Major holder of Niu Technologies (NASDAQ: NIU) reports 40.8% stake

Rhea-AI Filing Summary

Glory Achievement Fund Limited, Bull Group Limited and BULL TRUST report a 40.8% stake in Niu Technologies. They beneficially own 64,018,111 ordinary shares with sole voting and dispositive power, based on 156,872,176 ordinary shares outstanding as of February 28, 2026.

From June 12 to June 25, 2026, Glory Achievement Fund Limited purchased 823,178 ADSs, representing 1,646,356 Class A ordinary shares, in open-market transactions for approximately US$1.8 million, using its own working capital. The group states these holdings are for investment purposes and may increase or decrease its position over time.

Insights

Equity ownership analyst

Large holder reports 40.8% stake and recent open-market ADS purchases.

Glory Achievement Fund Limited, Bull Group Limited and BULL TRUST collectively report beneficial ownership of 64,018,111 ordinary shares of Niu Technologies, equal to 40.8% of the ordinary shares outstanding on February 28, 2026, with sole voting and dispositive power.

Between June 12, 2026 and June 25, 2026, Glory Achievement Fund Limited bought 823,178 ADSs, representing 1,646,356 Class A ordinary shares, for approximately US$1.8 million using working capital. The group characterizes these as investment-driven open-market purchases.

The filing states that the investors intend to review their position regularly and may acquire more or dispose of some holdings depending on ADS price, market conditions and the issuer’s business performance. Actual future transactions will depend on these factors and on the company’s policies, including any applicable insider trading policy.

Key Figures

Beneficial ownership: 64,018,111 ordinary shares Ownership percentage: 40.8% of ordinary shares Recent ADS purchases: 823,178 ADSs +5 more

8 metrics

Beneficial ownership 64,018,111 ordinary shares Shares beneficially owned by reporting persons

Ownership percentage 40.8% of ordinary shares Based on 156,872,176 ordinary shares as of Feb 28, 2026

Recent ADS purchases 823,178 ADSs Bought June 12–25, 2026 in open market

Underlying Class A shares 1,646,356 Class A shares Represented by 823,178 ADSs purchased

Purchase amount Approx. US$1.8 million Cost of recent ADS purchases using working capital

Total ordinary shares outstanding 156,872,176 shares Ordinary shares (Class A and B) as of Feb 28, 2026

Class A ordinary shares 141,650,156 shares Component of total ordinary shares outstanding

Class B ordinary shares 15,222,020 shares Component of total ordinary shares outstanding

Key Terms

beneficially owned, ADSs, Sole Voting Power, Sole Dispositive Power, +2 more

6 terms

beneficially owned financial

"The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 156,872,176 outstanding ordinary shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

ADSs financial

"purchased a total of 823,178 ADSs (representing 1,646,356 Class A ordinary shares) of the Issuer in the open market"

Sole Voting Power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: | 7 | Sole Voting Power 64,018,111.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"9 | Sole Dispositive Power 64,018,111.00 10 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Class B ordinary shares financial

"Class B ordinary shares, par value $0.0001 each. Each Class B ordinary share is convertible into one Class A ordinary share at any time"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

working capital financial

"for approximately US$1.8 million, using its own working capital (the "Recent Open-Market Purchases")"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 06/26/2026 - 08:59 AM Accepted by SEC EDGAR 06/26/2026 - 08:59 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Niu Technologies

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

65481N100

(CUSIP Number)

Glory Achievement Fund Limited
2nd Fl, Strathvale House, 90 N Church St, P.O. Box 1103, George Town
Grand Cayman, F4, KY1-1102
8610-6432-1899

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/25/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 65481N100

1

Name of reporting person

Glory Achievement Fund Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 64,018,111.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 64,018,111.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

64,018,111.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

40.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 65481N100

1

Name of reporting person

Bull Group Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 64,018,111.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 64,018,111.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

64,018,111.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

40.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 65481N100

1

Name of reporting person

BULL TRUST

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 64,018,111.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 64,018,111.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

64,018,111.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

40.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary shares, par value $0.0001 per share
(b)	Name of Issuer: Niu Technologies
(c)	Address of Issuer's Principal Executive Offices: Building C, Rongxin Technology Center, No. 34 Chuangyuan RD, Chaoyang District, Beijing, CHINA , 100012.
Item 1 Comment: This Amendment No. 7 to Schedule 13D (this "Amendment No. 7") is filed by Glory Achievement Fund Limited, Bull Group Limited and BULL TRUST (each, a "Reporting Person" and collectively, the "Reporting Persons") to amend and supplement the statement on Schedule 13D originally filed with the SEC on December 7, 2023 (the "Original Schedule 13D"), as subsequently amended by an amendment No. 1 filed on July 22, 2025 (the "Amendment No. 1"), an amendment No. 2 filed on February 2, 2026 (the "Amendment No. 2"), an amendment No. 3 filed on February 11, 2026 (the "Amendment No. 3"), an amendment No. 4 filed on March 4, 2026 (the "Amendment No. 4"), an amendment No. 5 filed on March 13, 2026 (the "Amendment No. 5"), and an amendment No. 6 filed on June 12, 2026 (the "Amendment No. 6", and together with the Original Schedule 13D, the Amendment No. 1, the Amendment No. 2, the Amendment No. 3, the Amendment No. 4, and the Amendment No. 5, the "Statement"), relating to the Class A ordinary shares of Niu Technologies, a Cayman Islands company (the "Issuer"), whose principal executive offices are located at Building C, Rongxin Technology Center, No. 34 Chuangyuan Road, Chaoyang District, Beijing, 100012, People's Republic of China. The ordinary shares of the Issuer consist of Class A ordinary shares (including Class A ordinary shares represented by ADSs) and Class B ordinary shares, par value $0.0001 each. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. The ADSs of the Issuer are listed on The Nasdaq Stock Market under the symbol "NIU." Each ADS represents two Class A ordinary shares of the Issuer. Except as provided herein, this Amendment No. 7 does not modify any of the information previously reported on the Statement. The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant.
Item 2.	Identity and Background
(a)	Glory Achievement Fund Limited Bull Group Limited BULL TRUST
(b)	Each of Glory Achievement Fund Limited and Bull Group Limited is a Cayman Islands company with its address at 2nd Floor, Strathvale House, 90 North Church Street, P.O. Box 1103, George Town, Grand Cayman KY1-1102, Cayman Islands. BULL TRUST is a Hong Kong company with its address at ARK Trust (Hong Kong) Limited as trustee, 34/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
(c)	Each of Glory Achievement Fund Limited and Bull Group Limited is a Cayman Islands company with its address at 2nd Floor, Strathvale House, 90 North Church Street, P.O. Box 1103, George Town, Grand Cayman KY1-1102, Cayman Islands. BULL TRUST is a Hong Kong company with its address at ARK Trust (Hong Kong) Limited as trustee, 34/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
(d)	During the last five years, none of the Reporting Persons has been: (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(e)	During the last five years, none of the Reporting Persons has been: (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Glory Achievement Fund Limited: Cayman Islands Bull Group Limited: Cayman Islands BULL TRUST: Hong Kong
Item 3.	Source and Amount of Funds or Other Consideration
	From June 12, 2026 through June 25, 2026, Glory Achievement Fund Limited purchased a total of 823,178 ADSs (representing 1,646,356 Class A ordinary shares) of the Issuer in the open market for approximately US$1.8 million, using its own working capital (the "Recent Open-Market Purchases").
Item 4.	Purpose of Transaction
	The information set forth in Item 3 is hereby incorporated by reference in its entirety. The Recent Open-Market Purchases were made for investment purposes. The Reporting Persons hold the ADSs of the Issuer for investment purposes. They intend to review their shareholding on a regular basis and, as a result thereof, may at any time or from time to time determine, either alone or as part of a group, (i) to acquire additional securities of the Issuer, through open market purchases, privately negotiated transactions or otherwise, (ii) to dispose of all or a portion of the securities of the Issuer owned by it in the open market, in privately negotiated transactions or otherwise or (iii) to take any other available course of action, which could involve one or more of the types of transactions or have one or more of the results described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Any actions the Reporting Persons might undertake will be dependent upon such Reporting Persons' review of numerous factors, including, among other things, the price levels of the ADSs, general market and economic conditions, ongoing evaluation of the Issuer's business, financial condition, operations and prospects, the relative attractiveness of alternative business and investment opportunities, investor's need for liquidity, and other future developments. Any future acquisitions or dispositions of ADSs will be subject to the Issuer's policies, including its insider trading policy, as applicable. Except as set forth above, none of the Reporting Persons has any present plans or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Schedule 13D are hereby incorporated by reference in this Item 5. The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 156,872,176 outstanding ordinary shares (being the sum of 141,650,156 Class A ordinary shares and 15,222,020 Class B ordinary shares) of the Issuer outstanding as a single class as of February 28, 2026, assuming conversion of all Class B ordinary shares into Class A ordinary shares. The percentage of voting power is calculated by dividing the voting power beneficially owned by the Reporting Person by the voting power of all of the Issuer's outstanding Class A ordinary shares and Class B ordinary shares as a single class as of February 28, 2026. Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to four votes per share on all matters submitted to them for a vote.
(b)	The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Schedule 13D are hereby incorporated by reference in this Item 5.
(c)	Except as described in Item 4, the Reporting Persons have not effected any transaction in the ordinary shares of the Issuer during the past 60 days.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information set forth in Item 3 is hereby incorporated by reference in its entirety. To the best knowledge of the Reporting Persons, except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons or between any of the Reporting Persons and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	Joint Filing Agreement

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Glory Achievement Fund Limited

Signature:	/s/ Xueting Xu
Name/Title:	Xueting Xu, Director
Date:	06/26/2026

Bull Group Limited

Signature:	/s/ LIU Tsz Yin
Name/Title:	LIU Tsz Yin, Authorized Signatory
Date:	06/26/2026

Signature:	/s/ TSE Ka Chun
Name/Title:	TSE Ka Chun, Authorized Signatory
Date:	06/26/2026

BULL TRUST

Signature:	/s/ LIU Tsz Yin
Name/Title:	LIU Tsz Yin, Authorized Signatory
Date:	06/26/2026

Signature:	/s/ TSE Ka Chun
Name/Title:	TSE Ka Chun, Authorized Signatory
Date:	06/26/2026

FAQ

How much of Niu Technologies (NIU) do the reporting persons own?

The reporting group beneficially owns 64,018,111 ordinary shares of Niu Technologies, representing 40.8% of the ordinary shares outstanding as of February 28, 2026, assuming conversion of all Class B ordinary shares into Class A ordinary shares.

What recent Niu Technologies (NIU) purchases did Glory Achievement Fund make?

From June 12 to June 25, 2026, Glory Achievement Fund Limited purchased 823,178 ADSs of Niu Technologies in the open market, representing 1,646,356 Class A ordinary shares, for approximately US$1.8 million using its own working capital.

What type of securities of Niu Technologies (NIU) are covered in this filing?

The filing covers Class A ordinary shares of Niu Technologies, including Class A shares represented by ADSs. Each ADS represents two Class A ordinary shares, and Class B ordinary shares are convertible into Class A shares on a one-for-one basis.

What voting rights do Niu Technologies (NIU) Class A and Class B shares carry?

Each Class A ordinary share carries one vote, while each Class B ordinary share carries four votes on all matters submitted to shareholders. Class B shares are convertible into Class A shares; Class A shares are not convertible into Class B shares.

How many Niu Technologies (NIU) ordinary shares were outstanding for this 13D/A?

The ownership percentages are based on a total of 156,872,176 ordinary shares outstanding as of February 28, 2026, consisting of 141,650,156 Class A ordinary shares and 15,222,020 Class B ordinary shares, treated as a single class for this calculation.

What is the purpose of the Niu Technologies (NIU) stake held by the reporting persons?

The reporting persons state they hold Niu Technologies ADSs and shares for investment purposes. They may increase or reduce their holdings over time, depending on ADS price, market and economic conditions, and their assessment of the company’s business and liquidity needs.