新加坡租船跑干散货的开曼公司，2022-12 借 SPAC 上市。收入在 1–2 亿美元之间，毛利率只有 3% 上下，连年亏损。上市后 3 年多，控制权换手，股份以 0.10 美元的转股价大批发出，设了每股 100 票的 B 类股，做了一次 1:25 反拆。现在股价停在上市以来最低收盘价附近。
开曼控股公司 High-Trend International Group，2022-02-28 注册，总部在新加坡 Paya Lebar。
公司自己不拥有运营船队，主要靠租船：
「We lease around 40 bulk vessels yearly from Topsheen Ltd」「By chartering more than 50 vessels each year, including 40 vessels from Topsheen Ltd」— 20-F FY2025
CO-Tech（航运途中用废热烘干木材）：
公司自我介绍的变化（新闻稿「About」段）：
OCC：2025-05-12 新闻稿称要「transform our business to become a key provider of onboard carbon capture solutions」。FY2025 这块收入约 40 万美元，之后年报写「decided not to aggressively pursue」。
收购：2026-03 成立「美国运营独立治理委员会」，由董事长 Cox 牵头「identification, evaluation and execution of strategic M&A projects」，见 6-K 2026-03-13。截至 9/17，没有任何具体收购标的的一手件。
每日收盘价（今天口径，对数刻度），2022-12-19 → 2026-09-16
2025-08-08 之前的价格已乘以 25。鼠标横扫可读每天的收盘价。
A 类在外股数（今天口径）
三年半从 211 万股增至 896 万股，是原来的约 4.2 倍。增量里最大的两块：2024-09/10 两笔 0.10 美元票据转股 212 万股，2026-05 注册直投 231 万股。
结论：2021 年以来复权序列只含一个 ×25 因子，即 2025-08-08 的 1:25。上市首日 2022-12-19 收 120.00（原始 $4.80）；2025-01-02 盘中 112.50（原始 $4.50）。
下表一行一笔，按签约时间排。股数写原始口径，括号里是今天口径（÷25）。每一笔的条款原句收在表下的抽屉里。
| # | 日期 | 工具 / 对手方 | 金额与价格 | 可变价 · 稀释保护 · blocker | 结果 | 原件 |
|---|---|---|---|---|---|---|
| 1 | 2022-12-16 | SPAC 合并对价 / Caravelle Group 原股东 | 50,000,000 股（2,000,000），作价 $5 亿 ÷ $10 | —；锁定 6 个月；另有 3,500 万股收入对赌 | 对赌未达标、0 股；锁定 2023-06 到期 | 424B3 |
| 2 | 2022-12-16 | 发给 SPAC 股东 + 本票转股 / Pacifico 公众、发起人、Chardan | 2,719,579 + 55,000 股（110,983） | Chardan 另有 158,125 单位购买权，行权价 $11.50 | 公众股约 99.6% 被赎回（倒推）；单位购买权下落未披露 | 20-F FY2022 |
| 3 | 2023-11-24 | 小额可转票据 / 未具名投资人（无 6-K） | 本金 $63,333，购价 $57,000，转股价 $0.65 | 未见 | 现金 $70,015 + 15,000 股（600）结清 | 20-F FY2024 Note 8 |
| 4 | 2024-01-05 / 01-10 | 15% 折价担保可转债 + 权证 / 两家机构（公开件只点名 Lind Global Partners II） | 首笔本金 $1.5M（上限 $6.8M），转股价 $1.00 | 违约时按 80% 市价转；全额棘轮；地板价 $0.096；4.99% blocker；担保物为全部资产 | 从未转股；2024-09 付 $1,375,000 + 300,000 股（12,000）回购 | 票据 · 结算 |
| 5 | 2024-03 → 10 | 咨询股 / 七名未具名顾问 | 11,795,902 股（471,836），公允值约 $699 万 | — | 已发；协议未公开 | 20-F FY2024 Note 12 |
| 6 | 2024-07-04 / 07-11 | 存量转让（非公司发行） / Galion → High-Trend Holdings USA | 20,000,000 股（800,000），作价 $300 万，以豁免「咨询和解款」抵付 | 先质押、后转让；转让书日期留空，由受让方填写 | High-Trend 持 35.85%，成为控制人 | 质押协议 · 购股协议 |
| 7 | 2024-09-16 | 25% 折价可转债 / High-Trend Holdings USA（控制人） | 本金 $3,548,000，实借 $2,661,000；转股价 $0.10（当天收盘 $0.3118） | 只有合股后重置；无市价折扣、无棘轮；blocker 条款缺失 | 9/23 全额转成 35,480,000 股（1,419,200） | 票据 · 13D/A |
| 8 | 2024-09-16 | 权证 / 同上 | 24,045,181 份（961,807），行权价 $0.166（$4.15），5 年 | 原始只按拆合股调整；2025-03 改约：合股不减份数，并可 1:1 无现金行权 | 一部分换 B 类，其余 FY2025 全部行权；行权现金只有 $375,130 | 权证 |
| 9 | 2024-10-18 | 25% 折价可转债 / 四名未具名投资人 | 本金 $1,752,000，实付 $1,314,000；转股价 $0.10（当天收盘 $0.55） | 同 #7；有 4.99% blocker | 10/21 全额转成 17,520,000 股（700,800） | 票据 |
| 10 | 2025-02 → 04 | 控制人私下转让权证 / 五名未具名买家 | 2,260,000 + 5,600,677 + 1,800,000 份，协议价「$1.00」 | — | 全部行权（386,427 股） | 转让协议格式 |
| 11 | 2025-03-10 | A 类私募 / Speed Wealthy（Dong Zhang 夫妇） | 1,699,618 股（67,985）@ $2.62（$65.50）= $4,452,999 | 锁定 36 个月 | 没收现金：抵销公司欠 Topsheen Shipping Limited 的债 | SPA |
| 12 | 2025-03-24 | 权证换 B 类 / High-Trend Holdings USA | 回购 3,345,698 份权证 → 发 2,500,000 股 B 类（100,000），每股 20 票 | 剩余 18,439,483 份权证同时改约 | B 类至今在外；2026-05 起每股 100 票 | 协议 |
| 13 | FY2025 | 薪酬股 / 高管、董事、员工、顾问 | 495,169 股；FY2025 股份支付合计 $2,192 万 | 归属期最长 3 年 | 已发；逐人授予文件未公开 | 20-F FY2025 Note 12 |
| 14 | FY2025 | $0.01 期权 / 两名顾问 | 500,000 份，行权价 $0.01，发出即归属 | — | 全部行权，公司收 $5,000，记费用 $375 万；S-8 登记 500,000 股 | S-8 |
| 15 | 2025-09-05 / 12-08 | F-3 通用货架 | $400,000,000 | — | 2026-05 注册直投从此发行 | F-3 · F-3/A2 |
| 16 | 2025-10-29 | 预付购股（实为可转债）/ Streeterville Capital | 额度 $2,000 万；首笔本金 $3,230,000，实收 $3,000,000；承诺股 22,883；预交付股 630,000 | 85% × 前 10 日最低日 VWAP；地板价约 $1.75；9.99% blocker；最惠条款；每周卖出 ≤ 成交额 15% | 从未转股；2026-04-28 付 $4,191,247.42 终止（$260 万由控制人代付） | SPA · 预付单 |
| 17 | 2026-03-07 | 期权 / 董事长 Christopher Nixon Cox | 1,030,000 份 @ $8.27 | 合股时份数不减、价格不调 | 已归属 50,000 份，未行权 | 期权协议 |
| 18 | 2026-04-27 | 无担保本票（不可转股）/ 6-K 写 Jinyu Chang，半年报写 High-Trend | $2,600,000；6-K 写年息 5%、一年到期 | — | 钱直接付给 Streeterville；5/21 还清 | 6-K |
| 19 | 2026-05-12 / 05-14 | 注册直投 / 机构投资人（已知 CVI）；A.G.P. 独家代理 | 2,307,700 股 @ $6.50 = $15,000,050；代理费 7% | 禁发 45 天；禁浮动价 90 天；董监高锁定 60 天 | A 类增至 8,963,024；CVI 6/30 前清仓 | 424B5 · SPA |
发行依据：#7、#9 为 4(a)(2) + 506(b)；#17 为 4(a)(2)；#16 投资人为「accredited investor」。这些都是未登记证券。
「(i) all outstanding ordinary shares of Caravelle will be cancelled in exchange for 50,000,000 ordinary shares of PubCo … (iii) each unredeemed outstanding share of common stock of Pacifico … will be cancelled in exchange for the right to receive one (1) PubCo Ordinary Share, (iv) every ten (10) outstanding rights of Pacifico … will be contributed in exchange for one (1) PubCo Ordinary Share … (v) each unit purchase option of Pacifico … will automatically be cancelled … in exchange for one (1) unit purchase option of PubCo」— 424B3 致股东信
「2.8 Earnout … (i) upon the occurrence of Earnout Event I, a one-time issuance of 15,000,000 Earnout Shares; and (ii) upon the occurrence of Earnout Event II, a one-time issuance of 20,000,000 Earnout Shares.」事件 I：2023 上半年收入 ≥ $2 亿；事件 II：2023 全年经审计收入 ≥ $4.5 亿。— 合并协议 §2.8、§1.1.34–35
「The earnout term expired during the year ended October 31, 2024 and the Company did not achieve any revenue targets during the earnout term.」— 20-F FY2024 Note 2
「the “Lock-up Period” means the period commencing on the Closing Date and ending on the earlier of (A) six-month anniversary of the date of the Closing …」— Lock-Up Agreement 格式 §1(d)
赎回：本 CIK 下没有一份文件直接写赎回股数。424B3 情景表假设内部人 1,712,500 股、Chardan 407,000 股、公众 rights 换股 575,000 股。实发给 SPAC 股东 2,719,579 股，倒推未赎回公众股只剩 25,079 股，即约 99.6% 被赎回。FY2023 现金流量表「Net cash acquired in the reverse recapitalization 23」，与此一致。
两家 SPAC 套利基金 2022-12-31 持股归零：Polar 13G/A · MMCAP 13G/A。
「The “Conversion Price” means US$1.00 (the “Fixed Conversion Price”) … at any time when an Event of Default has occurred or the Company shall have failed to meet the Equity Conditions … the Holder may convert this Note at the Alternative Conversion Price.」§3.1(b)
「“Alternative Conversion Price” means the lower of (i) the Conversion Price, as adjusted, or (ii) 80% of the average of the lowest bid price in the five (5) previous days」§5.13(d)；「“Floor Price” means US$0.096; provided, that the Company may lower the Floor Price at any time」§5.13(jj)
「… for a consideration per share (the “Dilutive Issuance Price”) less than a price equal to the Fixed Conversion Price … the Fixed Conversion Price then in effect shall be reduced to an amount equal to the Dilutive Issuance Price.」§3.3(a)(v)(1)——全额棘轮
「… would beneficially own in excess of 4.99% (the “Maximum Percentage”) … not in excess of 9.99% … The limitation contained in this Section 3.2(e) may not be waived」§3.2(e)
「each Debtor hereby pledges and grants … a Lien on and security interest in and to … all of the properties and assets of such Debtor」— 担保协议 §3
「… the Company shall not undertake a reverse or forward stock split or reclassification of the Common Shares without the prior written consent of the Required Holders.」— SPA §4.17
公司就这笔交易声明按母国惯例豁免纳斯达克 5635(b)（控制权变更）与 5635(d)（20% 以上低价发行）。
结局：
「the Company agreed to buy back $1.5 million of Senior Secured Convertible Promissory Notes … in consideration of $1.375 million and the issuance of 300,000 ordinary shares」— 6-K 2024-09-09
本轨算术：投资人投入 $1,275,000，约 8 个月后收回 $1,375,000 现金，外加 300,000 股（公允值 $140,985）。
「the Secured Party had provided business consulting services to the Beneficial Owner and the Pledgor in the past several years in connection with the transactions and development activities of the Issuer … and the Pledgor has agreed to pay the Secured Party a lump sum amount of $3,000,000 as a settlement payment」— 质押协议前言（2024-07-04）
「The Pledgor has duly executed a share purchase agreement … and a transfer instrument for the Pledged Shares … the date of which agreement or instruments is left blank but is hereby authorized by the Pledgor to be filled by any representative of the Secured Party」
「the Beneficial Owner and the Pledgor agree to cause the Issuer to appoint one (1) director nominated by the Secured Party to the board of the Issuer」
「On July 11, 2024, Galion entered into a Stock Purchase Agreement with High-Trend to purchase 20,000,000 shares of the Issuer held by Galion, and the payment of purchase price shall be made by waiving the Settlement Payment of $3,000,000 under the Pledge Agreement.」— 13D/A 2024-07-15
「The Reporting Persons did not pay for the Shares, but the aggregate consideration in lieu for the Shares was $3,000,000 for consulting services.」— Jinyu Chang 13D Item 3
「The Note has a principal amount of $3,548,000 with an original issuance discount of $887,000 and zero annual interest rate … convertible … at an initial conversion price equal to $0.10 per share … reflects a 67.92% discount on the closing price … ($0.3118).」「The Company does not have an obligation to register any of the securities … This private placement financing transaction was approved by the board of directors and the audit committee」— 6-K
「Principal: US$3,548,000 Maturity Date: [*], 2024 Loan Amount: US$2,661,000 … the principal sum of US$3,5480,000」——票据首页原样（笔误照录）
「1.4 No Prepayment. The Maker may not prepay any outstanding amount of the Principal prior to the Maturity Date.」
「(nn) “Maximum Percentage” has the meaning contained in Section 3.2(d).」——但这份票据的 §3.2 只有 (a)(b) 两项，正文没有 4.99% 条款；10 月那份票据在同位置有（见 #9）。
「For so long as the Note or the Warrant remains outstanding, without the Investor’s written consent, neither the Company nor any Subsidiary shall (i) issue … any Common Shares or Common Share Equivalents or (ii) file any registration statement」— SPA §4.8(a)
直接含义：
「Equity Conditions (p)」要求市值 ≥ $2,000 万。按 56,089,579 × $0.3118 ≈ $1,749 万算，字面上不满足，未见豁免。
「The Warrant is exercisable for five years … for the number of Ordinary Shares equal to 150% of the funded amount, which equals 24,045,181 Ordinary Shares … at an initial exercise price equal to $0.166 per share」— 13D/A 2024-09-27
本轨算术：$2,661,000 × 150% ÷ $0.166 = 24,045,181。但 SPA §2.2(a)(iv) 写的是「150% of the Subscription Amount」，按 $3,548,000 算应为 32,060,241 份。
「the Company purchased 3,345,698 warrants … from the Company’s shareholder High-Trend Holdings USA LLC … As the consideration for the Purchased Warrants, the Company issued 2,500,000 Class B ordinary shares of the Company to the Shareholder and amended certain terms of the remaining 18,439,483 warrants」— 6-K 2025-03-28
「… if … the VWAP of the Shares on each Trading Day of any given five (5) consecutive Trading Day period is less than $2.60, or (2) the ADTC … is less than 500,000, the holder shall have the right … to effect a cashless exercise … to elect to receive one (1) Warrant Share for each share under this Warrant being exercised」「The number of Shares issuable on the exercise of this Warrant shall not be decreased and the purchase price payable per share shall not be adjusted in the case of a share combination.」— 修改后权证 No. 006
去向（原始口径）：
FY2025 全年行权 827,979 股（今天口径），现金只收 $375,130，约等于第一批 2,260,000 份 × $0.166。其余推断走了 1:1 无现金行权，即不付行权价直接换股。
控制人 A 类股数在 FY2025 年报里仍是 2,219,200，没有增加，剩余权证最后给了谁没有披露。
财报把无现金行权写成「receive one Class B Ordinary Share」，与协议原文「Warrant Share」（A 类）不一致；实际发出的是 A 类。
B 类作价的依据：
「the fair value of the 2,500,000 … Class B Ordinary Shares approximated the fair value of the 3,345,698 … warrants immediately before the exchange … there was no gain or loss to be recognized」— 半年报 2025-04-30 Note 11
「closed a private placement financing … with four investors … aggregate principal amount of $1,752,000 with an aggregate original issuance discount of $438,000 … initial conversion price equal to $0.10 per share … reflects a 81.82% discount on the closing price … ($0.55) … approved by the board of directors」— 6-K 2024-10-23
「(c) Beneficial Ownership Limitation … would beneficially own in excess of 4.99% (the “Maximum Percentage”) … The limitation contained in this Section 3.2(d) may not be waived」
与 9 月版相比：
四名投资人的名字没有在任何公开件出现。交割后第 1 个交易日（10/21）就转完了 1,752 万股，占转换后在外股数约 1.09 亿股的 16%，平均每人约 4%，恰好在 4.99% 上限之内。
「October 2024 Note were subsequently fully converted into 17,520,000 ordinary shares on October 21, 2024」，转换前一刻公允值 $16,512,550，是实付 $1,314,000 的 12.6 倍，见 20-F FY2024 Note 8。
「the shares will be subject to a 36-month lock-up period … The Company does not have the obligation to register the shares. The Company intends to use the proceeds from this financing for general working capital purposes.」— 6-K 2025-03-11
「Speed Wealthy Ltd. and Topsheen Shipping Limited, which companies are related to Mr. Dong Zhang, and our company entered into an agreement, pursuant to which Speed Wealthy Ltd.’s payment obligation for the shares issued in the above private placement was fully satisfied by extinguishing the Company’s debt obligations to Topsheen Shipping Limited.」— 半年报 2025-04-30
价格 $2.62 是前 10 个交易日均价（2/24–3/07 收盘均值 $2.617，本轨复算）。交割日 3/10 收盘 $2.13，3/11 公告当天收 $1.41，跌 34%（均为原始口径）。三方抵债协议没有公开。
Topsheen Shipping Limited 在 2024-10-14 刚借给公司 $4,453,000，与这笔私募金额 $4,452,999 几乎相同，见 20-F FY2024 关联交易段。
FY2025 MD&A 拆分 $2,190 万股份支付：
「(i) approximately $1.5 million attributable to executive officers, (ii) approximately $0.7 million attributable to directors, (iii) approximately $11.8 million attributable to employees other than executive officers, and (iv) approximately $8.0 million attributable to consultants」
「the Company issued in aggregated of 140,000 Class A Ordinary Shares to Mr. Dong Zhang for the purpose of providing incentives for future business development … total fair value … $10,700,000」「issued 22,664 Class A Ordinary Shares to the former Chief Executive Officer for his past service … $2,351,390」— 20-F FY2025 Item 7.B
S-8 所附修订版激励计划附录列了一张授予表，授予日空白，也没写口径：
「Management | 5,700,000 | $ 0.01 per Share」「Board of Directors | 1,200,000 | $ 0.01 per Share」「Business Team (Topsheen) | 21,000,000 | $ 0.01 per Share」— S-8 EX-10.2
合计 2,790 万份 $0.01 期权。财报只披露了两名顾问的 500,000 份。
计划上限由固定 3,349,520 股改为「已发行股本的 20%」，只有 2025-05-19 的董事会书面决议，未见股东批准。
「(i) one or more Pre-Paid Purchases … in the aggregate purchase amount of up to $20,000,000.00 … (ii) … Class A Shares … as a commitment fee … (iii) … Class A Shares … to be used as pre-delivery shares」「number of Pre-Delivery Shares will equal the total number of Class A Shares outstanding * 9.99%, less the number of Commitment Shares」— SPA
「… promises to pay to Streeterville Capital, LLC … $3,230,000.00 … interest … at the rate of eight percent (8%) per annum」— 预付单 #1
「we paid Streeterville $4,191,247.42 as payment in full of all obligations … including a $3,230,000 note」— 6-K 2026-05-04；「(among which $2,600,000 was paid by High Trend on behalf of the Company, see Note 9)」「Loss on extinguishment of promissory note (945,554)」— 半年报
本轨算术：实收 $300 万，约 6 个月后付出 $419 万，多付约 $119 万。Streeterville 另外留下 22,883 股承诺股。
付清款的构成（利息、120% 提前还款溢价、登记罚金）没有公开。
Cox 期权：
$2.6M 本票：
「sold an unsecured promissory note … to Mr. Jinyu Chang, controller of the Company and its former Chairman … for $2.6 million. The Note carries an annual interest rate of 5%, which is payable together with the principal one year after the date of issuance.」— 6-K 2026-05-04
半年报 Note 9 的写法不同：对手方是 High-Trend Holdings USA，款项「paid … on behalf of the Company」直接付给 Streeterville，2026-05-21 已还清。
注册直投：
「We have agreed to pay to the Placement Agent … a cash fee, equal to 7.0% of the gross proceeds … net proceeds … approximately $13.83 million」「Our net tangible book value on October 31, 2025 was approximately $7.9 million or $1.17 per share … dilution … approximately $4.10 per share to purchasers」— 424B5
公司 6-K 正文把禁发期写成 60 天、禁浮动价写成 6 个月；协议 §4.11 原文是 45 天和 90 天，见 6-K。
| 期间 | 收入 | 毛利 | 净利（亏） | 经营现金流 | 期末现金 | 总资产 | 总权益（归母 / 少数股东） | 原件 |
|---|---|---|---|---|---|---|---|---|
| FY2022 | 185.3 | 26.8 | 23.6 | 33.1 | 21.6 | 35.6 | 10.0（4.5 / 5.5） | 20-F |
| FY2023 | 95.3 | −11.9 | −15.8 | −17.8 | 2.2 | 8.4 | −7.3（−5.4 / −1.9） | 20-F |
| H1 FY2024 | 34.9 | 2.4 | −0.2 | −3.5 | 3.4 | 13.4 | −6.7 | 6-K |
| FY2024 | 108.2 | 8.1 | −21.2 | −3.3 | 6.9 | 29.2 | 8.7（5.4 / 3.4） | 20-F |
| H1 FY2025 | 99.4 | 4.0 | −12.4 | 6.5 | 13.2 | 41.7 | 25.4（21.2 / 4.3） | 6-K |
| FY2025 | 214.4 | 6.8 | −20.1 | 4.6 | 10.1 | 32.4 | 12.6（7.9 / 4.7） | 20-F |
| H1 FY2026 | 137.5 | 3.8 | −3.5 | 5.9 | 17.3 | 33.8 | 11.7（6.0 / 5.8） | 6-K |
单位：百万美元。财年 10/31 止；H1 为 4/30 止的六个月，未经审计。
| 项目 | 现金（美元） | 来源 |
|---|---|---|
| 2023 小额票据购价 | +57,000 | 20-F FY2024 现金流量表 |
| 2024-01 担保票据（发行公允值） | +1,275,000 | 同上 |
| 2024-09 控制人票据实借 | +2,661,000 | 同上 |
| 2024-10 四名投资人票据实付 | +1,314,000 | 同上 |
| FY2024 股东注资（记入少数股东权益） | +2,847,000 | 20-F FY2024 权益变动表 |
| FY2025 权证行权 | +375,130 | 20-F FY2025 |
| FY2025 顾问期权行权 | +5,000 | 同上 |
| 2025-11 Streeterville 首笔 | +3,000,000 | 半年报 |
| 2026-05 注册直投（净额，公司估计） | +13,830,000 | 424B5 |
| 2023 小额票据还款 | −70,015 | 20-F FY2024 |
| 2024-01 票据回购 | −1,375,000 | 同上 |
| Streeterville 付清 | −4,191,247 | 6-K 2026-05-04（其中 260 万先由控制人垫付，5/21 已还） |
| 净额 | 约 +19,727,868 | 本轨算术 |
不含非现金「融资」：Speed Wealthy 私募 $4,452,999 是抵债；FY2024 咨询股、FY2025 薪酬股是用股票付费用。
对照：合并以后 A 类共新增约 685 万股（8,963,024 − 2,110,983），B 类 10 万股（今天口径）。其中跟上表现金直接对应的，是票据转股 212 万、权证行权 83 万、顾问期权 50 万、注册直投 231 万、承诺股 2.3 万；其余约 107 万股是咨询股、薪酬股、抵债私募、结算股和零股。
「Explanatory Paragraph - Substantial Doubt about the Company’s Ability to Continue as a Going Concern … the Company incurred substantial losses during the year ended October 31, 2023. As of October 31, 2023, the Company had a working capital deficit.」— WWC 审计报告，20-F FY2023
「… errors identified … due to inappropriate consolidation and lack of appropriate cutoff procedures on revenue, costs and expenses during the period end close.」— Non-Reliance 6-K
「on February 29, 2024, we issued a press release announcing our unaudited and unreviewed financial results for the six months ended April 30, 2023. On May 2, 2024, Nasdaq notified us that we had regained compliance.」— 20-F FY2024
内控：历年都是「not effective」。FY2025 列了三项重大缺陷：会计人员不足、没有内审和 IT 部门、IT 一般控制缺失。重述时提到的合并与截止缺陷，没有进入年报的缺陷清单。
FY2025 年报前后口径突变，没有标重述：
| 时点 | 原始口径 | 今天口径 | 这段期间多了什么 | 原件 |
|---|---|---|---|---|
| 2022-12-16 合并后 | 52,774,579 | 2,110,983 | 对价 5,000 万 + SPAC 股东 271.96 万 + 本票 5.5 万 | 20-F FY2022 |
| 2024-04-30 | 54,289,579 | 2,171,583 | 2023 票据结算 1.5 万 + 咨询股 150 万 | 半年报 |
| 2024-08-19 | 56,089,579 | 2,243,583 | 咨询股 150 万 + Lind 结算 30 万 | 20-F FY2023 |
| 2024-10-31 | 117,885,481 | 4,715,419 | 两笔 $0.10 票据转股 5,300 万 + 咨询股 879.6 万 | 20-F FY2024 |
| 2025-04-30 | 140,000,000 + B 2,500,000 | 5,600,000 + B 100,000 | 薪酬股 1,075 万 + 权证行权 966 万 + Speed Wealthy 170 万 | 半年报 |
| 2025-08-28 | — | 6,067,441 | 剩余权证行权 441,552 + 零股 25,889 | F-3 |
| 2025-10-31 | — | 6,632,441 | 顾问期权 500,000 + 薪酬股 65,000 | 20-F FY2025 |
| 2025-11-24（法律口径） | — | 7,285,324 | Streeterville 承诺股 22,883 + 预交付股 630,000 | F-3/A2 |
| 2026-04-30 / 05-13 | — | 6,655,324 | 预交付股注销 −630,000 | 半年报 |
| 2026-05-14 | — | 8,963,024 + B 100,000 | 注册直投 2,307,700 | 424B5 |
每一段都能按公司自己披露的发行数加平，逐笔见股本专项页的抽屉。
三处「时点」只能靠期初期末差分配，原件没给逐笔日期：2025-03 前后的权证行权、2025-05 至 08 的 441,552 股、2025-08 至 10 的 565,000 股。
「Indicate the number of outstanding shares … as of December 16, 2022: 52,174,500 ordinary shares.」— 壳公司报告 20FR12B
「As a result, the Company had 52,774,579 ordinary shares issued and outstanding immediately after the SPAC Transaction.」— 20-F FY2022 起一律如此
两者差 600,079 股，恰好等于公众 rights 换股 575,000 股加倒推的 25,079 股未赎回公众股（本轨推断）。公司没有解释。
2024-02-29 那份半年报把 2023-04-30 股数写成 50,000,000，漏了合并新增的 2,774,579 股，2024-10 重述时改正。
另外两次都没有落地：
1:25 前 15、后 30 个交易日的窗口里，盘中最高除以最低是 2.59 倍。顺序是先低后高：最低 $5.00 在落地前 14 个交易日（7/21），最高 $12.95 在落地后 14 个交易日（8/28）。按口径这算一段拉升。
拉升出现在两份公告之后：8/25 纳斯达克确认恢复合规，8/28 公司宣布 500 万美元回购。之后到窗口结束（9/22）回落到 $8.16，9/15 盘中低至 $6.36。
| 动作 | 比例 | 是否落地 | 授权股：变前 → 变后 | 面值 | 一手件 |
|---|---|---|---|---|---|
| 2024-05-06 董事会提议 → 5/22 流会 → 5/29 股东会 | 1:10 | 否：赞成 120,367、反对 34,054,714、弃权 20,114,498 | 拟 500,000,000 → 50,000,000（已发与未发一起合并）；未生效 | 拟 $0.0001 → $0.001 | 6-K 2024-05-06 · EGM 通知 · 结果 6-K |
| 2025-06-30 通知 → 7/16 股东会 → 8/4 公告 → 8/7 16:01 生效 → 8/8 开盘落地 | 1:25（A、B 同比例） | 是 | 先合并：497,500,000 A + 2,500,000 B → 19,900,000 A + 100,000 B（总额仍 US$50,000）；同会增资 → 489,900,000 A + 10,100,000 B（US$1,250,000） | $0.0001 → $0.0025 | 通知 · 结果 · 6-K/A · 生效公告 · 开曼律师意见 |
| 2026-04-06 通知 → 5/7 类别股东会 + EGM | 累计 ≤1000:1，两年内分一次或多次（仅 A 类） | 授权未用（截至 9/17） | 若实施，授权 A 类按同比例缩小（决议写「issued and outstanding and unissued」）；同会另把授权增至 2,000,000,000 A + 110,100,000 B | 未定 | 通知 · 结果 6-K |
「briefing 称 2024-09 以来 4 次反拆类动作」这个说法，一手件复现不出来。2024-09 以来股东会层面的动作只有两次：2025 年的 1:25 与 2026 年的授权。其余被计入的，可能是票据里的「合股后重置」条款和 2025-03 权证改约里的「合股不减份数」条款，这些是合同条款，不是公司动作，详见下方抽屉。
「The Share Consolidation was not yet effected as of the date of this report and the Company intends to go through standard Nasdaq procedures in order to effect the Share Consolidation.」
「The Reverse Stock Split will be effective at 04:01 p.m. (ET) on Thursday, August 7, 2025 (the “Record Date”) and the Ordinary Shares will begin trading on a split-adjusted basis when the Nasdaq Stock Market LLC opens for trading on Friday, August 8, 2025 … new CUSIP number: G1901X 116.」
本页以 8/4 公告的市场生效时点为准：8/8 是第一个按拆后价交易的交易日。复权日线在 8/8 出现口径切换，也印证了这一点：8/7 原始收盘 $0.3038，折今天口径 $7.595；8/8 开盘 $8.14。
零股：决议写「rounded up」，年报称 2025-08 补发 25,889 股，「No cash was paid in lieu of fractional shares」。
目的原句：「with the objective of meeting the minimum $1.00 per Ordinary Share bid requirement」。纳斯达克 8/22 确认 8/8–8/21 连续 10 天收盘买价 ≥$1，见 6-K 2025-08-25。
1:25 反拆窗口：落地日 2025-08-08 前 15、后 30 个交易日（今天口径）
蓝色＝收盘高于开盘，橙色＝收盘低于开盘。落地前的价格已按 ×25 换算到今天口径，原始价格见下方表格。
| 交易日 | 相对落地日 | 开 | 高 | 低 | 收 | 反拆前原始价（高 / 低） | 量（今天口径） | 当天一手件 |
|---|---|---|---|---|---|---|---|---|
| 2025-07-18 | T-15 | 5.42 | 5.5225 | 5.25 | 5.25 | 0.2209 / 0.21 | 37,065 | 6-K/A：澄清 7/16 股东会通过的 1:25 尚未生效 |
| 2025-07-21 窗口最低 | T-14 | 5.05 | 5.625 | 5.00 | 5.45 | 0.225 / 0.20 | 41,200 | |
| 2025-07-22 | T-13 | 5.5225 | 6.90 | 5.5225 | 6.90 | 0.276 / 0.2209 | 131,508 | |
| 2025-07-23 | T-12 | 6.775 | 7.6073 | 6.4175 | 6.615 | 0.3043 / 0.2567 | 39,166 | |
| 2025-07-24 | T-11 | 6.585 | 6.585 | 5.8725 | 5.9775 | 0.2634 / 0.2349 | 28,184 | |
| 2025-07-25 | T-10 | 6.06 | 6.3425 | 5.305 | 5.84 | 0.2537 / 0.2122 | 11,286 | |
| 2025-07-28 | T-9 | 5.7175 | 6.335 | 5.7175 | 6.29 | 0.2534 / 0.2287 | 16,064 | |
| 2025-07-29 | T-8 | 6.3825 | 6.5375 | 6.1475 | 6.5275 | 0.2615 / 0.2459 | 18,563 | |
| 2025-07-30 | T-7 | 6.445 | 7.26 | 6.375 | 7.25 | 0.2904 / 0.255 | 30,906 | |
| 2025-07-31 | T-6 | 7.50 | 8.25 | 7.09 | 8.055 | 0.33 / 0.2836 | 76,382 | |
| 2025-08-01 | T-5 | 7.5725 | 8.75 | 6.00 | 8.2525 | 0.35 / 0.24 | 78,331 | |
| 2025-08-04 | T-4 | 8.25 | 8.4925 | 7.8575 | 7.875 | 0.3397 / 0.3143 | 14,274 | 6-K：定于 8/7 16:01 生效、8/8 开盘按拆后交易，新 CUSIP G1901X 116 |
| 2025-08-05 | T-3 | 7.25 | 7.875 | 6.8975 | 7.305 | 0.315 / 0.2759 | 22,980 | |
| 2025-08-06 | T-2 | 7.085 | 7.745 | 7.0025 | 7.575 | 0.3098 / 0.2801 | 12,677 | |
| 2025-08-07 | T-1 | 7.00 | 7.94 | 7.00 | 7.595 | 0.3176 / 0.28 | 30,620 | |
| 2025-08-08 | T+0 | 8.14 | 8.8517 | 5.945 | 7.21 | — | 138,248 | 落地日；同日 6-K 报上半年财报（截至 4/30） |
| 2025-08-11 | T+1 | 7.59 | 7.59 | 6.07 | 6.45 | — | 50,631 | |
| 2025-08-12 | T+2 | 6.51 | 6.93 | 6.34 | 6.6765 | — | 22,133 | |
| 2025-08-13 | T+3 | 6.458 | 6.50 | 6.0212 | 6.27 | — | 22,742 | |
| 2025-08-14 | T+4 | 6.438 | 6.55 | 5.92 | 6.04 | — | 38,132 | |
| 2025-08-15 | T+5 | 6.235 | 6.2705 | 6.20 | 6.25 | — | 11,057 | |
| 2025-08-18 | T+6 | 6.20 | 6.46 | 6.12 | 6.22 | — | 20,972 | |
| 2025-08-19 | T+7 | 6.28 | 6.60 | 6.215 | 6.59 | — | 27,430 | |
| 2025-08-20 | T+8 | 6.59 | 7.50 | 6.59 | 7.4235 | — | 44,662 | |
| 2025-08-21 | T+9 | 7.42 | 7.87 | 7.11 | 7.24 | — | 30,011 | |
| 2025-08-22 | T+10 | 7.15 | 7.9999 | 7.06 | 7.895 | — | 81,707 | |
| 2025-08-25 | T+11 | 7.92 | 10.39 | 7.91 | 10.13 | — | 250,248 | 6-K：纳斯达克确认 8/8–8/21 连续 10 天收盘买价 ≥$1，恢复合规 |
| 2025-08-26 | T+12 | 10.02 | 11.5499 | 10.00 | 11.54 | — | 69,240 | |
| 2025-08-27 | T+13 | 11.23 | 11.8972 | 10.23 | 11.74 | — | 122,225 | |
| 2025-08-28 窗口最高 | T+14 | 12.66 | 12.95 | 11.11 | 11.26 | — | 90,215 | 6-K：董事会批准 500 万美元回购计划（至 2027-08-23） |
| 2025-08-29 | T+15 | 10.92 | 11.0916 | 8.68 | 9.2768 | — | 122,579 | |
| 2025-09-02 | T+16 | 9.10 | 9.11 | 7.415 | 7.69 | — | 60,386 | |
| 2025-09-03 | T+17 | 7.73 | 7.985 | 7.14 | 7.65 | — | 52,615 | |
| 2025-09-04 | T+18 | 7.99 | 8.32 | 7.2005 | 7.66 | — | 33,435 | |
| 2025-09-05 | T+19 | 7.875 | 7.875 | 7.29 | 7.33 | — | 11,781 | F-3 货架注册首次递交 |
| 2025-09-08 | T+20 | 7.15 | 7.2553 | 6.40 | 6.5801 | — | 26,277 | |
| 2025-09-09 | T+21 | 6.80 | 7.6653 | 6.70 | 7.6653 | — | 22,763 | |
| 2025-09-10 | T+22 | 7.3801 | 7.56 | 7.285 | 7.42 | — | 32,218 | |
| 2025-09-11 | T+23 | 7.26 | 8.45 | 7.00 | 8.18 | — | 274,288 | |
| 2025-09-12 | T+24 | 7.40 | 7.88 | 7.18 | 7.4406 | — | 51,295 | |
| 2025-09-15 | T+25 | 7.25 | 7.4227 | 6.3646 | 6.90 | — | 31,161 | |
| 2025-09-16 | T+26 | 7.324 | 7.324 | 6.78 | 6.98 | — | 10,142 | |
| 2025-09-17 | T+27 | 7.00 | 7.00 | 6.505 | 6.51 | — | 16,291 | |
| 2025-09-18 | T+28 | 6.3688 | 6.9267 | 6.3688 | 6.77 | — | 35,894 | |
| 2025-09-19 | T+29 | 7.085 | 8.43 | 6.9445 | 8.2487 | — | 39,845 | S-8 股权激励登记 |
| 2025-09-22 | T+30 | 8.42 | 8.44 | 7.75 | 8.1624 | — | 26,954 |
复算：窗口 = 2025-07-18 至 2025-09-22 共 46 个交易日；max(高) = 12.95（08-28）；min(低) = 5.00（07-21）；12.95 ÷ 5.00 = 2.59；07-21 早于 08-28 → 先低后高。
数据源：Nasdaq 官方历史日线（复权），与 StockAnalysis 逐日交叉，高/低差 >2% 的天数为 0。
「Nasdaq Rule 5810(c)(3)(A)(iv) provides that if a company’s security fails to meet the Bid Price Requirement and the company has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the company is not eligible for any compliance periods and Nasdaq must issue a Delisting Determination」
「if a company’s security fails to meet the Bid Price Requirement and the company has effected a reverse stock split over the prior one-year period, then the company shall not be eligible for any compliance period specified in Nasdaq Rule 5810(c)(3)(A) and the Listing Qualifications Department shall issue a Delisting Determination」
SEC Release No. 34-102245（2025-01-17，SR-NASDAQ-2024-045 批准令），sec.gov/files/rules/sro/nasdaq/2025/34-102245.pdf
「In the case of a reverse stock split, a Company must file a complete Company Event Notification Form no later than 12:00 p.m. ET … ten (10) calendar days prior to the proposed market effective date … public disclosure of the reverse split no later than 12 p.m. ET at least two (2) business days prior to the proposed market effective date」
SR-NASDAQ-2024-068 Exhibit 5，sec.gov/files/rules/sro/nasdaq/2024/34-101693-ex5.pdf
近 120 个交易日：价格（对数刻度）与成交量
柱状为成交量，最高的一天超出画面，截平并标出数字。鼠标停在某一天可看当天数据。
| 日期 | 前收 → 盘中最高 → 收盘 | 成交量 | 当天或前后的公司消息 |
|---|---|---|---|
| 2026-04-22 → 04-24 | 10.06 → 11.35 → 11.25 | 71.6 万（4/24） | 4/22 新闻稿「HTCO Expands Lithium Resources Transportation Business」，没有对应 6-K |
| 2026-04-27 | 11.25 → 56.59 → 38.22 | 1,442 万 | 当天没有新闻稿、没有 6-K；同日公司向控制人发 $2.6M 本票（5/4 才披露） |
| 2026-04-28 | 38.22 → 34.79 → 8.09 | 352 万 | 同日与 Streeterville 签终止协议（5/4 才披露） |
| 2026-05-04 | 7.90 → 14.03 → 7.36 | 335 万 | 新闻稿：付清 Streeterville、注销 63 万股、控制人本票 |
| 2026-05-12 | 7.05 → 12.12 → 11.28 | 1,068 万 | 前一晚 16:30 发股东会结果稿（B 类 100 票、20 亿授权股、1000:1 授权）；当天签 $6.50 注册直投协议 |
| 2026-05-13 | 11.28 → 8.89 → 7.25 | 158 万 | 8:00 发定价稿：$6.50 × 2,307,700 股 |
| 2026-05-27 → 05-29 | 5.68 → … → 3.10 / 3.15 / 2.62（5/29 盘中 1.83） | 143 万 / 90 万 / 205 万 | 没有公司消息 |
| 2026-06-03 | 2.92 → 5.50 → 3.07 | 275 万 | 没有公司消息 |
| 2026-06-08 → 06-11 | 2.90 → 5.80 → 5.79 | 146 万 → 125 万 | 没有公司消息；6/12 收 3.98 |
价格为今天口径。4/27 这一天，盘中最高是前收的 5.0 倍，收盘跌到最高价的 67%，次日再跌 79%。
数据：Nasdaq 官方复权日线；与 StockAnalysis 逐日交叉。
| 时点 | 控制人与持股（原始口径） | 比例 | 一手件 |
|---|---|---|---|
| 2022-12-16 | Guohua Zhang 经 Galion、New Honest、Taiyuan 持 37,985,000 股 | 71.97% | 13D（晚约 10 个月才交） |
| 2024-07-04 | Zhang 系 37,457,255 股，以 2,000 万股质押给 High-Trend | 67.14% | 13D/A No.1 |
| 2024-07-11 | High-Trend Holdings USA 取得 20,000,000 股；Zhang 系剩 17,457,255 股 | 35.85% / 31.29% | Chang 13D · Zhang 13D/A No.2 |
| 2024-09-23 | High-Trend 55,480,000 股 + 24,045,181 份权证 | 68.78%（含权证） | 13D/A |
| 2025-04-22 | High-Trend 55,480,000 A + 2,500,000 B（20 票）+ 11,038,806 份权证 | 投票权 56.26% | 13D/A No.3（最后一份） |
| 2026-01-16（今天口径） | Jinyu Chang（经 High-Trend）2,219,200 A + 100,000 B；Guohua Zhang 558,891 A | A 30.46%；Zhang 7.67% | 20-F FY2025 持股表 |
| 2026-05-14 以后（推算） | 同上；B 类改为 100 票 | 投票权约 64.4% | 424B5：B 类发行前占 60.04% 投票权 |
「(ii) any consolidation or reverse split of Class B ordinary shares is subject to approval by the holder(s) of such Class B Ordinary Shares; (iii) Certain major actions (see Article 89 of the Fourth Amended and Restated M&A) are subject to the prior written consent of the Majority of Class B Holder(s).」— 6-K 2026-05-11
但同一份 6-K 所附的已通过章程里：
这些字句只在 4/6 的拟议版里出现。拟议版 Art. 89 原文与中文要点见股本专项页第 7 节。
424B5 称「certain major corporate actions will require the prior written consent of the holders of a majority of our outstanding Class B ordinary shares」，等于按拟议版对外描述。本机无法核开曼注册处存档的是哪一版。
完整库存表、转售闸门逐条、两张图与不确定项：股本专项 · Claude 轨。
下表的任免日期、职位都取自 HTCO 自己的 6-K、Form 3 或 20-F。人物在别家公司的履历一律标「公司自述」，本页不核实。
| 人物 | 在 HTCO 的职位（任期） | 一手件 | 公司自述的其他身份 |
|---|---|---|---|
| Christopher Nixon Cox | 董事长（2025-03-13 起）；原称独董，2025-06 更正为非独立 | 6-K · 6-K/A · Form 3 | Lightswitch Capital CEO、Argali Carbon CEO、OC Global Partners 管理合伙人；「grandson of President Richard Nixon」 |
| Jinyu Chang | 董事（2024-10-16 起）；董事长 2024-10-16 → 2025-03-13；控制人 | 6-K · Form 3 | High Trend International 联合创始人；High Trend Technology 董事长（2011–2017） |
| Shixuan He | 董事（2025-01-04 起）、CEO（2025-01-15 起） | 6-K · Form 3 | High Trend Technology CEO（2014 起） |
| Zi Xia | CFO 兼董事（2024-07-08 起） | 6-K · Form 3 | Aiken International Technology 创始人 |
| Bo Cui | 法务长（2025-03-13 起） | Form 3 | Lightswitch Capital COO（与 Cox 同公司） |
| Shahryar Oveissi | 资本市场长（2026-01-09 起），直接向 Cox 汇报 | 6-K · Form 3 | Argali Carbon、OC Global Partners 联合创始人（与 Cox 重合） |
| Christopher Renn | 独董（2024-07-08 起）；2025-06 卸任薪酬委主席，仍任独董 | 6-K/A · Form 3 · Form 144 | Professional Diversity Network（IPDN）董事 |
| Xuanhua Xi | 独董、审计委主席（2024-07-08 → 2024-10；2025-01-10 复任） | 6-K（没有 Form 3） | DigiFT CRO |
| Jing Sang | 独董（2024-07-08 起） | 6-K 2024-07-24（没有 Form 3） | — |
| Brian B. Su | 独董、薪酬委主席（2025-06-03 起） | 6-K · Form 3 | Artisan Business Group、America First Asia Institute 创始人 |
| Chew Men Leong | 董事（2026-01-26 起） | 6-K · Form 3 | 前新加坡海军总长 |
离任者：
2023-05 · 2023-06 · 2023-11 · 2024-06 · 2024-07 · 2024-11 · 2025-06
两次更换都没写原因。「reportable events」一栏只列了内控重大缺陷，见 6-K 2024-08-12。
年报历年都写「not currently involved in any legal proceeding」。唯一的一手预警来自半年报：
「In June 2026, a third-party service provider of the Company indicated that they will imminently commence a legal proceeding against the Company. Legal proceedings have not formally commenced as of the date of the filing date of this report.」— 半年报
对方是谁、金额多少，都没有披露。
PR Newswire 上本公司共 65 条稿，其中 29 条没有对应的 6-K。下面几条要对着申报看：
| 稿件 | 稿里怎么说 | 申报里对应的是什么 |
|---|---|---|
| 2025-06-26「Welcomes President Trump's Support」 | 标题称获总统支持 | 正文是特朗普回复独立董事 Brian Su 本人的来信（落款 2025-06-18），与公司业务无关；没有 6-K |
| 2025-08-08「Revenues Surge 185%」 | H1 收入从 3,490 万增至 9,940 万美元 | 同期净亏 1,241 万美元，股份支付 1,425 万美元，见 半年报 |
| 2025-10-30「Suspension of Section 301 Tariffs … Direct Policy Boost」 | CEO 称「direct policy boon」「meaningfully lower our operating costs」 | 没有 6-K；年报没有量化中美航线收入 |
| 2026-03-11「Leverages Upward BDI Cycle」、2026-08-13「BDI Rises 9.2%」 | 行业指数稿 | 没有 6-K；H1 FY2026 毛利率约 2.7% |
| 2026-04-22「Expands Lithium Resources Transportation」 | 锂资源运输航次同比翻倍、「outstanding margin」 | 没有 6-K；半年报没有分部数据。之后 4/27 盘中冲到 56.59 美元 |
| 2026-05-04「Eliminates Financing Overhang」 | 付清 Streeterville | 其中 260 万美元由控制人代付，半年报才写明 |
| 2026-07-22「Revenue Surges 38.3%」 | 收入 1.375 亿美元，称锂运输为「core high-margin businesses」 | 稿中没写净亏 352 万美元；毛利从 396 万降到 376 万美元，见 EX-99.3 |
| 2026-07-23「Abundant Cash Reserves」 | 现金 1,730 万美元，外加 5 月 1,500 万美元融资 | 5/21 已还控制人 260 万美元；归母权益 596 万美元 |
| 2024-10-30 董事任命稿 | 「project financings exceeding US$300」 | 6-K/A 改为「US$300 Million」 |
新闻稿清单与原文快照：Dropbox/USstock/HTCO/pr/claude_2026-09-17/。
| 日期 | 表格 | 说明 | 本机 |
|---|---|---|---|
| 2026-08-24 | 144 | Renn Form 144：拟售 22,280 股 | sec/ |
| 2026-08-14 | SCHEDULE 13G/A | CVI 13G/A：持股归零 | sec/ |
| 2026-07-22 | 6-K | H1 FY2026 半年报 + MD&A + 新闻稿（收入 +38.3%、6 月诉讼预警） | sec/ |
| 2026-05-19 | SCHEDULE 13G | CVI 13G：576,925 股 | raw_sec |
| 2026-05-14 | 6-K | 注册直投交割：SPA、配售协议、锁定协议格式 | raw_sec |
| 2026-05-14 | 424B5 | 注册直投招股书补充 2,307,700 股 @ $6.50 | raw_sec |
| 2026-05-14 | 6-K | 63 万股预交付股注销完成 | raw_sec |
| 2026-05-11 | 6-K | 5/7 类别股东会 + EGM 结果；「已通过」第四版章程 | raw_sec |
| 2026-05-04 | 6-K | 付清 Streeterville；向控制人发 $2.6M 本票 | raw_sec |
| 2026-04-29 | SCHEDULE 13G/A | Streeterville 13G/A：22,883 股 | raw_sec |
| 2026-04-29 | 3 | Zi Xia Form 3 | raw_sec |
| 2026-04-06 | 20-F/A | FY2025 年报修正（封面与附件 1.1） | raw_sec |
| 2026-04-06 | 6-K | 5/7 股东会通知；拟议第四版章程（含 Art.89） | raw_sec |
| 2026-04-02 | 3 | Oveissi Form 3 | raw_sec |
| 2026-03-24 | 3 | Chew Men Leong Form 3 | raw_sec |
| 2026-03-23 | 3 | Shixuan He Form 3 | raw_sec |
| 2026-03-23 | 3 | Renn Form 3 | raw_sec |
| 2026-03-17 | 3 | Brian Su Form 3 | raw_sec |
| 2026-03-16 | 3 | Bo Cui Form 3 | raw_sec |
| 2026-03-16 | 3 | Cox Form 3（期权） | raw_sec |
| 2026-03-13 | 6-K | 美国战略；Cox 期权 1,030,000 份 | raw_sec |
| 2026-03-04 | 3 | Jinyu Chang Form 3 | raw_sec |
| 2026-01-28 | 6-K | Chew Men Leong 任董事 | raw_sec |
| 2026-01-23 | 20-F | FY2025 年报 | raw_sec |
| 2026-01-12 | 6-K | Oveissi 任资本市场长 | raw_sec |
| 2025-12-08 | EFFECT | F-3 生效（2025-12-08） | raw_sec |
| 2025-12-04 | CORRESP | 请求 F-3 提前生效 | raw_sec |
| 2025-11-24 | F-3/A | F-3 第 2 次修正 | raw_sec |
| 2025-11-07 | SCHEDULE 13G | Streeterville 13G：9.99% 上限 | raw_sec |
| 2025-11-07 | 6-K | Streeterville 预付购股（首笔 $3.23M） | raw_sec |
| 2025-09-25 | F-3/A | F-3 第 1 次修正 | raw_sec |
| 2025-09-19 | S-8 | S-8 登记 500,000 股 | raw_sec |
| 2025-09-19 | UPLOAD | SEC 对 F-3 的意见函 | raw_sec |
| 2025-09-05 | F-3 | 4 亿美元通用货架 F-3 | raw_sec |
| 2025-08-28 | 6-K | $5M 回购计划 | raw_sec |
| 2025-08-25 | 6-K | 恢复最低买价合规 | raw_sec |
| 2025-08-08 | 6-K | H1 FY2025 半年报（已追溯 1:25） | raw_sec |
| 2025-08-04 | 6-K | 1:25 生效时点、新 CUSIP | raw_sec |
| 2025-07-18 | 6-K/A | 6-K/A：合股尚未生效 | raw_sec |
| 2025-07-17 | 6-K | 7/16 EGM 结果：1:25 + 增资 | raw_sec |
| 2025-06-30 | 6-K | 7/16 EGM 通知与第三版章程 | raw_sec |
| 2025-06-30 | 6-K | 最低买价缺陷通知（6/27） | raw_sec |
| 2025-06-11 | 6-K/A | 6-K/A：Cox 改为非独立董事 | raw_sec |
| 2025-06-10 | 6-K/A | 6-K/A：Renn 仍任独董 | raw_sec |
| 2025-06-09 | 6-K | Renn 卸薪酬委主席；Brian Su 任独董 | raw_sec |
| 2025-04-25 | SCHEDULE 13D/A | 控制人 13D/A：第三批权证转让 | raw_sec |
| 2025-04-08 | SCHEDULE 13D/A | 控制人 13D/A：权证转让与 B 类 | raw_sec |
| 2025-03-28 | 6-K | 用 2,500,000 股 B 类回购权证；剩余权证改约 | raw_sec |
| 2025-03-21 | SCHEDULE 13G/A | Ran Li / Dong Zhang 13G/A | raw_sec |
| 2025-03-13 | 6-K | Cox 任董事长；Bo Cui 任法务长 | raw_sec |
| 2025-03-11 | 6-K | Speed Wealthy 私募（抵债，锁 36 个月） | raw_sec |
| 2025-02-27 | 20-F | FY2024 年报 | raw_sec |
| 2025-01-31 | 6-K | 新名称交易生效；第二版章程（签署版） | raw_sec |
| 2025-01-16 | 6-K/A | 6-K/A：Xin He 辞任日更正 | raw_sec |
| 2025-01-13 | 6-K | Shixuan He 任 CEO；Xuanhua Xi 复任 | raw_sec |
| 2025-01-03 | 6-K | AGM 结果：改名、设 A/B 类、罢免 Guohua Zhang | raw_sec |
| 2024-11-25 | 6-K | AGM 通知与第二版章程草案 | raw_sec |
| 2024-11-18 | 6-K | 恢复最低买价合规 | raw_sec |
| 2024-10-31 | 6-K | H1 FY2024 半年报 | raw_sec |
| 2024-10-30 | 6-K | H1 FY2023 财报不可依赖（重述表） | raw_sec |
| 2024-10-30 | 6-K/A | 6-K/A：董事任命新闻稿数字更正 | raw_sec |
| 2024-10-30 | 6-K | Jinyu Chang 任董事长；Xin He 任独董 | raw_sec |
| 2024-10-23 | UPLOAD | SEC 审阅结束函 | raw_sec |
| 2024-10-23 | 6-K | 四名投资人 25% 折价票据 $1.752M | raw_sec |
| 2024-10-17 | CORRESP | 回复 SEC：补正认证附件 | raw_sec |
| 2024-10-17 | 20-F/A | FY2023 年报修正（认证附件） | raw_sec |
| 2024-09-27 | SC 13D/A | 控制人 13D/A：票据转股与权证 | raw_sec |
| 2024-09-25 | 6-K | 代码 CACO → HTCO | raw_sec |
| 2024-09-20 | 6-K | 控制人 25% 折价票据 $3.548M + 权证 | raw_sec |
| 2024-09-20 | UPLOAD | SEC 意见函（FY2023 年报认证） | raw_sec |
| 2024-09-10 | 6-K | 恢复定期报告合规 | raw_sec |
| 2024-09-09 | 6-K | 2024-01 担保票据回购结算完成 | raw_sec |
| 2024-09-09 | 20-F | FY2023 年报（首次持续经营存疑） | raw_sec |
| 2024-08-12 | 6-K | 更换审计师（Marcum Asia → WWC） | raw_sec |
| 2024-08-09 | 6-K | 票据回购结算新闻稿 | raw_sec |
| 2024-07-31 | 6-K | 最低买价缺陷通知（7/26） | raw_sec |
| 2024-07-24 | 6-K | 管理层与董事会换班 | raw_sec |
| 2024-07-18 | SC 13D | Jinyu Chang / High-Trend 首份 13D | raw_sec |
| 2024-07-15 | SC 13D/A | Guohua Zhang 13D/A：2,000 万股转给 High-Trend | raw_sec |
| 2024-07-09 | SC 13D/A | Guohua Zhang 13D/A：股份质押和解 | raw_sec |
| 2024-06-11 | 6-K | 恢复最低买价合规；年报延期至 9/10 | raw_sec |
| 2024-06-05 | 6-K | 5/29 EGM 否决 1:10 | raw_sec |
| 2024-05-06 | 6-K | 1:10 提案与 EGM 通知 | raw_sec |
| 2024-02-29 | NT 20-F | FY2023 年报迟交通知 | raw_sec |
| 2024-02-29 | 6-K | H1 FY2023 未审未阅业绩（后被宣布不可依赖） | raw_sec |
| 2024-01-11 | 6-K | 2024-01 担保票据：SPA、票据、权证、担保协议 | raw_sec |
| 2024-01-11 | 6-K | 2024-01 私募新闻稿（最高 $6.8M） | raw_sec |
| 2023-12-26 | 6-K | 最低买价第二个 180 天 | raw_sec |
| 2023-12-13 | 144 | Dong Zhang Form 144 | raw_sec |
| 2023-11-20 | 6-K | 迟交半年报通知 | raw_sec |
| 2023-11-07 | SC 13G | Dong Zhang 13G | raw_sec |
| 2023-11-03 | 144 | Guohua Zhang Form 144 | raw_sec |
| 2023-10-18 | SC 13D | Guohua Zhang 首份 13D | raw_sec |
| 2023-08-29 | 6-K | FY2022 业绩新闻稿 | raw_sec |
| 2023-08-28 | 20-F | FY2022 年报 | raw_sec |
| 2023-08-28 | 6-K | 解聘 CFO Xiaohui Wang | raw_sec |
| 2023-07-21 | 6-K | 纳斯达克准年报延期 | raw_sec |
| 2023-06-13 | 6-K | 最低买价缺陷通知 | raw_sec |
| 2023-05-16 | 6-K | 迟交年报通知 | raw_sec |
| 2023-02-14 | SC 13G/A | MMCAP（SPAC 套利基金）退出 | raw_sec |
| 2023-02-13 | SC 13G/A | Polar（SPAC 套利基金）退出 | raw_sec |
| 2022-12-23 | 20FR12B | 壳公司报告（合并后首份 20-F） | 本席补拉 |
| 2022-12-19 | CERT | 纳斯达克上市证明 | 本席补拉 |
| 2022-12-16 | 8-A12B | 8-A 证券登记 | 本席补拉 |
| 2022-11-09 | EFFECT | F-4 生效 | 本席补拉 |
| 2022-11-09 | 424B3 | 合并最终招股书 / 代理声明 | 本席补拉 |
| 2022-11-08 | CORRESP | 公司回复 SEC | 本席补拉 |
| 2022-11-04 | F-4/A | F-4 第 2 次修正 | 本席补拉 |
| 2022-10-14 | CORRESP | 公司回复 SEC | 本席补拉 |
| 2022-10-14 | F-4/A | F-4 第 1 次修正 | 本席补拉 |
| 2022-10-07 | UPLOAD | SEC 意见信 | 本席补拉 |
| 2022-09-22 | CORRESP | 公司回复 SEC | 本席补拉 |
| 2022-09-22 | F-4 | F-4 首次递交 | 本席补拉 |
| 2022-09-01 | UPLOAD | SEC 意见信 | 本席补拉 |
| 2022-08-18 | DRSLTR | 草稿回复信 | 本席补拉 |
| 2022-08-18 | DRS/A | 草稿修订 | 本席补拉 |
| 2022-08-04 | UPLOAD | SEC 意见信 | 本席补拉 |
| 2022-07-18 | DRSLTR | 草稿回复信 | 本席补拉 |
| 2022-07-18 | DRS/A | 草稿修订 | 本席补拉 |
| 2022-06-09 | UPLOAD | SEC 意见信 | 本席补拉 |
| 2022-05-13 | DRS | 秘密递交草稿 | 本席补拉 |
「raw_sec」指 Dropbox/USstock/HTCO/raw_sec/filings；「sec/」指 2026-08-30 补缺件；「本席补拉」指本轨 2026-09-17 补进 sec/claude_supplement 的 2022 年 20 件。覆盖说明见 deep/COVERAGE.md。