CooTek (Cayman) Inc. files its annual Form 20‑F, outlining a shrinking, China‑based mobile app and online literature business supported by a variable interest entity (VIE) structure. VIEs generated 18%, 6% and 4% of total revenue in 2023, 2024 and 2025.
Net revenue fell from $32.0 million in 2023 to $21.7 million in 2025 as daily active users for its portfolio apps dropped from 0.9 million to 0.4 million in December 2025. Mobile advertising, once dominant, declined sharply, with more revenue coming from in‑app purchases in games and online literature.
The company reports a working capital deficit of $0.7 million, an accumulated deficit of $216.9 million and a going‑concern warning tied to recurring losses and limited cash of $3.5 million as of December 31, 2025. Extensive risk disclosures highlight dependence on VIE contracts, PRC licensing gaps, evolving data‑security rules, and potential future impacts from HFCAA and CSRC overseas‑listing filing requirements.
CooTek(Cayman)Inc. director Yuan Ye filed an initial Form 3, which is a required statement of beneficial ownership for company insiders. This filing does not list any specific share or option holdings and shows no reported transactions, serving purely as an ownership disclosure baseline.
CooTek(Cayman)Inc. director and CTO and Acting CFO Zhang Kan filed an initial Form 3 showing his beneficial ownership in the company. This filing does not report any new buy or sell transactions; it establishes his existing equity position.
He holds 94,285,750 Class A ordinary shares directly and 246,224,465 Class B ordinary shares indirectly through Kan's Global CoolStuff Investment Inc., which is ultimately owned by a Guernsey trust benefitting Mr. Zhang and his family. He also has options, held indirectly, to acquire 10,000,000 Class A ordinary shares at an exercise price of $0.0002 per share, exercisable until January 5, 2030.
CooTek (Cayman) Inc. CEO and President Li Qiaoling filed an initial ownership report showing large indirect holdings through LQL Global Innovation Investment Inc. The filing lists options to buy 5,000,000 Class A ordinary shares at an exercise price of $0.0002 per share, expiring on January 5, 2030. It also reports 215,624,465 Class A ordinary shares held indirectly by LQL Global Innovation Investment Inc. These entities are ultimately owned by LQL International Trust, for which Susan Qiaoling Li is the settlor and she and her family are beneficiaries.