Zhou Fion Wenjuan 4

What Happened
Zhou Fion Wenjuan, Chief Financial Officer of Niu Technologies (NIU), had 90,000 restricted share units (RSUs) vest on March 15, 2026, which converted into 45,000 American Depositary Shares (ADSs) (90,000 Class A shares / 2 Class A per ADS). The next day (March 16, 2026) she sold 22,113 ADSs in an open-market transaction at $3.48 per ADS, generating $77,044. The RSU settlement is recorded as a derivative conversion (code M); the sale (code S) was executed solely to satisfy tax obligations.

Key Details

• Transaction dates: RSU vest/conversion on 2026-03-15; open-market sale on 2026-03-16 at $3.48/ADS (total proceeds $77,044).
• Net change: +45,000 ADSs acquired from vesting; -22,113 ADSs sold to cover taxes; net increase of 22,887 ADSs.
• Shares owned after transaction: not specified in this filing.
• Notable footnotes: each ADS represents 2 Class A ordinary shares (F1); 90,000 Class A shares were received as ADSs upon vesting of 90,000 RSUs granted 3/15/2022 under the 2018 Plan (F2, F5); 22,113 ADSs were sold solely to satisfy tax withholding (F4).
• Filing timeliness: Report covers transactions on 3/15–3/16 and was filed 3/17/2026; this appears timely (Form 4s must generally be filed within two business days).

Context
The filing shows standard RSU vesting and a routine sale to cover withholding taxes (a common, non‑market‑timing action). The derivative entries reflect RSUs settling into ADSs (exercise/conversion), and the subsequent sale was not a market-directed investment buy/sell decision but tax-related. Transaction codes: M = exercise/conversion of derivative (RSU settlement), S = sale, F (in footnotes) = tax withholding.