ATA Creativity Global — Form SCHEDULE 13D
Filed October 22, 2026 · analyzed by the Ownership Agent
SCHEDULE 13D
— Neutral
significance 28/100
What the filing says
Everrise Holding LLC (via Juno Cloud Technologies Limited, controlled by Chunlin Chen) purchased Common Shares of ATA Creativity Global under a Subscription Agreement dated May 6, 2026. The Investor Rights Agreement, executed November 17, 2025 (effective upon closing), grants Everrise demand registration rights, piggyback registration rights, and ADS conversion rights. Xiaofeng Ma (via Able Knight Development Limited and Joingear Limited) and Jun Zhang (via Arts Consulting Limited) retained co-sale rights: if Everrise transfers shares below a 20% threshold, Ma and Zhang parties may participate pro-rata. All parties subject to transfer restrictions, 3% ownership threshold for party exit, and Hong Kong arbitration. Specific share count and purchase price are NOT disclosed in this filing.
Why this rating
Investment size unknown; governance/registration rights are standard for growth-stage capital raises. Ownership structure and dilution unclear without share count. Moderate complexity but typical venture-stage terms.
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