Kylin gains 96.8% voting control in CNFinance (NYSE: CNF)

Rhea-AI Filing Summary

CNFinance Holdings Limited completed an issuance of 2,000,000,000 Class B ordinary shares to Kylin Investment Holdings Limited at US$0.0001 per share, raising aggregate gross proceeds of US$200,000 for general working capital purposes.

After this transaction, CNFinance has 3,559,576,960 ordinary shares outstanding, split between 1,559,576,960 Class A shares and 2,000,000,000 Class B shares. Kylin now beneficially owns 243,949,380 Class A shares and all 2,000,000,000 Class B shares, representing about 63.0% of total ordinary shares and approximately 96.8% of the company’s aggregate voting power.

Positive

• None.

Negative

• Significant dilution and control concentration: Issuance of 2,000,000,000 Class B shares for only US$200,000 greatly expands the share count while giving Kylin approximately 63.0% of total shares and 96.8% of voting power, substantially reducing minority shareholders’ relative influence.

Insights

Equity & Governance Analyst

Massive low‑price share issuance concentrates voting control with Kylin.

CNFinance issued 2,000,000,000 Class B ordinary shares at US$0.0001 each to Kylin Investment Holdings Limited, bringing in gross proceeds of only US$200,000. This is a very large increase in the share count for a relatively small cash inflow.

Following the issuance, total ordinary shares outstanding rose to 3,559,576,960, and Kylin holds 243,949,380 Class A shares plus all 2,000,000,000 Class B shares. Kylin’s stake now represents about 63.0% of total shares and approximately 96.8% of aggregate voting power, materially concentrating control with this shareholder.

This structure means future decisions will be heavily influenced by Kylin’s preferences, given its voting dominance. Other shareholders’ influence on corporate actions becomes limited, and the economic dilution from the new shares depends on the company’s future performance and any additional capital-raising steps disclosed in later periods.

Key Figures

Class B shares issued: 2,000,000,000 shares Issue price per share: US$0.0001 per share Aggregate gross proceeds: US$200,000 +3 more

6 metrics

Class B shares issued 2,000,000,000 shares Subscription Shares issued to Kylin on May 6, 2026

Issue price per share US$0.0001 per share Price for Subscription Shares acquired by Kylin

Aggregate gross proceeds US$200,000 Proceeds to CNFinance from Class B share issuance

Total shares outstanding 3,559,576,960 shares Ordinary shares outstanding after the issuance

Kylin ownership of ordinary shares 63.0% Proportion of total issued and outstanding ordinary shares

Kylin aggregate voting power 96.8% Voting power in CNFinance after issuance

Key Terms

Class B ordinary shares, aggregate gross proceeds, beneficially owns, aggregate voting power

4 terms

Class B ordinary shares financial

"completed its issuance of 2,000,000,000 Class B ordinary shares"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

aggregate gross proceeds financial

"for aggregate gross proceeds to the Company of US$200,000"

Aggregate gross proceeds are the total amount of money a company expects to receive from a securities offering or financing before any fees, expenses or deductions are taken out. For investors, this number shows the scale of new capital entering the business—like the size of a fuel tank refill—and helps gauge how much cash will be available to pay debts, fund growth or dilute existing ownership.

beneficially owns financial

"Kylin beneficially owns 243,949,380 Class A ordinary shares"

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.

aggregate voting power financial

"approximately 96.8% of the aggregate voting power of the Company"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/06/2026 - 04:01 PM Learn about SEC filing dates

FAQ

What did CNFinance (CNF) announce in this Form 6-K?

CNFinance completed issuing 2,000,000,000 Class B ordinary shares to Kylin Investment Holdings Limited. The shares were sold at US$0.0001 each, providing US$200,000 in gross proceeds that the company plans to use for general working capital purposes.

How many shares did CNFinance (CNF) issue to Kylin and at what price?

CNFinance issued 2,000,000,000 Class B ordinary shares to Kylin at US$0.0001 per share. This transaction generated aggregate gross proceeds of US$200,000 for the company, which are intended to support its general working capital needs going forward.

What is CNFinance’s (CNF) total share count after the new issuance?

After the issuance, CNFinance has 3,559,576,960 ordinary shares outstanding. This consists of 1,559,576,960 Class A ordinary shares and 2,000,000,000 Class B ordinary shares, reflecting the large block of new Class B shares issued to Kylin.

What percentage of CNFinance (CNF) does Kylin now own?

Kylin beneficially owns 243,949,380 Class A shares and 2,000,000,000 Class B shares of CNFinance. This combined position represents approximately 63.0% of the company’s total issued and outstanding ordinary shares following the completion of the share issuance.

How much voting power does Kylin have in CNFinance (CNF) after this deal?

Kylin holds approximately 96.8% of CNFinance’s aggregate voting power after the transaction. Its ownership of all 2,000,000,000 Class B shares, alongside substantial Class A holdings, gives it effective control over shareholder voting decisions at the company.

How will CNFinance (CNF) use the proceeds from the Class B share issuance?

CNFinance plans to use the US$200,000 in aggregate gross proceeds from the Class B share issuance for general working capital purposes. This typically covers everyday operational needs such as operating expenses, short-term obligations, and other routine corporate funding requirements.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission file number: 001-38726

CNFinance Holdings Limited

(Exact Name of Registrant as Specified in Its Charter)

22/F, South Finance Center, No. 6 Wuheng Road

Tianhe District, Guangzhou City, Guangdong Province

People’s Republic of China

+86-20-62316688

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒        Form 40-F ☐

Completion of Issuance of Class B Ordinary Shares

On May 6, 2026, CNFinance Holdings Limited (NYSE: CNF) (“CNFinance” or the “Company”) completed its issuance of 2,000,000,000 Class B ordinary shares (the “Subscription Shares”) to Kylin Investment Holdings Limited (“Kylin”).

Pursuant to the share application form effective on April 29, 2026, Kylin acquired the Subscription Shares at a price of US$0.0001 per share, for aggregate gross proceeds to the Company of US$200,000. The Company intends to use the net proceeds for general working capital purposes.

Following this issuance, the Company has a total of 3,559,576,960 issued and outstanding ordinary shares, consisting of 1,559,576,960 Class A ordinary shares and 2,000,000,000 Class B ordinary shares. Kylin beneficially owns 243,949,380 Class A ordinary shares and 2,000,000,000 Class B ordinary shares of the Company, representing approximately 63.0% of the total issued and outstanding ordinary shares of the Company and approximately 96.8% of the aggregate voting power of the Company.

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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CNFINANCE HOLDINGS LIMITED
Date: May 6, 2026	By:	/s/ Bin Zhai
		Name:	Bin Zhai
		Title:	Chief Executive Officer and Chairman

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