1. A boutique investment bank like Lazard, but exclusively for smaller Asian companies looking to IPO in the U.S.

2. A specialized financial consultancy, similar to a focused Deloitte or KPMG, guiding Asian SMEs through U.S. stock market listings.

• Financial Consulting Services: Provides strategic financial advice and capital structure optimization to small and medium-sized enterprises.
• IPO Advisory Services: Guides companies through the entire initial public offering process, including pre-IPO restructuring and coordination with underwriters.
• Other Business Consulting Services: Offers diverse consulting engagements that may include technology-related solutions such as blockchain consulting.

ATIF Holdings Ltd. (symbol: ZBAI) primarily sells its services to other companies.

Its major customers are small and medium-sized enterprises (SMEs) in China seeking a range of financial and business consulting services. These services include:

• Initial Public Offering (IPO) advisory and consulting
• Financial advisory and management consulting
• International financial compliance consulting
• Investment consulting

These customer companies typically utilize ATIF's expertise to prepare for public listings, raise capital, and improve their financial management and corporate governance.

While ATIF Holdings Ltd. indicates in its SEC filings (e.g., 10-K) that a significant portion of its revenue comes from a limited number of customers (e.g., the top five customers accounted for approximately 75.8% of total revenues for the fiscal year ended July 31, 2023), the company does not disclose the specific names of these customer companies in its public filings. This is common for competitive reasons, and given that their target market is SMEs, these customers are typically private entities without public stock symbols.

Additionally, ATIF also provides fund management services, which may include high-net-worth individuals and institutional investors, but their primary focus and revenue drivers are the aforementioned corporate clients.

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Dr. Kamran Khan

Dr. Kamran Khan was appointed Chief Executive Officer of ATIF Holdings Limited on January 22, 2025, also serving as its President and Chairman. Previously, Dr. Khan held positions as a chief technology officer and an AI researcher. Under his leadership, ATIF Holdings has announced a strategic expansion into the Bitcoin sector, with Dr. Khan stating the company views Bitcoin as both a long-term store of value and a strategic asset for growth and diversification.

Shibin Yu

Shibin Yu serves as the Chief Financial Officer and a Director of ATIF Holdings Limited, a position he assumed on February 19, 2025. Prior to joining ATIF, Mr. Yu was the Chief Financial Officer of UTime Ltd since November 26, 2019.

Anna Huang

Anna Huang is listed as the Investor Relations Contact for ATIF Holdings Limited.

The following clear emerging threats have been identified for ATIF (ZBAI):

• Increased Regulatory and Geopolitical Scrutiny on Chinese Companies Listing in U.S. Markets: ATIF's business model heavily relies on connecting Chinese small and medium-sized enterprises (SMEs) with U.S. capital markets, providing investor relations and advisory services. The ongoing trend of stringent U.S. regulations, such as the Holding Foreign Companies Accountable Act (HFCAA), and escalating geopolitical tensions between the U.S. and China directly threaten this core business. If Chinese companies face increasing barriers, delisting risks, or a general reluctance to list on U.S. exchanges, ATIF's target market and demand for its services could significantly diminish. This mirrors the fundamental market shift seen when a core product or market becomes inaccessible or obsolete.
• Advanced AI in Financial Content Generation and Data Analysis: As a financial media and data provider, ATIF is vulnerable to the rapid advancements in artificial intelligence (AI) that can automate and optimize the creation of financial news, market reports, and data analysis. AI-driven platforms are increasingly capable of generating high-quality, real-time financial content and insights with greater speed and lower cost than traditional human-driven processes. This technological disruption could erode the value proposition of ATIF's financial media and data services, much like how digital streaming services transformed the entertainment industry by offering a more efficient and accessible alternative to traditional distribution channels.

ATIF (ZBAI) operates in the business consulting sector, primarily offering financial and advisory services to small and medium-sized enterprises (SMEs), with a focus on Initial Public Offerings (IPOs) and Mergers & Acquisitions (M&A) advisory. More recently, the company has strategically diversified into the Bitcoin sector, with plans for acquisition and mining operations.

Addressable Markets for Main Products or Services:

1. Business Advisory and Consulting Services (IPO and M&A Advisory for SMEs)

• Global M&A Advisory Market: The market was valued at approximately USD 27.95 billion in 2024 and is projected to reach USD 34.80 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 2.5% from 2025 to 2033. Another estimate placed the market at USD 29.59 billion in 2024, with a projection to reach USD 40.19 billion by 2032, exhibiting a CAGR of 3.92% from 2025 to 2032. The total value of global M&A deals closed at $3.5 trillion in 2024.
• U.S. M&A Advisory Market: The United States accounted for 38% of the global M&A market share in 2023. North America is a dominant region, representing 41.75% of the global market revenue in 2025.
• Global IPO Advisory Services Market: This market is projected to expand from USD 2.1 billion in 2024 to USD 5.6 billion by 2033, with a CAGR of 12.9% from 2024 to 2033. Other estimates value the global IPO advisory market at USD 4.6 billion in 2024, expected to reach USD 8.9 billion by 2033 with an 8.1% CAGR.
• U.S. IPO Market: The U.S. IPO market re-accelerated in Q3 2025, with 65 IPOs raising $15.7 billion, and IPO proceeds for 2025 are expected to be in the range of $45 billion to $50 billion. Traditional IPOs in the U.S. raised over $29.3 billion year-to-date through Q3 2025.
• Global Financial Advisory Services Market (overall): The market size exceeded USD 117.04 billion in 2025 and is projected to surpass USD 225.97 billion by 2035, with a CAGR exceeding 6.8%. It was valued at USD 103.01 billion in 2024 and is estimated to grow from USD 109.21 billion in 2025 to reach USD 174.33 billion by 2033, with a CAGR of 6.02%. The global financial service consulting market was estimated at approximately USD 250 billion in 2023 and is projected to reach around USD 448 billion by 2032 with a CAGR of 6.5% from 2024.
• North America Financial Advisory Services Market: North America remains a dominant player in the financial advisory services market, holding 40.34% of the global market share in 2024. The U.S. financial advisory market was valued at USD 93.54 billion in 2024, projected to reach USD 98.58 billion in 2025, and USD 221.90 billion by 2034, growing at a CAGR of 5.39%.

2. Bitcoin Acquisition and Mining

• Global Bitcoin Mining Market: This market was valued at approximately $4.2 billion in 2023 and is projected to grow at a CAGR of 8% to 10% from 2024 to 2029. Other reports indicate the global cryptocurrency mining market size was estimated at USD 1.55 billion in 2024 and is expected to grow at a CAGR of 7.8% from 2025 to 2032, reaching USD 2.83 billion by 2032. Another source reports a size of USD 2.45 billion in 2024, growing to USD 2.77 billion in 2025 and an estimated USD 8.24 billion by 2034, with a CAGR of 12.90% between 2024 and 2034.
• Global Bitcoin Miner Market (hardware): The market for Bitcoin miner hardware was valued at USD 11.19 billion in 2024, estimated to reach USD 14.17 billion in 2025, and is projected to grow to USD 94.14 billion by 2033, with a CAGR of 26.7%.
• U.S. Bitcoin Mining Market: The U.S. Bitcoin miner market contributes over 50% of global annual hardware installations. The U.S. cryptocurrency mining hardware market generated USD 628.7 million in revenue in 2023 and is expected to reach USD 1,187.1 million by 2030, growing at a CAGR of 9.5% from 2024. Electricity usage from Bitcoin mining in the U.S. in 2023 was estimated to range from 25 TWh to 91 TWh, representing 0.6% to 2.3% of total U.S. electricity demand.
• Global Cryptocurrency Market (broader market including mining): The global cryptocurrency market capitalization reached over $3.98 trillion in 2025. The market size was USD 2,492.7 billion in 2024 and is expected to reach USD 6,293.2 billion by 2033, with a CAGR of 9.7% from 2025 to 2033.

ATIF Holdings Limited (ZBAI) is expected to drive future revenue growth over the next two to three years through a combination of strategic expansion into the cryptocurrency market and growth within its established financial consulting services.

1. Strategic Expansion into the Bitcoin Sector: ATIF Holdings has explicitly announced a strategic initiative to expand into the Bitcoin sector. The company plans to acquire 1,000 Bitcoin through a combination of direct purchases and mining operations over five years. This move aims to enhance its market positioning and achieve operational efficiency and sustainable growth in the cryptocurrency market. This represents a new avenue for revenue generation.
2. Growth in the Number of Small and Medium-sized Enterprise (SME) Clients for Financial Consulting Services: As a core aspect of its business, ATIF provides financial consulting services to SMEs, primarily assisting them in going public on national stock exchanges and OTC markets in the United States. An increase in the number of SME clients seeking these specialized consulting services, including due diligence, market research, and pre-listing education, would directly contribute to revenue growth.
3. Deepening Engagement and Expanding Service Scope with Existing Financial Consulting Clients: Beyond acquiring new clients, ATIF can foster revenue growth by increasing the value and breadth of services offered to its current SME client base. This could involve providing more comprehensive consulting packages or introducing additional financial and business advisory services that cater to the evolving needs of companies preparing for or undergoing public listing, thereby increasing the revenue generated per client.

Share Repurchases

No significant share repurchase programs or activities were explicitly disclosed in the available information for the last 3-5 years. The company's recent activities primarily involved share issuances.

Share Issuance

• In October 2025, ATIF Holdings entered an agreement to sell up to 9,000,000 units, each comprising one ordinary share and one warrant, to non-U.S. investors for approximately $29.34 million, with proceeds intended for working capital and general corporate purposes.
• In February 2025, the company raised approximately $2.5 million through a registered direct offering and a concurrent private placement with an institutional investor, involving the sale of 1,580,000 ordinary shares and 887,553 pre-funded warrants.
• Effective August 8, 2025, ATIF Holdings executed a 1-for-18 reverse share split, reducing the number of outstanding ordinary shares from approximately 18.2 million to 1.01 million, to regain compliance with Nasdaq's minimum bid price requirement.

Outbound Investments

• In September 2025, ATIF Holdings signed a non-binding letter of intent to acquire 100% equity of Mask Global Market Co. Ltd., with the acquisition to be completed through the issuance of ZBAI Class A ordinary shares.
• In June 2025, ATIF Holdings announced a strategic five-year plan to diversify into the Bitcoin sector, aiming to accumulate 1,000 BTC through direct purchases and the establishment/acquisition of Bitcoin mining operations.
• ATIF Holdings Limited completed the acquisition of a 31.5% stake in Leaping Group Co., Ltd. in July 2025.

Capital Expenditures

• While specific dollar values for capital expenditures were not readily available, the company's strategic diversification into the Bitcoin business, announced in June 2025, indicates plans for substantial capital investment in building and operating proprietary BTC mining facilities and/or acquiring existing mining sites.