Niu Technologies — Director's Dealing 2026

Mar 17, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Niu Technologies (NIU)
CIK: 0001744781
Period of Report: 2026-03-15

Reporting Person: Zhou Fion Wenjuan (Director, Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-03-15	American depositary shares	M	45000	—	Acquired	164284	Direct
2026-03-16	American depositary shares	S	22113	$3.4841	Disposed	142171	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-03-15	Restricted share units	$	M	90000	Disposed		Class A ordinary shares (90000)	Direct

Footnotes

F1: Each American depositary share ("ADS") represents two (2) Class A ordinary shares, with a par value of US$0.0001 per share, of Niu Technologies (the "Company").

F2: Represent 90,000 Class A ordinary shares of the Company received in the form of ADSs upon vesting of the 90,000 restricted share units granted to the reporting person on March 15, 2022. See footnote 5.

F3: Each RSU represents the contingent right to receive one (1) Class A ordinary shares of the Company upon vesting.

F4: The reporting person sold 22,113 ADSs solely to satisfy tax obligations incurred upon vesting.

F5: The 90,000 RSUs were granted to the reporting person pursuant to the Company's 2018 Share Incentive Plan (the "2018 Plan") on March 15, 2022, and vested on March 15, 2026.