三处锚点都对得上公司自己报的数：

• F-3（2025-08-28）为 6,067,441 股，F-3 原文「6,067,441 class A ordinary shares were issued and outstanding」；
• 20-F 期末（2025-10-31）为 6,632,441 股；
• 424B5 发行前为 6,655,324 股。

「As of April 30, 2026 the Company had an aggregate of 6,755,324 Ordinary Shares issued and outstanding, consisting of 6,655,324 Class A Ordinary shares (excluding the 630,000 Pre-Delivery Shares, effectively returned and cancelled on May 4, 2026 …) and 100,000 Class B Ordinary Shares」— 半年报 Note 11

授权股是有面值的有限数，所以可以算「授权余量」：2,000,000,000 − 8,963,024 ≈ 19.9 亿股 A 类，约为在外股数的 222 倍。

① 合并对价：

「issued 50 million ordinary shares in exchange for all outstanding ordinary shares of Caravelle Group … issued 2,719,579 ordinary shares to the SPAC shareholders … also issued 55,000 ordinary shares to settle Pacifico’s promissory note」— 20-F FY2023 Note 12

⑤ 控制人票据：

「The Issuer issued 35,480,000 Ordinary Shares … as a result of its conversion of the Note on or about September 23, 2024.」— 13D/A 2024-09-27

⑥ 四名投资人：

「The October 2024 Note were subsequently fully converted into 17,520,000 ordinary shares on October 21, 2024.」— 6-K 2024-10-31

两笔票据的发行依据都是 4(a)(2) 与 506(b)，即未登记证券；原文「pursuant to Section 4(a)(2) of the ‘33 Act … and Rule 506(b)」，见 9 月 SPA、10 月 SPA。

⑧ 权证转让：

「Between February 2, 2025 to March 21, 2025, High-Trend USA sold certain warrants, representing the right to purchase an aggregate of 2,260,000 Class A Ordinary Shares, to four investors … on March 29, 2025, High-Trend USA sold warrants … 5,600,677 Class A Ordinary Shares, to an investor」— 13D/A 2025-04-08

4/22 又卖出 1,800,000 份，见 13D/A 2025-04-25。以上三批都是原始口径。

⑨ Speed Wealthy 锁定：

「during a period of thirty-six (36) months commencing on the Closing Date (the “Lock-Up Period”), the Purchaser will not, directly or indirectly … offer, sell …」

交割日为 2025-03-10，见 6-K 2025-03-11。付款方式不是现金，而是抵销公司欠 Topsheen Shipping Limited 的债，见 半年报 2025-04-30。

⑬ 注册直投：

「We are offering 2,307,700 of our Class A ordinary shares … in a registered direct offering … The purchase price of each Class A Ordinary Share is $6.50 … On May 12, 2026, the last reported sale price … was $11.28.」

数量上限（Rule 144(e)(1)），原文见 Cornell LII 转载的 17 CFR 230.144：

「the amount of securities sold, together with all sales of securities of the same class sold for the account of such person within the preceding three months, shall not exceed the greatest of: (i) One percent of the shares or other units of the class outstanding … or (ii) The average weekly reported volume of trading … during the four calendar weeks preceding the filing of notice」

控制人每三个月最多能卖多少（本轨推算）：

• 1% × 8,963,024 = 89,630 股；
• 近四周周均成交 ≈ 近 20 个交易日总量 1,330,779 ÷ 4 ≈ 332,695 股；
• 取大者，约 33 万股 / 三个月。按这个速度，2,219,200 股至少要卖 7 个季度。

前壳公司条件（Rule 144(i)(2)）：

「if the issuer of the securities previously had been an issuer described in paragraph (i)(1)(i) but has ceased to be … has filed all reports and other materials required to be filed … during the preceding 12 months … other than Form 8-K reports … and has filed current “Form 10 information” … then those securities may be sold」

HTCO 由 SPAC 合并而来。2022-12-23 公司交过一份「壳公司报告」，见 20FR12B。

2024 年公司迟交过年报：2024-02-29 提交 NT 20-F，年报拖到 2024-09-09 才交。按这条规则，那段时间未登记股可能都卖不了。

FY2025 年报 2026-01-23 已按时提交；封面「是否交齐报告」原本勾了「否」，后来用 20-F/A 更正为「是」。

规则原文为联邦法规，不是公司文件；本页只报条文与直接含义，是否适用以律师意见为准。

「(a) From the date hereof until forty-five (45) days after the Closing Date, the Company shall not (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents or (ii) file any registration statement …」

证券购买协议 EX-10.1 §4.11(a)

「Each of our directors and executive officers are subject to lock-up agreements … for a period of 60 days following the closing date of this Offering.」

424B5「Lock-Up Agreements」

「… Variable Rate Transaction … for a period of ninety (90) days following the closing of this Offering, subject to certain exceptions … including that we may enter into and effect sales in an “at-the-market” offering entered into with the Placement Agent commencing 45 days following the closing of this Offering.」

公司自己的 6-K 正文把禁发期写成「60 天」、禁浮动价写成「6 个月」，与协议不一致。本页按协议原文取 45 / 90 天。

截至 9/17，EDGAR 上没有 ATM 的招股书补充。

「14. Sales Limitation. Investor agrees that so long as no Event of Default … it will not sell, during any calendar week, Class A Shares in an amount exceeding fifteen percent (15%) of the total weekly dollar trading volume …」

SPA EX-10.1

• 公司 6-K 与新闻稿把这条写成「每日成交量 15%」，与合同不符。
• 合同要求 30 天内提交 F-1 转售登记，EDGAR 上从未出现。
• 2026-04-28 公司付清 $4,191,247.42，630,000 股预交付股退回注销，见 6-K 2026-05-04。其中 $2,600,000 由控制人代付，见半年报 Note 7、Note 9。

「630,000 Class A ordinary shares … were originally scheduled to become eligible for resale on May 1, 2026.」— 新闻稿 2026-05-04

「Each Class B Ordinary Share is convertible into one (1) fully paid Class A Ordinary Share at any time by the holder thereof … upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any Person which is not an Affiliate of such holder … such Class B Ordinary Shares shall be automatically and immediately converted into an equal number of Class A Ordinary Shares.」

章程 Art. 59(d)（第二、三、四版同文）

「where a Class of Shares has been authorized by the Company, no resolution of the Company in general meeting is required for the issuance of Shares of that Class and the Directors may issue Shares of that Class」

第四版章程 Art. 54(c)，EX-3.1

直接含义：授权 B 类有 110,100,000 股，已发 100,000 股。按章程文字，董事会不开股东会也能再发 B 类，每股 100 票。

F-3 货架（333-290080）总额 4 亿美元，2025-12-08 生效，见 EFFECT。

F-3/A No.2 与 424B5 写着：

「approximately $62.23 million based on 7,285,324 outstanding Class A ordinary shares, of which 5,006,564 shares are held by non-affiliates, and a per share price of $12.43 … pursuant to General Instruction I.B.5. of Form F-3, the Company has not conducted any transactions in the last 12 months.」

非关联方市值低于 7,500 万美元时，一般指示要求 12 个月内经货架卖出的总额不超过非关联方市值的三分之一。公司文件写的是「I.B.5」，这一限制通常对应 I.B.6，文件编号与通常用法不一致。

本轨推算：

• 非关联方股数按公司口径约为 5,006,564 − 630,000 + 2,307,700 = 6,684,264 股；
• 按今天往前 60 个日历日内（7/19 起）的最高收盘价 $3.61（8/03）计，市值约 2,413 万美元，低于 7,500 万；
• 三分之一约 804 万美元；按 9/16 收盘价 $2.07 计，市值约 1,384 万，三分之一约 461 万。

5 月那笔 1,500 万美元是否计入 12 个月额度，取决于当时是否按大公司口径发行（5 月前 60 天内的最高收盘价是 4/27 的 $38.22）。424B5 没有给出计算。

Renn 的 Form 144 写这些股份分别于 2025-01-27（2,280 股）和 2025-03-24（20,000 股）以董事薪酬取得，但他的 Form 3 事件日是 2024-07-08。两份文件的时间对不上。另外，这份 144 把「在外股数」填成 0，「是否赠与」填成是。

外国私人发行人的内部人本不适用 Form 3/4。这 9 份 Form 3 集中在 2026-03 到 04 补交，没有后续 Form 4，所以不能靠它们追踪买卖。

含极值均量 = 1,330,779 ÷ 20 = 66,539
中位数 = 第 10、11 大的平均 = 41,480
剔极值均量 = (1,330,779 − 303,168 − 196,708) ÷ 18 = 46,161
6,476,279 ÷ 66,539 ≈ 97.3；÷ 46,161 ≈ 140.3；÷ 41,480 ≈ 156.1
3,954,171 ÷ 66,539 ≈ 59.4；÷ 46,161 ≈ 85.7；÷ 41,480 ≈ 95.3

「89. Notwithstanding anything to the contrary contained in these Articles, so long as any Class B Ordinary Shares remain outstanding, the Company shall not … take any of the following action without the prior written consent of the Majority Class B Holders: (a). any Change of Control; (b). issuance of any Class B Ordinary Shares, or any amendment, waiver, or modification of the rights … attached to the Class B Ordinary Shares; or (c). any amendment or alteration to the Memorandum and these Articles.」

• 「多数 B 类持有人」指持有 B 类表决权 51% 以上的人。今天 B 类全在控制人手里，等于他一人同意或否决。
• 「控制权变更」定义里有一项：任何可能使 B 类持有人合计表决权低于 50% 的事件。如果这条真的生效，大额增发 A 类也要控制人点头。
• 按 B 类 1,000 万票单独算，A 类再多发约 103.7 万股，B 类表决权就会低于 50%。
• 唯一豁免：股权激励，且 S-8 发行累计不超过已发行股的 20%。