[Form 4] Alignment Healthcare, Inc. Insider Trading Activity

Rhea-AI Filing Summary

General Atlantic (ALN HLTH), L.P. sold 6,246,096 shares of Alignment Healthcare, Inc. (ALHC) on 09/17/2025 at $16.01 per share in a private placement, reducing the reporting entity's direct holdings to 24,287,227 shares. After the transaction, GA ALN reports indirect additional holdings of 135,716 shares and 18,710 restricted stock units held for two individuals for the benefit of General Atlantic Service Company, L.P. The filing identifies GA ALN and several affiliated General Atlantic funds and entities that may constitute a group but disclaims ownership beyond direct holdings. The Form 4 is signed by Michael Gosk on 09/19/2025.

Positive

• None.

Negative

• Large disposition: Sale of 6,246,096 shares at $16.01 is a significant insider sale by a 10% owner.
• Reduced direct stake: Direct holdings declined to 24,287,227 shares, which may be viewed negatively by some investors.

Insights

Securities Analyst

TL;DR: A material private placement sale by a 10% owner reduces direct stake and may signal portfolio rebalancing.

The sale of 6.25 million shares at $16.01 is a sizable disposition relative to the reporting person’s prior holdings and leaves GA ALN with 24.29 million directly held shares. For investors, the transaction is a material insider disposition by a director and 10% owner; it represents liquidity realized via a private placement rather than an open-market trade. The filing provides clear ownership breakdowns and related-party structure but does not state a purpose for the sale or any transfer restrictions or agreements tied to the disposition.

Corporate Governance Expert

TL;DR: Complex affiliated ownership disclosed; disclaimers and group language are standard but warrant attention.

The Form 4 carefully maps the chain of partnerships and management entities within General Atlantic and includes customary disclaimers that Partnership Committee members disclaim ownership except for pecuniary interests. The filing notes potential group status among GA entities while denying beneficial ownership beyond direct holdings. This level of disclosure is typical for private-equity affiliated reporting persons and helps clarify voting and beneficial ownership lines for compliance.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

General Atlantic (ALN HLTH), L.P.

(Last) (First) (Middle)

C/O GENERAL ATLANTIC SERVICE CO., L.P.

55 EAST 52ND STREET, 33RD FLOOR

(Street)

NEW YORK NY 10055

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Alignment Healthcare, Inc. [ ALHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	09/17/2025		S(1)		6,246,096	D	$16.01	24,596,079	I	See footnote(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On September 17, 2025, General Atlantic (ALN HLTH), L.P., a Delaware limited partnership ("GA ALN"), completed its sale of 6,246,096 shares of Common Stock at a price per share of $16.01 in a private placement to a third party.

2. Reflects (i) 24,287,227 shares of Common Stock held directly by GA ALN following the closing of the Transaction and (ii) 135,716 shares of Common Stock and 18,710 restricted stock units held by Nicholas Robbert Vorhoff and 135,716 shares of Common Stock and 18,710 restricted stock units held by David C. Hodgson, in each case for the benefit of General Atlantic Service Company, L.P. ("GASC"). The limited partners of GA ALN are the following investment funds (the "GA Funds"): General Atlantic Partners 95, L.P., a Delaware limited partnership ("GAP 95"), GAP Coinvestments CDA, L.P., a Delaware limited partnership ("GAPCO CDA"), GAP Coinvestments III, LLC, a Delaware limited liability company ("GAPCO III"), GAP Coinvestments IV, LLC, a Delaware limited liability company ("GAPCO IV"), GAP Coinvestments V, LLC, a Delaware limited liability company ("GAPCO V") and GAPCO GmbH & Co. KG, a German partnership ("GAPCO KG"). (Cont'd in FN3)

3. (Cont'd from FN2) General Atlantic GenPar, L.P., a Delaware limited partnership ("GA GenPar"), is the general partner of GAP 95. General Atlantic (SPV) GP, LLC, a Delaware limited liability company ("GA SPV"), is the general partner of GA ALN. General Atlantic, L.P., a Delaware limited partnership ("GA LP") is the general partner of GA GenPar and GAPCO CDA, the managing member of GAPCO III, GAPCO IV and GAPCO V, and the sole member of GA SPV. GA LP is controlled by the Partnership Committee of GASC MGP, LLC (the "Partnership Committee"). GAPCO Management GmbH, a German company ("GAPCO Management"), is the general partner of GAPCO KG. The Partnership Committee also controls GASC as well as the investment and voting decisions of GAPCO Management. There are six members of the Partnership Committee. Each of the members of the Partnership Committee disclaims ownership of the shares except to the extent he has a pecuniary interest therein.

Remarks:

GA ALN, the GA Funds, GAPCO Management, GA GenPar, GA SPV and GA LP may be deemed to be members of a "group" for the purposes of the Securities Exchange Act of 1934. Each reporting person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by the reporting person. This report shall not be deemed an admission that the reporting persons are a member of a group or the beneficial owner of any securities not directly owned by the reporting person. Each of the reporting persons is a director-by-deputization solely for purposes of Section 16 of the Exchange Act. Form 2 of 2

	/s/ Michael Gosk	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did General Atlantic (ALN HLTH), L.P. report on Form 4 for ALHC?

The report discloses a sale of 6,246,096 ALHC shares on 09/17/2025 at $16.01 per share via a private placement.

How many ALHC shares does GA ALN directly own after the transaction?

GA ALN directly holds 24,287,227 shares of ALHC following the reported transaction.

Are there additional ALHC holdings reported indirectly by General Atlantic affiliates?

Yes. The filing reports 135,716 shares and 18,710 RSUs held for two individuals for the benefit of General Atlantic Service Company, L.P.

Was the transaction an open-market sale or a private placement?

The explanation states the shares were sold in a private placement to a third party.

Does the filing state why the shares were sold?

No. The Form 4 discloses the sale details but does not state a purpose for the disposition.