One company met our criteria from the two 10-K annual reports filed with the SEC on 16 July 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 New Horizon Aircraft Ltd., 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
- Chi Special Acquisition Corp. (Medium) — The key new issue is China-related regulatory uncertainty, which could complicate or delay any future deal and post-merger listing plans.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Chi Special Acquisition Corp. | 1858007 | 0.995 | 0.999 | 0.999 | 0.999 | MD&A | medium |
Chi Special Acquisition Corp.
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Chi Special Acquisition Corp. largely kept its SPAC profile intact, but it added a more explicit warning about Chinese regulatory approval and filing requirements for overseas listings and disclosures. The new disclosure says those rules could interfere with a future business combination, foreign investment, or the ability of the combined company to list and operate as planned.
Main Changes
- The company kept the core blank-check business model, but the business section now emphasizes that it is "formerly known as Goldenstone Acquisition Limited," highlighting the name change while retaining the same purpose of pursuing a business combination.
- The filing adds a new PRC regulatory warning that overseas listings and related disclosures may require approvals or filings with Chinese authorities, including rules that could restrict disclosure of state secrets or working secrets.
- The new language says the company cannot assure investors the PRC rules will not apply to it in the future, and that any new requirements could affect its ability to complete a business combination, accept foreign investment, or list the combined company on a U.S. or other foreign exchange.
Watch Items
- This matters because PRC approval or filing uncertainty can slow or block a deal, which is especially important for a SPAC with a finite time window to close a transaction.
- The added China-related risk also raises the possibility of post-combination trading or listing complications if regulators decide the rules apply to the target or the combined company.
- Investors should watch whether management has a China-linked target in mind, since that would make the new disclosure more than boilerplate and could materially affect execution risk.
Important Filing Changes
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS References to the “Company,” “Goldenstone” “our,” “us” or “we” refer to Goldenstone Acquisition Limited. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes thereto contained elsewhere in this report.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS References to the “Company,” “Chi Special”, “Goldenstone”, “our,” “us” or “we” refer to Chi Special Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes thereto contained elsewhere in this report.
Upon the closing of the initial public offering on March 21, 2022, a total of $58,362,500, or $10.15 per share of the net proceeds from the IPO, the Over-Allotment and the Private Placement were deposited in a Trust Account established for the benefit of our public stockholders. If we have not completed our initial business combination by June 21, 2025, we will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares,…
Upon the closing of the initial public offering on March 21, 2022, a total of $58,362,500, or $10.15 per share of the net proceeds from the IPO, the Over-Allotment and the Private Placement were deposited in a Trust Account established for the benefit of our public stockholders. If we have not completed our initial business combination by July 21, 2026 if we don’t further extend, we will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $50,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. 15 We cannot assure you that our plans to complete our initial business combination will be successful.
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.
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