The rare financing move by Col Global Co., Ltd. came to an abrupt end.

On the evening of October 8, Col Global Co., Ltd. (300364) announced that its board of directors had approved a proposal to terminate the 2026 private placement of A-shares to specific investors, and also cancelled the extraordinary shareholders' meeting originally scheduled for October 26.

From disclosure to termination, a rare financing plan featuring "net assets of 263 million yuan and fundraising of 2.833 billion yuan" was halted in just eight days.

During this period, a report was first published on the evening of September 30, 2026, focusing on the financing plan whose fundraising amount exceeded net assets by more than ten times. As attention grew, market discussion rapidly intensified.

The Shenzhen Stock Exchange quickly issued an inquiry letter during the National Day holiday, raising concerns over five major aspects: the reasonableness of the fundraising scale, the investment projects, profit assumptions, the previous refinancing, and the A plus H dual-listing financing arrangement.

According to the requirements of the inquiry letter, Col Global Co., Ltd. was required to provide written explanations on the above issues and submit the relevant materials to the ChiNext Company Management Department of the Shenzhen Stock Exchange for public disclosure before October 8, 2026, with a copy sent to the Listed Company Supervision Division of the Beijing Regulatory Bureau.

In its reply to the inquiry letter, regarding three issues including raised funds, investment projects, and the impact on the company's main financial indicators, Col Global Co., Ltd. stated that after comprehensively considering current market influences and other factors, and following full communication and prudent assessment, its board of directors agreed to terminate the private placement of A-shares to specific investors.

As for the specific differences between the investment projects in this filing and the previous filing plan, the company replied that the previous plan was disclosed in June 2023, when new industry formats such as generative AI, AIGC digital content, and AI short dramas were still in the early stages of development, and the technology commercialization path and market demand structure were significantly different from the current industrial environment.

Compared with the previously filed investment projects, this fundraising plan follows the trend of AI empowering the digital culture industry, with comprehensive iterative upgrades in overall architecture, technology research and development, and IP development scenarios. It differs substantially from the previous traditional business-oriented plan and is better suited to the company's new development strategy.

At the same time, since the company will remain in a stage of rapid business development in the coming years, its daily operations will require increasing working capital, so it also increased the scale of supplementary working capital based on its actual business development needs.

Regarding the rationale for advancing equity financing simultaneously in both the A-share and H-share markets, the company replied that, based on its actual circumstances and after comprehensively considering multiple factors including changes in domestic and overseas capital market environments, and following prudent analysis and discussion, it decided to terminate the previously planned issuance of H-shares and listing on the Hong Kong Stock Exchange.

As for the impact of terminating this private placement, the company stated that its production and operations are currently proceeding normally, and the termination will not have a material adverse impact on its daily production and operations, nor will it harm the interests of the company and all shareholders, especially minority shareholders.

An investment banking professional familiar with capital market refinancing business said that refinancing is a neutral act. The board's decision to make a completely opposite choice within an extremely short period indicates, on the one hand, that the company faced enormous external pressure that changed the original decision-making environment, and on the other hand, that the board lacked rigor in decision-making on such a major strategic issue as refinancing.

On October 8, shares of Col Global Co., Ltd. plunged 12.75%.