Key Highlights

  • Ping An Biomedical (NASDAQ:PASW) changed hands at USD 4.04 intraday on November 4, 2026, down 18.55%, with roughly 15,960 shares traded, a very thin tape.
  • The 1-for-40 consolidation of shares became effective October 23, 2026, bringing the roughly 125.1 million shares outstanding before the change down to around 3.1 million, subject to rounding.
  • A Form F-3 submitted on October 23, 2026 could cover up to USD 300 million of securities, and separately one holder controls about 91.56% of the vote.
  • A letter of intent was executed covering three patents tied to tumors, worth USD 2.0 million to USD 2.5 million; management expects it to contribute little near-term revenue.

Trading Action at Ping An Biomedical (down USD 0.92, 18.55%)

Ping An Biomedical (NASDAQ:PASW) lost 18.55%, or USD 0.92, to trade at USD 4.04 mid-session on November 4, 2026. That implies a prior close near USD 4.96 (calculated). No corporate announcement appeared when company releases and filing lists were checked for November 2 to November 4, 2026, so the drop is seen as trading driven. Market data put Volume near 15,960 shares, and relative volume of 0.18 means activity was far below normal. With a Market Value around USD 11.4 million, a handful of orders can move the quote by a double-digit amount.

Reverse Split, Shelf Filing and Patent Intent

According to the company release, the 1-for-40 combination of Class A and Class B shares became effective October 23, 2026. Before that, 112,867,000 Class A and 12,250,000 Class B shares were outstanding, and about 2,821,675 Class A plus 306,250 Class B were expected afterward, subject to rounding. Merging shares lifts the quoted price but leaves a holder's stake unchanged in value, and stocks like this often slide once new Supply returns. On that same day a Form F-3 was filed covering up to USD 300 million across equity, preferred stock, notes, warrants and unit packages. Separately, a letter of intent covers three tumor-linked patents, valued at USD 2.0 million to USD 2.5 million, and the company anticipates little near-term Revenue from them.

Background, Listing Position and Risk Factors

The firm went public in July 2025 and adopted its present name in September 2025. Its filings portray a clothing supply chain Business serving China, Hong Kong, Cambodia and Europe. Fiscal 2025 revenue was RMB 34.15 million, a 61.03% decline from RMB 87.62 million, and the loss came to RMB 12.83 million. Nasdaq issued a notice about falling short of the minimum bid price on November 24, 2025, with an initial compliance window running to May 25, 2026. A later takedown under the shelf could dilute holders, because new shares spread Earnings and ownership over a bigger count. Thin trading, wide spreads and quoted moves that reverse are common here, and this move offers no read on where the price heads next.

Where Things Stand

Ping An Biomedical (NASDAQ:PASW) is down 18.55% on November 4, 2026, and searches found no corporate news dated November 2 to November 4, 2026. The move looks trading driven and follows an October 23 reverse split, a USD 300 million shelf filing and a letter of intent on patents, which management says will bring little revenue soon. With a market value of about USD 11.4 million and thin activity, price swings may be big and reverse fast. Anyone assessing value should not lean on this quoted price.