Niu Technologies (NASDAQ: NIU) CFO RSUs vest and ADSs sold for tax obligations

Rhea-AI Filing Summary

Niu Technologies reported insider equity activity by its Chief Financial Officer, Fion Wenjuan Zhou

03/17/2026 - 09:06 AM

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

5. 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

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
American depositary shares(1)	03/15/2026		M		45,000(2)	A	(3)	164,284	D
American depositary shares(1)	03/16/2026		S(4)		22,113	D	$3.4841	142,171	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted share units	(3)	03/15/2026		M			90,000	(5)	(5)	Class A ordinary shares	90,000	$0	0	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. Represent 90,000 Class A ordinary shares of the Company received in the form of ADSs upon vesting of the 90,000 restricted share units granted to the reporting person on March 15, 2022. See footnote 5.

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

4. The reporting person sold 22,113 ADSs solely to satisfy tax obligations incurred upon vesting.

5. The 90,000 RSUs were granted to the reporting person pursuant to the Company's 2018 Share Incentive Plan (the "2018 Plan") on March 15, 2022, and vested on March 15, 2026.

	/s/ Fion Wenjuan Zhou	03/17/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did Niu Technologies (NIU) disclose for CFO Fion Wenjuan Zhou?

The filing shows the CFO received shares from vesting RSUs and sold some ADSs. On March 15, 90,000 RSUs vested into Class A ordinary shares delivered as ADSs. On March 16, she sold 22,113 ADSs solely to satisfy tax obligations.

How many shares did the Niu Technologies (NIU) CFO acquire through RSU vesting?

The CFO had 90,000 restricted share units vest into Class A ordinary shares. These were received in the form of ADSs, with each ADS representing two Class A ordinary shares, effectively delivering 45,000 ADSs through the vesting event.

How many Niu Technologies (NIU) ADSs did the CFO sell and why?

The CFO sold 22,113 ADSs. The disclosure states this sale was solely to satisfy tax obligations incurred upon the vesting of 90,000 restricted share units, indicating a tax-related transaction rather than a discretionary open-market sale.

What is the CFO’s Niu Technologies (NIU) ADS holding after these transactions?

Following the vesting and subsequent ADS sale, the CFO directly holds 142,171 ADSs. This figure reflects her position after acquiring ADSs from RSU conversion and disposing of 22,113 ADSs to cover associated tax obligations.

At what price were Niu Technologies (NIU) ADSs sold by the CFO?

The CFO’s 22,113 ADSs were sold at an average price of $3.4841 per ADS. This price applies to the tax-driven sale executed on March 16 and is reported as an open-market or private transaction in the disclosure.

What is the relationship between Niu Technologies (NIU) ADSs and Class A ordinary shares?

Each American depositary share of Niu Technologies represents two Class A ordinary shares. The vested 90,000 Class A ordinary shares were therefore received in the form of 45,000 ADSs, as explained in the footnotes to the disclosure.