Here Group (QSG) director linked to large indirect stake via DCM funds

Rhea-AI Filing Summary

Here Group Ltd filed a Form 3 showing that director and ten percent owner Frank Hurst Lin is associated with significant indirect holdings of the company’s equity through several DCM investment funds. The filing lists Class A Ordinary Shares and American Depository Shares held by DCM Ventures China Fund (DCM VIII), L.P., DCM VIII, L.P., and DCM Affiliates Fund VIII, L.P. The footnotes state that Lin, as a director of the general partner entity, may be deemed to have voting and investment power over these positions but disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Lin Frank Hurst

Role Director, 10% Owner

Type	Security	Shares	Price	Value
holding	American Depository Shares	--	--	--
holding	American Depository Shares	--	--	--
holding	American Depository Shares	--	--	--
holding	Class A Ordinary Shares	--	--	--
holding	Class A Ordinary Shares	--	--	--
holding	Class A Ordinary Shares	--	--	--

Holdings After Transaction: American Depository Shares — 442,336 shares (Indirect, By DCM Ventures China Fund (DCM VIII), L.P.); Class A Ordinary Shares — 20,680,402 shares (Indirect, By DCM Ventures China Fund (DCM VIII), L.P.)

Footnotes (1)

1. These shares are held directly by DCM Ventures China Fund (DCM VIII), L.P. ("DCM China VIII"). DCM Investment Management VIII, L.P. ("DGP VIII") is the general partner of DCM China VIII. DCM International VIII, Ltd. ("UGP VIII") is the general partner of DGP VIII. Frank Hurst Lin ("Lin") is a director of UGP VIII and may be deemed to have voting and investment power over, and may be deemed to be an indirect beneficial owner of, the securities held by DCM China VIII. Lin disclaims the existence of a "group" and disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. These shares are held directly by DCM VIII, L.P. ("DCM VIII"). DGP VIII is the general partner of DCM VIII. UGP VIII is the general partner of DGP VIII. Lin is a director of UGP VIII and may be deemed to have voting and investment power over, and may be deemed to be an indirect beneficial owner of, the securities held by DCM VIII. Lin disclaims the existence of a "group" and disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. These shares are held directly by DCM Affiliates Fund VIII, L.P. ("Affiliates VIII"). DGP VIII is the general partner of Affiliates VIII. UGP VIII is the general partner of DGP VIII. Lin is a director of UGP VIII and may be deemed to have voting and investment power over, and may be deemed to be an indirect beneficial owner of, the securities held by Affiliates VIII. Lin disclaims the existence of a "group" and disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Each American Depository Share is convertible at any time, at the holder's election, into three Class A Ordinary Shares of the Issuer. The American Depository Shares have no expiration date. Lin disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Understanding Insider Trading Forms →

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

OMB APPROVAL

OMB Number:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

Lin Frank Hurst

(Last) (First) (Middle)

C/O DCM

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CALIFORNIA 94025

(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
Here Group Ltd [ HERE ]

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

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)
Class A Ordinary Shares	20,680,402	I	By DCM Ventures China Fund (DCM VIII), L.P.(1)
Class A Ordinary Shares	1,710,636	I	By DCM VIII, L.P.(2)
Class A Ordinary Shares	509,539	I	By DCM Affiliates Fund VIII, L.P.(3)

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
American Depository Shares	(4)	(4)	Class A Ordinary Shares	442,336	(4)	I	By DCM Ventures China Fund (DCM VIII), L.P.(1)
American Depository Shares	(4)	(4)	Class A Ordinary Shares	36,590	(4)	I	By DCM VIII, L.P.(2)
American Depository Shares	(4)	(4)	Class A Ordinary Shares	10,898	(4)	I	By DCM Affiliates Fund VIII, L.P.(3)

Explanation of Responses:

1. These shares are held directly by DCM Ventures China Fund (DCM VIII), L.P. ("DCM China VIII"). DCM Investment Management VIII, L.P. ("DGP VIII") is the general partner of DCM China VIII. DCM International VIII, Ltd. ("UGP VIII") is the general partner of DGP VIII. Frank Hurst Lin ("Lin") is a director of UGP VIII and may be deemed to have voting and investment power over, and may be deemed to be an indirect beneficial owner of, the securities held by DCM China VIII. Lin disclaims the existence of a "group" and disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. These shares are held directly by DCM VIII, L.P. ("DCM VIII"). DGP VIII is the general partner of DCM VIII. UGP VIII is the general partner of DGP VIII. Lin is a director of UGP VIII and may be deemed to have voting and investment power over, and may be deemed to be an indirect beneficial owner of, the securities held by DCM VIII. Lin disclaims the existence of a "group" and disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

3. These shares are held directly by DCM Affiliates Fund VIII, L.P. ("Affiliates VIII"). DGP VIII is the general partner of Affiliates VIII. UGP VIII is the general partner of DGP VIII. Lin is a director of UGP VIII and may be deemed to have voting and investment power over, and may be deemed to be an indirect beneficial owner of, the securities held by Affiliates VIII. Lin disclaims the existence of a "group" and disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

4. Each American Depository Share is convertible at any time, at the holder's election, into three Class A Ordinary Shares of the Issuer. The American Depository Shares have no expiration date. Lin disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

	/s/ Frank Hurst Lin	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 Frank Hurst Lin’s Form 3 for Here Group (QSG) report?

The Form 3 reports that Frank Hurst Lin is associated with indirect holdings of Here Group equity through several DCM funds. It lists positions in Class A Ordinary Shares and American Depository Shares, reflecting existing fund holdings rather than newly reported purchases or sales.

Are there any insider stock purchases or sales in this Here Group (QSG) Form 3?

No insider purchases or sales are reported. The filing only shows holding entries, and the transaction summary lists zero buy, sell, acquire, or dispose transactions. It is effectively a disclosure of existing indirect positions rather than new trading activity by the reporting person.

How are Here Group (QSG) shares held according to Frank Hurst Lin’s Form 3?

The shares are held indirectly through DCM Ventures China Fund (DCM VIII), L.P., DCM VIII, L.P., and DCM Affiliates Fund VIII, L.P. The filing explains these funds are controlled through general partner entities where Lin is a director, creating indirect exposure rather than direct personal ownership.

What does the Form 3 say about American Depository Shares of Here Group (QSG)?

The Form 3 notes that each American Depository Share is convertible at any time, at the holder’s election, into three Class A Ordinary Shares of Here Group. The ADSs have no expiration date, and they are held indirectly through the DCM investment funds referenced in the footnotes.

Does Frank Hurst Lin claim beneficial ownership of the Here Group (QSG) shares?

The filing states that Lin may be deemed an indirect beneficial owner because of his role at the general partner, but he expressly disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest. It also notes the report is not an admission of beneficial ownership.

Why is Frank Hurst Lin classified as a ten percent owner of Here Group (QSG) in this filing?

He is identified as a ten percent owner and director because of the sizeable indirect holdings of Here Group shares by the DCM funds with which he is associated. The positions are held by those funds, while Lin’s connection arises through his directorship at the general partner entity.