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

Rhea-AI Filing Summary

General Atlantic entities reported a private sale of Alignment Healthcare common stock. On 09/17/2025, General Atlantic (ALN HLTH), L.P. sold 6,246,096 shares of ALHC at $16.01 per share in a private placement to a third party.

After the transaction GA ALN held 24,287,227 shares directly and, including certain shares and restricted stock units held for the benefit of General Atlantic Service Company, L.P., the reporting group beneficially owned 24,596,079 shares indirectly. Multiple General Atlantic affiliated entities are listed as reporting persons and may be deemed members of a group; each disclaimers ownership beyond direct holdings.

Positive

• Transaction executed via private placement, which can reduce public market disruption compared with an open-market block sale
• Significant residual holdings remain: GA ALN held 24,287,227 shares directly after the sale, indicating continued exposure to ALHC

Negative

• Material disposition of shares: 6,246,096 shares sold, which reduces the reporting person's direct stake
• Potential perception risk from a large insider sale that could concern some investors, since an affiliated investor reduced holdings

Insights

Financial Analyst

TL;DR: Large private disposition by an institutional holder reduces direct stake but substantial indirect ownership remains.

The sale of 6.25 million shares at $16.01 is a material disposition by a major shareholder, executed via private placement rather than an open-market trade, which can limit immediate market impact signals. Post-transaction direct holdings of GA ALN remain significant at 24.29 million shares, and total reported beneficial ownership for the affiliated reporting group is 24.60 million shares. For investors this is a liquidity event by a large holder; it does not indicate elimination of the position but does lower the reporting group's direct stake.

Corporate Governance Expert

TL;DR: Multiple affiliated entities filed as reporting persons; corporate relationships and disclaimers are carefully documented.

The Form 4 shows coordinated reporting by several General Atlantic entities and describes the control and partnership committee structure that determines investment and voting decisions. The filing includes standard disclaimers about group beneficial ownership and director-by-deputization status for Section 16 purposes. This documentation clarifies who may be deemed a group and preserves legal positions regarding beneficial ownership.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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, 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)

	Form filed by One Reporting Person
X	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

1. Name and Address of Reporting Person^*

GENERAL ATLANTIC, 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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GENERAL ATLANTIC GENPAR, L.P.

(Last) (First) (Middle)

55 EAST 52ND STREET, 32ND FLOOR

(Street)

NEW YORK NY 10055

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

General Atlantic Partners 95, 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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GAP COINVESTMENTS III, LLC

(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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GAP COINVESTMENTS IV, LLC

(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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GAP Coinvestments V, LLC

(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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GAPCO GMBH & CO KG

(Last) (First) (Middle)

C/O GENERAL ATLANTIC GMBH

LUITPOLDBLOCK AMIRAPLATZ 3

(Street)

MUNCHEN 2M 80333

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GAPCO MANAGEMENT GMBH

(Last) (First) (Middle)

C/O GENERAL ATLANTIC GMBH

LUITPOLDBLOCK AMIRAPLATZ 3

(Street)

MUNCHEN 2M 80333

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

GAP Coinvestments CDA, 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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

General Atlantic (SPV) GP, LLC

(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)

Relationship of Reporting Person(s) to Issuer

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

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 1 of 2

	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/s/ Michael Gosk	09/19/2025
	/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.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did General Atlantic sell in the ALHC Form 4 filed on 09/17/2025?

General Atlantic (ALN HLTH), L.P. sold 6,246,096 shares of Alignment Healthcare common stock in a private placement at $16.01 per share.

How many ALHC shares did General Atlantic hold after the transaction?

After the sale GA ALN held 24,287,227 shares directly, and the reporting group's beneficial ownership totaled 24,596,079 shares including certain shares and restricted stock units held for the benefit of General Atlantic Service Company, L.P.

When was the transaction executed?

The transaction date reported on the Form 4 is 09/17/2025.

Who are the reporting persons named on the Form 4?

Multiple affiliated entities of General Atlantic are listed, including General Atlantic, L.P.; General Atlantic GenPar, L.P.; General Atlantic Partners 95, L.P.; GAP Coinvestments entities; and GAPCO GmbH & Co KG.

Did the filing state whether the reporting persons form a group?

The filing states that GA ALN, the GA Funds, GAPCO Management, GA GenPar, GA SPV and GA LP may be deemed members of a 'group', and each reporting person disclaims ownership beyond direct holdings.