ZW Data Action Technologies Inc. (CNET) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 0.81% of current shares
Recent Dilution: 77.41% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
3.7M
Potential Supply
30K
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

CNET currently has 3.67M outstanding shares. with limited dilution risk as only 29.7K additional shares (0.8%) are authorized for issuance. The company has significantly diluted shareholders by 77.41% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 3.7M shares outstanding

3.7M 30K
Nov 14, 2025

10-Q filing | 3.3M shares outstanding

3.3M 30K
Oct 29, 2025

8-K filing: ZW Data Action Technologies Inc. will issue 150,000 shares of common stock to Fun Star Group INC. as part of a purchase agreement where CNET Technology Limited, a wholly-owned subsidiary of ZW Data Action Technologies Inc., will acquire 9.9% equity interests in Modest Attack Limited from Fun Star Group INC. ($0.38M proceeds)

2.7M 30K
Sep 19, 2025

8-K filing: ZW Data Action Technologies Inc. issued 200,000 shares of common stock to the sellers of Titans Investment Asset Holdings Limited at $2.10 per share, totaling $420,000, as part of a purchase agreement where CNET Technology Limited, a wholly-owned subsidiary of ZW Data Action Technologies Inc., acquired equity interests in Titans. ($0.42M proceeds)

2.7M 30K
Aug 14, 2025

10-Q filing | 2.7M shares outstanding

2.7M 30K
May 20, 2025

10-Q filing | 2.3M shares outstanding

2.3M 30K
May 14, 2025

8-K filing: ZW Data Action Technologies Inc. entered into three Securities Purchase Agreements with Golden Harvest Trust Limited, BlackSilver Trust (Hong Kong) Limited and Chaucer Investment & Consulting Limited, respectively, for the purchase of 119,100 shares of common stock at US$2.1 per share. ($0.75M proceeds)

2.3M 30K
Apr 15, 2025

10-K filing | 2.3M shares outstanding

2.3M 30K
Nov 19, 2024

10-Q filing | 2.2M shares outstanding

2.2M 30K
Sep 30, 2024
Stock Split

8-K filing: Stock split 1-for-4 | Outstanding: 7,204,506 → 1,801,126

1.8M 7.4K
Aug 16, 2024

10-Q filing | 7.2M shares outstanding

7.2M 120K
Jul 29, 2024

10-Q filing | 7.2M shares outstanding

7.2M 120K
Jun 28, 2024

10-K filing | 7.2M shares outstanding

7.2M 120K
Jan 10, 2024

S-3 filing: ZW Data Action Technologies Inc. is filing an S-3 to offer and sell up to $75,000,000 in the aggregate of common stock, preferred stock, warrants to purchase common stock or preferred stock, or any combination of the foregoing.

7.2M 120K
Nov 20, 2023

10-Q filing | 7.2M shares outstanding

7.2M 120K
Aug 21, 2023

10-Q filing | 7.2M shares outstanding

7.2M 120K
May 22, 2023

10-Q filing | 7.2M shares outstanding

7.2M 120K
Apr 17, 2023

10-K filing | 7.1M shares outstanding

7.1M 120K
Jan 20, 2023
Stock Split

8-K filing: Stock split 1-for-5 | Outstanding: 35,572,200 → 7,114,440

7.1M 590K
Jan 18, 2023
Stock Split

8-K filing: Stock split 1-for-5 | Outstanding: 35,572,200 → 7,114,440

7.1M 590K
Nov 18, 2022

10-Q filing | 35.6M shares outstanding

36M 3M
Aug 19, 2022

10-Q filing | 35.4M shares outstanding

35M 3M
May 16, 2022

10-Q filing | 35.4M shares outstanding

35M 3M
Apr 15, 2022

10-K filing | 35.3M shares outstanding

35M 3M
Nov 15, 2021

10-Q filing | 35.3M shares outstanding

35M 3M
Aug 16, 2021

10-Q filing | 35.3M shares outstanding

35M 3M
May 19, 2021

10-Q filing | 31.3M shares outstanding

31M 3M
Apr 22, 2021

S-3/A filing: This prospectus relates to the resale of up to 2,970,840 shares of our common stock, par value $.001 per share, issuable upon the exercise of warrants acquired by the Selling Stockholders in a private placement that closed on February 18, 2021.

31M 3M
Apr 13, 2021

10-K filing | 31.3M shares outstanding

31M 3M
Mar 16, 2021

S-3 filing: This prospectus relates to the resale of up to 2,970,840 shares of common stock issuable upon the exercise of warrants acquired in a private placement.

22M 3M
Feb 19, 2021

8-K filing: ZW Data Action Technologies Inc. closed a registered direct offering of 5,212,000 shares of common stock at $3.59 per share and a concurrent private placement of unregistered warrants to purchase up to 2,606,000 shares of common stock, receiving gross proceeds of approximately $18.7 million. ($18.7M proceeds)

22M 0
Feb 17, 2021

8-K filing: ZW Data Action Technologies Inc. entered into a securities purchase agreement to sell 5,212,000 shares of common stock to institutional investors at $3.59 per share, with gross proceeds of approximately $18.7 million, and agreed to sell unregistered warrants to purchase up to 2,606,000 shares of Common Stock at an exercise price of $3.59 per share in a concurrent private placement. ($18.7M proceeds)

22M 0
Dec 14, 2020

8-K filing: ZW Data Action Technologies Inc. announced the closing of a registered direct offering of 4,320,989 shares of common stock and warrants to purchase up to 1,728,396 shares of common stock, at a purchase price of $1.62 per share and corresponding warrant, with gross proceeds of approximately $7.0 million. ($7.0M proceeds)

22M 0
Dec 11, 2020

8-K filing: ZW Data Action Technologies Inc. entered into a securities purchase agreement to sell 4,320,989 shares of common stock and warrants to purchase 1,728,396 shares for gross proceeds of $7.0 million, with each share and warrant priced at $1.62 and warrants exercisable at $2.03. ($7.0M proceeds)

22M 0
Nov 13, 2020

10-Q filing | 21.7M shares outstanding

22M 0
Aug 14, 2020

10-Q filing | 21.7M shares outstanding

22M 0
Jul 10, 2020

S-3/A filing: ChinaNet Online Holdings, Inc. files an S-3/A form to offer and sell up to $75,000,000 in the aggregate of common stock, preferred stock, warrants to purchase common stock or preferred stock, or any combination of the foregoing, either individually or as units comprised of one or more of the other securities.

22M 0
Jun 29, 2020

10-Q filing | 21.7M shares outstanding

22M 0
May 27, 2020

10-K filing | 21.7M shares outstanding

22M 0
Feb 12, 2020

S-3/A filing: ChinaNet Online Holdings, Inc. is offering common stock, preferred stock, warrants to purchase common stock or preferred stock, or any combination of the foregoing, either individually or as units comprised of one or more of the other securities, with an aggregate offering price not to exceed $75,000,000.

20M 0
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