The Michigan-based electric vehicle developer arrives with nominal revenue, a going concern qualification, and a sub-penny quotation that brokers cannot publish on their own initiative.

August 4, 2026

Sharing Economy International Inc. has completed a reverse acquisition that hands control of the Nevada-incorporated company to the founders of Light Across, Inc., a Delaware electric vehicle engineering and design venture incorporated in July 2022, and ends Sharing Economy’s status as a shell company under Exchange Act Rule 12b-2.

Under a Share Exchange Agreement dated August 2, 2026, Sharing Economy issued 4,998,838,436 shares of common stock to Light Across’s 16 stockholders in exchange for all of the target’s outstanding equity. That block represents 80 percent of Sharing Economy’s outstanding common stock, and Light Across became a wholly owned subsidiary. Shares outstanding stood at 6,248,548,045 as of the closing date, against authorized common stock of 7,450,000,000 shares.

Who Ends Up With What

Neither of the company’s two executives held any Sharing Economy stock before the closing. Both now do, by virtue of their Light Across positions:

• Ximing Huang, who held 82 percent of Light Across and became chairman, chief executive and president on May 12, received 4,103,939,641 shares, or roughly 65.6 percent of the company.
• Johnny Chen, chief financial officer and a director, received 724,224,643 shares, or about 11.5 percent, on the strength of a 14.4 percent Light Across position.
• The remaining 14 Light Across holders took 170,674,152 shares in aggregate, or approximately 2.73 percent.

Officers and directors as a group hold 77.2 percent. The shares were placed under Section 4(a)(2) and Rule 506 for the two executives, and under Regulation S for the 14 remaining holders, whom the company describes as non-US persons subscribing offshore.

For accounting purposes Light Across is the acquirer and Sharing Economy the acquiree. The combination is treated as a capital transaction, with Light Across’s assets and liabilities carried forward at book value and its equity structure retroactively restated to the exchange ratio. Financial information for periods before the closing therefore describes Light Across, not the public shell.

The Operating Business

Light Across has not manufactured any vehicles for commercial sale and intends to initiate production in the United States. Alongside vehicle design and development services, the company describes an AI-enabled mobility and logistics platform meant to route a single fleet across several demand modes at once, spanning vehicle sharing, chauffeured transportation, autonomous driving, intelligent dispatch, fleet management, EV charging and connected vehicle services. Management frames utilization as the economic case: allocating vehicles dynamically rather than running each service as a standalone business is intended to cut idle time and improve fleet economics.

The company says it employs no one. Huang and Chen, both non-employee officers, run it, and neither has an employment agreement. No compensation was paid to any executive for 2024 or 2025 or through the filing date, no options are outstanding, and no equity compensation plan is in effect. The company owns no real estate. Its reporting currency is the US dollar; its functional currency is the renminbi.

The four-member board carries automotive engineering depth unusual for a company of this size. Huang previously led Nanjing Bordrin New Energy Vehicle and Shanghai Cotech Automotive Engineering, and worked at Ford and General Motors. Chen co-founded fleet management software firm Allride. Directors Hao Zeng and Kevin Yikang Zhang have served as chief technical officers at ZO Motors and Karma Automotive respectively. Two of the four are identified as independent under Nasdaq listing standards, though the company also states its board has not made the subjective independence determinations those rules require.

Balance Sheet and Going Concern

Light Across reported cash of $99,372, total assets of $924,349 and total liabilities of $6,920,131 at March 31, 2026, with a stockholders’ deficit of $626,068. Auditors have raised substantial doubt about the ability to continue as a going concern. Management estimates roughly $500,000 of legal, accounting, marketing, development and administrative costs over the next twelve months, and states it has no financing arranged and no arrangements in place for future equity financing.

Quarterly figures show revenue of $627,818 for the three months ended March 31, 2026, against nothing in the year-earlier quarter, with general and administrative expenses of $268,377 versus $7,260 and a net loss of $174,794 versus $9,819. Elsewhere the filing puts net revenue at $80,150 and a net loss of $102,247 for the year ended December 31, 2025, and reports comprehensive income of $1,699 for 2025 against a comprehensive loss of $17,700 for 2024. Several of these figures do not reconcile with one another, and the discussion also asserts in places that no revenue has been generated at all. Audited annual and unaudited interim statements for Light Across, plus pro forma combined information, are filed as exhibits.

Two legacy items sit on the balance sheet from the prior business. Amounts due from companies related to Chan Tin Chi Family Company Limited totaled $18,046,119 at the end of 2025 and $18,053,200 a year earlier; amounts due to that entity were $1,388,421 and $1,528,734. All are unsecured, interest-free and carry no fixed repayment terms. Separately, Sharing Economy issued a $400,000 note to Light Across in December 2025, bearing 6 percent interest and convertible at 70 percent of the trailing ten-day average closing price, with a stated maturity of June 30, 2026.

A Registration at Risk

The transaction closes while the company is defending its right to remain a reporting issuer. Sharing Economy is the respondent in an SEC administrative proceeding, Admin. Proc. File No. 3-22248, in which the Division of Enforcement seeks to revoke its Exchange Act registration. On June 17, 2026, the Commission issued a supplemental briefing order observing that the company had since filed a number of delinquent periodic reports and asking for further briefing on whether revocation remained necessary and appropriate for investor protection. The Division’s reply to the company’s response was due August 4, 2026.

Revocation would strip the common stock of its public quotation, removing both the exit the Light Across holders just acquired and the currency the company would need for the acquisitions and partnerships it says it plans.

That quotation is already thin. The stock has traded over the counter since December 2018 and now sits on the OTCID tier under the symbol SEII, closing at a bid of $0.0007 on July 31, 2026. It is not eligible for proprietary broker-dealer quotations, meaning every quote reflects an unsolicited customer order. Restoring competing quotes and continuous market making would require a broker-dealer review under Rule 15c2-11, and the company says it has no planned date for seeking one. There were about 1,243 holders of record of the common stock and one holder of the Series A Preferred, of which 3,189,600 shares are designated. The preferred converts one-for-one into common at holder option six months after being fully paid, carries no voting rights, dividend or liquidation preference, and is subject to a 9.99 percent beneficial ownership conversion cap.

A Serial Reinvention

Sharing Economy has cycled through business identities before. Incorporated in Delaware in 1987 as Malex, Inc., it became China Wind Systems in 2007, Cleantech Solutions International in 2011, reincorporated in Nevada in 2012, and took its current name in 2018. The prior board and management team resigned in May 2026, clearing the way for the Light Across principals. A code of ethics was adopted on the closing date.