QuantaSing (QSG) Insider Plans US$9.5M Share Sale via Form 144

Rhea-AI Filing Summary

QuantaSing Group Ltd. (QSG) – Form 144 Insider Sale Notice

On 27 June 2025, director-related entity DCM Ventures China Fund (DCM VIII) LP filed a Form 144 indicating its intent to sell up to 1,184,735 American Depositary Shares (ADRs) of QuantaSing Group Ltd. The shares will be placed through Morgan Stanley Smith Barney LLC on the NASDAQ. Based on the filing price reference, the proposed sale has an aggregate market value of US$9.55 million.

The issuer reports 311,328,381 ADRs outstanding; the planned disposition therefore represents roughly 0.38 % of total shares—modest in percentage terms, but sizeable in absolute dollar value. The seller originally acquired the shares on 23 April 2018 via a private, cash-funded transaction with the issuer.

Recent insider activity: Within the last three months, DCM-related entities disposed of a combined 188,074 ADRs over 25-26 June 2025, generating gross proceeds of approximately US$1.67 million. The latest Form 144 signals a continuation—and scale-up—of this selling trend.

Key take-aways for investors:

• Although the sale represents less than 1 % of shares outstanding, it adds incremental supply and may weigh on near-term sentiment.
• Because the filing comes from a director-affiliated fund, markets often view the move as a potential indicator of insider outlook or portfolio re-balancing.
• No adverse, non-public information is acknowledged in the certification, and the company’s operations or guidance are not addressed in this document.

Positive

• None.

Negative

• Director-affiliated fund intends to sell 1.18 million ADRs worth US$9.55 million, adding supply to the market.
• Filing follows 188,074 ADRs already sold in the previous two days, indicating an accelerating insider-selling trend.

Insights

Securities Analyst

TL;DR: Director-linked fund plans to sell 1.18 m ADRs (<0.4 % float); signals continued insider selling, mildly negative for QSG.

The Form 144 reveals that DCM Ventures China Fund, whose general partner sits on QuantaSing’s board, intends to liquidate a US$9.5 m stake on 27 June 2025. Coupled with 188 k shares already sold this week, insider disposition is accelerating. While the block equates to only 0.38 % of the 311 m ADR float and should be absorbable by NASDAQ trading volumes, insider sales after the recent lock-up expiration often pressure share price short-term. No financial performance data is provided, so the filing does not necessarily reflect fundamentals; however, portfolio managers often interpret sustained director-related selling as a caution flag. Given size, timing, and recent prior sales, I classify the impact as modestly negative.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001660061
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	QUANTASING GROUP LTD.
SEC File Number	001-41590
Address of Issuer	2/F, BUILDING D RONSIN TECHNOLOGY CENTER CHAOYANG DISTRICT BEIJING CHINA 100102
Phone	86 10 64937857
Name of Person for Whose Account the Securities are To Be Sold	DCM VENTURES CHINA FD (DCM VIII) LP
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Director

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
ADR	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	1184735	9548608.68	311328381	06/27/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
ADR	04/23/2018	Private Acquisition from Issuer/Affiliate	Issuer			1184735	04/23/2018	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
DCM VIII LP 2/F, BUILDING D RONSIN TECHNOLOGY CENTER CHAOYANG DISTRICT BEIJING F4 100102	ADR	06/26/2025	8123	70140.48
DCM AFFILIATES FUND VIII, LP 2/F, BUILDING D RONSIN TECHNOLOGY CENTER CHAOYANG DISTRICT BEIJING F4 100102	ADR	06/26/2025	2420	20896.22
DCM VENTURES CHINA FD (DCM VIII) LP 2/F, BUILDING D RONSIN TECHNOLOGY CENTER CHAOYANG DISTRICT BEIJING F4 100102	ADR	06/26/2025	98199	847928.73
DCM VIII LP 2/F, BUILDING D RONSIN TECHNOLOGY CENTER CHAOYANG DISTRICT BEIJING F4 100102	ADR	06/25/2025	5926	54557.72
DCM AFFILIATES FUND VIII, LP 2/F, BUILDING D RONSIN TECHNOLOGY CENTER CHAOYANG DISTRICT BEIJING F4 100102	ADR	06/25/2025	1765	16249.47
DCM VENTURES CHINA FD (DCM VIII) LP 2/F, BUILDING D RONSIN TECHNOLOGY CENTER CHAOYANG DISTRICT BEIJING F4 100102	ADR	06/25/2025	71641	659562.87

144: Remarks and Signature

Remarks
Date of Notice	06/27/2025
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Andre Levi
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many QuantaSing (QSG) ADRs are being sold under this Form 144?

The filing covers 1,184,735 ADRs, valued at approximately US$9.55 million.

What percentage of QuantaSing's outstanding shares does the planned sale represent?

It equals roughly 0.38 % of the reported 311,328,381 ADRs outstanding.

Who is the seller identified in QuantaSing’s Form 144?

The shares are being sold for DCM Ventures China Fund (DCM VIII) LP, whose principals are listed as company directors.

When is the approximate sale date for the QSG shares?

The filing lists an approximate sale date of 27 June 2025.

Have there been recent insider sales of QSG shares?

Yes. DCM-related entities sold 188,074 ADRs on 25-26 June 2025 for gross proceeds of about US$1.67 million.