of March 31, 2026
As-converted ownership percentage33.92%calculated using issuer counts as of December 31, 2025
Issuer Class A outstanding57,431,614 sharesas of December 31, 2025
Issuer Class B outstanding63,992,240 sharesas of December 31, 2025
Key Terms
as-converted basis, sole dispositive power, Class B ordinary share convertible, beneficial ownership
4 terms
as-converted basisfinancial
"The calculation in row 11 is on an as-converted basis"
As-converted basis means counting securities that can become common stock—like convertible bonds or preferred shares—as if they already were common shares when calculating totals such as shares outstanding, ownership percentages, or per-share metrics. Investors use it to see the potential dilution and the “what-if” size of the shareholder base; it’s like imagining all restaurant coupons have been redeemed so you know how crowded the table could become and how slices of the pie would shrink.
sole dispositive powerregulatory
"Sole Dispositive Power 25,961,500.00"
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.
Class B ordinary share convertiblefinancial
"Each Class B ordinary share is convertible into a Class A ordinary share"
beneficial ownershipregulatory
"Amount beneficially owned: The information for each 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.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Intchains Group Ltd
(Name of Issuer)
Class A ordinary shares, par value US$0.000001 per share
(Title of Class of Securities)
45828E104
(CUSIP Number)
03/31/2026
(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):
45828E104
1
Names of Reporting Persons
Intchain DQ Asset Holding 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
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
25,961,500.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
25,961,500.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,961,500.00
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)
21.38 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1)The value in rows 5 and 7 represents 25,961,500 Class B ordinary shares held of record by Intchain DQ Asset Holding Limited as of March 31, 2026.
(2) The calculation in row 11 is on an as-converted basis based on: (i) a numerator of 25,961,500, and (ii) a denominator that is the sum of (x) 57,431,614, the number of the Issuer's Class A ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer, and (y) 63,992,240, the number of the Issuer's total Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. The ownership percentage would be 26.32%, if calculated on a partially-diluted basis based on (i) a numerator of 25,961,500 and (ii) a denominator of 98,624,034, which equals the total number of the Issuer's Class A ordinary shares outstanding as of December 31, 2025, together with the 41,192,420 Class B ordinary shares held by the Reporting Person. The ownership percentage would be 40.57% if calculated based solely on an aggregate of 63,992,240 Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote. Each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into a Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
SCHEDULE 13G
CUSIP Number(s):
45828E104
1
Names of Reporting Persons
Intchains DQ Holding 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
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,000,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,000,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,000,000.00
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)
2.47 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 3,000,000 Class B ordinary shares held of record by Intchain DQ Holding Limited as of March 31, 2026.
(2) The calculation in row 11 is on as-converted basis based on: (i) a numerator of 3,000,000, and (ii) a denominator that is the sum of (x) 57,431,614, the number of the Issuer's Class A ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer, and (y) 63,992,240, the number of the Issuer's total Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. The ownership percentage would be 3.04%, if calculated on a partially diluted basis based on (i) a numerator of 3,000,000 and (ii) a denominator of 98,624,034, which equals the total number of the Issuer's Class A ordinary shares outstanding as of December 31, 2025, together with the 41,192,420 Class B ordinary shares held by the Reporting Person. The ownership percentage would be 4.67% if calculated based solely on an aggregate of 63,992,240 Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote. Each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into a Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
SCHEDULE 13G
CUSIP Number(s):
45828E104
1
Names of Reporting Persons
Intchains CHX1 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
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
5,912,120.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,912,120.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,912,120.00
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)
4.87 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 5,912,120 Class B ordinary shares held of record by Intchain CHX1 Limited as of March 31, 2026.
(2) The calculation in row 11 is on as-converted basis: (i) the numerator is 5,912,120, and (ii) the denominator is the sum of (x) 57,431,614, the number of the Issuer's Class A ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer, and (y) 63,992,240, the number of the Issuer's total Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. The ownership percentage would be 5.99%, if calculated on a partially-diluted based on (i) a numerator of 5,912,120 and (ii) a denominator of 98,624,034, which equals the total number of the Issuer's Class A ordinary shares outstanding as of December 31, 2025, together with the 41,192,420 Class B ordinary shares held by the Reporting Person. The ownership percentage would be 9.24% if calculated based solely on an aggregate of 63,992,240 Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote. Each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into a Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
SCHEDULE 13G
CUSIP Number(s):
45828E104
1
Names of Reporting Persons
Intchains CHX2 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
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6,318,800.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,318,800.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,318,800.00
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)
5.20 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 6,318,800 Class B ordinary shares held of record by Intchain CHX2 Limited as of March 31, 2026.
(2) The calculation in row 11 is on an as-converted basis: (i) the numerator is 6,318,800, and (ii) the denominator is the sum of (x) 57,431,614, the number of the Issuer's Class A ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer, and (y) 63,992,240, the number of the Issuer's total Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. The ownership percentage would be 6.41%, if calculated on a partially-diluted basis based on (i) a numerator of 6,318,800 and (ii) a denominator of 98,624,034, which equals the total number of the Issuer's Class A ordinary shares outstanding as of December 31, 2025, together with the 41,192,420 Class B ordinary shares held by the Reporting Person. The ownership percentage would be 9.87% if calculated based solely on an aggregate of 63,992,240 Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote. Each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into a Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
SCHEDULE 13G
CUSIP Number(s):
45828E104
1
Names of Reporting Persons
Qiang Ding
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
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
41,192,420.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
41,192,420.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
41,192,420.00
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)
33.92 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents (i) 25,961,500 Class B ordinary shares directly held by Intchain DQ Asset Holding Limited, a British Virgin Islands company 100% owned by Qiang Ding; (ii) 3,000,000 Class B ordinary shares directly held by Intchains DQ Holding Limited, a British Virgin Islands company 100% owned by Qiang Ding; (iii) 5,912,120 Class B ordinary shares directly held by Intchains CHX1 Limited, a British Virgin Islands company 100% owned by Qiang Ding; and (iv) 6,318,800 Class B ordinary shares directly held by Intchains CHX2 Limited, a British Virgin Islands company 100% owned by Qiang Ding.
(2) The calculation in row 11 is on an as-converted basis: (i) the numerator is 41,192,420, and (ii) the denominator is the sum of (x) 57,431,614, the number of the Issuer's Class A ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer, and (y) 63,992,240, the number of the Issuer's total Class B ordinary shares issued and outstanding as of December 31, 2025 as provided by the Issuer. The ownership percentage would be 41.77%, if calculated on a partially-diluted basis based on (i) a numerator of 41,192,420 and (ii) a denominator of 98,624,034, which equals the total number of the Issuer's Class A ordinary shares outstanding as of December 31, 2025, together with the 41,192,420 Class B ordinary shares held by the Reporting Person. The ownership percentage would be 64.37% if calculate based solely on an aggregate of 63,992,240 Class B ordinary shares issued and outstanding as of December 31, 2025, as provided by the Issuer. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote. Each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into a Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Intchains Group Ltd
(b)
Address of issuer's principal executive offices:
Building 16, Lane 999, Xinyuan South Road, Lin-gang Special Area, Pudong
Item 2.
(a)
Name of person filing:
Intchain DQ Asset Holding Limited, a British Virgin Islands company 100% owned by Qiang Ding.
Intchains DQ Holding Limited, a British Virgin Islands company 100% owned by Qiang Ding.
Intchains CHX1 Limited, a British Virgin Islands company 100% owned by Qiang Ding.
Intchains CHX2 Limited, a British Virgin Islands company 100% owned by Qiang Ding.
Qiang Ding, a citizen of the People's Republic of China.
(b)
Address or principal business office or, if none, residence:
The address of each of Intchain DQ Asset Holding Limited, Intchains DQ Holding Limited, Intchains CHX1 Limited, Intchains CHX2 Limited and Qiang Ding is as follows:
c/o Start Chambers, Wickham's Cay II, P. O. Box 2221, Road Town, Tortola, British Virgin Islands.
(c)
Citizenship:
Intchain DQ Asset Holding Limited, a British Virgin Islands company;
Intchains DQ Holding Limited, a British Virgin Islands company;
Intchains CHX1 Limited, a British Virgin Islands company;
Intchains CHX2 Limited, a British Virgin Islands company;
Mr. Qiang Ding, a citizen of the People's Republic of China
(d)
Title of class of securities:
Class A ordinary shares, par value US$0.000001 per share
(e)
CUSIP No.:
45828E104
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 for each reporting person contained in Items 5-11 of the cover pages is incorporated herein by reference.
(b)
Percent of class:
The information for each reporting person contained in Items 5-11 of the cover pages is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information for each reporting person contained in Items 5-11 of the cover pages is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information for each reporting person contained in Items 5-11 of the cover pages is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information for each reporting person contained in Items 5-11 of the cover pages is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information for each reporting person contained in Items 5-11 of the cover pages is incorporated herein by reference.
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:
Not Applicable
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.
What stake does Qiang Ding hold in Intchains Group Ltd (ICG)?
Mr. Qiang Ding is attributed with beneficial ownership of 41,192,420 Class B ordinary shares, representing 33.92% on an as-converted basis using issuer counts as of December 31, 2025. This figure aggregates four BVI entities wholly owned by him.
How were the ownership percentages calculated in the 13G/A amendment?
Percentages use an as-converted basis with a numerator of the reporting person’s Class B shares and a denominator equal to 57,431,614 Class A plus 63,992,240 Class B ordinary shares outstanding as of December 31, 2025, per the issuer.
Which reporting entities hold shares for Mr. Ding?
The filing lists four British Virgin Islands entities: Intchain DQ Asset Holding Limited (25,961,500 shares), Intchains DQ Holding Limited (3,000,000), Intchains CHX1 Limited (5,912,120), and Intchains CHX2 Limited (6,318,800), all reported as of March 31, 2026.
Do Class B shares convert to Class A shares at Intchains Group Ltd?
Yes. Each Class B ordinary share is convertible into a Class A ordinary share at any time by the holder, while Class A shares are not convertible into Class B shares, as stated in the filing's description of rights and conversion mechanics.
What issuer share totals does the amendment cite for percentage calculations?
The amendment cites issuer-provided totals of 57,431,614 Class A ordinary shares and 63,992,240 Class B ordinary shares outstanding as of December 31, 2025, and uses these figures to compute as-converted ownership percentages.
