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On 22 June 2025 Zhibao Technology Inc. ("ZBAO") executed a US$15 million Equity Purchase Agreement (ELOC) with Hudson Global Ventures. The two-year facility allows the company to issue multiple “Put Notices” directing Hudson to buy Class A ordinary shares. Each draw must be at least US$25,000 and may not exceed the lesser of US$2 million or 200 % of recent average trading value. Hudson will pay the lower of (i) 90 % of the prior-day close (Initial Purchase Price) or (ii) 90 % of the 3-day average closing price following share delivery (Market Price). A 4.99 % ownership cap limits any single purchase but not cumulative dilution.
Up-front consideration. ZBAO will immediately issue 140,000 commitment shares and may owe additional “make-whole” shares if the stock trades below the signing-day price at the six-month/registration measurement date. The company also signed a Registration Rights Agreement obligating it to file a resale registration statement within 180 days and seek effectiveness within 210 days.
Consulting Agreement. A separate April 2025 arrangement grants a consultant 153,846 shares plus 10 % of cash proceeds from any financing the consultant introduces, including this ELOC.
Investor implications. The ELOC provides flexible, non-debt liquidity without fixed interest expense, but it comes at a 10 % pricing discount and sizeable share issuances that could exert downward pressure on the share price. The additional consultant compensation compounds dilution. No financial results were disclosed in this Form 6-K.