Boqii Holding Ltd (BQ) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

High Risk

Significant dilution risk

Last updated: November 19, 2025

Risk Assessment Details

Potential Dilution: 119.65% of current shares

Recent Dilution: 203.13% (2 years)

Historical Dilution Factor: significant recent dilution

Outstanding Shares

450M

Potential Supply

540M

Additional shares possible

Splits

None

Past 2 years

Summary

BQ currently has 448M outstanding shares. with significant dilution risk as 536M authorized shares could dilute existing holders by 119.6%. The company has significantly diluted shareholders by 203.13% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding	Supply
Nov 19, 2025	F-3 filing: This F-3 filing from Boqii Holding Limited details information about the company's business, financial performance, VIE structure, recent developments including private placements, reverse stock splits, ADS termination, issuance of Class C ordinary shares, and a registered direct offering, along with risk factors and required permissions from PRC authorities for operations and securities offerings.	450M	540M
Jul 21, 2025	20-F filing \| 447.7M shares outstanding	450M	530M
Mar 31, 2025	F-1 filing: F-1 filing for Baqii Holdings Limited registering ADSs representing Class A ordinary shares offered by Selling Shareholders.	450M	530M
Oct 29, 2024	20-F filing \| 147.7M shares outstanding	150M	230M
Jul 25, 2023	20-F filing \| 67.0M shares outstanding	67M	230M
Oct 18, 2022	F-3 filing: Boqii Holding Limited may offer from time to time up to a total amount of US$260,000,000, consisting of (i) Class A ordinary shares, par value US$0.001 per share, including American depositary shares, or ADSs, each representing 4.5 Class A ordinary shares, (ii) warrants to purchase Class A ordinary shares or other securities, (iii) units (collectively, the Securities), or any combination thereof, in one or more offerings	69M	230M
Jul 27, 2022	20-F filing \| 68.7M shares outstanding	69M	0
Jul 22, 2021	20-F filing \| 67.0M shares outstanding	67M	0
Sep 08, 2020	F-1 filing: This is an F-1 filing. The document discusses expenses related to a potential offering but does not disclose specifics such as price, shares, or amounts. Legal representation for the offering is detailed.	N/A	0

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