# EDGAR Filing Document

**Accession Number:** 0001744781
**File Stem:** 0001104659-26-012968
**Filing Date:** 2026-2
**Character Count:** 16961
**Document Hash:** 83d2e5c2ba91c02e14ddaa92be6c6006
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-012968.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001104659-26-012968

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Niu Technologies
- **CENTRAL INDEX KEY:** 0001744781
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90798
- **FILM NUMBER:** 26618277

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUILDING C, RONGXIN TECHNOLOGY CENTER
- **STREET 2:** NO. 34 CHUANGYUAN ROAD
- **CITY:** BEIJING
- **NON US STATE TERRITORY:** CHAOYANG DISTRICT
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100012
- **BUSINESS PHONE:** 861064321899

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUILDING C, RONGXIN TECHNOLOGY CENTER
- **STREET 2:** NO. 34 CHUANGYUAN ROAD
- **CITY:** BEIJING
- **NON US STATE TERRITORY:** CHAOYANG DISTRICT
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100012
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Glory Achievement Fund Ltd
- **CENTRAL INDEX KEY:** 0001764895

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 11/F, BUILDING A, NO.10 WANGJING STREET
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100102
- **BUSINESS PHONE:** 86 1064321899

**MAIL ADDRESS:**
- **STREET 1:** 11/F, BUILDING A, NO.10 WANGJING STREET
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100102

## Ex-99.A

**Exhibit A**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the ordinary shares, par value of $0.0001 per share, of Niu Technologies, a Cayman Islands company, and that this Agreement may be included as an Exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of February 11, 2026.

---

| | |
|:---|:---|
| **Glory Achievement Fund Limited** | **Glory Achievement Fund Limited** |
| Signature: | /s/ Xueting Xu |
| Name: | Xueting Xu |
| Title: | Director |
| **Bull Group Limited** | **Bull Group Limited** |
| Signature: | /s/ ZHANG Wei and LUI Chun Lok |
| Name: | ZHANG Wei and LUI Chun Lok |
| Title: | Authorized Signatories |
| **BULL TRUST** | **BULL TRUST** |
| Signature: | /s/ ZHANG Wei and LUI Chun Lok |
| Name: | ZHANG Wei and LUI Chun Lok |
| Title: | Authorized Signatories |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Niu Technologies**

*(Name of Issuer)*

**Class A ordinary shares, par value $0.0001 per share**

*(Title of Class of Securities)*

**65481N100**

*(CUSIP Number)*

**Glory Achievement Fund Limited**<br>2nd Fl, Strathvale House, 90 N Church St<br>P.O. Box 1103, George Town<br>Grand Cayman F4 KY1-1102<br>8610-6432-1899

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

**02/09/2026**

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

| **CUSIP No.** | **65481N100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Glory Achievement Fund Limited** | Name of reporting person<br>**Glory Achievement Fund 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>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**56555745.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**56555745.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56555745.00** | Aggregate amount beneficially owned by each reporting person<br>**56555745.00** | |
| 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>**36.3%** | Percent of class represented by amount in Row (11)<br>**36.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **65481N100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bull Group Limited** | Name of reporting person<br>**Bull Group 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>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**56555745.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**56555745.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56555745.00** | Aggregate amount beneficially owned by each reporting person<br>**56555745.00** | |
| 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>**36.3%** | Percent of class represented by amount in Row (11)<br>**36.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **65481N100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BULL TRUST** | Name of reporting person<br>**BULL 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>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**56555745.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**56555745.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56555745.00** | Aggregate amount beneficially owned by each reporting person<br>**56555745.00** | |
| 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>**36.3%** | Percent of class represented by amount in Row (11)<br>**36.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A ordinary shares, par value $0.0001 per share

**(b) Name of Issuer:**
Niu Technologies

**(c) Address of Issuer's Principal Executive Offices:**
Building C, Rongxin Technology Center, No. 34 Chuangyuan RD, Chaoyang District, Beijing, F4, 100012

This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") is filed by Glory Achievement Fund Limited, Bull Group Limited and BULL TRUST (each, a "Reporting Person" and collectively, the "Reporting Persons") to amend and supplement the statement on Schedule 13D originally filed with the SEC on December 7, 2023 (the "Original Schedule 13D"), as subsequently amended by an amendment No. 1 filed on July 22, 2025 (the "Amendment No. 1") and an amendment No. 2 on February 2, 2026 (the "Amendment No. 2," and together with the Original Schedule 13D and the Amendment No. 1, the "Statement"), relating to the Class A ordinary shares of Niu Technologies, a Cayman Islands company (the "Issuer"), whose principal executive offices are located at Building C, Rongxin Technology Center, No. 34 Chuangyuan Road, Chaoyang District, Beijing, 100012, People's Republic of China.

The ordinary shares of the Issuer consist of Class A ordinary shares (including Class A ordinary shares represented by ADSs) and Class B ordinary shares, par value $0.0001 each. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. The ADSs of the Issuer are listed on The Nasdaq Stock Market under the symbol "NIU." Each ADS represents two Class A ordinary shares of the Issuer.

Except as provided herein, this Amendment No. 3 does not modify any of the information previously reported on the Statement. The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant.

**Item 4. Purpose of Transaction**

The information set forth in Item 3 is hereby incorporated by reference in its entirety. The Recent Open-Market Purchases were made for investment purposes.

The Reporting Persons hold the ADSs of the Issuer for investment purposes. They intend to review their shareholding on a regular basis and, as a result thereof, may at any time or from time to time determine, either alone or as part of a group, (i) to acquire additional securities of the Issuer, through open market purchases, privately negotiated transactions or otherwise, (ii) to dispose of all or a portion of the securities of the Issuer owned by it in the open market, in privately negotiated transactions or otherwise or (iii) to take any other available course of action, which could involve one or more of the types of transactions or have one or more of the results described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Any actions the Reporting Persons might undertake will be dependent upon such Reporting Persons' review of numerous factors, including, among other things, the price levels of the ADSs, general market and economic conditions, ongoing evaluation of the Issuer's business, financial condition, operations and prospects, the relative attractiveness of alternative business and investment opportunities, investor's need for liquidity, and other future developments. Any future acquisitions or dispositions of ADSs will be subject to the Issuer's policies, including its insider trading policy, as applicable.

Except as set forth above, none of the Reporting Persons has any present plans or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

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

**(a)**
The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Schedule 13D are hereby incorporated by reference in this Item 5.

The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 155,927,944 outstanding ordinary shares (being the sum of 139,385,924 Class A ordinary shares and 16,542,020 Class B ordinary shares) of the Issuer outstanding as a single class as of February 28, 2025, assuming conversion of all Class B ordinary shares into Class A ordinary shares. The percentage of voting power is calculated by dividing the voting power beneficially owned by the Reporting Person by the voting power of all of the Issuer's outstanding Class A ordinary shares and Class B ordinary shares as a single class as of February 28, 2025. Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to four votes per share on all matters submitted to them for a vote.

**(b)**
The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Schedule 13D are hereby incorporated by reference in this Item 5.

**(c)**
Except as described in Item 4, the Reporting Persons have not effected any transaction in the ordinary shares of the Issuer during the past 60 days.

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

The information set forth in Item 3 is hereby incorporated by reference in its entirety.

To the best knowledge of the Reporting Persons, except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons or between any of the Reporting Persons and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the Issuer.

### 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:** Glory Achievement Fund Limited

**Signature:** /s/ Xueting Xu

**Name/Title:** Xueting Xu, Director

**Date:** 02/11/2026

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:** Bull Group Limited

**Signature:** /s/ ZHANG Wei

**Name/Title:** ZHANG Wei, Authorized Signatory

**Date:** 02/11/2026

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:** BULL TRUST

**Signature:** /s/ ZHANG Wei

**Name/Title:** ZHANG Wei, Authorized Signatory

**Date:** 02/11/2026