ZW Data Action Technologies Inc (NASDAQ: CNET) is a digital advertising and marketing services company that provides Internet advertising, precision marketing, and related data services to small and medium-sized enterprises. Revenue comes from selling advertising placements and marketing services through its Internet portals, 28.com and liansuo.com, both founded in 2003 and 2011 respectively, along with influencer marketing services and blockchain-based SaaS products. Beginning in 2024 and continuing through the year ended December 31, 2025, the company wound down its distribution of search engine marketing services purchased from Chinese search engines, and operations shifted primarily outside mainland China. The company's principal executive offices are located in Central, Hong Kong, per the 10-K filed March 31, 2026. Total cost of revenues decreased to approximately $4.26 million for the year ended December 31, 2025, from $15.0 million for the year ended December 31, 2024, driven by the exit from search engine marketing distribution. Cash and cash equivalents were $970,000 as of December 31, 2025.

Revenue model

Transactional and service-fee model: advertisers pay for placements on 28.com and liansuo.com, media planning and digital ad management services for Hong Kong and overseas clients, influencer marketing services via agency partnerships, and blockchain-based SaaS services. Search engine marketing resale, previously a significant revenue stream, was wound down through fiscal year 2025.

Products and services

28.com and liansuo.com (Internet portals for small business opportunity advertising in China, founded 2003 and 2011); precision marketing and data services; influencer marketing services; blockchain-based SaaS products operated through ChinaNet Online Guangdong Technology (51%-owned subsidiary Guangzhou Zhongtian Hexin Xibao Technology).

Customers and end markets

Small and medium-sized enterprises (SMEs) in China seeking to build sales channels through franchisees, sales agents, distributors, and resellers; Hong Kong and overseas clients for Internet advertising and marketing services as of fiscal year 2025.

Value-chain role

Intermediary and platform operator connecting SME advertisers to online audiences via proprietary portals and third-party search engine distribution channels. Also acts as media services provider offering creative, planning, and digital ad management. Previously a reseller of search engine marketing rights from major Chinese search engines, a role wound down by December 31, 2025.

Geographic exposure

Operations now primarily conducted outside mainland China as of fiscal year 2025 per the 10-K filed March 31, 2026. Principal executive offices in Central, Hong Kong. Legacy VIE structure and subsidiaries remain in the PRC, including Beijing, Hubei, and Guangdong entities. Employee benefit plans maintained under PRC and Hong Kong regulations.

Source: SEC 10-K, filed 2026-03-31

Industry: Services-Computer Programming, Data Processing, Etc. Peers: Yueda Digital Holding Baosheng Media Group Holdings Ltd Token Cat Ltd