Recent Updates — TC

Token Cat Limited reported a net loss of US$28.1 million (RMB190.9 million) for the six months ended June 30, 2026, compared to a net loss of $0.7 million in the prior year period. Revenue from continuing operations reached RMB19.4 million ($2.9 million), generated entirely by its automotive electronics resale and advertising businesses following the disposition of legacy auto show operations. The company recognized a significant RMB165.3 million impairment charge on prepayments for an MCN live-streaming business that failed to deliver equipment or services. Additionally, Token Cat issued approximately 96 billion Class A ordinary shares in February 2026 in exchange for MFT digital tokens and received 3.4 million tokens in August; however, the company has not monetized these assets, leaving a substantial stock subscription receivable on its balance sheet. The company operates in the automotive electronics resale and digital advertising sectors.

Effective August 28, 2026, Guangsheng Liu resigned as director, chairman, CEO, and CFO of Token Cat Limited. The resignation was not due to disagreements regarding operations or policies. Zhanli Wang was elected by the remaining board members to succeed Liu in all three roles: director, chairman, CEO, and CFO. Wang previously served as Operations Director at Ruitong Technology Co., Ltd. since February 2021 and holds a Bachelor’s Degree from Zhejiang University of Technology. This executive transition involves key leadership changes that could impact investor confidence and operational continuity.