Ma Botao details 16.8M Class B stake in Zhibao (NASDAQ: ZBAO)

Rhea-AI Filing Summary

Zhibao Technology Inc. filed an initial statement of beneficial ownership showing that Chief Executive Officer and director Ma Botao, who is also a more than ten percent shareholder, indirectly holds 16,816,692 Class B ordinary shares.

These shares are held through entities including Mavy Holdings Limited, Shenbao Limited Partnership, Shanghai Xinhui Investment Consulting Co., Ltd., and Maximum Global Holdings Limited. Through his roles and interests in these entities, Mr. Ma may be deemed to have voting and dispositive power over the shares they beneficially hold.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ma Botao

Role Chief Executive Officer

Type	Security	Shares	Price	Value
holding	Class B Ordinary Shares	--	--	--

Holdings After Transaction: Class B Ordinary Shares — 16,816,692 shares (Indirect, See footnote)

Footnotes (1)

1. F1. includes 8,932,611 Class B ordinary shares ("shares") held by Mavy Holdings Limited ("Mavy"), 4,222,959 shares held by Shenbao Limited Partnership ("Shenbao") and 3,661,122 shares held by Shanghai Xinhui Investment Consulting Co., Ltd. ("Xinhui"). Mavy is the majority shareholder of Shenbao. Mr. Ma is the director of Mavy. As such, he may be deemed to have the voting and dispositive power (the "Power") of the shares beneficially held by Mavy. Mr. Ma is the majority shareholder of Xinhui. As such, he may be deemed to have the Power of the shares held by Xinhui. Maximum Global Holdings Limited ("Maximum") owns 99.8% equity interest of Mavy and its sole member and sole director is Dedao Trust Limited, the trustee of The Maximum Trust, whose settlor is Mavy and the first beneficiary is Mr. Ma. As such, Mr. Ma may be deemed to have the Power of the shares beneficially held by Maximum.

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Accepted by SEC EDGAR 03/18/2026 - 06:08 PM Learn about SEC filing dates

FAQ

What does Ma Botao’s Form 3 filing for Zhibao Technology Inc. (ZBAO) show?

The Form 3 shows Ma Botao’s initial beneficial ownership in Zhibao Technology. He indirectly holds 16,816,692 Class B ordinary shares through several affiliated entities where he may be deemed to have voting and dispositive power over the shares.

How many Zhibao Technology (ZBAO) Class B shares are reported as indirectly owned by Ma Botao?

The filing reports indirect beneficial ownership of 16,816,692 Class B ordinary shares. These shares are attributed to Ma Botao through holdings of Mavy Holdings Limited, Shenbao Limited Partnership, Shanghai Xinhui Investment Consulting Co., Ltd., and Maximum Global Holdings Limited described in the footnote.

Through which entities does Ma Botao hold his Zhibao Technology (ZBAO) shares?

The shares are held through Mavy Holdings Limited, Shenbao Limited Partnership, Shanghai Xinhui Investment Consulting Co., Ltd., and Maximum Global Holdings Limited. Ma Botao’s roles and interests in these entities mean he may be deemed to have voting and dispositive power over their beneficial holdings.

Is Ma Botao considered a major shareholder of Zhibao Technology Inc. (ZBAO)?

Yes. The Form 3 identifies Ma Botao as a more than ten percent shareholder. He is also the company’s Chief Executive Officer and a director, with substantial indirect beneficial ownership of Class B ordinary shares held via multiple affiliated entities.

Does the Zhibao Technology (ZBAO) Form 3 indicate a new share purchase or sale by Ma Botao?

No transaction is reported; the Form 3 is an initial ownership statement. It discloses Ma Botao’s existing indirect beneficial holdings of Class B ordinary shares through several entities, rather than documenting a new purchase, sale, or other change in his position.

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
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Ma Botao

(Last) (First) (Middle)

C/O ZHIBAO TECHNOLOGY INC.

BUILD 6,WUXING RD,LN 727 PUDONG NEW AREA

(Street)

SHANGHAI 201204

(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
Zhibao Technology Inc. [ ZBAO ]

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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

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 B Ordinary Shares	16,816,692(1)	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. includes 8,932,611 Class B ordinary shares ("shares") held by Mavy Holdings Limited ("Mavy"), 4,222,959 shares held by Shenbao Limited Partnership ("Shenbao") and 3,661,122 shares held by Shanghai Xinhui Investment Consulting Co., Ltd. ("Xinhui"). Mavy is the majority shareholder of Shenbao. Mr. Ma is the director of Mavy. As such, he may be deemed to have the voting and dispositive power (the "Power") of the shares beneficially held by Mavy. Mr. Ma is the majority shareholder of Xinhui. As such, he may be deemed to have the Power of the shares held by Xinhui. Maximum Global Holdings Limited ("Maximum") owns 99.8% equity interest of Mavy and its sole member and sole director is Dedao Trust Limited, the trustee of The Maximum Trust, whose settlor is Mavy and the first beneficiary is Mr. Ma. As such, Mr. Ma may be deemed to have the Power of the shares beneficially held by Maximum.

	/s/ Botao Ma	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)