Form 4: GA Disposes 13.46M Alignment Healthcare Shares, Retains 30.84M

Rhea-AI Filing Summary

General Atlantic reported an open-market sale of 13,460,000 shares of Alignment Healthcare (ALHC) common stock settled on 09/12/2025 at a net price of $16.01 per share. After the transaction, General Atlantic (GA ALN) held 30,533,323 shares directly and, when combined with certain shares and restricted stock units held for the benefit of General Atlantic Service Company, L.P., the reporting group is shown as beneficially owning 30,842,175 shares in the filing. The Form 4 identifies multiple related General Atlantic entities and states they may be deemed a group while disclaiming broader beneficial ownership. The filing is signed by Michael Gosk on 09/16/2025 and lists the reporting persons as directors-by-deputization for Section 16 purposes.

Positive

• Substantial retained stake: Reporting persons continue to beneficially own 30,842,175 shares following the sale, preserving meaningful exposure and potential voting influence.
• Transparent disclosure: The filing clearly identifies the sale amount, net price ($16.01), settlement date (09/12/2025) and affiliated entities, meeting Section 16 reporting requirements.

Negative

• Large open‑market sale: Disposition of 13,460,000 shares is sizable and could exert downward pressure on the stock if accompanied by additional selling.
• Complex ownership/group disclosure: Multiple related entities may be deemed a group, which can complicate assessment of who ultimately controls voting and investment decisions.

Insights

Securities Analyst

TL;DR: Large open-market sale by General Atlantic, but firm retains substantial stake—market impact likely limited absent other disclosures.

The reported disposition of 13.46 million ALHC shares at $16.01 is a material transaction by volume and will reduce General Atlantic's direct holdings while leaving a sizeable remaining position of 30.53 million shares (30.84 million when including certain RSUs and shares held for GASC). This filing is a routine Section 16 disclosure of an open-market sale; it does not include any forward-looking statements, additional sales, or change in board control. Investors should note the selling price and the continued significant stake held by GA entities, as both are relevant to potential voting influence and future liquidity events.

Corporate Governance Expert

TL;DR: Multiple affiliated entities filed jointly and disclaim broader ownership; governance control appears centralized across GA vehicles.

The Form 4 details a complex ownership structure involving GA ALN and several affiliated partnerships, funds, and management entities. The filing explicitly describes how GA GenPar, GA LP, GA SPV, GAPCO Management and the Partnership Committee relate, and notes the possibility that these reporting persons could be deemed a "group." Each reporting person disclaims ownership beyond their direct holdings. The classification of reporting persons as directors-by-deputization for Section 16 purposes is procedural and is disclosed here consistently with group reporting practices.

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
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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, 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)

	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	09/12/2025		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

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. 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 1 of 2

	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/s/ Michael Gosk	09/16/2025
	/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.
* 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.
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FAQ

What did General Atlantic report on the Form 4 for ALHC?

The Form 4 reports an open‑market sale of 13,460,000 shares of ALHC settled on 09/12/2025 at a net price of $16.01 per share.

How many ALHC shares does General Atlantic beneficially own after the transaction?

The filing shows 30,533,323 shares held directly by GA ALN and a combined beneficial ownership of 30,842,175 shares when certain shares and restricted stock units held for GASC are included.

When was the Form 4 signed and filed?

The Form 4 is signed by Michael Gosk on 09/16/2025, consistent with the reported settlement on 09/12/2025.

Do the reporting persons claim to act together?

The filing states that GA ALN, the GA Funds, GAPCO Management, GA GenPar, GA SPV and GA LP may be deemed a group, but each reporting person disclaims ownership of securities not directly owned by that person.

Was this sale executed as part of a private transaction or open market?

The Explanation states the shares were sold by General Atlantic (ALN HLTH), L.P. pursuant to an open market sale settled on 09/12/2025.