Note 21 - Subsequent Events

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Subsequent Events [Text Block]

21. Subsequent events

On October 28, 2025, CNET Technology Limited (“CNET Technology”), a wholly-owned subsidiary of ZW Data Action Technologies Inc. (the “Company”) incorporated in the British Virgin Islands, entered into a purchase agreement with Fun Star Group INC., a British Virgin Islands company (“Fun Star”) and Modest Attack Limited, a British Virgin Islands company (“Modest”), pursuant to which Fun Star will sell its 9.9% equity interests in Modest (the “Equity Interests”) to CNET Technology. In consideration for the Equity Interests, CNET Technology shall pay Fun Star $625,000 in cash and cause the Company to issue 150,000 shares of common stock of the Company, having a total value of $375,000 and valued at $2.50 per share, to Fun Star. The closing of the acquisition is subject to customary terms and conditions as set forth in the Acquisition Agreement. As of the date of this quarterly report, the closing of the acquisition has not taken place.

Except for the above mentioned matters, no other material events which are required to be adjusted or disclosed as of the date of this consolidated financial statements.