Ningxiang Zhang
Ningxiang Zhang is the chief executive officer and a director of the proprietary trading firm Bastion Trading LimitedBastion TradingBastion Trading (Bastion Trading Limited) is a proprietary trading firm incorporated in the British Virgin Islands, founded in 2014 by a group of traders and technologists; it initially focused on Greater China and North Asian markets and runs mid-to-high-frequency systematic trading strategies primarily with founder and team capital. In 2025 it took part in the Solana treasury private placement of Sharps Technology (later renamed SkyAI), and in 2026, as a shareholder with about 9.99%, it publicly challenged SkyAI’s board and the terms of its cash tender offer.Open the full entry. In 2026 Bastion, a major shareholder of the Solana treasury company SkyAISkyAISkyAI (SkyAI, Inc., Nasdaq: SKYA) is a Nasdaq-listed U.S. company formerly known as the syringe medical device company Sharps Technology. In August 2025 it raised more than $400 million in a private placement to become a digital asset treasury company holding the Solana token SOL as its main reserve asset; in May 2026 it renamed itself SkyAI and announced plans to build an “agentic finance” platform for emerging markets. In 2026 it became embroiled in disputes with shareholder Bastion Trading and would-be acquirer Forward Industries over related-party arrangements, director elections and the sale of its SOL reserves.Open the full entry, challenged its board and its tender offer before signing a settlement agreement with SkyAI in October.
Contents6 sections
Key facts
January 2026Bastion Stake in AVAX One
In January 2026 the Bastion group disclosed in a Schedule 13G filing a combined 5.7% stake in AVAX One Technology, 5.0% of it held through Bastion Trading.[1]
September 2026Bastion Group’s 13D Filing on SkyAI
On September 3, 2026, the Bastion group filed a Schedule 13D, signed by chief financial officer Wei Zhu, disclosing a roughly 9.9% stake in SkyAI, part of it bought in the August 2025 private placement of Sharps Technology, as SkyAI was then called; the group said it was “deeply concerned” by the company’s underperformance and governance and intended to vote “WITHHOLD ALL” on all five incumbent directors.[2]
As of the filing, Zhang was chief executive officer and a director of Bastion Trading Limited and chief executive officer and a board member of its sole owner, Bastion Holdings Limited.[3]
At the same time Forward Industries mounted a separate challenge to SkyAI’s board.[4]
October 14–15, 2026Opposing SkyAI’s Tender Offer
On October 14, 2026, Bastion Trading issued a company statement opposing SkyAI’s proposed $3.00-per-share tender offer and demanding full disclosure of SOL sales, a reconstituted board and a price of at least $3.50.[5]
The next day Bastion said it would not take part in the tender offer of up to $201 million unless its governance, disclosure and pricing concerns were addressed.[6]
October 27, 2026Settlement Agreement with SkyAI
On October 27, 2026, Zhang signed SkyAI’s Tender Offer Support and Settlement Agreement in his individual capacity as one of the “Stockholders,” together with Wei Zhu and Masahide Hoshi. It provides for a three-year standstill, mutual non-disparagement and mutual releases; SkyAI agreed to extend the offer to at least November 12 and add stapled warrants at $0.17 each.[7]
Zhang said, “This agreement gives Bastion Trading a clear and orderly exit.”[8]
Company: Bastion Trading
Bastion Trading describes itself as a technology-driven proprietary trading firm and says its capital comes primarily from its founder and team.[9]
Sources
- Schedule 13G - AVAX One Technology (opens in a new window)
- Schedule 13D - SkyAI, Inc. (opens in a new window)
- Exhibit 1 - Directors and Officers (Schedule 13D, SkyAI, Inc.) (opens in a new window)
- Solana treasury firm SkyAI faces board challenge from would-be acquirer Forward Industries, shareholder group (opens in a new window)
- Bastion Trading Challenges SkyAI's Proposed Tender Offer, Demands Immediate and Full Disclosure of SOL Sales and Board Reconstitution (opens in a new window)
- Bastion Opposes SkyAI Tender After 70% of Solana Treasury Sold (opens in a new window)
- Tender Offer Support and Settlement Agreement (opens in a new window)
- Bastion Trading Limited Reaches Agreement with SkyAI for Amendments to Tender Offer and Announces That It Will Tender All of Its SkyAI Securities (opens in a new window)
- Bastion Trading (opens in a new window)