Niu Technologies (NIU) CFO discloses large RSU grants and ADS stake

Rhea-AI Filing Summary

Niu Technologies director and Chief Financial Officer Zhou Fion Wenjuan filed an initial ownership report showing equity incentives and share exposure. She holds 90,000 unvested restricted share units (RSUs) granted on March 15, 2022 that vest on March 15, 2026, plus 225,000 unvested RSUs granted on January 10, 2025 that vest in three annual installments of 75,000 RSUs each from January 10, 2027 through January 10, 2029. An additional 150,000 unvested RSUs granted on January 20, 2026 vest in four annual installments of 37,500 RSUs each from January 20, 2027 through January 20, 2030. Each RSU represents the right to receive one Class A ordinary share, and she directly holds 119,284 American depositary shares, with each ADS representing two Class A ordinary 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^*

Zhou Fion Wenjuan

(Last) (First) (Middle)

23F BUILDING C RONGXIN TECHNOLOGY CENTER

NO. 34 CHUANGYUAN ROAD CHAOYANG DISTRICT

(Street)

BEIJING F4 100012

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/06/2026

3. Issuer Name and Ticker or Trading Symbol
Niu Technologies [ NIU ]

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

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

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

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)
American depositary shares(1)	119,284(1)	D

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
Restricted share units	(2)	(2)	Class A ordinary shares	90,000(2)	(3)	D
Restricted share units	(4)	(4)	Class A ordinary shares	225,000(4)	(3)	D
Restricted share units	(5)	(5)	Class A ordinary shares	150,000(5)	(3)	D

Explanation of Responses:

1. Each American depositary share ("ADS") represents two (2) Class A ordinary shares, with a par value of US$0.0001 per share, of Niu Technologies (the "Company").

2. The 90,000 unvested restricted share units ("RSUs") were granted to the reporting person pursuant to the Company's 2018 Share Incentive Plan (the "2018 Plan") on March 15, 2022, and will vest on March 15, 2026.

3. Each RSU represents the contingent right to receive one (1) Class A ordinary shares of the Company upon vesting.

4. The 225,000 unvested RSUs were granted to the reporting person pursuant to the 2018 Plan on January 10, 2025, and will vest in three equal annual installments of 75,000 RSUs each on January 10, 2027, January 10, 2028 and January 10, 2029, respectively.

5. The 150,000 unvested RSUs were granted to the reporting person pursuant to the 2018 Plan on January 20, 2026, and will vest in four equal annual installments of 37,500 RSUs each on January 20, 2027, January 20, 2028, January 20, 2029 and January 20, 2030, respectively.

	/s/ Fion Wenjuan Zhou	03/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What does Niu Technologies (NIU) CFO report on this Form 3 filing?

The filing shows CFO and director Zhou Fion Wenjuan’s initial holdings, including multiple grants of unvested restricted share units and a direct position in American depositary shares. It outlines her equity-based incentives and current ADS ownership in Niu Technologies.

How many unvested RSUs does the Niu Technologies (NIU) CFO hold?

She holds 90,000 unvested RSUs from March 2022, 225,000 unvested RSUs from January 2025, and 150,000 unvested RSUs from January 2026. These awards together represent significant potential future ownership in Niu Technologies through its 2018 Share Incentive Plan.

What are the vesting schedules for the Niu Technologies (NIU) CFO’s RSUs?

The 90,000 RSUs vest on March 15, 2026. The 225,000 RSUs vest in three equal 75,000-unit installments on January 10, 2027, 2028, and 2029. The 150,000 RSUs vest in four 37,500-unit installments on January 20, 2027, 2028, 2029, and 2030.

How do Niu Technologies (NIU) RSUs convert into ordinary shares?

Each restricted share unit represents a contingent right to receive one Class A ordinary share of Niu Technologies upon vesting. As RSUs vest over time, they can increase the executive’s direct ownership in the company’s Class A ordinary shares.

How many American depositary shares does the Niu Technologies (NIU) CFO hold?

She directly holds 119,284 American depositary shares. Each ADS represents two Class A ordinary shares of Niu Technologies, giving her meaningful direct exposure to the company’s equity in addition to her unvested restricted share units.

What does one Niu Technologies (NIU) ADS represent in ordinary shares?

Each American depositary share of Niu Technologies represents two Class A ordinary shares with a par value of US$0.0001 per share. This structure allows investors to hold the company’s equity in ADS form while still reflecting underlying ordinary share interests.