ZBAO 20-F: Acquisition

Filed with the SEC on Nov 13, 2026 · accession 0001213900-26-119102

ZBAO filed a 20-F (foreign annual report) with the SEC on Nov 13, 2026. Zhibao Technology Inc. completed the acquisition of a 51% equity interest in Zhonglian for RMB 25.5 million on September 30, 2025, making Zhonglian a consolidated subsidiary. The stock moved +32.5% by the first close after the filing.

Summary of the filing

Zhibao Technology Inc. completed the acquisition of a 51% equity interest in Zhonglian for RMB 25.5 million on September 30, 2025, making Zhonglian a consolidated subsidiary. The company also disclosed related-party bank borrowings and credit facilities collateralized by CEO Botao Ma.

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Key details

Purchase price for 51% equity interest in ZhonglianCNY 25.5M

Deposits paid to Zhonglian shareholders as of June 30, 2025CNY 6.7M

Loan borrowed from NJBK in September 2025CNY 10.0M

CMB credit facility draw-down limitCNY 30.0M

CMB borrowings drawn down in fiscal 2025CNY 40.0M

Reporting company/acquirerZhibao Technology Inc.

Acquired company (51% equity interest)Zhonglian

Lender providing credit facilityChina Merchants Bank (CMB)

Lender providing rmb 10,000,000 loanNJBK

Founder and chief executive officerBotao Ma

Spouse of ceoXiaohong Huang

How ZBAO stock reacted

Close before

$0.21

Nov 12, 2026

First close after

+32.54%

$0.28

5 trading days

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Since filing

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Frequently asked questions

What did ZBAO file with the SEC on Nov 13, 2026?

ZBAO filed a 20-F (Acquisition). Zhibao Technology Inc. completed the acquisition of a 51% equity interest in Zhonglian for RMB 25.5 million on September 30, 2025, making Zhonglian a consolidated subsidiary. The company also disclosed related-party bank borrowings and credit facilities collateralized by CEO Botao Ma.

What does a acquisition mean for ZBAO stock?

A contract important enough that investors need to know about it — a big customer contract, a loan, a merger agreement or a partnership.

How do I read a 20-F?

The yearly report of a foreign company listed in the US — the foreign version of a 10-K. Read the operating review and the risk factors first. Note the currency the numbers are reported in.

Why are SEC filings important?

Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A 20-F (foreign annual report): The yearly report of a foreign company listed in the US — the foreign version of a 10-K.

How did ZBAO stock react to this filing?

ZBAO closed at $0.21 before the filing and $0.28 on Nov 13, 2026 (+32.54%).

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