SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Beijing Teamsun Technology Co. Ltd. (Last) (First) (Middle) ROOM 501, 5/F, NO. 23 BUILDING 10 E. BLOCK XIBEIWANG EAST RD. (Street) HAIDIAN DISTRICT, BEIJING F4 0000 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol GRID DYNAMICS HOLDINGS, INC. [ GDYN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 10/15/2021
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/15/2021		J(1)(2)(3)		112,275	A	$10.19(1)(2)(3)	14,802,570(4)(5)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Beijing Teamsun Technology Co. Ltd. (Last) (First) (Middle) ROOM 501, 5/F, NO. 23 BUILDING 10 E. BLOCK XIBEIWANG EAST RD. (Street) HAIDIAN DISTRICT, BEIJING F4 0000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Teamsun Technology (HK) Ltd (Last) (First) (Middle) UNIT 907, 9TH FLOOR, TAI YAU BUILDING 181 JOHNSTON ROAD (Street) WANCHAI K3 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Automated Systems Holdings Ltd (Last) (First) (Middle) 15/F., TOPSAIL PLAZA 11 ON SUM STREET (Street) SHATIN K3 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* GDB International Investment Ltd (Last) (First) (Middle) 15/F., TOPSAIL PLAZA 11 ON SUM STREET (Street) SHATIN K3 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* GDD International Holding Co (Last) (First) (Middle) 15/F., TOPSAIL PLAZA 11 ON SUM STREET (Street) SHATIN K3 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. On October 15, 2021, the Reporting Person received these shares of the Issuer's common stock pursuant to an "earn-out" provision in Section 2.19(e)(ii) of that certain Agreement and Plan of Merger (the "Merger Agreement") dated as of November 13, 2019 by and among the Issuer and the parties listed in the Merger Agreement.

2. (continuation from footnote 1) The Merger Agreement provided that if, after preparing the "Closing Statement" required by the Merger Agreement, the "Post-Closing Adjustment" (which generally relates to cash accounts, working capital and indebtedness at the "Closing Date") was a positive number, the Issuer would be required to issue that number of new shares of common stock of the Issuer equal to the Post-Closing Adjustment divided by the "Parent Stock Signing Price" (i.e. $10.19), and to deposit such shares with the "Exchange Agent" for distribution to the "Shareholders" in accordance with their "Shareholder Pro Rata Shares" (as each such term is defined in the Merger Agreement), for no additional consideration.

3. (continuation from footnote 2) The Reporting Person's right to receive such additional shares in a non-market manner for no additional consideration became fixed and irrevocable on March 5, 2020, the effective date of the merger. Accordingly, by law, the date of acquisition of such earn-out shares for purposes of Section 16(b) is March 5, 2020, the effective date of the merger.

4. These securities are directly held by GDD International Holding Company ("GDD"), which is a wholly-owned subsidiary of GDB International Investment Limited, which is a wholly-owned subsidiary of Automated Systems Holdings Limited, which is a subsidiary controlled by Teamsun Technology (HK) Limited, which is a wholly-owned subsidiary of Beijing Teamsun Technology Co., Ltd. (collectively, the "Teamsun Entities").

5. Each of the Teamsun Entities may be deemed to beneficially own the securities directly owned by GDD, although each of the Teamsun Entities (other than GDD) disclaims beneficial ownership of such securities, except to the extent of their respective pecuniary interest therein. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than GDD) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Remarks:

	BEIJING TEAMSUN TECHNOLOGY CO., LTD., By: /s/ Wang Weihang, Director	10/19/2021
	TEAMSUN TECHNOLOGY (HK) LIMITED By: /s/ Wang Weihang, Director	10/19/2021
	AUTOMATED SYSTEMS HOLDINGS LIMITED By: /s/ Wang Yueou, Director	10/19/2021
	GDB INTERNATIONAL INVESTMENT LIMITED By: /s/ Wang Yueou, Director	10/19/2021
	GDD INTERNATIONAL HOLDING COMPANY By: Wang Yueou, Director	10/19/2021
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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