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CNET on Nasdaq

ZW Data Action Technologies Inc.

In its 2026 annual report the company says: “We are a holding company that conducts our businesses through our subsidiaries outside of mainland China, PRC subsidiaries and operating entities. We primarily operate a one-stop services for our clients on our Omni-channel advertising, precision marketing, influencer marketing and data analysis management system. We also develop blockchain enabled web/mobile applications and provide software solutions, i.e., Software-as-a-Service services for clients.”4 Its shares trade on Nasdaq under the symbol CNET.1

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Last updated Oct 21, 2026.

Overview

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  • TickerCNET on Nasdaq1
  • IndustryServices-Computer Programming, Data Processing, Etc.1
  • HeadquartersNV1
  • Incorporated inNV2
  • Business addressNo.3 Min Zhuang Road, Building 6,, Yu Quan Hui Gu Tuspark,, Haidian District, Beijing,2
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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We are a holding company that conducts our businesses through our subsidiaries outside of mainland China, PRC subsidiaries and operating entities (the “VIEs”). We primarily operate a one-stop services for our clients on our Omni-channel advertising, precision marketing, influencer marketing and data analysis management system. We also develop blockchain enabled web/mobile applications and provide software solutions, i.e., Software-as-a-Service (“SaaS”) services for clients. In addition, we provide intellectual property licensing services.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.7%Gross margin5
-42.3%Operating margin5
-38.4%Net margin5
-70.1%Revenue growth, 20255
-40.8%Return on equity5
-$994.0KFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Online Advertising Placement brought in 80% of the revenue ZW Data Action Technologies Inc. broke down this way in fiscal 2025.

  1. Online Advertising Placement$3.7M580%down 23% from 2024
  2. Blockchain-based SaaS services$616.0K513%down 18% from 2024
  3. IP Services$260.0K56%
  4. Search Engine Marketing and Data Service$50.0K51%down 99% from 2024
Products and services by year
Products and services20242025
Online Advertising Placement$4.8M$3.7M
Blockchain-based SaaS services$750.0K$616.0K
IP Services$0$260.0K
Search Engine Marketing and Data Service$9.9M$50.0K

Business segments

Internet Ad brought in 81% of the revenue ZW Data Action Technologies Inc. broke down this way in fiscal 2025.

  1. Internet Ad$3.7M581%down 75% from 2024
  2. Blockchain Technology$616.0K513%down 18% from 2024
  3. IP Services$260.0K56%
Business segments by year
Business segments20242025
Internet Ad$14.7M$3.7M
Blockchain Technology$750.0K$616.0K
IP Services$0$260.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue92¢$4.3M
  • Other costs8¢$352.0K
  • Income tax0¢$1.0K

Out of $4.6M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$4.6M in 2025−92% since 2019
0$20.0M$40.0M$60.0M2019: $58.1M$58.1M20192020: $38.4M$38.4M2020−34%2021: $47.3M$47.3M2021+23%2022: $26.2M$26.2M2022−45%2023: $30.6M$30.6M2023+17%2024: $15.4M$15.4M2024−50%2025: $4.6M$4.6M2025−70%
Gross profit6789105$353.0K in 2025−94% since 2019
-$2.0M0$2.0M$4.0M$6.0M2019: $5.5M$5.5M20192020: $632.0K$632.0K2020−89%2021: $98.0K$98.0K2021−84%2022: -$194.0K-$194.0K20222023: -$436.0K-$436.0K2023+125%2024: $446.0K$446.0K20242025: $353.0K$353.0K2025−21%
Operating income6789105-$2.0M in 2025+16% since 2019
-$15.0M-$10.0M-$5.0M02019: -$1.7M-$1.7M20192020: -$5.7M-$5.7M2020+238%2021: -$13.6M-$13.6M2021+138%2022: -$11.1M-$11.1M2022−18%2023: -$6.0M-$6.0M2023−46%2024: -$3.8M-$3.8M2024−38%2025: -$2.0M-$2.0M2025−48%
Net income6789105-$1.8M in 2025+40% since 2019
-$10.0M-$7.5M-$5.0M-$2.5M02019: -$1.3M-$1.3M20192020: -$5.2M-$5.2M2020+314%2021: -$2.8M-$2.8M2021−47%2022: -$9.8M-$9.8M2022+256%2023: -$6.0M-$6.0M2023−39%2024: -$3.8M-$3.8M2024−37%2025: -$1.8M-$1.8M2025−53%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenues$4.6M$15.4M
Cost of revenues$4.3M$15.0M
Gross profit$353.0K$446.0K
Sales and marketing expenses$0$207.0K
General and administrative expenses$2.3M$4.0M
Total operating expenses$2.3M$4.2M
Loss from operations-$2.0M-$3.8M
Interest income$189.0K$298.0K
Impairment on long-term investment$0-$2.0K
Gain on disposal of subsidiaries$0$23.0K
Other income/(expenses), net-$6.0K$68.0K
Total other income$183.0K$387.0K
Loss before income tax benefit/(expense) and noncontrolling interests-$1.8M-$3.4M
Income tax expenses-$1.0K-$399.0K
Net income attributable to noncontrolling interests$1.0K$8.0K
Net loss attributable to ZW Data Action Technologies Inc.-$1.8M-$3.8M
Net loss-$1.8M-$3.8M
Foreign currency translation income/(loss)-$209.0K$133.0K
Comprehensive loss-$2.0M-$3.6M
Comprehensive loss/(income) attributable to noncontrolling interests$0$10.0K
Comprehensive loss attributable to ZW Data Action Technologies Inc.-$2.0M-$3.6M
Basic and diluted (in dollars per share)-$0.67-$1.86
Basic and diluted (in shares)2.7M shares2.0M shares

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Corporate structure

ZW Data Action Technologies Inc. sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ZW Data Action Technologies Inc.

  • Kai Chu Filed SCHEDULE 13D on ZW Data Action Technologies Inc., latest May 5, 2026
  • ZW Data Action Technologies Inc. NV
    • Cnet Technology HK is the sole shareholder of Shenzhen Shangye Consulting Services Co., Ltd. (“Shenzhen Shangye”), incorporated in the People’s Republic of Subsidiary · China

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ZW Data Action Technologies Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.9M5 Dec 31, 2025$1.8M5 Dec 31, 2024+5.8%
Accumulated depreciation$1.8M5 Dec 31, 2025$1.7M5 Dec 31, 2024+4.7%
Property and equipment, net$142.0K5 Dec 31, 2025$116.0K5 Dec 31, 2024+22.4%
Operating-lease assets (leased space)$48.0K5 Dec 31, 2025$05 Dec 31, 2024

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$970.0K5 Dec 31, 2025$812.0K5 Dec 31, 2024+19.5%
Long-term investments$1.1M5 Dec 31, 2025$397.0K5 Dec 31, 2024+181.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$515.0K5 Dec 31, 2025$05 Dec 31, 2024
Finite-lived intangibles, gross$10.4M5 Dec 31, 2025$9.6M5 Dec 31, 2024+7.7%
Accumulated amortization$6.1M5 Dec 31, 2025$5.9M5 Dec 31, 2024+3.7%

Properties, in its own words

The following table summarizes the location of real property we currently lease. We do not own any real property.

Item · Address

The rest of Item 2

1 · 8/F. 29 Des Voeux Road Central, Central, Hong Kong

The property listed in Item 1 above is our principal executive office and is used by all of our business segments.

We believe that our existing facilities and equipment are well maintained and in good operating condition and are sufficient to meet our needs for the foreseeable future.

Item 2 of the 10-K filed Mar 31, 2026.4

Leadership

Who has led ZW Data Action Technologies Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Edward Hancock2007
  2. Handong Cheng2011–2015

Chair

  1. Handong Cheng2011–2015

President

  1. Handong Cheng2011–2015

Chief financial officer

  1. Zhige Zhang2009–2015

Chief operating officer

  1. Xuanfu Liu2009
  2. Kai Chu2010–2015
2010201520202025
Board members and other officers (18)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Cnet Technology HK is the sole shareholder of Shenzhen Shangye Consulting Services Co., Ltd. (“Shenzhen Shangye”), incorporated in the People’s Republic of China (the “PRC”).3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ChinaNet Online Holdings, Inc.Jul 24, 2009 to Oct 14, 20202
  • EMAZING INTERACTIVE, INC.Oct 20, 2006 to Jul 14, 20092

Timeline

  1. Aug 18, 20268-K Other events34
  2. Aug 6, 20268-K Entered a material agreement35
  3. Aug 5, 20268-K Entered a material agreement; Unregistered sale of shares36
  4. Jul 30, 20268-K Bylaws or fiscal year changed37
  5. Jul 22, 20268-K Shareholder vote38
  6. Jun 30, 20268-K Entered a material agreement39
  7. Mar 27, 20268-K Listing notice or transfer40
  8. Dec 2, 20258-K Shareholder vote41
  9. Oct 29, 20258-K Entered a material agreement42
  10. Oct 2, 20258-K Unregistered sale of shares43
  11. Sep 19, 20258-K Entered a material agreement44
  12. Sep 4, 20258-K Entered a material agreement; Unregistered sale of shares45
  13. Sep 8, 2011New chief executive Handong Cheng becomes CEO13
  14. Oct 3, 2007New chief executive Edward Hancock becomes CEO14

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/202646

When it reported results

  1. Jun 28, 2024Reported quarterly or annual results47
  2. Nov 20, 2023Reported quarterly or annual results48
  3. Aug 21, 2023Reported quarterly or annual results49
  4. May 22, 2023Reported quarterly or annual results50
  5. Apr 17, 2023Reported quarterly or annual results51
  6. Nov 18, 2022Reported quarterly or annual results52
  7. Aug 19, 2022Reported quarterly or annual results53
  8. May 17, 2022Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

122 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 5 insider forms, 1 large holders, 46 other. The latest 20:

  1. Aug 18, 20268-K EDGAR
  2. Aug 14, 202610-Q EDGAR
  3. Aug 6, 20268-K/A EDGAR
  4. Aug 5, 20268-K EDGAR
  5. Jul 30, 20268-K EDGAR
  6. Jul 22, 20268-K EDGAR
  7. Jun 30, 20268-K EDGAR
  8. Jun 23, 2026DEF 14A EDGAR
  9. Jun 11, 2026PRE 14A EDGAR
  10. May 15, 202610-Q EDGAR
  11. May 5, 2026SCHEDULE 13D EDGAR
  12. May 5, 20264 EDGAR
  13. Apr 15, 2026S-8 EDGAR
  14. Mar 31, 202610-K EDGAR
  15. Mar 27, 20268-K EDGAR
  16. Dec 2, 20258-K EDGAR
  17. Nov 14, 202510-Q EDGAR
  18. Nov 14, 2025PRE 14A EDGAR
  19. Oct 29, 20258-K EDGAR
  20. Oct 10, 2025DEF 14A EDGAR

The 122 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Handong Cheng (Principal Executive Officer and Principal Financial Officer)$24.5K56
2024Handong Cheng (Principal Executive Officer and Principal Financial Officer)$21.1K56

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC12,703$15.8K0.0%New
Susquehanna International Group, Llp11,901$14.8K0.0%−534
SBI Securities Co., Ltd.100$1210.0%No change
Osaic Holdings, Inc.10$120.0%No change
UBS Group AG1$10.0%−1,466

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ZW Data Action Technologies Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARZW Data Action Technologies Inc.1
  • CIK0001376321
  • Employer ID (EIN)20-46720804
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business addressNo.3 Min Zhuang Road, Building 6,, Yu Quan Hui Gu Tuspark,, Haidian District, Beijing,, China1
  • Mailing address101-C N. Greenville Avenue, Suite 255, Allen, TX 750021
  • Phone888-419-94551
  • Shares outstanding3,668,429 as of Aug 14, 202612
  • Public float$3.4M as of Jun 30, 20254
  • AuditorARK Pro CPA & Co, Hong Kong, China PCAOB ID 3299; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 20, 20061
  • Filings571 in all: 8-K (184), 4 (84), 10-Q (56), NT 10-Q (26), 3 (23), 10-K (19), CORRESP (19), DEF 14A (18)1
    All 49 form types

    UPLOAD (18), NT 10-K (15), EFFECT (8), PRE 14A (8), SC 13G/A (7), S-8 (6), SC 13G (6), 10-K/A (5), S-3/A (5), SC 13D (5), 8-K/A (4), S-3 (4), SC 13D/A (4), 10-Q/A (3), 10QSB (3), 3/A (3), 4/A (3), 424B3 (3), 424B5 (3), POS AM (3), 8-A12B (2), DEFA14A (2), S-1/A (2), SC TO-I/A (2), SPDSCL (2), 10KSB (1), 10QSB/A (1), 144 (1), 25 (1), 8-A12G (1), CERTNAS (1), CERTNYS (1), D (1), NT 10-Q/A (1), PRER14A (1), S-1 (1), SB-1 (1), SB-1/A (1), SC 14F1 (1), SC TO-I (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Jun 23, 2026
    Latest 8-K (8-K) Aug 18, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001CNETNASDAQ

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks ZW Data Action Technologies Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 48 risks under these headings, as written.4

  • In addition to the other information in this Form 10-K, readers should carefully consider the following important factors. These factors, among others, in some cases have affected, and in the future could affect, our financial condition and results of operations and could cause our future results to differ materially from those expressed or implied in any forward-looking statements that appear in this annual report on Form 10-K or that we have made or will make elsewhere.
  • Risks Related to Our Business
  • We are susceptible to general economic conditions, natural catastrophic events and public health crises, and a potential downturn in advertising and marketing spending by advertisers could adversely affect our operating results in the near future.
  • We may be subject to, and may expend significant resources in defending against, government actions and civil suits based on the content and services we provide through our Internet advertising and data service platforms.
  • We operate in the advertising and data service industry, which is particularly sensitive to changes in economic conditions and advertising trends.
  • We face significant competition, and if we do not compete successfully against new and existing competitors, we may lose our market share, and our profitability may be adversely affected.
  • Key employees are essential to growing our business.
  • We may need additional capital and we may not be able to obtain it at acceptable terms, or at all, which could adversely affect our liquidity and financial position.
  • Our failure to protect our intellectual property rights could have a negative impact on our business.
  • We may be subject to intellectual property infringement claims or other allegations, which may materially and adversely affect our business, financial condition and prospects.
  • We rely on computer software and hardware systems in managing our operations, the failure of which could adversely affect our business, financial condition and results of operations.
  • Any failure or interruptions in the internet infrastructure, bandwidth providers, data center providers, other third parties or our own systems for providing our solutions to customers could negatively impact our business.
The other 37 risks
  • Privacy and data security concerns, laws, or other regulations could expose us to liability or impair our operations.
  • The occurrence of security breaches and cyber-attacks could negatively impact our business.
  • If we are unable to maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations, result in the restatement of our financial statements, harm our operating results, subject us to regulatory scrutiny and sanction, cause investors to lose confidence in our reported financial information and have a negative effect on the market price for shares of our Common Stock.
  • Our blockchain business is at an early stage and the PRC laws and regulations may have a potential effect.
  • Risks Relating to Regulation of Our Business and to Our Structure
  • If the PRC government finds that the agreements that establish the structure for operating our businesses in China do not comply with PRC governmental restrictions on foreign investment in industries in which we operate, or if these regulations or their interpretation change in the future, we could be subject to severe penalties.
  • We rely on contractual arrangements with the PRC Operating Entities and their shareholders for our China operations, which may not be as effective in providing operational control as direct ownership.
  • Contractual arrangements we have entered into among the PRC Operating Entities may be subject to scrutiny by the PRC tax authorities and a finding that we owe additional taxes or are ineligible for our tax exemption, or both, could substantially increase our taxes owed, and reduce our net income and the value of your investment.
  • Condensed Consolidating Schedules
  • Risks Associated with Doing Business in China
  • Our operations and assets in China are subject to significant political and economic uncertainties.
  • The PRC government’s significant oversight and discretion over our business operation could result in a material adverse change in our operations and the value of our listed securities.
  • Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.
  • PRC regulations relating to mergers and acquisitions of domestic enterprises by foreign investors may increase the administrative burden we face and create regulatory uncertainties.
  • The approval of and the filing with the CSRC or other PRC government authorities may be required in connection with our future offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.
  • Any failure or perceived failure by us to comply with the Anti-Monopoly Guidelines for Internet Platforms Economy Sector and other PRC anti-monopoly laws and regulations may result in governmental investigations or enforcement actions, litigation or claims against us and could have an adverse effect on our business, financial condition and results of operations.
  • Substantial uncertainties exist with respect to the interpretation and implementation of cybersecurity related regulations and cybersecurity review as well as any impact these may have on our business operations.
  • We may be adversely affected by the complexity, uncertainties and changes in PRC licensing and regulation of internet businesses.
  • Currency fluctuations and restrictions on currency exchange may adversely affect our business, including limiting our ability to convert Chinese Renminbi into foreign currencies and, if Chinese Renminbi were to decline in value, reducing our revenue in U.S. dollar terms.
  • We may have limited legal recourse under PRC laws if disputes arise under our contracts with third parties.
  • We must comply with the Foreign Corrupt Practices Act.
  • Changes in foreign exchange regulations in the PRC may affect our ability to pay dividends in foreign currency or conduct other foreign exchange business.
  • Any limitation on the ability of our PRC subsidiaries and VIEs to make payments to us, or the tax implications of making payments to us, could have a material adverse effect on our ability to conduct our business or our financial condition.
  • The Public Company Accounting Oversight Board (the “PCAOB”) had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor has deprived our investors with the benefits of such inspections.
  • Our common stock may be delisted and prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, as amended by the Accelerating Holding Foreign Companies Accountable Act, if the PCAOB is unable to inspect or investigate completely auditors located in China mainland and Hong Kong. The delisting of our common stock or the threat of their being delisted could cause the value of our common stock to significantly decline or be worthless, and thus you could lose all or substantial portion of your investment.
  • If we become directly subject to the scrutiny involving U.S. listed Chinese companies, we may have to expend significant resources to investigate and/or defend the matter, which could harm our business operations, stock price and reputation.
  • The enforcement of the PRC Labor Contract Law and other labor-related regulations in the PRC may adversely affect our business and results of operations.
  • You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in China based on United States or other foreign laws against us and our management.
  • It may be difficult for overseas regulators to conduct investigation or collect evidence within China.
  • PRC enterprise income tax law could adversely affect our business and our net income.
  • Under the EIT Law, we may be classified as a “resident enterprise” of China. Such classification will likely result in unfavorable tax consequences to us and holders of our securities.
  • The non-U.S. activities of our non-U.S. subsidiaries and VIEs may be subject to U.S. taxation.
  • Risks Related to our Securities
  • The Nasdaq may delist our securities from quotation on its exchange which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
  • Insiders have substantial control over us, and they could delay or prevent a change in our corporate control even if our other stockholders wanted it to occur.
  • There may not be sufficient liquidity in the market for our securities in order for investors to sell their securities.
  • The market price of our Common Stock may be volatile.
  • We may need additional capital and may sell additional securities or other equity securities or incur indebtedness, which could result in additional dilution to our shareholders or increase our debt service obligations.
  • We have not paid dividends in the past and do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock.
  • Techniques employed by manipulative short sellers in Chinese small cap stocks may drive down the market price of our common stock.
  • Geopolitical conflicts involving Iran, military actions in the Middle East, and the war in Ukraine may adversely affect global economic conditions and cause significant volatility in the trading price of our common stock.

Legal proceedings

We are currently not a party to any legal or administrative proceedings and are not aware of any pending or threatened legal or administrative proceedings against us in all material aspects. We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business.

The opening of Item 3, Legal Proceedings.4

Sources

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