Niu Technologies grants Jinshu Zhang 80K stock units

The director's 80,000-RSU award is scheduled to vest in two equal annual installments in 2027 and 2028.

Rhea-AI Filing Summary

Niu Technologies (NIU) director Jinshu Zhang had 40,000 restricted share units vest on October 19, 2026, receiving 20,000 American depositary shares (ADSs) representing 40,000 Class A ordinary shares. His reported direct holdings after the transaction were 74,000 ADSs. Zhang was also granted 80,000 RSUs under the 2018 Share Incentive Plan, scheduled to vest in two equal annual installments of 40,000 RSUs on October 19, 2027 and October 19, 2028.

Insider Trade Summary

40,000 shares exercised/converted

Exercise 3 txns

Insider Zhang Jinshu

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted share units F3, F4	40,000	$0.00	$0.00
Grant/Award	Restricted share units F3, F5	80,000	$0.00	$0.00
Exercise	American depositary shares F1, F2, F3	20,000	--	--

Holdings After Transaction: Restricted share units — 80,000 contracts (Direct); American depositary shares — 74,000 shares (Direct)

Footnotes (5)

1. F1. 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. F2. Represent 40,000 Class A ordinary shares of the Company received in the form of ADSs upon vesting of the 40,000 restricted share units ("RSUs") granted to the reporting person on October 19, 2024. See footnote 4.
3. F3. Each RSU represents the contingent right to receive one (1) Class A ordinary share of the Company upon vesting.
4. F4. The 40,000 RSUs were granted to the reporting person pursuant to the Company's 2018 Share Incentive Plan (the "2018 Plan") on October 19, 2024, and vested on October 19, 2026.
5. F5. The 80,000 RSUs were granted to the reporting person pursuant to the 2018 Plan on October 19, 2026, and will vest in two equal annual installments of 40,000 RSUs each on October 19, 2027 and October 19, 2028, respectively.

Key Figures

RSUs vested: 40,000 restricted share units ADSs received: 20,000 American depositary shares Underlying Class A ordinary shares: 40,000 shares +3 more

6 metrics

RSUs vested 40,000 restricted share units Vested October 19, 2026

ADSs received 20,000 American depositary shares Received upon vesting of the RSUs on October 19, 2026

Underlying Class A ordinary shares 40,000 shares Represented by the 20,000 ADSs received upon vesting

Direct ADS holdings after transaction 74,000 American depositary shares Reported after the October 19, 2026 transaction

RSU award 80,000 restricted share units Granted October 19, 2026 under the 2018 Share Incentive Plan

Annual vesting installment 40,000 restricted share units Scheduled for October 19, 2027 and October 19, 2028

Key Terms

restricted share units, American depositary share, contingent right, 2018 Share Incentive Plan

4 terms

restricted share units financial

"40,000 restricted share units ("RSUs") granted to the reporting person"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

American depositary share financial

"Each American depositary share ("ADS") represents two (2) Class A ordinary shares"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

contingent right financial

"Each RSU represents the contingent right to receive one (1) Class A ordinary share"

2018 Share Incentive Plan financial

"pursuant to the Company's 2018 Share Incentive Plan"

FAQ

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

How many NIU ADSs did director Jinshu Zhang receive when his RSUs vested?

Jinshu Zhang received 20,000 ADSs upon vesting of 40,000 RSUs on October 19, 2026, representing 40,000 Class A ordinary shares. Each ADS represents two Class A ordinary shares.

What is the vesting schedule for Jinshu Zhang's 80,000-RSU NIU award?

The 80,000-RSU award is scheduled to vest in two equal annual installments of 40,000 RSUs each, on October 19, 2027 and October 19, 2028. The award was granted under Niu Technologies' 2018 Share Incentive Plan.

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

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Available on EDGAR 10/20/2026 - 06:22 AM EDT Accepted by SEC EDGAR 10/20/2026 - 06:22 AM EDT Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Zhang Jinshu

(Last) (First) (Middle)

749 VIA DEL MONTE, PALOS VERDES ESTATES

(Street)

CALIFORNIA CALIFORNIA 90274

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/19/2026

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

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

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

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)	10/19/2026		M		20,000(2)	A	(3)	74,000	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)	10/19/2026		M			40,000	(4)	(4)	Class A ordinary shares	40,000	$0	0	D
Restricted share units	(3)	10/19/2026		A		80,000		(5)	(5)	Class A ordinary shares	80,000	$0	80,000	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 40,000 Class A ordinary shares of the Company received in the form of ADSs upon vesting of the 40,000 restricted share units ("RSUs") granted to the reporting person on October 19, 2024. See footnote 4.

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

4. The 40,000 RSUs were granted to the reporting person pursuant to the Company's 2018 Share Incentive Plan (the "2018 Plan") on October 19, 2024, and vested on October 19, 2026.

5. The 80,000 RSUs were granted to the reporting person pursuant to the 2018 Plan on October 19, 2026, and will vest in two equal annual installments of 40,000 RSUs each on October 19, 2027 and October 19, 2028, respectively.

	/s/ John Jinshu Zhang	10/20/2026
	** 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 4 (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 4: SEC 1474 (03-26)