Chinese Online announced on October 8 the termination of both its Hong Kong listing and A-share private placement financing plans on the same day. The next day, its share price surged to the 20 percent daily limit, closing at 24.47 yuan. The company said in its announcement that the decision to terminate the issuance of H shares and listing on the Hong Kong Stock Exchange was based on a comprehensive consideration of market conditions and its own development plans, that its current operations are normal, and that the move will not have a material impact on business activities. The H-share plan dates back to December 2025, with a formal application filed on February 27, 2026, and Citigroup acting as the sole sponsor, but it remained at the application review stage and never entered the Hong Kong Stock Exchange hearing process. Earlier, on September 30, Chinese Online disclosed a private placement plan to raise no more than 2.83 billion yuan from up to 35 qualified investors. On October 2, the Shenzhen Stock Exchange issued an inquiry letter, pointing out that as of the end of June 2026, the company's net assets were only 263 million yuan, cash and cash equivalents were 277 million yuan, and interest-bearing liabilities were 428 million yuan, while the proposed fundraising size was more than ten times its net assets, and requiring an explanation of the progress of the Hong Kong IPO review and the rationale for advancing equity financing in both markets simultaneously. On October 8, while replying to the inquiry letter, the company announced the termination of the private placement, bringing both financing plans to an end.
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