Haoxi's 1-for-20 Split Takes Effect Friday, the Third Consolidation Since January 2025

by Adam Kowalczyk · August 14, 2026

Filings & Deals Reporter, The MicroCap Herald

Haoxi Health Technology Limited's Class A ordinary shares begin trading Friday on the Nasdaq Capital Market on a split-adjusted basis, following a one-for-twenty reverse share split the company announced on Wednesday, August 12. The ticker stays HAO; the shares carry a new CUSIP, G4290F134, and Transhare Corporation LLC is acting as exchange agent. According to the announcement, the company's board approved the consolidation on July 23.

The mechanics are straightforward. On a pre-split basis Haoxi had 11,904,632 Class A ordinary shares and 317,897 Class B ordinary shares outstanding; on a post-split basis those become roughly 595,232 and 15,895 respectively. No fractional shares will be issued — the announcement says fractional interests will be rounded up to the nearest whole number, a treatment that favours holders of odd lots, in contrast to the cash payment for fractional shares used in Hyperscale Data's split. The company said the split is expected to leave the Class A shares trading at roughly twenty times the prior price per share, while cautioning that it cannot guarantee that arithmetic will hold once the shares reopen.

What makes Friday's split worth a second look is not the ratio but the sequence. Haoxi announced a one-for-twenty-five reverse share split in January 2025, and a one-for-128 reverse share split on May 19, 2026, effective for trading on May 21. That May consolidation took the Class A count from 235,504,007 shares to approximately 1,839,876, and the Class B count from 690,800 to approximately 5,397. Chained together with Friday's action, the three ratios multiply out to 64,000 to one since the start of 2025. Readers comparing historical share counts across those dates should be careful to state which basis they are using; the figures above are as reported by the company at the time of each split.

The share count in between is the part the split notice does not narrate. A Form 6-K filed with the Securities and Exchange Commission reporting the results of an extraordinary general meeting held July 6 records that holders of 472,049 out of a total of 1,904,632 Class A ordinary shares issued and outstanding, and holders of all 317,897 Class B ordinary shares, voted at that meeting. The 1,904,632 figure is the outstanding Class A count on that date; the 472,049 is the number voted. Four days later, on July 10, Haoxi announced a registered direct offering of 10,000,000 Class A ordinary shares, or pre-funded warrants in lieu of shares, at $0.40 each for gross proceeds of approximately $4 million, with Univest Securities acting as placement agent. Univest announced the closing on July 13. By the August 12 split announcement the Class A count stood at 11,904,632, which is exactly the 1,904,632 outstanding on July 6 plus the 10,000,000 shares sold. After Friday's one-for-twenty consolidation, the post-split Class A count of about 595,232 sits roughly two-thirds below where the outstanding count stood on July 6: the base was rebuilt more than sixfold in July, then compressed again in August.

That pattern is not new for the company either. On May 11, Haoxi announced a $6.5 million registered direct offering of 9,000,000 Class A ordinary shares and 16,999,998 pre-funded warrants at a $0.25 combined purchase price, also placed by Univest, with closing expected the following day. The one-for-128 split followed eight days later. The two placements did not use the same warrant terms, and the difference matters. The May pre-funded warrants carry an exercise price of $0.0026 per share, a nominal figure against the $0.25 purchase price. The July warrants were struck at $0.33 per share against a $0.40 offering price, close to the $0.32 par value the shares then carried, so calling them nominally priced would be wrong. Warrant terms adjust for reverse splits in either case, so a consolidation does not retire the overhang; neither split announcement states how many of the May warrants remain unexercised.

The corporate plumbing behind all of this has moved just as fast. A Form 6-K filed May 21 called an extraordinary general meeting for June 2 at which shareholders were asked to raise the company's authorised capital from $384,250,000 to $35,200,000,000,000 and to grant the board two years of standing authority to carry out one or more share consolidations at any ratio between one-for-two and one-for-8,000. That 6-K stated that the purpose of the consolidations is to ensure the company's compliance with Nasdaq Listing Rule 5550(a)(2), the minimum bid price requirement, and noted that Nasdaq issues a deficiency notice where shares trade below $1.00 for 30 consecutive business days. At the July 6 meeting shareholders then approved a capital reduction that cut authorised capital to $11 million and reduced the par value per share from $0.32 to $0.0000001. Friday's one-for-twenty ratio sits well inside the range the board was given, and lifts the par value to $0.000002.

Notably, the August 12 announcement itself gives no compliance rationale. It does not say Haoxi has received a deficiency notice, and this publication found no filing disclosing a current bid price deficiency. Nothing here should be read as reporting that one exists. The last bid price matter the company disclosed as resolved was closed in February 2025, when Nasdaq confirmed that the closing bid price had been at $1.00 per share or greater for the ten consecutive business days from January 27 to February 7, 2025, and that Haoxi had regained compliance with Rule 5550(a)(2); that announcement does not itself reference the January 2025 consolidation. Daily closing data compiled by StockAnalysis show the Class A shares closing at about $0.15 on August 6 and about $0.1545 on August 7, and Investing.com put Thursday's close at $0.163 on a pre-split basis. Twenty times $0.163 is $3.26. That is arithmetic applied to Thursday's pre-split close, not a forecast and not a target: the split-adjusted opening price is set by the market, and the company itself cautioned it cannot assure that the price will reflect the ratio.

The forward-looking constraint is the one worth understanding precisely, and it is prospective rather than present. Nasdaq Listing Rule 5810(c)(3)(A)(iv), as amended by SR-NASDAQ-2024-045, which the Commission approved on January 17, 2025, provides that where a company's security fails to meet the continued listing requirement for minimum bid price and the company has effected a reverse stock split over the prior one-year period, or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, the company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) and the Listing Qualifications Department issues a Staff Delisting Determination. Haoxi has now effected splits in May and August 2026, which places it inside the one-year window, and the January 2025, May 2026 and August 2026 ratios together sit far above the two-year cumulative test. Both limbs would be met if a bid price failure occurred. Neither has any effect unless and until one does.

A separate provision, Rule 5810(c)(3)(A)(iii), requires a Delisting Determination where a security has a closing bid price of $0.10 or less for ten consecutive trading days during any bid price compliance period. That qualifier matters: the trigger can only fire while a compliance period is already running, which is not Haoxi's disclosed situation. None of this describes the company's status today. What it describes is the shape of the next move if the split-adjusted shares fall back below $1.00 and stay there for 30 consecutive business days: there would be no cure period, and the recourse would be a hearing before a Nasdaq Hearings Panel, which may grant an exception to the continued listing standards for a period not to exceed 180 days from the date of the delisting determination. The risks the filings themselves disclose are of a piece — repeated dilution from successive registered direct placements, the pre-funded warrant overhang, and the loss of compliance-period eligibility that each additional consolidation now carries. Nothing here is a recommendation to buy or sell any security.

Haoxi, which sells online marketing services to healthcare advertisers in China across short-video and social platforms, has not announced a business development alongside the split. The company's shares remain listed on the Nasdaq Capital Market under the symbol HAO.