Botao Ma-linked entities hold 16.8M shares in Zhibao (ZBAO)

Rhea-AI Filing Summary

Zhibao Technology Inc. reports that reporting persons linked to Botao Ma beneficially own 16,816,692 Class B ordinary shares, equal to 49.4% of combined Class A and Class B shares as of March 16, 2026.

The filing notes Class B shares are convertible into Class A on a one‑for‑one basis (subject to adjustment) as described in the company's Description of Securities.

Insights

Corporate Governance Analyst

Major concentrated ownership by Botao Ma-linked entities is disclosed.

The filing documents that reporting persons associated with Botao Ma hold 16,816,692 Class B shares, representing 49.4% of combined Class A and B on March 16, 2026. The schedule clarifies voting and dispositive power is exercised as sole power over those shares.

This ownership stake and the one‑for‑one convertibility to Class A are governance features investors may note for voting control and capital structure; subsequent filings will show any conversions or transfers.

Legal / Securities Compliance Expert

Disclosure follows Schedule 13G attribution and entity-chain footnotes.

The submission attributes beneficial ownership through entities including Mavy, Maximum Global, Shenbao, and Xinhui, with footnotes explaining trust and ownership relationships and disclaimers of direct beneficial ownership by Mr. Ma beyond pecuniary interest.

The filing attaches a Joint Filing Agreement and cites the March 16, 2026 share counts used to calculate the 49.4% figure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Zhibao Technology Inc.

(Name of Issuer)

CLASS A ORDINARY SHARES, PAR VALUE $0.0001

(Title of Class of Securities)

G989MC106

(CUSIP Number)

12/31/2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G989MC106

1

Names of Reporting Persons

Botao Ma

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 16,816,692.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,816,692.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,816,692.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

49.4 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): G989MC106

1

Names of Reporting Persons

Mavy Holdings Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,932,611.00
6	Shared Voting Power 4,222,959.00
7	Sole Dispositive Power 8,932,611.00
8	Shared Dispositive Power 4,222,959.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,155,570.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

38.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): G989MC106

1

Names of Reporting Persons

Maximum Global Holdings Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,155,570.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,155,570.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,155,570.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

38.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): G989MC106

1

Names of Reporting Persons

Shenbao Limited Partnership

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,222,959.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,222,959.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,222,959.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): G989MC106

1

Names of Reporting Persons

Shanghai Xinhui Investment Consulting Co., Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,661,122.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,661,122.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,661,122.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.8 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) See Item 4. These shares are the Issuer's Class B ordinary shares, which can be converted into the Issuer's Class A ordinary shares upon shareholder's election and as more fully described under the Exhibit 2.2, "Description of Securities," to the Issuer's Annual Report on Form 20-F, filed with the Securities Exchange Commission on October 31, 2025. (2) Based on 17,245,000 Class A ordinary shares and 16,816,692 Class B ordinary shares issued and outstanding as of March 16, 2026. The address of all Reporting Persons is Floor 3, Building 6, Lane 727, Wuxing Road, Pudong New Area, Shanghai, China, 201204. (3) Consists of (i) 8,932,611 Class B ordinary shares directly held by Mavy Holdings Limited, a British Virgin Islands business company ("Mavy") and (ii) 4,222,959 Class B ordinary shares indirectly held by Mavy, as the majority shareholder of Shenbao Limited Partnership, a British Virgin Islands partnership ("Shenbao"). Mr. Botao Ma is the director of Mavy. As such, he may be deemed to have the voting and dispositive power of the Class B ordinary shares beneficially held by Mavy. Mr. Ma disclaims any beneficial ownership of the reported Class B ordinary shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly. (4) Consists of (i) 8,932,611 Class B ordinary shares beneficially held by Maximum Global Holdings Limited, a British Virgin Islands business company ("Maximum") through its 99.80% equity interest of Mavy and (ii) 4,222,959 Class B ordinary indirectly held by Mavy, as the majority shareholder of Shenbao. Dedao Trust Limited, a company incorporated in Hong Kong, is sole member and sole director of Maximum. Dedao Trust Limited is the trustee of The Maximum Trust, a trust established under the laws of Hong Kong. Mavy is the settlor of The Maximum Trust, and Mr. Ma is the first beneficiary is The Maximum Trust. As such, Mr. Ma may be deemed to have or share voting and dispositive power of the Class B ordinary shares beneficially held Maximum. Mr. Ma disclaims any beneficial ownership of the reported ordinary shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly. (5) Represents approximately 3,661,122 Class B ordinary shares indirectly held by Shanghai Xinhui Investment Consulting Co., Ltd. ("Xinhui"). Mr. Botao Ma is the majority shareholder of Xinhui. As such, he may be deemed to have or share voting and dispositive power of the Class B ordinary shares held directly by Xinhui. Mr. Ma disclaims any beneficial ownership of the reported Class B ordinary shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly. (6) Represents 4,222,959 Class B ordinary shares held by Shenbao Limited Partnership, a British Virgin Islands partnership ("Shenbao"). Mavy Holdings Limited holding approximately 99.04% equity interest of Shenbao. As such, Mr. Ma may be deemed to have or share voting and dispositive power of the Class B ordinary shares held directly by Shenbao. (7) Consists of the (i) 13,155,570 Class B ordinary shares beneficially held by Mavy and (ii) 3,661,122 Class B ordinary shares beneficially held by Xinhui.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Zhibao Technology Inc.
(b)	Address of issuer's principal executive offices: Floor 3, Building 6, Wuxing Road, Lane 727, Pudong New Area, Shanghai 201204
Item 2.
(a)	Name of person filing: Botao Ma
(b)	Address or principal business office or, if none, residence: Floor 3, Building 6, Lane 727, Wuxing Road, Pudong New Area, Shanghai, China, 201204
(c)	Citizenship: Botao Ma is a citizen of the People's Republic of China
(d)	Title of class of securities: CLASS A ORDINARY SHARES, PAR VALUE $0.0001
(e)	CUSIP Number(s): G989MC106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 16,816,692
(b)	Percent of class: The responses to Items 5-11 of the cover pages of this Schedule 13G are incorporated herein by reference. As of March 16, 2026, the Reporting Persons may be deemed to beneficially own 16,816,692 shares of the Issuer's Class B ordinary shares, representing 49.4% of the total Class A and Class B ordinary shares issued and outstanding. The Class B ordinary share is convertible into the Issuer's Class A ordinary share upon the holders' election, on a one-for-one basis, subject to adjustment, as more fully described under the Exhibit 2.2, "Description of Securities," to the Issuer's Annual Report on Form 20-F, filed with the Securities Exchange Commission on October 31, 2025. The percentage of Class B ordinary shares held by the Reporting Persons is based on 17,245,000 Class A ordinary shares and 16,816,692 Class B ordinary shares issued and outstanding as of March 16, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 16,816,692
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 16,816,692
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Botao Ma

Signature:	/s/ Botao Ma
Name/Title:	Botao Ma
Date:	03/27/2026

Mavy Holdings Limited

Signature:	/s/ Botao Ma
Name/Title:	Botao Ma, Director
Date:	03/27/2026

Maximum Global Holdings Limited

Signature:	/s/ Botao Ma
Name/Title:	Botao Ma, Director
Date:	03/27/2026

Shenbao Limited Partnership

Signature:	/s/ Botao Ma
Name/Title:	Botao Ma, Director
Date:	03/27/2026

Shanghai Xinhui Investment Consulting Co., Ltd.

Signature:	/s/ Botao Ma
Name/Title:	Botao Ma, Director
Date:	03/27/2026

Exhibit Information

99.1 Joint Filing Agreement (filed herewith).

FAQ

How many shares does Botao Ma (ZBAO) beneficially own?

The filing states 16,816,692 Class B ordinary shares are beneficially owned by reporting persons linked to Botao Ma. This equals 49.4% of combined Class A and Class B shares using the March 16, 2026 counts cited in the filing.

Are Zhibao Class B shares convertible into Class A shares?

Yes. The filing notes Class B ordinary shares are convertible into Class A on a one‑for‑one basis, subject to adjustment, as described in the company's Description of Securities referenced from the Annual Report on Form 20‑F.

What ownership entities are listed in the ZBAO Schedule 13G?

The Schedule 13G lists entities including Mavy Holdings Limited, Maximum Global Holdings Limited, Shenbao Limited Partnership, and Shanghai Xinhui Investment Consulting Co., Ltd. Footnotes explain their relationships and percentage breakdowns.

What date is used to calculate the 49.4% ownership in the ZBAO filing?

The filing bases the 49.4% calculation on share counts as of March 16, 2026, citing 17,245,000 Class A and 16,816,692 Class B ordinary shares issued and outstanding for that calculation.

Does the filing state who holds voting and dispositive power for the shares?

Yes. The reporting persons are shown with sole power to vote and sole dispositive power over 16,816,692 shares. The table lists zero shared voting or dispositive power for those shares in the disclosure.