「462,045,281」：10/2 的 424B5「452,225,321 Ordinary Shares outstanding consisting of 359,292,471 Class A Ordinary Shares and 92,932,850 Class B Ordinary Shares as of September 30, 2026」，加上 10/6 中报期后事项「On September 29, 2026, the Company issued the 9,819,960 Class A Ordinary Shares」。
两个推论：①B 类股（第 4 步）不能存成 ADS，只能先转换成 A 类；②公司说的「ADS 在外数」有时是把全部 A 类除以 8 算出来的（8/25 招股书写 17,236,557 ADS），不一定是存托行真正发出去的数，读数字要看它的口径。
存托行收什么钱、为什么要「再登记」（存托协议原句）
存托协议规定每发 / 注销 ADS、每年托管都要收费，例如「a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services」。存托行能发多少 ADS，要先在 SEC 用 F-6 表登记一个上限：2023 年登记了 300,000,000 个；2026-09-30 又用 F-6EF 再登记 500,000,000 个（第 12 步）。
200,000,000 → 8,000,000,000（A 7,520,000,000 / B 480,000,000）
2025-12-16 股东会决议
"the maximum number of shares the Company is authorized to issue be increased, redesignated and reclassified from 200,000,000 shares of a single class… to 8,000,000,000 shares"
"Each Class B Ordinary Share… the right to fifty (50) votes"；B 类「at the option of the holder… on a 1:1 basis」可转成 A 类；转让给 TUTU Business Service Limited 与 Wang Liying 以外的人，「automatically and immediately converted」。
B 类票数 = A 类票数时，控制权五五开：
A 类 = 92,932,850 × 50 = 4,646,642,500 股
今天 A 类 369,112,431 → 还要再发 4,277,530,069 股（约 5.35 亿 ADS）
A 类授权还剩 7,150,887,569 股，够发
NWGL 的例子：前董事长 Hok Pan Se、他与配偶共有的 Easy Bliss 等六个卖方，把 114,974,179 股（86.82%）以每股 0.0592 美元卖给 TUTU 和五位个人，总价 6,806,361.29 美元。签约当天就交割。公司的 6-K 写得很清楚：「The Company did not issue any new shares and was not a party to the Share Purchase Agreement」。
"(a) US$200,000 (the 'Initial Deposit'), which has already been paid to the Sellers by TUTU by banker's cheque on July 25, 2025; (b) US$3,300,000… deposited on or about September 11, 2025… by TUTU with the Escrow Agent… (c) US$3,150,000… deposited on or about October 21, 2025 by the Purchasers with the Escrow Agent… (d) US$156,361.29 (the 'Escrowed Balance')… released to the Sellers upon the Company's filing of its annual report on Form 20-F for the fiscal year ending December 31, 2025"
有：交割后 30 天内提交转售登记（「use its reasonable best efforts to file a Resale Registration Statement… on or before the date 30 days… following the Closing Date」）；投资人不得在重大未公开信息公布前交易；19.99% 持股上限（避免触发纳斯达克控制权变更规则）。
NWGL 的结果：424B5 写明 36,900,000 份权证「were exercised on a cashless basis… the Company issued an aggregate of 27,675,000 ADSs」。27,675,000 ÷ 36,900,000 = 75%，倒推回去相当于平均在 A ≈ 1.00 美元时行权（本页推算）。如果全部按 0.25 美元交现金，公司本可收 9,225,000 美元；实际收 0。
"The 'Beneficial Ownership Limitation' shall be 4.99% of the number of Class A Ordinary Shares outstanding immediately after giving effect to the issuance of the Class A Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions… provided that the Beneficial Ownership Limitation in no event exceeds [9.99%]… Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company."
持有人计算在外股数时可以依据「the Company's most recent periodic or annual report… a more recent public announcement… or a more recent written notice by the Company」，公司须在一个交易日内告知当前在外数。
"Except for the ownership of the Resale Securities acquired in the 2026 Private Placement… none of the Selling Shareholders has had any material relationship with us within the past three years.""The Selling Shareholders have informed us that they do not have any agreement or understanding, directly or indirectly, with any person to distribute the Resale Securities."风险因素："Sales of ADSs and Warrant ADSs by the Selling Shareholders… may make it more difficult for us to regain compliance with Nasdaq's minimum bid price requirement"
F-3："the aggregate market value of our outstanding Class A Ordinary Shares held by non-affiliates as of July 17, 2026, was approximately $4.279 million… in no event will we sell our securities in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75 million."424B5："a price of $1.74 per ADS as of September 15, 2026, which was the highest closing sale price of the ADSs on Nasdaq within the prior 60 days of this prospectus supplement… Because our public float is above $75.0 million, we are no longer subject to the sales limitations set forth in General Instruction I.B.5 of Form F-3."
"Under no circumstances shall the Company… [sell] at a price lower than the higher of (a) the aggregate par value… and (b) the minimum price authorized from time to time by the Company's board"
公司可提前 15 天通知终止；代理可在市场重大变化、停牌、会计问题，或「Interim Comfort Letter」未在 2026-10-30（可延至 11-06）前交付时终止。终止后 9 个月内若公司再做同类融资，代理仍可收 3%（「tail」）。424B5 说募资用途是「working capital and general corporate purposes and new product development」。
"American Depositary Shares representing Class A ordinary shares of CL Workshop Group Limited | 500,000,000 American Depositary Shares | $5.00 | $25,000,000 | $3,452.50"（「unit」定义为 100 个 ADS；5 美元只是计登记费的名义价）"It is proposed that this filing become effective under Rule 466 [X] immediately upon filing"
NWGL：2026-04-28 公司与顾问 Zijian Wu（申报只写「an advisor」，地址在伊斯坦布尔）签顾问协议，给他选现金或股；他 6/25 选了股，按 6/25 收盘价折算。9/28 授予 9,819,960 股 A 类（1,227,495 ADS），「shall vest on the Date of Grant」——授予即归属，没有任何等待期。
"…a failure to meet the continued listing requirement for minimum bid price shall be determined to exist if a company's security has a closing bid price of $0.10 or less for ten consecutive business days, regardless of whether the company is under any compliance period… Upon such failure, the Listing Qualifications Department shall issue a Staff Delisting Determination… the security shall be suspended from trading on Nasdaq""…a timely request for a hearing will not stay the suspension of the company's security from trading pending the issuance of a written Hearings Panel decision…"
批准令 2025-12-05，「operative 45 days after Commission approval」，即 2026-01-19。听证小组最多可给 180 天，条件是收盘买价回到 1 美元以上并连续 10 个营业日。出处：Federal Register 2025-22398。