Opera (OPRA) chair reports large indirect share and ADS stake

Rhea-AI Filing Summary

Opera Ltd disclosed the initial holdings of Executive Chairman Zhou Yahui in a Form 3. The filing reports indirect ownership of 54,833,333 Ordinary Shares and 6,734,110 American Depositary Shares, all held by Hong Kong Kunlun Tech Holding Limited. Each ADS represents one Ordinary Share. Through stakes and control in Kunlun Tech Co., Ltd. and Xinyu Yingrui Century Software R&D Center L.P., Zhou may be deemed to beneficially own these securities, but he disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Zhou Yahui

Role Executive Chairman

Type	Security	Shares	Price	Value
holding	Ordinary Shares, par value $0.0002 per share	--	--	--
holding	American Depositary Shares	--	--	--

Holdings After Transaction: Ordinary Shares, par value $0.0002 per share — 54,833,333 shares (Indirect, See Footnote); American Depositary Shares — 6,734,110 shares (Indirect, See Footnote)

Footnotes (1)

1. These securities are held directly by Hong Kong Kunlun Tech Holding Limited, which is a subsidiary of Kunlun Tech Co., Ltd. ("Kunlun"). Mr. Zhou holds 11.56% of Kunlun directly and 15.12% indirectly through Xinyu Yingrui Century Software R&D Center L.P. ("Xinyu Yingrui"). As the general partner of Xinyu Yingrui with a 54.8% interest, Mr. Zhou has sole voting and dispositive power over the shares of Kunlun held by Xinyu Yingrui. By virtue of these relationships, Mr. Zhou is the controlling shareholder of Kunlun and may be deemed to beneficially own the securities held by Hong Kong Kunlun Tech Holding Limited. Mr. Zhou disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. Each American Depositary Share ("ADS") represents one Ordinary Share of the Issuer.

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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 Yahui

(Last) (First) (Middle)

C/O OPERA LTD

P.O. BOX 4214 NYDALEN

(Street)

OSLO 0401

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Opera Ltd [ OPRA ]

3a. Foreign Trading Symbol

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

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

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)
Ordinary Shares, par value $0.0002 per share	54,833,333	I	See Footnote(1)
American Depositary Shares(2)	6,734,110	I	See Footnote(1)

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

Explanation of Responses:

1. These securities are held directly by Hong Kong Kunlun Tech Holding Limited, which is a subsidiary of Kunlun Tech Co., Ltd. ("Kunlun"). Mr. Zhou holds 11.56% of Kunlun directly and 15.12% indirectly through Xinyu Yingrui Century Software R&D Center L.P. ("Xinyu Yingrui"). As the general partner of Xinyu Yingrui with a 54.8% interest, Mr. Zhou has sole voting and dispositive power over the shares of Kunlun held by Xinyu Yingrui. By virtue of these relationships, Mr. Zhou is the controlling shareholder of Kunlun and may be deemed to beneficially own the securities held by Hong Kong Kunlun Tech Holding Limited. Mr. Zhou disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

2. Each American Depositary Share ("ADS") represents one Ordinary Share of the Issuer.

Remarks:

The Issuer is a foreign private issuer as defined under Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In accordance with Rule 3a12-3(b) under the Exchange Act, the Reporting Person is exempt from the short-swing profit recovery provisions of Section 16(b) of the Exchange Act.

	/s/ Aaron McParlan, attorney-in-fact for Yahui Zhou	03/18/2026
	** 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.
* Form 3: SEC 1473 (03-26)

FAQ

What does Zhou Yahui’s Form 3 filing reveal about his OPRA holdings?

The Form 3 shows Zhou Yahui’s indirect ownership in Opera Ltd, including 54,833,333 Ordinary Shares and 6,734,110 American Depositary Shares (ADS). These securities are held via Hong Kong Kunlun Tech Holding Limited, reflecting his control relationships with Kunlun Tech Co., Ltd. and Xinyu Yingrui.

How many Opera (OPRA) ordinary shares and ADS does Zhou Yahui indirectly own?

Zhou Yahui is reported as indirectly owning 54,833,333 Ordinary Shares and 6,734,110 ADS of Opera Ltd. All these securities are held by Hong Kong Kunlun Tech Holding Limited, a subsidiary of Kunlun Tech Co., Ltd., over which he exercises control through his ownership interests.

How are Zhou Yahui’s OPRA holdings structured through Kunlun and Xinyu Yingrui?

The securities are held by Hong Kong Kunlun Tech Holding Limited, a Kunlun Tech Co., Ltd. subsidiary. Zhou owns Kunlun shares directly and indirectly through Xinyu Yingrui Century Software R&D Center L.P., where he is general partner, giving him sole voting and dispositive power over Kunlun’s Xinyu Yingrui-held shares.

What does the Opera (OPRA) Form 3 say about beneficial ownership and Zhou Yahui?

The filing states Zhou may be deemed to beneficially own the Opera securities held by Hong Kong Kunlun Tech Holding Limited because he controls Kunlun. However, he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest in them.

What relationship exists between Opera (OPRA) ordinary shares and ADS in this filing?

The Form 3 explains that each American Depositary Share (ADS) represents one Ordinary Share of Opera Ltd. Thus, the reported 6,734,110 ADS correspond to the same number of underlying Ordinary Shares, giving investors clarity on how ADS holdings map to the company’s ordinary equity.