Able View Global is a Shanghai-based cross-border e-commerce operator that helps global beauty brands - Clarins first among them - sell into China across Tmall, JD.com, Douyin, Xiaohongshu and a network of KOLs and physical counters. The company rode that trade to a revenue peak of roughly $129 million in 2023, went public through a SPAC on Nasdaq at the end of that year, and has been shrinking ever since. Its fiscal 2025 annual report, published April 2026, showed revenue down again, to about $105 million, with the continuing business posting a small loss of $2.8 million and burning $3.6 million of operating cash. And yet the headline line on the income statement was a profit of $820,000 for the year.
That apparent recovery is not the core business working. The $820,000 reflects a one-off gain of about $4.8 million on the June 2025 disposal of Shanghai Jingyue, a struggling subsidiary the company handed to a buyer at zero consideration - a portfolio cleanup booked as discontinued operations. Strip the disposal and the continuing beauty business lost money for the second straight year. This is the central tension of the stock: a shrinking, structurally thin-margin distributor straining to show it can still create value, trading at $0.78 as of mid-August 2026 - below the $1.00 minimum bid price Nasdaq requires - with a decision already taken in March 2026 to consolidate shares by up to 200-to-one to get back over the line. What decides the story is not the one-off cures but whether the operating business stops shrinking, and whether the listing survives long enough for that to matter.