Exhibit 8.1

List of Principal Subsidiaries, the Variable Interest Entity and the Subsidiaries of the Variable Interest Entity

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Subsidiaries		Place of Incorporation
Niu Technologies Group Limited	​	Hong Kong
Beijing Niudian Information Technology Co., Ltd.	​	PRC

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Variable Interest Entity		Place of Incorporation
Beijing Niudian Technology Co., Ltd.	​	PRC

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Subsidiaries of the Variable Interest Entity		Place of Incorporation
Jiangsu Xiaoniu Diandong Technology Co., Ltd.	​	PRC
Shanghai Xiaoniu Internet Technology Co., Ltd.	​	PRC
Changzhou Niudian International Trading Technology Co., Ltd.	​	PRC

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