Was cash paid for Chu Kai’s 165,000-share award in ZW Data (CNET)?

No cash was paid for the 165,000-share award. The Form 4 footnote states that no consideration was paid by Chu Kai; instead, the Board of Directors granted 165,000 shares of common stock to him as compensation for services.

How is Marvel Investment Limited related to Chu Kai in the ZW Data (CNET) filing?

Marvel Investment Limited is described as a British Virgin Islands company owned and controlled by Chu Kai. Shares acquired by Marvel are reported as indirect ownership in the Form 4, reflecting Chu Kai’s control over the entity and its holdings of ZW Data common stock.

Chu Kai of ZW Data (CNET) granted 165,000 shares, adds prior 89,606-share deal

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

ZW Data Action Technologies director Chu Kai reported new share acquisitions. On April 22, 2026, he was awarded 165,000 shares of common stock as compensation for services, with no cash consideration, increasing his direct holdings to 260,833 shares.

Separately, a prior transaction shows Marvel Investment Limited, a British Virgin Islands company owned and controlled by Chu Kai, agreed on September 25, 2024 to purchase 89,606 shares for $268,818. This purchase was completed in the P.R. China on June 10, 2025, and is reported as an indirect holding.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Chu Kai

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.001	165,000	$0.00	--
Grant/Award	Common Stock, par value $0.001	89,606	$0.00	--

Holdings After Transaction: Common Stock, par value $0.001 — 260,833 shares (Direct, null); Common Stock, par value $0.001 — 95,833 shares (Indirect, By Marvel Investment Limited, a wholly owned entity of the Reporting Person)

Footnotes (1)

On September 25, 2024, the Issuer entered into a Securities Purchase Agreement with Marvel Investment Limited, a British Virgin Island company, which is owned and controlled by the Reporting Person (the "Purchaser"), pursuant to which the Purchaser agreed to purchase 89,606 shares of common stock of the Company for an aggregate purchase price of $268,818. The transaction was consummated in the P.R. China on June 10, 2025. No consideration was paid by the Reporting Person for 165,000 shares of common stock. 165,000 shares of the Issuer's common stock was awarded to the Reporting Person by the Board of Directors as compensation for services.

Key Figures

Stock award shares: 165,000 shares Direct holdings after award: 260,833 shares Marvel purchase shares: 89,606 shares +3 more

6 metrics

Stock award shares 165,000 shares Common stock granted as compensation on April 22, 2026

Direct holdings after award 260,833 shares Common stock directly held following April 22, 2026 grant

Marvel purchase shares 89,606 shares Common stock purchased under Securities Purchase Agreement

Marvel purchase price $268,818 Aggregate purchase price for 89,606 shares, closed June 10, 2025

Indirect holdings after Marvel deal 95,833 shares Common stock indirectly held through Marvel Investment Limited after June 10, 2025

Transaction code A Grant, award, or other acquisition for both reported transactions

Key Terms

Securities Purchase Agreement, aggregate purchase price, indirect ownership, grant, award, or other acquisition, +1 more

5 terms

Securities Purchase Agreement financial

"entered into a Securities Purchase Agreement with Marvel Investment Limited"

A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.

aggregate purchase price financial

"purchase 89,606 shares of common stock ... for an aggregate purchase price of $268,818"

The aggregate purchase price is the total amount a buyer pays to acquire a company, assets or securities, including the headline payment plus any assumed debt, fees, taxes and contractually required adjustments. It matters to investors because it shows the true cost of a deal and how much value must be realized after the sale — like knowing the full price of a house once you add closing costs, repairs and outstanding mortgage obligations.

indirect ownership financial

"Indirect, nature_of_ownership: By Marvel Investment Limited, a wholly owned entity of the Reporting Person"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

compensation for services financial

"awarded to the Reporting Person by the Board of Directors as compensation for services"

Form 4 Insider Transactions: What Each Field Means →

05/05/2026 - 04:05 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chu Kai

(Last)

(First)

(Middle)

C/O ZW DATA ACTION TECHNOLOGIES INC.

8/F, 29 DES VOEUX ROAD CENTRAL, CENTRAL

(Street)

HONG KONG

100195

(City)

(State)

(Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
ZW Data Action Technologies Inc. [ CNET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/10/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001	06/10/2025		A		89,606	A	⁽¹⁾	95,833	I	By Marvel Investment Limited, a wholly owned entity of the Reporting Person
Common Stock, par value $0.001	04/22/2026		A		165,000	A	⁽²⁾	260,833	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. On September 25, 2024, the Issuer entered into a Securities Purchase Agreement with Marvel Investment Limited, a British Virgin Island company, which is owned and controlled by the Reporting Person (the "Purchaser"), pursuant to which the Purchaser agreed to purchase 89,606 shares of common stock of the Company for an aggregate purchase price of $268,818. The transaction was consummated in the P.R. China on June 10, 2025.

2. No consideration was paid by the Reporting Person for 165,000 shares of common stock. 165,000 shares of the Issuer's common stock was awarded to the Reporting Person by the Board of Directors as compensation for services.

	/s/ Chu Kai	05/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Chu Kai report for ZW Data Action Technologies (CNET)?

Chu Kai reported two acquisitions of ZW Data Action Technologies common stock. He received 165,000 shares as a stock award for services and, through Marvel Investment Limited, completed a prior agreement to purchase 89,606 shares for $268,818, reflecting both direct and indirect ownership.

How many ZW Data (CNET) shares does Chu Kai now hold directly and indirectly?

After the April 22, 2026 award, Chu Kai directly holds 260,833 shares of ZW Data common stock. Indirectly, through Marvel Investment Limited, he holds 95,833 shares following the June 10, 2025 acquisition disclosed as part of the same Form 4 filing.

What are the terms of the Marvel Investment Limited purchase of ZW Data (CNET) shares?

Marvel Investment Limited, owned and controlled by Chu Kai, agreed on September 25, 2024 to purchase 89,606 ZW Data common shares for $268,818 under a Securities Purchase Agreement. The transaction closed in the P.R. China on June 10, 2025, creating an indirect holding.

What transaction codes were used in Chu Kai’s ZW Data (CNET) Form 4?

Both reported transactions use code “A,” indicating a grant, award, or other acquisition. One corresponds to a 165,000-share stock award to Chu Kai, while the other reflects the acquisition by Marvel Investment Limited under the Securities Purchase Agreement for 89,606 shares.