9F Inc. (JFU) director discloses 13,920,300 Class A shares via trust

Rhea-AI Filing Summary

9F Inc. director Xiao Changxing has filed an initial ownership report showing indirect beneficial ownership of 13,920,300 Class A Ordinary Shares. These shares are held through DFM Capital Ltd., which is controlled via Guernsey trust structures, and Xiao can direct how the trustee votes and disposes of these shares.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Xiao Changxing

(Last) (First) (Middle)

6-101, QIUMADU, NO.2 SHANGJIALOU ROAD,

CHAOYANG DISTRICT

(Street)

BEIJING 100015

(City) (State) (Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
9F Inc. [ JFU ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Share	13,920,300	I	By DFM Capital Ltd.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. DFM Capital Ltd. is a British Virgin Islands company controlled by The DTFM Capital Trust. The DTFM Capital Trust is a trust established under the laws of Guernsey and managed by DTFM (PTC) Ltd., a private trust company incorporated in British Virgin Islands, as the trustee. Mr. Changxing Xiao is the settlor of this trust and Mr. Changxing Xiao and his family members are the trust's beneficiaries. DTFM (PTC) Ltd. is in turn controlled by The DTFM Settlement, a trust established under the laws of Guernsey. The DTFM Settlement is managed by Trident Trust HK as the trustee. Mr. Changxing Xiao is the settlor and enforcer of The DTFM Settlement. Under the terms of the abovementioned trusts, Mr. Changxing Xiao has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to the shares held by DFM Capital Ltd. in our company.

	/s/ Changxing Xiao	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does 9F Inc. (JFU) director Xiao Changxing report on this Form 3?

Xiao Changxing reports indirect ownership of 13,920,300 Class A Ordinary Shares. The holdings are reported as being owned through DFM Capital Ltd., giving investors visibility into his significant indirect economic and voting interest in 9F Inc.

How are Xiao Changxing’s JFU shares held according to this filing?

The shares are held indirectly through DFM Capital Ltd. DFM Capital Ltd. is controlled by Guernsey-law trusts, with Xiao as settlor and beneficiary, creating an indirect ownership structure rather than direct personal share registration.

What level of control does Xiao Changxing have over the JFU shares?

Xiao can direct the trustee on voting and disposal of the shares. The trust terms give him power over retention, sale, and exercise of voting and other rights attached to the shares held by DFM Capital Ltd. in 9F Inc.

Is there any buy or sell transaction in this 9F Inc. (JFU) Form 3?

The Form 3 reflects a reported holding, not a new trade. The data show an indirect position of 13,920,300 Class A Ordinary Shares, without any separate buy or sell transaction code or price information disclosed.

Why is the trust structure important in this 9F Inc. (JFU) ownership disclosure?

The trust structure explains how Xiao’s indirect control is organized. Multiple Guernsey trusts and a private trust company stand between Xiao and DFM Capital Ltd., but he retains power to direct voting and disposal of the company’s shares held through this entity.