$HOLO Public Filing Red Flags: Reverse Splits, Convertible Notes, Revenue Substance, and Dilution Risk

A public-filing-based red-flag report has been sent to MicroCloud Hologram Inc. for comment and shared with relevant oversight, research, and media contacts for independent review.

Not financial advice. Not alleging proven fraud. This is a public-filing-based red-flag summary regarding MicroCloud Hologram Inc. (NASDAQ: HOLO). The issues include repeated reverse stock splits, convertible notes, potential minority shareholder dilution, product revenue collapse versus service revenue dominance, China business-substance concerns, and market cap versus claimed working-capital/cash inconsistencies.

This public-filing-based report and these questions are being shared with exchange oversight contacts, regulators, investigative journalists, shareholder-rights counsel, and independent research organizations for review. I am not alleging proven fraud, but the pattern raises serious red flags that warrant independent examination.

Open Questions to MicroCloud Hologram Inc. (NASDAQ: HOLO): Reverse Splits, Convertible Notes, Revenue Substance, and Minority Shareholder Dilution

Questions for MicroCloud Hologram Inc. (NASDAQ: HOLO):

1. Why did product revenue decline sharply while service revenue became dominant?
2. What was the economic substance of acquiring Yichang Ji Yue for RMB
3. Who are the major customers contributing to service revenue?
4. What portion of the company’s claimed working capital is cash, restricted cash, receivables, short-term investments, or other current assets?
5. Where are the cash and liquid assets held, and are they freely transferable to the Cayman-listed parent company?
6. What are the identities and relationships of convertible note investors and selling shareholders?
7. Were any noteholders, affiliates, or related parties involved in short selling, hedging, or stock lending?
8. Why has the company repeatedly used reverse splits while continuing convertible financing?

If the company truly has substantial working capital/cash reserves, shareholders deserve a clear breakdown:
cash, restricted cash, receivables, short-term investments, and where the assets are held.

Public-filing-based question. Not alleging proven fraud.

**How can Nasdaq continue to allow this pattern to unfold in plain sight?**

**A public-filing-based tip regarding MicroCloud Hologram Inc. (NASDAQ: HOLO) has been submitted through the SEC Tips, Complaints, and Referrals process for independent review.**