NaaS director reports 236,000 stock options

NaaS Technology Inc. director LIU XIAOLI filed an initial ownership report showing derivative holdings in the company.

Rhea-AI Filing Summary

NaaS Technology Inc. director LIU XIAOLI filed an initial ownership report showing derivative holdings in the company. The Form 3 lists stock options that are exercisable into 236,000 Class A ordinary shares at an exercise price of $0.0100 per share, expiring on June 9, 2032.

According to the footnote, these options became exercisable in three tranches: 76,541 shares on June 10, 2023, another 76,541 shares on June 10, 2024, and 82,919 shares on June 10, 2025. The filing reflects a direct option position rather than a new market transaction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LIU XIAOLI

Role Director

Type	Security	Shares	Price	Value
holding	Stock options	--	--	--

Holdings After Transaction: Stock options — 236,000 contracts (Direct)

Footnotes (1)

1. F1. The stock options became exercisable as to 76,541 Class A ordinary shares of NaaS Technology Inc. ("Issuer") on June 10,2023, 76,541 Class A ordinary shares of Issuer on June 10, 2024 and 82,919 Class A ordinary shares of Issuer on June 10, 2025.

FAQ

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

What does the NaaS (NAAS) Form 3 filing by LIU XIAOLI report?

The Form 3 reports director LIU XIAOLI’s initial ownership in NaaS through stock options. It shows derivative holdings that can be exercised into 236,000 Class A ordinary shares, providing a baseline of this director’s equity-linked position at the reporting date.

How many NaaS Technology Inc. shares are covered by LIU XIAOLI’s options?

The options reported for LIU XIAOLI are exercisable into 236,000 Class A ordinary shares of NaaS Technology Inc. This figure represents the total underlying shares tied to the stock options disclosed as directly owned in the Form 3 filing.

What is the exercise price of LIU XIAOLI’s NaaS stock options?

The reported stock options held by LIU XIAOLI carry an exercise price of $0.0100 per Class A ordinary share. This very low exercise price means the options provide significant potential leverage to NaaS’s share price over their remaining life.

When do LIU XIAOLI’s NaaS stock options vest and become exercisable?

The footnote states the options became exercisable in three tranches: 76,541 shares on June 10, 2023, another 76,541 on June 10, 2024, and 82,919 on June 10, 2025. Together, these tranches total 236,000 underlying Class A ordinary shares.

When do LIU XIAOLI’s NaaS stock options expire?

The stock options reported for LIU XIAOLI are shown with an expiration date of June 9, 2032. After this date, any unexercised options would lapse, so this term defines the maximum life of the derivative position disclosed.

Are LIU XIAOLI’s NaaS stock options held directly or indirectly?

The Form 3 describes the ownership of these stock options as direct, with the ownership code listed as “D.” This indicates the options are held in LIU XIAOLI’s own name rather than through a trust, partnership, or other indirect holding structure.

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

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Accepted by SEC EDGAR 03/18/2026 - 01:51 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

LIU XIAOLI

(Last) (First) (Middle)

ROOM 1902, UNIT 1, BUILDING 11, NO. 8,

HUAMAO CITY

(Street)

BEIJING CHAOYANG DISTRICT 100022

(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
NaaS Technology Inc. [ NAAS ]

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)

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
Stock options	(1)	06/09/2032	Class A ordinary shares	236,000	$0.01	D

Explanation of Responses:

1. The stock options became exercisable as to 76,541 Class A ordinary shares of NaaS Technology Inc. ("Issuer") on June 10,2023, 76,541 Class A ordinary shares of Issuer on June 10, 2024 and 82,919 Class A ordinary shares of Issuer on June 10, 2025.

	/s/ Xiaoli Liu	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)