"…based on an aggregate of 449,264,625 of our Class A ordinary shares outstanding on August 26, 2026."（F-1 转售登记，2026-08-31）
"As of the Record Date, there were 449,264,625 Class A ordinary shares and there were no Class B ordinary shares issued and outstanding"（股东会通知，记录日 2026-09-01）
"In connection with the First Release, the Company delivered 395,678,152 PIPE Units to the Investors."（6-K 2026-08-17）
"At closing, the Investors delivered an aggregate of 2,380 Bitcoins to the Company’s designated wallet account"（同上）
"For the year ended June 30, 2025, we had a revenue of approximately $46 million, cost of revenue of approximately $34 million, and total operating expenses of approximately $10 million."（NT 20-F 2025-11-03）
FY2026 上半年（2025-07-01 至 12-31，人民币）
合并净利润 554,515
减：归属于非控制性权益 4,885,001
= 归属于 Zhibao 股东 (4,330,486) ← 亏损
新闻稿写：「Achieved a successful turnaround with net income of RMB 0.6 million」
FY2025 全年：收入 276,936,030，净亏 (62,019,599)
营运资金缺口（2025-12-31）RMB 3,040 万；累计亏损 RMB 1.98 亿
展开：审计师的原话与内控前后矛盾
"Given the Company’s financial position, there is substantial doubt about the Company’s ability to continue as a going concern."（HYYH 审计报告，FY2025 20-F）
"identified two material weaknesses in its internal control over financial reporting as of June 30, 2025"（同一份年报风险因素）
"our internal control over financial reporting was effective as of June 30, 2024."（同一份年报第 15 项——结论写「有效」，年份还写成上一年）
上市后（2024-06-30）
A 类 14,707,073 × 1 票 = 14,707,073 票
B 类 16,816,692 × 20 票 = 336,333,840 票
B 类票数占比 = 336,333,840 ÷ 351,040,913 = 95.8%
私募前（2026-07-31）
A 类 32,184,970 票；B 类 336,333,840 票 → B 类占 91.3%
2026-08-04 B 类全部转 A 之后（9/1）
Botao Ma 一方 16,816,692 ÷ 449,264,625 = 3.74%（票数也是 3.74%）
展开：B 类为什么要在 8 月 4 日转掉
"The holder of the Class B Ordinary Shares shall have converted all of the issued and outstanding Class B Ordinary Shares into Class A Ordinary Shares."（7/31 证券购买协议 §9.6，买方交割条件）
"The conversion notice dated 4 August 2026 delivered by Mavy Holdings Limited to the Company irrevocably electing to convert 8,932,611 Class B ordinary shares…"（F-1 附件 5.1；Shenbao 4,222,959、Shanghai Xinhui 3,661,122 同日同文）
"…subject, in the case of the Management Shares and the Warrant Shares, to the shareholders of the Company passing an ordinary resolution… approving an increase to the authorised share capital of the Company by at least an additional 414,275,709 Class A ordinary shares"（F-1 附件 5.1 Ogier 意见）
"The Company may not have sufficient authorized share capital to issue the Warrant Shares or Second Release units…"（F-1 风险因素标题）
这份律师意见还把 18,597,557 股「管理层股」写成「may be issued pursuant to the 2026 Equity Incentive Plan」——而同一份 F-1 的出售股东表把这些股列为已经持有、激励计划 7/30 也已用完。两处说法不一致，本页都记下。
「授权余量 ÷ 在外股」：ZBAO 授权是固定股数、有面值（原授权 5 亿股、面值 US$0.0001，合 US$50,000；不是 unlimited），所以这个比值有定义——现在 735,375 ÷ 449,264,625 = 0.16%；议案 1 通过后 1,500,735,375 ÷ 449,264,625 = 3.34 倍；再并股 1:50（授权同步缩）后 (39,000,000 − 8,985,293) ÷ 8,985,293 = 30,014,707 ÷ 8,985,293 = 3.34 倍，比值不因并股改变；若增资后先交付第二批 46,321,848 股：1,454,413,527 ÷ 495,586,473 = 2.93 倍。出处：F-1 2026-08-31 第二部分 Item 7「The Company’s previous authorized share capital was 500,000,000 ordinary shares of a nominal or par value of US$0.0001」；6-K 2026-09-10 附件 99.1。
"Interest on the Notes is guaranteed through the maturity date of the applicable Note regardless of whether such Note is earlier converted or redeemed."（6-K 2026-04-10）
"The Second Tranche Closings… shall not result in an adjustment to the outstanding Warrants or Pre-Funded Warrants."（L1 函件，6-K 2025-02-14）
"The issuance of Purchase Warrants triggered the adjustments of exercise prices for Purchase Warrants issued in the three closings of First Tranche and one closing of Second Tranche"（FY2025 年报附注 12）
"On July 30, 2026, the Company issued an aggregate of 4,797,853 Class A ordinary shares, par value US$0.0001 per share (“Shares”) pursuant to the Company’s 2026 Share Incentive Plan"（6-K 2026-07-31）
"“Purchase Price” means $ 0.35 per PIPE Unit, representing the arithmetic average of the daily closing prices per share of the Class A Ordinary Shares for the thirty (30) consecutive trading days ending on July 30, 2026, inclusive"（协议 §2.25）
"…including customary adjustment and price protection provisions for share splits, combinations, dividends, recapitalizations and issuances or deemed issuances of Class A Ordinary Shares or Ordinary Share Equivalents at an effective price below the then-current exercise price"（协议 §2.29；权证合同本身从未提交）
"…with consideration expected to include approximately 3,500 Bitcoin (“BTC”), subject to final valuation, custodial arrangements, audit verification…"（7/22 新闻稿，买方 JOYERTECH AND INFORMATION OPC）
"The PIPE Financing is expected to raise 2,380 Bitcoin, representing an aggregate purchase price of approximately US$154,700,000, based on a reference price of US$65,000 per Bitcoin"（7/31 6-K）
条款书里写的「托管安排、审计核验」，在之后的交割 6-K 和 F-1 里都没有再出现；F-1 只写「holds these Bitcoins in a designated wallet account」。Coinbase 7/30 收盘 $64,721.90，与 $65,000 的约定价相差 0.4%。
"Providing Mr. Botao Ma the Veto Right as described above over decisions made by the Board where he is present and entitled to vote will allow him to override any Board decisions."（委托书，议案 2）
"…all Investors agree, and agree to cause their affiliates, to vote in favour of such proposal."（协议 §7.10：买方承诺投赞成票）
"…will not resell the PIPE Securities to any U.S. person or within the United States prior to the expiration of a period commencing on the Closing Date and ending on the date that is one year thereafter (the “Distribution Compliance Period”), except pursuant to registration under the Securities Act…"（协议附件 A）
关键在「except pursuant to registration」：登记生效了，一年期就不再挡首批。第二批 46,321,848 股不在这份登记里，交付后仍受约束。
"It is resolved as an ordinary resolution, subject to the Share Capital Increase being effected and the closing bid price on any trading day of the Company's Class A ordinary shares… listed on Nasdaq Capital Market being below US$0.12 per share (the “Trigger Event”), that on the 15th trading day after the Trigger Event or such later date as accepted by NASDAQ: (a) the authorised, issued, and outstanding shares of the Company… be consolidated… every 50 Class A ordinary shares… into one Class A Ordinary Share with a par value of US$0.005"
"…no fractional Shares be issued in connection with the Share Consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional Share upon the Share Consolidation, the total number of Shares to be received by such shareholder be rounded up to the next whole Share."
并股时授权怎么变（一手件）：9/29 议案 3(b) 写明授权与已发行股同比例 1:50 缩——20 亿股 → 4,000 万股（A 类 19.5 亿 → 3,900 万、B 类 5,000 万 → 100 万），面值 $0.0001 → $0.005，授权总额 US$200,000 不变。原文："…the authorised share capital of the Company be amended from US$200,000 divided into 2,000,000,000 ordinary shares with a par value of US$0.0001 each… to US$200,000 divided into 40,000,000 ordinary shares with a par value of US$0.005 each consisting of: (i) 39,000,000 Class A ordinary shares… and (ii) 1,000,000 Class B ordinary shares"。出处：6-K 2026-09-10 附件 99.1（议案 3(b)）。
读法：「subject to the Share Capital Increase being effected」和「closing bid price on any trading day」用 and 连接，但没有写「在增资生效之后的任何交易日」——所以情形 A、B 两种读法都说得通，要等公司公告。
ZBAO 6-K（2026-08-17）：Hellstroem「director of CIMG Inc. since June 2024」
CIMG 8-K（2024-12-20）：「Effective as of December 19, 2024… appointed」
CIMG Form 3：事件日 2024-12-19
CIMG 424B4（2026-06-18）：「has served as our director since December 19, 2024」
→ 以 CIMG 为准：2024-12-19；ZBAO 的「June 2024」差半年
同一方法查十家私募买方：
CIMG 424B4 里出现 9 家的名字（大股东或关联方余额）
Dundas：ZBAO 写控制人 Jian Liu，CIMG 写 Yubin Wang
Kellyview：ZBAO 写控制人 Yubin Wang，CIMG 写 Jian Lu
展开：自己动手核一次（四步）
打开 EDGAR 全文搜索，搜人名（加引号），例如 "Jinmei Guo Hellstroem"。
结果里挑出不是 ZBAO 的公司（这里是 CIMG Inc.，CIK 1527613）。
找它的 8-K（任命）、Form 3（上任后 10 天内的持股报告）、最新招股书的「Directors and Executive Officers」。
把日期、头衔逐字对比；不一致就两边都记下，以那家公司的一手件为准。
ZBAO 自己也有一处可核：8/17 上任的五人截至 9/17 没有任何 Form 3；7/1 上任的三位独董 6 天内就报了。同名同地址只能说明文件写得一样，不等于同一人或同一实体。