GA ALN Disposes 13.46M Alignment Healthcare Shares; Post-Sale Holdings Listed

Rhea-AI Filing Summary

General Atlantic (ALN HLTH), L.P. reported an open-market sale of 13,460,000 shares of Alignment Healthcare, Inc. (ALHC) that settled on 09/12/2025 at a net price of $16.01 per share. Following the transaction, GA ALN directly held 30,533,323 shares. The filing reports 30,842,175 shares beneficially owned in total on an indirect basis, which reflects additional shares and restricted stock units held by two individuals for the benefit of General Atlantic Service Company, L.P. The reporting entity is listed as both a director and a 10% owner. The form is signed by Michael Gosk on 09/16/2025.

Positive

• Clear, detailed disclosure of the transaction date, price, and post-transaction holdings
• Ownership chain explained with identification of affiliated entities and disclaimers, aiding transparency

Negative

• Large share sale (13,460,000 shares) represents a sizable disposal that materially reduces direct holdings
• No explanation provided in the filing for the reason behind the open-market sale

Insights

Financial Analyst

TL;DR: A large open-market block sale by a 10% owner reduced direct holdings but GA remains a substantial shareholder.

The sale of 13.46 million shares at $16.01 is a significant disposal in absolute terms and reduces the reporting person's direct stake while leaving the group with over 30.5 million directly held shares and 30.84 million beneficially held overall. This disclosure is material in size but contains no commentary on intent or plans for remaining holdings. Transaction details are clearly itemized, enabling straightforward calculation of post-sale ownership.

Corporate Governance Expert

TL;DR: The filing documents a sizable insider sale and clarifies complex indirect ownership through affiliated entities.

The report details the ownership chain linking GA ALN, GA Funds, GA GenPar, GA SPV and GA LP, and disclaims group ownership beyond direct holdings. That level of disclosure supports investor transparency about control and voting relationships, while noting that several principals explicitly disclaim beneficial ownership except for pecuniary interests.

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

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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).

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)
09/12/2025

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	09/12/2025		S(1)		13,460,000	D	$16.01	30,842,175	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. The shares of Common Stock were sold by General Atlantic (ALN HLTH), L.P., a Delaware limited partnership ("GA ALN"), pursuant to an open market sale of 13,460,000 shares of Common Stock settled on September 12, 2025 at a net price per share of $16.01.

2. Reflects (i) 30,533,323 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	09/16/2025
	** 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. sell in the Form 4 for ALHC?

The filing reports an open-market sale of 13,460,000 shares of Alignment Healthcare (ALHC) settled on 09/12/2025.

At what price were the ALHC shares sold by the reporting person?

The shares were sold at a net price of $16.01 per share.

How many ALHC shares does General Atlantic directly own after the sale?

Following the transaction, GA ALN directly held 30,533,323 shares.

What is the total number of ALHC shares beneficially owned reported on the Form 4?

The filing reports 30,842,175 shares beneficially owned on an indirect basis, reflecting additional holdings and restricted stock units held for the benefit of GASC.

Who signed the Form 4 reporting this ALHC transaction?

The Form 4 is signed by Michael Gosk dated 09/16/2025.