当可转换优先股附带的转换权以转换价悉数行使时，将会发行合共约551.21万股美国存托股(或4409.66 万股普通股)，占于本公告日期本公司发行在外股份总额的2.6%，按1:1、1:20及1:50的比例(A类普通股 与B类普通股之间)享有2.7%、1.8%及1.2%的总投票权。 可转换优先股可由持有人选择转换为万国数据的A类普通股，转换率对应的转换价约为每股GDS美国存 托股54.43美元(转换价)，较2026年1月30日香港收市价溢价约17.5%(经转换并除以八，即普通股与美国 存托股的转换比率)，或较签署日期前30个交易日的成交量加权平均价格高出约30.9%，受限于惯常反摊 薄调整，如发行普通股作为股息或进行普通股拆细或合併。 转换前，可转换优先股持有人享有的每股可转换优先股投票数等于有关可转换优先股转换的A类普通股 数目。因此，有关可转换优先股持有人将可在股东大会上就所有事项行使投票权，其投票权将与普通股 持有人作为单一类别共同行使。 万国数据-SW(09698)发布公告，本公司宣布其先前公布的私人配售(私人配售)3亿美元B轮可转换优先股 予一名中国机构投资者华泰资本投资有限公司，已于2026年2月6日 ...

转换前，可转换优先股持有人享有的每股可转换优先股投票数等于有关可转换优先股转换的A类普通股 数目。因此，有关可转换优先股持有人将可在股东大会上就所有事项行使投票权，其投票权将与普通股 持有人作为单一类别共同行使。 当可转换优先股附带的转换权以转换价悉数行使时，将会发行合共约551.21万股美国存托股(或4409.66 万股普通股)，占于本公告日期本公司发行在外股份总额的2.6%，按1:1、1:20及1:50的比例(A类普通股 与B类普通股之间)享有2.7%、 1.8%及1.2%的总投票权。 可转换优先股可由持有人选择转换为万国数据的A类普通股，转换率对应的转换价约为每股GDS美国存 托股54.43美元(转换价)，较2026年1月30日香港收市价溢价约17.5%(经转换并除以八，即普通股与美国 存托股的转换比率)，或较签署日期前30个交易日的成交量加权平均价格高出约30.9%，受限于惯常反摊 薄调整，如发行普通股作为股息或进行普通股拆细或合併。 智通财经APP讯，万国数据-SW(09698)发布公告，本公司宣布其先前公布的私人配售(私人配售)3亿美元 B轮可转换优先股予一名中国机构投资者华泰资本投资有限公司，已 ...

该可转换优先股首六年每年累计股息不低于 3.75%，第六周年起最低股息率提升至 6.75% 且每季度调升 50 个基点;转换价约为每股GDS美国存托股54.43美元，较2026年1月30日香港收市价溢价 17.5%。 董事会认为私人配售对公司及股东整体有利，因为其显示公司与中国领先金融机构之一的关系得以巩 固，使公司能够在投票权方面进一步加强中国籍人士的"控制"，进而使公司能够继续服务中国内地的主 要客户。 智通财经APP讯，万国数据-SW(09698)公布，私人配售3亿美元B轮可转换优先股予一名中国机构投资者 华泰资本投资有限公司。万国数据将动用私人配售所得款项扩充数据中心容量及作一般企业用途。 ...

As filed with the Securities and Exchange Commission on December 22, 2025 Registration No. 333-291362 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 cbdMD, Inc. (Exact Name of Registrant As Specified In Its Charter) | North Carolina | 2833 | 47-3414576 | | --- | --- | --- | | (State Or Other Jurisdiction Of Incorporation Or Organization) | (Primary Standard Industrial | (I.R.S. Employer ...

Core Viewpoint - Zhuozheng Medical is undergoing its third submission for listing on the Hong Kong Stock Exchange, showing steady revenue growth and a turnaround to profitability, raising questions about its potential for a successful IPO [1][8] Company Performance - Zhuozheng Medical has experienced a compound annual growth rate (CAGR) of 42.4% in revenue from 2022 to 2024, with a 13.2% revenue increase in the first eight months of 2025 [1] - The company's gross margin improved from 9.3% to 24%, and net profit turned positive in 2024, with a 59.6% increase in net profit in the first eight months of 2025, leading to a net profit margin of 12% [1][5] - The company operates 19 medical service institutions in China, including 17 clinics and 2 hospitals, and has expanded to Singapore and Malaysia [2] Revenue Sources - The primary revenue source is from clinics, contributing 84.6% of total revenue, while hospital revenue has increased to 15.4% [2] - The company offers a range of medical services, with pediatric, dental, ophthalmology, dermatology, ENT, and surgery services accounting for over 80% of total revenue [2][4] Financial Health - As of September 2025, the company has cash and cash equivalents of only 88 million yuan, with total current assets of 147 million yuan, indicating limited cash flow [1] - The company has 2.326 billion yuan in convertible preferred stock liabilities, leading to a net liability gap of 2.082 billion yuan, which may necessitate equity conversion upon listing [1][5] Market Position - Zhuozheng Medical ranks third in total revenue among private high-end comprehensive medical service providers in China and first in terms of city coverage [1][6] - The company is strategically focused on first-tier cities, with significant revenue contributions from Shenzhen, Beijing, Guangzhou, Chengdu, and Wuhan, accounting for 76.7% of total revenue in the first eight months of 2025 [7] Industry Outlook - The private high-end comprehensive medical service sector in China is projected to grow at a CAGR of 22.8%, reaching 48.5 billion yuan in total revenue by 2024 and 96.5 billion yuan by 2029 [6] - The industry remains fragmented, with Zhuozheng Medical positioned to benefit from ongoing growth trends [6][7]