CTW grants 100,000 stock options to CFO

CTW reported that Chief Financial Officer Liu Zhixian received a grant of stock options on 2026-08-07.

Rhea-AI Filing Summary

CTW reported that Chief Financial Officer Liu Zhixian received a grant of stock options on 2026-08-07. The award covers 100,000 stock options, each exercisable for one Class A ordinary share at an exercise price of $2.48 per share, expiring on 2036-08-06. Following this grant, Liu holds 100,000 stock options directly.

Insider Trade Summary

Grant/Award: 100,000 shares

Grant/Award 1 txn

Insider Liu Zhixian

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Options	100,000	$0.00	$0.00

Holdings After Transaction: Stock Options — 100,000 contracts (Direct)

Key Figures

Options Granted: 100,000 stock options Exercise Price: $2.48 per share Expiration Date: 2036-08-06 +1 more

4 metrics

Options Granted 100,000 stock options Grant of derivative securities to CFO on 2026-08-07

Exercise Price $2.48 per share Conversion or exercise price of granted stock options

Expiration Date 2036-08-06 Expiration of CFO stock options granted on 2026-08-07

Holdings After Grant 100,000 stock options Total derivative securities held directly by CFO following transaction

Key Terms

Stock Options, exercise price, Class A ordinary share, derivative securities

4 terms

Stock Options financial

"The award covers 100,000 stock options, each exercisable for one Class A ordinary share"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

exercise price financial

"options are exercisable at an exercise price of $2.48 per share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Class A ordinary share financial

"each exercisable for one Class A ordinary share at an exercise price"

A Class A ordinary share is a type of common stock a company issues that carries a specific set of rights—most often particular voting power, dividend terms, or transfer rules—distinct from other share classes. For investors it matters because those rights affect control over company decisions, how income is paid out, and how easy shares are to buy or sell; think of it like a tiered ticket that gives different access and influence at the same event.

derivative securities financial

"grant or award acquisition of derivative securities linked to shares"

Financial contracts whose value is tied to the price or performance of another asset, such as a stock, bond, commodity, index, or currency; examples include options, futures and swaps. They matter to investors because they let you protect against price swings, bet on future moves or gain larger exposure with less upfront cash—like using a lever or insurance policy on an investment—so they can amplify gains and losses and help manage portfolio risk.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did CTW (CTW) disclose about insider transactions in this Form 4?

CTW disclosed that its Chief Financial Officer, Liu Zhixian, received a grant of 100,000 stock options on 2026-08-07, each exercisable into one Class A ordinary share at $2.48 per share.

How many stock options did CTW (CTW) grant to CFO Liu Zhixian?

CFO Liu Zhixian was granted 100,000 stock options. Each option relates to one Class A ordinary share, and this grant brings his directly held option position reported in this filing to 100,000 stock options following the transaction.

What is the exercise price and term of the CTW (CTW) options granted to the CFO?

The options granted to the CFO carry an exercise price of $2.48 per share and have an expiration date of 2036-08-06. They were granted on 2026-08-07, giving a long-dated incentive horizon tied to Class A ordinary shares.

Is the CTW (CTW) CFO’s stock option grant under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not checked, indicating this reported grant was not affirmed as made under a Rule 10b5-1 trading plan. It is reported simply as a grant or award acquisition of derivative securities.

What is the ownership status of the CTW (CTW) CFO’s new stock options?

The Form 4 identifies the 100,000 stock options as held with direct ownership by CFO Liu Zhixian. After this grant, his directly held option position reported in the filing totals 100,000 derivative securities linked to Class A ordinary shares.

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

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Available on EDGAR 08/11/2026 - 11:31 AM Accepted by SEC EDGAR 08/11/2026 - 11:30 AM Learn about SEC filing dates

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^*

Liu Zhixian

(Last) (First) (Middle)

29F, 1 CHOME-9-10, ARK HILLS SENGOKUYAMA

MORI TOWER, ROPPONGI, MINATO CITY

(Street)

TOKYO 106-0032

(City) (State) (Zip)

JAPAN

(Country)

2. Issuer Name and Ticker or Trading Symbol
CTW [ CTW ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2026

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$2.48	08/07/2026		A		100,000		08/07/2026	08/06/2036	Class A ordinary share	100,000	$0	100,000	D

Explanation of Responses:

	/s/ Zhixian Liu	08/11/2026
	** 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)