The proxy fight outcome is effectively predetermined by CEO Liu's 53.30% voting control, but the activist campaign signals deep governance concerns. Watch for the activist's next move — potential litigation or a tender offer — and monitor the December 3 vote for any signs of dissent despite the controlled outcome.
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Executive Summary
Cheetah Net Supply Chain Service Inc. (CTNT) filed its definitive proxy statement for the December 3, 2026 annual meeting, proposing the election of five incumbent directors, ratification of auditor Tang Qian & Associates PLLC, and approval of meeting adjournment. The filing comes amid an active proxy fight with Takeover Time 2026 LLC, which has filed multiple SC 13D/A amendments and a consent solicitation seeking to remove the entire Board. CEO Huan Liu controls 53.30% voting power through Class B shares, making the election outcome predetermined despite the activist challenge.
Key Facts
- Annual meeting scheduled for December 3, 2026; record date October 16, 2026
- Five director nominees are all incumbents: Huan Liu (CEO/Chairman), Xianggeng Huang, Xiangan Ruan, Huiping Chen, Huibo Deng
- CEO Huan Liu controls 53.30% of voting power via 101,358 Class B shares (15 votes each) vs 1,332,087 Class A shares (1 vote each)
- Takeover Time 2026 LLC filed SC 13D on Sep 22, SC 13D/A on Sep 26 and Oct 13, and a consent solicitation to remove/replace the entire Board
- DEFA14A filed Oct 15 confirms management is opposing the activist solicitation and will file a WHITE card
- CEO total compensation: $342,720 in 2025 ($72,000 salary + $270,720 stock awards), up from $333,666 in 2024
- CFO Cindy Tang resigned effective May 29, 2026; CEO Liu serves as interim CFO
- Related party transactions: CEO Liu purchased 200,000 Class B shares for $400,000 in June 2026 and 100,000 Class B shares for $330,000 in October 2026
- Board held zero meetings in fiscal 2025; Compensation Committee and Nominating Committee also held zero meetings
- Auditor changed from Assentsure PAC to Tang Qian & Associates PLLC on January 6, 2026
- No shareholder proposals on the ballot
Financial Impact
CEO compensation $342,720 in 2025; CEO purchased $730,000 of Class B shares in two related-party transactions; auditor fees $478,231 in 2025
Risk Factors
- CEO holds majority voting control, making proxy contest outcome predetermined regardless of minority shareholder sentiment
- Board held zero meetings in fiscal 2025, indicating weak governance oversight
- CFO departed in May 2026 with no permanent replacement; CEO serving as interim CFO creates concentration risk
- Related-party stock sales to CEO at $2.00 and $3.30 per share may face scrutiny on pricing fairness
- Auditor change in January 2026 adds incremental financial reporting risk
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEF 14A Filing (Primary) | 0001104659-26-116658 |
| Document: 0001104659-26-116658-index-headers.html | 0001104659-26-116658 |
| Document: 0001104659-26-116658-index.html | 0001104659-26-116658 |
| Document: 0001104659-26-116658.txt | 0001104659-26-116658 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | DEF 14A | $2.69 | awaiting T+20 | — | $2.14 (+20.45%) |
Oct 15, 2026 11d ago | DEFA14A | $2.75 | awaiting T+20 | — | $2.14 (−22.18%) |
Oct 15, 2026 11d ago | Press Release | $2.75 | awaiting T+20 | — | $2.14 (+22.18%) |
Oct 13, 2026 13d ago | SC 13D/A | $2.72 | awaiting T+20 | — | $2.14 (−21.32%) |
Oct 9, 2026 17d ago | 8-K | $2.43 | awaiting T+20 | — | $2.14 (+11.93%) |
Sep 30, 2026 26d ago | 8-K | $2.45 | awaiting T+20 | — | $2.14 (+12.65%) |
Sep 25, 2026 4w ago | SC 13D/A | $3.60 $2.18 | ▲ +39.44% | ▲ +39.41% | $2.14 (+40.56%) |
Sep 23, 2026 4w ago | 8-K | $0.0384 $0.0165 | ▼ −56.94% | ▼ −57.63% | $2.14 (+5472.92%) |
Sep 21, 2026 5w ago | SC 13D | $0.0442 $0.0170 | ▲ +61.54% | ▲ +60.98% | $2.14 (−4741.63%) |
Sep 15, 2026 6w ago | 8-K | $9.30 $2.43 | ▼ −73.87% | ▼ −76.85% | $2.14 (−76.99%) |
US Market Status
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