ChineseAll announced on the morning of October 8 that it would terminate the issuance of H shares and its listing on the Hong Kong Stock Exchange. The company said that, based on a comprehensive assessment of the market environment and its own development plans, it convened the 14th meeting of the sixth board of directors on October 7, 2026, and approved the proposal to terminate the H-share issuance and Hong Kong listing. Previously, the company's board of directors on December 15, 2025, and an extraordinary shareholders' meeting on December 31, 2025, had approved the proposal to issue H shares and list on the main board of the Hong Kong Stock Exchange. On September 30, ChineseAll announced plans to issue A shares to no more than 35 qualified investors, raising total proceeds of no more than 2.83 billion yuan. On the evening of October 2, the Shenzhen Stock Exchange swiftly issued an inquiry letter, requiring the company to explain the progress of its Hong Kong IPO review and the differences in the use of proceeds between the refinancing and the Hong Kong IPO, and to justify the reasonableness of pursuing equity financing on both the A-share and H-share markets at the same time. As of the end of June 2026, the company's net assets were 263 million yuan, cash and cash equivalents were 277 million yuan, and interest-bearing liabilities were 428 million yuan. The Shenzhen Stock Exchange required the company to explain the reasonableness of the refinancing amount in light of the fact that the proceeds would be more than ten times its net assets and its financial data. On October 8, ChineseAll opened sharply lower, and as of the time of writing its decline exceeded 10 percent.
COL Digital Publishing Group Co LtdChineseAll terminated its H-share issuance and Hong Kong listing after the Shenzhen Stock Exchange questioned its 2.83 billion yuan A-share placement, a financing setback that sent shares down over 10%.
