ALSET INC SEC Filings

Alset Inc. reporting persons Heng Fai Ambrose Chan and HFE Holdings Limited disclosed concentrated ownership of the company’s common stock. Mr. Chan reports beneficial ownership of 35,198,409 shares, representing 90.0% of the outstanding class, while HFE Holdings Limited holds 3,875,506 shares or 9.9%. The filing states Mr. Chan converted an $83,000,000 convertible note into 27,666,667 restricted shares on July 23, 2025. Recent transactions include Mr. Chan acquiring 33,000 shares on August 18, 2025 at a weighted average price of $1.2887 and selling 500,000 shares on September 12, 2025 at a weighted average price of $2.672. The filing states holdings are for investment purposes and no current plans to pursue actions described in Item 4.

Chan Heng Fai Ambrose, who serves as a Director, Chief Executive Officer and a 10% owner of Alset Inc. (AEI), reported the sale of 500,000 shares of the issuer's common stock on 09/12/2025. The weighted average sale price was $2.672 per share, with individual trades executing between $2.25 and $3.59. Following the reported transaction, the filing shows 31,322,903 shares held directly by Mr. Chan and an additional 3,875,506 shares indirectly owned through HFE Holdings Limited, for a total beneficial ownership of 35,198,409 shares. The Form 4 is signed and dated 09/16/2025.

Chan Heng Fai Ambrose, CEO, Director and 10% owner of Alset Inc. (AEI), purchased 33,000 shares of Alset common stock on 08/18/2025 at a weighted average price of $1.2887 per share. The filing states the trades executed at prices ranging from $1.19 to $1.42 and that Mr. Chan will provide detailed trade-by-trade information on request.

Following this acquisition, Mr. Chan directly holds 31,822,903 shares and indirectly owns 3,875,506 shares through HFE Holdings Limited, for a total beneficial ownership of 35,698,409 shares. The filing confirms he has sole voting and investment power over the shares held by HFE Holdings.

On 23 Jul 2025, Alset Inc. (AEI) Chief Executive Officer, Director and >10% owner Chan Heng Fai converted the entire $83 million principal of a previously issued convertible promissory note into 27,666,667 new common shares at $3.00 per share. The transaction removes the debt from Alset’s balance sheet and raises Mr. Chan’s direct holding to 31,789,903 shares. Including 3,875,506 shares held via HFE Holdings Ltd., his total beneficial ownership reaches 35,665,409 shares.

The Form 4 lists the note receipt (code J) and its same-day conversion (code C), leaving no derivative securities outstanding. While the debt-for-equity swap strengthens the company’s leverage profile and signals insider commitment, it increases the outstanding share count, creating dilution for existing shareholders and further concentrating control in the CEO.

• Shares issued: 27.67 m
• Conversion price: $3.00
• Total insider stake: 35.67 m shares
• Debt retired: $83 m