Youdao reported an initial statement of beneficial ownership by Jin Lei, the company’s president. Jin Lei beneficially owned 620,000 Class B ordinary shares indirectly through JinLei Quark Tech. Jin Lei beneficially owned 300,000 Class A ordinary shares indirectly and 26,027 Class A ordinary shares directly. Jin Lei also reported 105,959 restricted share units and an option for 20,000 Class A ordinary shares.
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