YMT · Yimutian Inc. American Depositary Shares

Yimutian Inc. disclosed two significant corporate actions in its Form 6-K filing. First, the company plans to change its ADS-to-ordinary share ratio from 1:25 to 1:375, effective on or around May 18, 2026. This change effectively acts as a 15-for-1 reverse split of the ADSs, meaning every 15 existing ADSs will be exchanged for one new ADS. The depositary bank, JPMorgan Chase Bank, will handle the exchange. No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated, sold, and the net proceeds distributed to holders. The underlying Class A ordinary shares remain unaffected. The company expects the ADS trading price to increase proportionately but provides no assurance. Second, Yimutian filed a registration statement on Form F-6 to increase its registered ADS facility by 200 million additional ADSs. These registered ADSs are intended to facilitate future issuances upon deposit of ordinary shares, particularly for ongoing and potential acquisitions and other strategic projects. The company emphasizes that this registration does not involve any immediate offering or sale and has no immediate dilutive effect. Both actions are strategic moves to manage the company's capital structure and support future growth initiatives.