Two companies met our criteria from the three 10-K annual reports filed with the SEC on 30 September 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for Nova Minerals Corp, so it is excluded from the ranking.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- Bowen Acquisition Corp (High) — The biggest change is that Bowen now faces Nasdaq delisting while still racing to close its Qianzhi deal.
- Longduoduo Co Ltd (Low) — The key signal is a modest repositioning toward preventive healthcare, paired with a restructuring-related tax item that investors should monitor for further corporate changes.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Bowen Acquisition Corp | 1973056 | 0.99 | 0.996 | 0.974 | 0.997 | Risk Factors | high |
| 2 | Longduoduo Co Ltd | 1892316 | 0.995 | 0.996 | 0.999 | 0.999 | Business | low |
Bowen Acquisition Corp
| Rank | 1 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Bowen’s latest filing adds a major new risk: Nasdaq has decided to delist the company’s securities, while the company is still trying to complete its Qianzhi business combination. Financially, the company moved from a profit in 2024 to a loss in 2025, largely because of new deal-related financing and forward purchase agreement costs. The filing signals that the transaction remains unfinished and the stock now faces added listing and liquidity pressure.
Main Changes
- The company added that on October 30, 2025 it received a Nasdaq hearing decision letter saying Nasdaq would delist its securities at the open of trading on November 3, 2025.
- The 2025 results now show a net loss of $1.56 million, versus net income of $2.96 million in 2024, driven by new costs including a $1.93 million loss on issuance of the Forward Purchase Agreement and $336,000 of financing expense.
- The filing says the company is still seeking to satisfy the remaining conditions to close the Qianzhi transaction, and if it cannot close, it will either liquidate or seek more time for an alternative business combination.
Watch Items
- Nasdaq delisting raises execution and liquidity risk for the stock, even if the deal process continues.
- The swing from profit to loss suggests the SPAC’s economics are deteriorating as it incurs deal-related financing and transaction costs.
- Failure to close the Qianzhi transaction could force liquidation, which would be the key downside case for shareholders.
Important Filing Changes
We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination. For the year ended December 31, 2024, we had a net income of $2,963,852, which consists of a loss of $633,764 derived from operating costs, and interest expense of $87,267, offset by income earned on the Trust Account of $3,684,883. For the period from February 17, 2023 (inception) through the year ended December 31, 2023, we had a net income of $1,484,790, which consists of a loss of $244,568 derived from formation and operating costs offset by income earned on the Trust Account of $1,729,358.
We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing, a Business Combination. For the year ended December 31, 2025, we had a net loss of $1,557,695, which consists of a loss of $351,661 derived from operating costs, and total other expenses of $1,556,901 (consisting of interest expense of $122,174, loss on issuance of Forward Purchase Agreement of $1,929,656, and financing expense of $336,000, partially offset by change in fair value of Forward Purchase Agreement of $830,929), offset by total other income of $350,867 (consisting of interest earned on the Trust Account of $349,709 and bank interest income of $1,158). For the year ended December 31, 2024, we had net income of $2,963,852, which consists of a loss of $633,764 derived from operating costs and interest expense of $87,267, offset by income earned on the Trust Account of $3,684,883.
To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. 8 As of December 31, 2024, we had cash and cash equivalent of $103,774. We will use these funds primarily to complete the business combination.
To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies. 8 As of December 31, 2025, we had cash and cash equivalents of $12,280. We will use these funds primarily to complete the business combination.
Our sponsors are Createcharm Holdings Ltd and Bowen Holding LP (each a “Sponsor” and collectively the “Sponsors”), each of which is affiliated with members of our management team. On February 27, 2023, Bowen Holdings LP acquired an aggregate of 1,725,000 of our ordinary shares, par value $0.0001 per share (such ordinary shares generally, the “Ordinary Shares”, such 1,725,000 Ordinary Shares, the “Founder Shares”), for an aggregate purchase price of $25,000. Thereafter, it transferred an aggregate of 1,155,750 Founder Shares to Createcharm Holdings Ltd.
Our sponsors are Createcharm Holdings Ltd and Bowen Holding LP (each a “Sponsor” and collectively the “Sponsors”), each of which is affiliated with members of our management team. On February 27, 2023, Bowen Holding LP acquired an aggregate of 1,725,000 of our ordinary shares, par value $0.0001 per share (such ordinary shares generally, the “Ordinary Shares”, such 1,725,000 Ordinary Shares, the “Founder Shares”), for an aggregate purchase price of $25,000. Thereafter, it transferred an aggregate of 1,155,750 Founder Shares to Createcharm Holdings Ltd.
Longduoduo Co Ltd
| Rank | 2 |
|---|---|
| Lowest similarity section | Business |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Longduoduo made a modest business-description update that reframes the company around preventive healthcare rather than general medical examinations. It also disclosed a small reduction in headcount and a much lower PRC tax accrual, including a one-time tax cost tied to transferring a subsidiary. Overall, the filing reads more like a positioning and housekeeping update than a major strategic reset.
Main Changes
- The business description now says the company competes in the "private preventive healthcare market" instead of the broader "private medical examination" market, signaling a tighter positioning around preventive services.
- The competitor set was simplified from "major public hospitals and private medical examination companies" to "major public hospitals and private medical companies," while the company kept the same three claimed advantages: strong sales and marketing, an innovative approach, and a flexible management mechanism.
- The employee count fell to 51 full-time employees from 52, and the mix shifted slightly, with management down to 8 from 10 and customer service up to 27 from 23.
- The PRC income tax note now says the company accrued $66,451 for fiscal 2026 versus $222,268 for fiscal 2025, and adds that $62,690 was incurred by Longduoduo HK in connection with transferring Longduoduo Health Technology to Julong.
Watch Items
- The move to "preventive healthcare" suggests management is sharpening its market identity, which may matter if the company is trying to differentiate from generic medical exam providers.
- The lower PRC tax accrual and the transfer-related tax item point to a corporate restructuring event that investors should watch for follow-through in future filings.
- The slight headcount reduction and shift toward customer service may indicate a leaner operating model, but the filing does not show a major change in scale.
Important Filing Changes
ALL OF THE BUSINESS OPERATIONS THAT ARE DESCRIBED IN THIS REPORT AND REFLECTED IN THE FINANCIAL STATEMENTS CONTAINED IN THIS REPORT ARE CARRIED OUT BY SEVEN LIMITED COMPANIES ORGANIZED AND LOCATED IN THE PEOPLE’S REPUBLIC OF CHINA (“PRC”). LONGDUODUO OWNS THE SEVEN OPERATING COMPANIES THROUGH AN INTERMEDIARY HOLDING COMPANY REGISTERED IN HONG KONG. 1 The following chart describes our current corporate structure: Longduoduo Company Limited (Hong Kong) (“Longduoduo HK”), was established on July 26, 2021 under the laws of Hong Kong.
ALL OF THE BUSINESS OPERATIONS THAT ARE DESCRIBED IN THIS REPORT AND REFLECTED IN THE FINANCIAL STATEMENTS CONTAINED IN THIS REPORT ARE CARRIED OUT BY SEVEN LIMITED COMPANIES ORGANIZED AND LOCATED IN THE PEOPLE’S REPUBLIC OF CHINA (“PRC”). LONGDUODUO OWNS THE SEVEN OPERATING COMPANIES THROUGH INTERMEDIARY HOLDING COMPANIES REGISTERED IN HONG KONG AND THE BRITISH VIRGIN ISLANDS. 1 Longduoduo initiated operations on October 26, 2021, when it issued 30,000,000 shares of its common stock to the shareholders of Longduoduo Company Limited (Hong Kong) (“Longduoduo HK”) in exchange for 100% of the outstanding shares of Longduoduo HK, which at that time owned the Chinese limited companies.
1 The following chart describes our current corporate structure: Longduoduo Company Limited (Hong Kong) (“Longduoduo HK”), was established on July 26, 2021 under the laws of Hong Kong. On October 26, 2021, Longduoduo issued 30,000,000 shares of its common stock to the original shareholders of Longduoduo HK, in exchange for 100% of the outstanding shares of Longduoduo HK. LDD Technology Limited (“LDD”) was established on March 18, 2024 under the laws of British Virgin Islands.
LONGDUODUO OWNS THE SEVEN OPERATING COMPANIES THROUGH INTERMEDIARY HOLDING COMPANIES REGISTERED IN HONG KONG AND THE BRITISH VIRGIN ISLANDS. 1 Longduoduo initiated operations on October 26, 2021, when it issued 30,000,000 shares of its common stock to the shareholders of Longduoduo Company Limited (Hong Kong) (“Longduoduo HK”) in exchange for 100% of the outstanding shares of Longduoduo HK, which at that time owned the Chinese limited companies. Subsequently, LDD Technology Limited and LDDJK Hong Kong Limited replaced Longduoduo HK as the intermediaries to the Chinese limited companies.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
Leave a Comment