[SCHEDULE 13D] ZW Data Action Technologies Inc. Major Shareholder Acquisition (>5%)

Rhea-AI Filing Summary

George Kai Chu filed a Schedule 13D reporting a 7.1% ownership stake in ZW Data Action Technologies Inc. He beneficially owns 260,833 shares of common stock, based on 3,668,429 shares outstanding.

Chu directly holds 171,227 shares and may share beneficial ownership over 89,606 shares held by Marvel Investment Limited, where he is a shareholder. Of his holdings, 165,000 shares were recently awarded by the board as compensation for services in his role as a director of the company.

Key Figures

Beneficial ownership: 260,833 shares Ownership percentage: 7.1% Shares outstanding: 3,668,429 shares +4 more

7 metrics

Beneficial ownership 260,833 shares Total ZW Data common shares beneficially owned by Chu

Ownership percentage 7.1% Portion of ZW Data common stock outstanding owned by Chu

Shares outstanding 3,668,429 shares ZW Data common stock issued and outstanding baseline

Directly owned shares 171,227 shares Shares of ZW Data common stock held directly by Chu

Indirectly held shares 89,606 shares Shares held by Marvel Investment Limited linked to Chu

Compensation share award 165,000 shares ZW Data shares awarded to Chu as compensation for services

Date of event 04/22/2026 Date of event requiring Schedule 13D filing

Key Terms

beneficially owns, sole voting power, shared voting power, dispositive power, +2 more

6 terms

beneficially owns financial

"The Reporting Person beneficially owns 260,833 shares of common stock"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

sole voting power financial

"The Reporting Person has sole voting and dispositive power over the 171,227 shares"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

shared voting power financial

"The Reporting Person may be deemed to share voting and dispositive power over the shares owned by Marvel Investment Limited"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: Sole Dispositive Power 171,227.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

compensation for services financial

"165,000 shares of the Issuer's common stock was awarded to the Reporting Person by the Board of Directors as compensation for services"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

ZW Data Action Technologies Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

98880R307

(CUSIP Number)

Vivien Bai, Esq.
345 Park Avenue,
New York, NY, 10154
(212) 407-4933

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/22/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 98880R307

1

Name of reporting person

Chu Kai

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TAIWAN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 171,227.00
8	Shared Voting Power 89,606.00
9	Sole Dispositive Power 171,227.00
10	Shared Dispositive Power 89,606.00

11

Aggregate amount beneficially owned by each reporting person

260,833.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.001 par value per share
(b)	Name of Issuer: ZW Data Action Technologies Inc.
(c)	Address of Issuer's Principal Executive Offices: 8/F, 29 Des Voeux Road Central, Central, Hong Kong, CHINA , 999077.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by George Kai Chu, a citizen of Taiwan (the "Reporting Person").
(b)	The business address of the Reporting Person is c/o ZW Data Action Technologies Inc., 8/F. 29 Des Voeux Road Central, Central, Hong Kong Special Administrative Region of People's Republic of China.
(c)	The principal occupation of the Reporting Person is director of the Issuer.
(d)	During the past five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors).
(e)	During the past five years, the Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	This Schedule 13D is filed by George Kai Chu, a citizen of Taiwan (the "Reporting Person").
Item 3.	Source and Amount of Funds or Other Consideration
	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.
Item 4.	Purpose of Transaction
	165,000 shares of common stock were awarded to the Reporting Person as compensation for services.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person beneficially owns 260,833 shares of common stock, representing approximately 7.1% of the total issued and outstanding shares of Common Stock (based on 3,668,429 shares of Common Stock issued and outstanding). Of this amount, 171,227 shares are directly owned by the Reporting Person and the remaining 89,606 shares are owned by Marvel Investment Limited. As a shareholder of Marvel Investment Limited, the Reporting Person may be deemed to have shared beneficial ownership over the shares of common stock owned by Marvel Investment Limited.
(b)	The Reporting Person has sole voting and dispositive power over the 171,227 shares of Common Stock that he beneficially owns. The Reporting Person may be deemed to share voting and dispositive power over the shares owned by Marvel Investment Limited.
(c)	Other than the acquisition of the 165,000 shares of Common Stock reported on this Schedule 13D, the Reporting Person has not effected any transactions in the Common Stock during the past 60 days.
(d)	To the knowledge of the Reporting Person, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Subject Shares.
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Except as disclosed herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Person and any person with respect to any securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	None.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Chu Kai

Signature:	/s/ Chu Kai
Name/Title:	Chu Kai
Date:	05/05/2026

FAQ

What ownership stake in CNET does George Kai Chu report on this Schedule 13D?

George Kai Chu reports beneficial ownership of 260,833 shares of ZW Data Action Technologies Inc. common stock, representing about 7.1% of the 3,668,429 shares outstanding. This includes both shares he holds directly and shares held through Marvel Investment Limited.

How many ZW Data (CNET) shares were awarded to George Kai Chu as compensation?

George Kai Chu received 165,000 shares of ZW Data common stock as compensation for services. The board of directors awarded these shares, and he paid no cash consideration for them, making this a stock-based component of his director compensation package.

How are George Kai Chu’s CNET shares split between direct and indirect ownership?

Of the 260,833 ZW Data shares he beneficially owns, George Kai Chu directly holds 171,227 shares. The remaining 89,606 shares are owned by Marvel Investment Limited, where he is a shareholder and may be deemed to share voting and dispositive power over those shares.

What voting and dispositive powers does George Kai Chu have over CNET shares?

George Kai Chu has sole voting and dispositive power over 171,227 ZW Data shares that he directly owns. He may be deemed to share voting and dispositive power over 89,606 additional shares held by Marvel Investment Limited, reflecting his shareholder status there.

What event triggered George Kai Chu’s Schedule 13D filing for CNET?

The triggering event for this Schedule 13D was dated 04/22/2026. Around this time, George Kai Chu was awarded 165,000 shares of ZW Data common stock as compensation for services, increasing his beneficial ownership to 260,833 shares, or approximately 7.1% of the company.

Has George Kai Chu engaged in other recent trades of CNET common stock?

Aside from the award of 165,000 shares of ZW Data common stock reported here, George Kai Chu states he has not effected any other transactions in the company’s common stock during the past 60 days, indicating no additional recent market purchases or sales.