AIFU Inc. - Class A Ordinary Share

Capital allocation is a major concern. In January 2026 AIFU closed the acquisition of Nova Lumina Limited, paying 102.6 million newly issued Class A shares at 1 dollar each plus 22 million dollars cash for tea inventory assets, a poor fit with the core franchise. In June 2026 the board effected a 1-for-20 reverse split.

In September 2026 the company agreed to issue 10 million new Class B shares at par, conferring 99.43 percent of voting power to a BVI subscriber for only 20 thousand dollars. Prior buybacks in 2023–2024 were small relative to subsequent dilution.

These choices are inconsistent with value-oriented capital deployment and highly unfavorable to minority shareholders.