Xiaofeng Ma and affiliated entities filed Amendment No. 11 to a Schedule 13D with the SEC on November 9, 2026, disclosing updated beneficial ownership of Common Shares in ATA Creativity Global following the termination of Ma Family Trust on September 25, 2026.

Key Highlights

  • Aggregate beneficial ownership: Xiaofeng Ma beneficially owns 25,160,508 Common Shares, representing 19.2% of ATA Creativity Global's outstanding shares, according to the filing.
  • Trust termination: Ma Family Trust was terminated on September 25, 2026, and all Common Shares it previously held were distributed to Precious Time Holdings Limited.
  • Direct holdings: Xiaofeng Ma holds 1,734,446 Common Shares directly with sole voting and dispositive power.
  • Shared holdings via affiliates: 4,998,988 shares are held by Able Knight Development Limited and 18,427,074 shares are held by Joingear Limited, both attributed to Ma as shared voting and dispositive power.
  • Share base used for calculation: The percentage figures are based on 131,296,790 outstanding Common Shares as of September 30, 2026, as notified by the issuer.
  • Role of reporting person: The filing identifies Xiaofeng Ma as chairman of the board and chief executive officer of ATA Creativity Global.

Ma Family Trust Termination Drives Schedule 13D Update for ATA Creativity Global

According to the filing, this Amendment No. 11 to the Schedule 13D was triggered by the termination of Ma Family Trust on September 25, 2026. The filing states that "all Common Shares of the Issuer previously held by Ma Family Trust were distributed to Precious Time Holdings Limited," and that Ma Family Trust "is no longer a Reporting Person." The Schedule 13D was originally filed on November 20, 2015, and has been amended ten prior times, with the most recent preceding amendments filed on November 19, 2025 and January 30, 2026, respectively.

The four remaining reporting persons are Xiaofeng Ma, Able Knight Development Limited, Precious Time Holdings Limited, and Joingear Limited. The filing discloses that Xiaofeng Ma is the sole director of each of the three corporate entities. Able Knight Development Limited is wholly owned by Precious Time Holdings Limited, which is itself wholly owned by Xiaofeng Ma. Joingear Limited is also wholly owned by Xiaofeng Ma. Able Knight Development Limited holds 4,998,988 Common Shares (3.8% of class), Joingear Limited holds 18,427,074 Common Shares (14.0% of class), and each of these percentages is calculated on the same 131,296,790 outstanding share base.

The filing notes that the source of funds for all reporting persons is listed as "OO," the SEC code for sources other than personal funds or borrowings. Xiaofeng Ma's business address is listed as Beijing, China, and his principal occupation is described as chairman of the board and chief executive officer of ATA Creativity Global, traded on NASDAQ:AACG. The filing states that the principal business of each corporate entity is "holding equity interest in the Issuer."

What Was Disclosed

Amendment No. 11 to the Schedule 13D reports the termination of Ma Family Trust, the redistribution of its shares to Precious Time Holdings Limited, and updated beneficial ownership totals showing Xiaofeng Ma and affiliates collectively holding 25,160,508 Common Shares, or 19.2% of ATA Creativity Global.