COL Group drops its RMB 2.83bn share placement and its Hong Kong listing plan
The Shenzhen-listed parent of FlareFlow ended a private placement eight days after proposing it, and separately ended its planned H-share listing in Hong Kong. The placement plan cited AI short drama.
What this basis means: Regulatory filing, government body, court or industry association.
COL Group (中文在线, SZSE 300364), the parent of the short-drama app FlareFlow, said in filings dated 8 October 2026 that its board had terminated a private placement of A shares of up to RMB 2.83bn. The board had approved the plan on 30 September. COL said the placement had not been put to shareholders or filed with the Shenzhen Stock Exchange, and gave the market environment as the reason.
A separate filing said the board ended the company's planned H-share listing in Hong Kong on 7 October. Shareholders had approved that plan in December 2025.
In its reply to an exchange inquiry letter, also published on 8 October, COL said the placement would have focused on AI models, multimodal content and AI short drama, with intellectual-property development shifting to AI short drama and interactive IP. The exchange had noted that the raise was more than ten times COL's net assets of RMB 263m at the end of June, and that the company had reported net losses in 2024 and 2025.
Companies COL Group, FlareFlow
Sources
- 关于终止2026年度向特定对象发行A股股票事项的公告 (opens in a new tab) COL Group via cninfo
- 关于终止发行H股股票并于香港联合交易所有限公司上市的公告 (opens in a new tab) COL Group via cninfo
- 关于深圳证券交易所对公司问询函的回复公告 (opens in a new tab) COL Group via cninfo