# EDGAR Filing Document

**Accession Number:** 0001420529
**File Stem:** 0001104659-25-114141
**Filing Date:** 2025-11
**Character Count:** 28576
**Document Hash:** 3949771749fc4c69b5ff91c499784757
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-114141.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001104659-25-114141

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ATA Creativity Global
- **CENTRAL INDEX KEY:** 0001420529
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83689
- **FILM NUMBER:** 251499917

**BUSINESS ADDRESS:**
- **STREET 1:** RM. 507, BLDG. 3, BINHUZHUOYUECHENG
- **STREET 2:** WENHUAKECHUANGYUAN, HUAYUAN BLVD. 365
- **CITY:** BAOHE, HEFEI, ANHUI
- **STATE:** F4
- **ZIP:** 230051
- **BUSINESS PHONE:** 8610-6518-1133

**MAIL ADDRESS:**
- **STREET 1:** 1/F EAST GATE, BLDG. NO.2, JIAN WAI SOHO
- **STREET 2:** NO.39 DONG SAN HUAN ZHONG ROAD,
- **CITY:** CHAO YANG DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 100022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ATA Inc.
- **DATE OF NAME CHANGE:** 20071207
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ma Kevin Xiaofeng
- **CENTRAL INDEX KEY:** 0001456120

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 8TH FLOOR, TOWER E, 6 GONGYUAN WEST ST.
- **STREET 2:** JIAN GUO MEN NEI
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4

## Exhibit 99.1

**Exhibit 99.1**

**LOCK-UP AGREEMENT**

November 17, 2025

Re: Lock-Up Undertaking

Ladies and Gentlemen:

Reference is made to the Subscription Agreement, dated as of November 17, 2025 (the "<u>Subscription Agreement</u>"), between ATA Creativity Global (the "<u>Company</u>") and the purchasers thereto (each, a "<u>Purchaser</u>" and, collectively, the "<u>Purchasers</u>"). Defined terms not otherwise defined in this letter agreement (the "<u>Letter Agreement</u>") shall have the meanings set forth in the Subscription Agreement.

The undersigned irrevocably agrees with the Company that, from the Closing Date until April 30, 2026 (such period, the "<u>Restriction Period</u>"), the undersigned shall not offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any Affiliate of the undersigned or any person in privity with the undersigned or any Affiliate of the undersigned), directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") (collectively, "<u>Transfer</u>"), with respect to, any Common Shares or ADSs of the Company or securities convertible, exchangeable or exercisable into, Common Shares and/or ADSs of the Company beneficially owned, held or hereafter acquired by the undersigned (the "<u>Securities</u>"). Beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer the Securities with respect to Transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a bona fide gift or gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any immediate family member or to any trust for the direct or indirect benefit of the undersigned or
the immediate family of the undersigned (for purposes of this Letter Agreement, "immediate family" shall mean any relationship
by blood, marriage or adoption, not more remote than first cousin);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any corporation, partnership, limited liability company, or other business entity all of the equity
holders of which consist of the undersigned and/or any affiliate or the immediate family of the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity
(a) to another corporation, partnership, limited liability company, trust or other business entity that is an Affiliate of the undersigned
or (b) in the form of a distribution to limited partners, limited liability company members or stockholders of the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if the undersigned is a trust, to the beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any transfer of Securities as may be required by applicable law or regulations, such as pursuant to a
qualified domestic order or as required by a divorce settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary
or a member of the immediate family of the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any exercise, exchange or conversion by the undersigned of any Securities exercisable or exchangeable
for or convertible into Common Shares or ADSs, as applicable; provided that the undersigned does not Transfer the Common Shares or ADSs
acquired on such exercise, exchange or conversion during the Restriction Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any transfer of the undersigned's Securities to the Company in connection with (a) the termination
of the undersigned's employment with the Company, or (b) pursuant to agreements under which the Company has the option to repurchase
such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) creation of any security interest or encumbrance over any Securities pursuant to a margin account or in
connection with a bona fide debt financing made to the undersigned by banks or other financial institutions, provided that no enforcement
of, or foreclosure with respect to such Securities shall take place during the Restriction Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) of Securities purchased in open market transactions after (exclusive) the Closing Date.

Furthermore, the undersigned may enter into any new plan established in compliance with Rule 10b5-1 of the Exchange Act; provided that (i) such plan may only be established if no public announcement or filing with the SEC, or other applicable regulatory authority, is made in connection with the establishment of such plan during the Restriction Period and (ii) no sale of Ordinary Shares or ADSs are made pursuant to such plan during the Restriction Period.

The undersigned acknowledges that the execution, delivery and performance of this Letter Agreement is a material inducement to the Company to complete the transactions contemplated by the Subscription Agreement and the Company shall be entitled to specific performance of the undersigned's obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform this Letter Agreement, that each of the undersigned has received adequate consideration therefor and that each of the undersigned will indirectly benefit from the closing of the transactions contemplated by the Subscription Agreement.

This Letter Agreement may not be amended or otherwise modified in any respect without the written consent of each of the Company and each of the undersigned. Each undersigned agrees and understands that this Letter Agreement does not intend to create any relationship between the undersigned and any Purchaser and that no Purchaser is entitled to cast any votes on the matters herein contemplated and that no issuance or sale of the Securities is created or intended by virtue of this Letter Agreement.

This Letter Agreement shall be binding on successors and assigns of the undersigned with respect to the Securities and any such successor or assign shall enter into a similar agreement for the benefit of the Company. This Letter Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

This Letter Agreement shall be construed and enforced in accordance with the laws of the State of New York without regard to the principles of conflict of laws. The parties hereby agree that the provisions of Section 10.01 (*Notices*), Section 10.06 (*Dispute Resolution*) and Section 10.08 (*Counterparts*) of the Subscription Agreement are incorporated herein by reference, *mutatis mutandis*.

This Letter Agreement shall come into effect upon the Closing.

\*\*\* SIGNATURE PAGE FOLLOWS\*\*\*

This Letter Agreement may be executed in two or more counterparts, all of which when taken together may be considered one and the same agreement.

---

| | |
|:---|:---|
| **<u>Undersigned</u>** | **<u>Undersigned</u>** |
| **Xiaofeng Ma** | **Xiaofeng Ma** |
| By: | /s/ Xiaofeng Ma |
| **Able Knight Development Limited** | **Able Knight Development Limited** |
| By: | /s/ Xiaofeng Ma |
| Name: | Xiaofeng Ma |
| Title: | Director |
| **Joingear Limited** | **Joingear Limited** |
| By: | /s/ Xiaofeng Ma |
| Name: | Xiaofeng Ma |
| Title: | Director |

---

Signature Page to Lock-Up Agreement

By signing below, the Company agrees to enforce the restrictions on transfer set forth in this Letter Agreement.

---

| | |
|:---|:---|
| **ATA Creativity Global** | **ATA Creativity Global** |
| By: | /s/ Kevin Xiaofeng Ma |
| Name: | Kevin Xiaofeng Ma |
| Title: | Chairman and CEO |

---

Signature Page to Lock-Up Agreement

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 9)**

**ATA Creativity Global**

*(Name of Issuer)*

**Common Shares, $0.01 par value per share**

*(Title of Class of Securities)*

**00211V106**

*(CUSIP Number)*

**Xiaofeng Ma**<br>c/o 1/F East Gate, Bldg No. 2, Jian Wai<br>Soho, No. 39 Dong San Huan Zhong Rd<br>Chao Yang Dist, Beijing F4 100022<br>86-10-6518-1122-5518

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/17/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **00211V106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ma Kevin Xiaofeng** | Name of reporting person<br>**Ma Kevin Xiaofeng** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1734446.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**23426062.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1734446.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**23426062.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**25160508.00** | Aggregate amount beneficially owned by each reporting person<br>**25160508.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.6%** | Percent of class represented by amount in Row (11)<br>**39.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) The value in rows 8, 10 and 11 represents (i) 1,734,446 Common Shares held by Xiaofeng Ma, (ii) 4,998,988 Common Shares held by Able Knight Development Limited, and (iii) 18,427,074 Common Shares held by Joingear Limited. Able Knight Development Limited is a British Virgin Islands company wholly owned by Precious Time Holdings Limited and ultimately wholly owned by HSBC International Trustee Limited as trustee of an irrevocable trust constituted under the laws of the Cayman Islands with Xiaofeng Ma as the settlor and certain family members of Xiaofeng Ma as the beneficiaries. Joingear Limited is a British Virgin Islands company wholly owned by Xiaofeng Ma.

(2) Percent of class represented by amount in row (11) is calculated based on 63,544,922 outstanding Common Shares as of November 17, 2025 as disclosed in the Issuer's Prospectus Supplement filed with the Securities Exchange and Commission on November 19, 2025.

| **CUSIP No.** | **00211V106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Able Knight Development Limited** | Name of reporting person<br>**Able Knight Development Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4998988.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4998988.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4998988.00** | Aggregate amount beneficially owned by each reporting person<br>**4998988.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.9%** | Percent of class represented by amount in Row (11)<br>**7.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) The value in rows 8, 10 and 11 represents 4,998,988 Common Shares held by Able Knight Development Limited.

(2) Percent of class represented by amount in row (11) is calculated based on 63,544,922 outstanding Common Shares as of November 17, 2025 as disclosed in the Issuer's Prospectus Supplement filed with the Securities Exchange and Commission on November 19, 2025.

| **CUSIP No.** | **00211V106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Precious Time Holdings Limited** | Name of reporting person<br>**Precious Time Holdings Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4998988.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4998988.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4998988.00** | Aggregate amount beneficially owned by each reporting person<br>**4998988.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.9%** | Percent of class represented by amount in Row (11)<br>**7.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) The value in rows 8, 10 and 11 represents 4,998,988 Common Shares held by Able Knight Development Limited.

(2) Percent of class represented by amount in row (11) is calculated based on 63,544,922 outstanding Common Shares as of November 17, 2025 as disclosed in the Issuer's Prospectus Supplement filed with the Securities Exchange and Commission on November 19, 2025.

| **CUSIP No.** | **00211V106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ma Family Trust** | Name of reporting person<br>**Ma Family Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4998988.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4998988.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4998988.00** | Aggregate amount beneficially owned by each reporting person<br>**4998988.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.9%** | Percent of class represented by amount in Row (11)<br>**7.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) The value in rows 8, 10 and 11 represents 4,998,988 Common Shares held by Able Knight Development Limited.

(2) Percent of class represented by amount in row (11) is calculated based on 63,544,922 outstanding Common Shares as of November 17, 2025 as disclosed in the Issuer's Prospectus Supplement filed with the Securities Exchange and Commission on November 19, 2025.

| **CUSIP No.** | **00211V106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Joingear Limited** | Name of reporting person<br>**Joingear Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**18427074.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18427074.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**18427074.00** | Aggregate amount beneficially owned by each reporting person<br>**18427074.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**29.0%** | Percent of class represented by amount in Row (11)<br>**29.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) The value in rows 8, 10 and 11 represents 18,427,074 Common Shares held by Joingear Limited.

(2) Percent of class represented by amount in row (11) is calculated based on 63,544,922 outstanding Common Shares as of November 17, 2025 as disclosed in the Issuer's Prospectus Supplement filed with the Securities Exchange and Commission on November 19, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, $0.01 par value per share

**(b) Name of Issuer:**
ATA Creativity Global

**(c) Address of Issuer's Principal Executive Offices:**
Rm. 507, Bldg. 3, BinhuZhuoyueCheng, WenhuaKechuangYuan, Huayuan Blvd. 365, Baohe, Hefei, Anhui, F4, 230051

This Amendment No. 9 ("Amendment No. 9") amends the Statement of Beneficial Ownership on Schedule 13D originally filed with the Securities and Exchange Commission (the "Commission") on November 20, 2015, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8 filed with the Commission on March 23, 2016, August 30, 2017, February 8, 2018, June 29, 2018, August 17, 2018, August 29, 2019, December 24, 2019 and May 21, 2020, respectively (as amended, the "Schedule 13D") by the Reporting Persons with respect to the Common Shares and ADSs issued by the Issuer. Except as specifically provided herein, this Amendment No. 9 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Schedule 13D, unless otherwise defined herein.

**Item 4. Purpose of Transaction**

Item 4(a) of the Schedule 13D is hereby amended and supplemented by adding the following:

On November 17, 2025, the Issuer entered into a subscription agreement (the "Subscription Agreement") with three purchasers for a registered direct offering of 11,067,547 of its ADSs at the price of $0.8 per ADS (equivalent to $0.4 per Common Share) (the "Registered Direct Offering").

In connection with the Registered Direct Offering, on November 17, 2025, Xiaofeng Ma, Able Knight Development Limited and Joingear Limited entered into a lock-up agreement (the "Lock-Up Agreement") with the Issuer. Pursuant to the Lock-Up Agreement, each of them has agreed that, from the closing date of the Registered Direct Offering until April 30, 2026, it shall not transfer any Common Shares, ADSs or other securities of the Issuer beneficially owned, held or hereafter acquired by him or it, subject to customary exceptions.

The forgoing description of the Lock-Up Agreement contained herein is qualified in its entirety by reference to the Lock-Up Agreement, copy of which is attached hereto as Exhibit 99.1 which is incorporated herein by reference.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and restated as follows:

Calculation of the percentage of Common Shares beneficially owned by the Reporting Persons as noted on the cover pages of the Schedule 13D is based on 63,544,922 outstanding Common Shares as of November 17, 2025 as disclosed in the Issuer's Prospectus Supplement filed with the Commission on November 19, 2025.

**(b)**
Item 5(b) of this Schedule 13D is hereby amended and restated as follows:

The aggregate number and percentage of the Common Shares beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of the Schedule 13D, and are incorporated herein by reference.

**(c)**
—

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6(a) of this Schedule 13D is hereby amended and supplemented by adding the following:

The information contained in Item 4(a) of this Amendment No. 9 is hereby incorporated by reference in this Item 6(a).

### 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.

**Reporting Person:** Ma Kevin Xiaofeng

**Signature:** /s/Xiaofeng Ma

**Name/Title:** Xiaofeng Ma

**Date:** 11/19/2025

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.

**Reporting Person:** Able Knight Development Limited

**Signature:** /s/Xiaofeng Ma

**Name/Title:** Xiaofeng Ma / Director

**Date:** 11/19/2025

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.

**Reporting Person:** Precious Time Holdings Limited

**Signature:** /s/ Authorized Signatory(ies) of Lion International Management Limited

**Name/Title:** Authorized Signatory(ies) of Lion International Management Limited as director of Precious Time Holdings Limited

**Date:** 11/19/2025

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.

**Reporting Person:** Ma Family Trust

**Signature:** /s/Authorized Signatory(ies) of HSBC International Trustee Limited

**Name/Title:** Authorized Signatory(ies) of HSBC International Trustee Limited as trustee of Ma Family Trust

**Date:** 11/19/2025

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.

**Reporting Person:** Joingear Limited

**Signature:** /s/ Xiaofeng Ma

**Name/Title:** Xiaofeng Ma / Director

**Date:** 11/19/2025