CEO Liu details YQ stake across ADS and dual-class ordinary shares

Rhea-AI Filing Summary

17 Education & Technology Group Inc. director and Chief Executive Officer Liu Chang filed an initial Form 3 reporting his ownership in the company. He directly holds 222 American depositary shares (ADSs). Each ADS represents fifty Class A ordinary shares, according to the disclosure.

In addition, entities associated with Liu hold significant indirect interests. Future Glory Technology Holdings Limited holds 2,220 ADSs, 18,252,336 Class A ordinary shares, and 141,546,832 Class B ordinary shares. Fluency Holding Ltd. holds a further 58,453,168 Class B ordinary shares. These positions support Liu’s status as a ten percent owner with substantial voting and economic exposure.

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^*

Liu Chang

(Last) (First) (Middle)

16/F, BLOCK B,

WANGJING GREENLAND CENTER, CHAOYANG

(Street)

BEIJING F4 100102

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
17 Education & Technology Group Inc. [ YQ ]

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

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

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

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)
American depositary shares(1)	222	D
American depositary shares(1)	2,220	I	By Future Glory Technology Holdings Limited(2)
Class A ordinary shares	18,252,336	I	By Future Glory Technology Holdings Limited(2)
Class B ordinary shares	141,546,832	I	By Future Glory Technology Holdings Limited(2)
Class B ordinary shares	58,453,168	I	By Fluency Holding Ltd.(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

Explanation of Responses:

1. Each American depositary share ("ADS") represents fifty (50) Class A ordinary shares, with a par value of US$0.0001 per share, of 17 Education & Technology Group Inc. (the "Company").

2. Future Glory Technology Holdings Limited, a British Virgin Islands limited liability company, is wholly owned by Future Adventures Investment Holdings Limited. Future Adventures Investment Holdings Limited is a company incorporated under the laws of British Virgin Islands and wholly owned by Mr. Andy Chang Liu.

3. Fluency Holding Ltd., a British Virgin Islands limited liability company, is wholly owned by Simple Prosperity Limited. Simple Prosperity Limited is wholly owned by Vista Trust (Singapore) Pte. Limited, the trustee of Sunny Trust. Mr. Andy Chang Liu is the settler of Sunny Trust, and Mr. Andy Chang Liu and his family members are the beneficiaries of Sunny Trust.

Remarks:

Represents (i) 11,100 Class A ordinary shares held in the form of ADSs, (ii) 58,453,168 Class B ordinary shares held by Fluency Holding Ltd., a British Virgin Islands limited liability company, and (iii) 18,363,336 Class A ordinary shares, among which 111,000 Class A ordinary shares were held in the form of ADS, and 141,546,832 Class B ordinary shares held by Future Glory Technology Holdings Limited, a British Virgin Islands limited liability company. Fluency Holding Ltd. is wholly owned by Simple Prosperity Limited, which is wholly owned by Vista Trust (Singapore) Pte. Limited, the trustee of Sunny Trust. Mr. Andy Chang Liu is the settler of Sunny Trust, and Mr. Andy Chang Liu and his family members are the beneficiaries of Sunny Trust. The business address of Fluency Holding Ltd. is Quastislcy Building, PO Box 4389, Road Town, Tortola, British Virgin Islands. Future Glory Technology Holdings Limited is wholly-owned by Future Adventures Investment Holdings Limited, a company incorporated under the laws of British Virgin Islands and wholly-owned by Mr. Andy Chang Liu. The business address of Future Glory Technology Holdings Limited is Craigmuir Chambers, Road Town, Tortola VG 1110, British Virgin Islands. An aggregate of 6,611,302 Class B ordinary shares held by Fluency Holding Ltd. and 18,252,336 Class A ordinary shares and 141,546,832 Class B ordinary shares held by Future Glory Technology Holdings Limited have been pledged as collateral for certain secured loans.

	/s/ Andy Chang Liu	03/17/2026
	** Signature of Reporting Person	Date
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FAQ

What does Liu Chang’s Form 3 for 17 Education (YQ) disclose?

The Form 3 discloses Liu Chang’s initial ownership in 17 Education & Technology Group Inc., including direct ADS holdings and large indirect holdings of Class A and Class B ordinary shares through affiliated entities Future Glory Technology Holdings and Fluency Holding Ltd.

How many American depositary shares of YQ does Liu Chang directly hold?

Liu Chang directly holds 222 American depositary shares of 17 Education & Technology Group Inc. The filing also notes that each ADS represents fifty Class A ordinary shares, providing a structured way for investors to hold the company’s equity through U.S.-listed instruments.

What indirect YQ ADS holdings are reported through Future Glory Technology Holdings Limited?

Future Glory Technology Holdings Limited is reported as holding 2,220 American depositary shares of 17 Education & Technology Group Inc. This entity is wholly owned by Future Adventures Investment Holdings Limited, which is in turn wholly owned by Mr. Andy Chang Liu, linking these ADS holdings to him.

What Class A ordinary share holdings of YQ are reported for Liu Chang?

The filing reports 18,252,336 Class A ordinary shares of 17 Education & Technology Group Inc. held indirectly through Future Glory Technology Holdings Limited. These Class A shares complement Liu’s ADS holdings and form a significant part of his economic interest in the company.

How many Class B ordinary shares of YQ are held by entities linked to Liu Chang?

Entities linked to Liu Chang hold substantial Class B ordinary shares. Future Glory Technology Holdings Limited holds 141,546,832 Class B shares, while Fluency Holding Ltd. holds 58,453,168 Class B shares, indicating a large indirect voting and economic stake associated with Liu and related trusts.

What is the relationship between Fluency Holding Ltd. and Liu Chang in the YQ filing?

Fluency Holding Ltd. is wholly owned by Simple Prosperity Limited, which is wholly owned by Vista Trust (Singapore) Pte. Limited as trustee of Sunny Trust. Liu Chang is settlor of Sunny Trust and he and his family are beneficiaries, linking Fluency’s Class B holdings to his interests.