[Form 3] Niu Technologies Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Niu Technologies director Zhang Jinshu reported initial holdings on a Form 3. The filing shows ownership of 40,000 unvested restricted share units granted under the 2018 Share Incentive Plan, which are scheduled to vest on October 19, 2026. It also reports 54,000 American depositary shares, with each ADS representing two Class A ordinary shares of Niu Technologies.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Zhang Jinshu

Role Director

Type	Security	Shares	Price	Value
holding	Restricted share units	--	--	--
holding	American depositary shares	--	--	--

Holdings After Transaction: Restricted share units — 40,000 shares (Direct); American depositary shares — 54,000 shares (Direct)

Footnotes (1)

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"). The 40,000 unvested restricted share units ("RSUs") were granted to the reporting person on October 19, 2024 pursuant to the Company's 2018 Share Incentive Plan, and will vest on October 19, 2026. Each RSU represents the contingent right to receive one (1) Class A ordinary shares of the Company upon vesting.

Understanding Insider Trading Forms →

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^*

Zhang Jinshu

(Last) (First) (Middle)

749 VIA DEL MONTE, PALOS VERDES ESTATES

(Street)

CALIFORNIA X0 90274

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/02/2026

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
	Officer (give title below)		Other (specify below)

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)	54,000(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	40,000(2)	(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 40,000 unvested restricted share units ("RSUs") were granted to the reporting person on October 19, 2024 pursuant to the Company's 2018 Share Incentive Plan, and will vest on October 19, 2026.

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

	/s/ John Jinshu Zhang	03/04/2026
	** 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.