A SPAC IV entity and Claudius Tsang report 5.8% stake in Enhanced Group (NASDAQ: APAD)

Rhea-AI Filing Summary

Enhanced Group Inc. shareholders were notified that A SPAC IV (Holdings) Corp. and Claudius Tsang reported beneficial ownership of 7,116,667 shares of Class A common stock, representing 5.8% of the class. The filing states this percentage is based on 122,230,453 shares outstanding as of May 11, 2026. The reporting persons disclose sole voting and sole dispositive power over the disclosed shares and list a Hong Kong address for the individual and a British Virgin Islands registration for the entity.

Insights

Corporate Governance Analyst

Entity reports a 5.8% passive stake with sole voting and dispositive power.

The filing shows A SPAC IV (Holdings) Corp. and director Claudius Tsang hold 7,116,667 shares, with sole voting and dispositive authority. The May 11, 2026 outstanding share base is explicitly cited for the 5.8% figure.

Disclosure is routine for Schedule 13G/A reporting concentrated holdings. The ultimate market impact will depend on whether these shares are held for passive investment or become active trading; timing and intent beyond the passive Schedule 13G/A treatment are not stated here.

Market Structure Specialist

Holder control is concentrated but below common activist thresholds.

The reported position of 7,116,667 shares equals 5.8% of the cited 122,230,453 shares outstanding as of May 11, 2026. The filing attributes sole voting and dispositive power to the entity and to Mr. Tsang.

Because this filing is a beneficial‑ownership disclosure rather than a transaction filing, subsequent Forms 4 or Schedule 13D would be required to show changes in intent or active campaign-related activity.

Key Figures

Shares beneficially owned: 7,116,667 shares Percent of class: 5.8% Shares outstanding: 122,230,453 shares

3 metrics

Shares beneficially owned 7,116,667 shares Beneficial ownership reported by A SPAC IV (Holdings) Corp. and Claudius Tsang

Percent of class 5.8% Based on 122,230,453 shares outstanding as of May 11, 2026

Shares outstanding 122,230,453 shares Outstanding common stock used to compute <percent>5.8%</percent> as of <date>May 11, 2026</date>

Key Terms

Schedule 13G/A, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 and reporting persons' beneficial ownership disclosure"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership financial

"Amount beneficially owned: 7,116,667.00 shares of Class A common stock"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 7,116,667.00 shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Enhanced Group Inc.

(Name of Issuer)

Class A common stock, par value $0.0001 per share

(Title of Class of Securities)

29333R107

(CUSIP Number)

05/07/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 29333R107

1

Names of Reporting Persons

ASPAC IV (Holdings) Corp.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,116,667.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,116,667.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,116,667.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Claudius Tsang is the sole director of A SPAC IV (Holdings) Corp. and has voting and investment discretion with respect to the securities held of record by A SPAC IV (Holdings) Corp. The percentage in Row 11 is based on 122,230,453 shares of Class A common stock outstanding as of May 11, 2026 (the most recent date for which such information is publicly available), as reported in the Issuer's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 11, 2026.

SCHEDULE 13G

CUSIP Number(s): 29333R107

1

Names of Reporting Persons

Claudius Tsang

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,116,667.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,116,667.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,116,667.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Claudius Tsang is the sole director of A SPAC IV (Holdings) Corp. and has voting and investment discretion with respect to the securities held of record by A SPAC IV (Holdings) Corp. The percentage in Row 11 is based on 122,230,453 shares of Class A common stock outstanding as of May 11, 2026 (the most recent date for which such information is publicly available), as reported in the Issuer's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 11, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Enhanced Group Inc.
(b)	Address of issuer's principal executive offices: 169 Madison Ave, Suite 15101, New York, NY 10016
Item 2.
(a)	Name of person filing: A SPAC IV (Holdings) Corp. and Claudius Tsang (collectively, the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: The Sun's Group Center, 29th Floor, 200 Gloucester Road, Wan Chai, Hong Kong
(c)	Citizenship: A SPAC IV (Holdings) Corp. is a British Virgin Islands company. Claudius Tsang is a citizen of Hong Kong SAR.
(d)	Title of class of securities: Class A common stock, par value $0.0001 per share
(e)	CUSIP No.: 29333R107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,116,667.00 shares of Class A common stock
(b)	Percent of class: 5.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: A SPAC IV (Holdings) Corp.: 7,116,667.00 shares of Class A common stock; Claudius Tsang: 7,116,667.00 shares of Class A common stock
	(ii) Shared power to vote or to direct the vote: A SPAC IV (Holdings) Corp.: 0 Claudius Tsang: 0
	(iii) Sole power to dispose or to direct the disposition of: A SPAC IV (Holdings) Corp.: 7,116,667.00 shares of Class A common stock; Claudius Tsang: 7,116,667.00 shares of Class A common stock
	(iv) Shared power to dispose or to direct the disposition of: A SPAC IV (Holdings) Corp.: 0 Claudius Tsang: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ASPAC IV (Holdings) Corp.

Signature:	/s/ Claudius Tsang
Name/Title:	Director
Date:	05/13/2026

Claudius Tsang

Signature:	/s/ Claudius Tsang
Name/Title:	Individual
Date:	05/13/2026

FAQ

What stake does A SPAC IV (Holdings) Corp. report in Enhanced Group Inc. (APAD)?

The filing reports 7,116,667 shares, equal to 5.8% of Class A common stock, based on 122,230,453 shares outstanding as of May 11, 2026. The shares are reported as beneficially owned with sole voting and dispositive power.

Who are the reporting persons in the APAD Schedule 13G/A amendment?

The reporting persons are A SPAC IV (Holdings) Corp. (a British Virgin Islands entity) and Claudius Tsang (a Hong Kong citizen). Both are listed on the filing as having sole voting and dispositive authority over the disclosed shares.

Does the filing indicate whether the 5.8% stake is active or passive for APAD?

The Schedule 13G/A format and the filing present the position as a beneficial ownership disclosure; the document does not state any active intent or plans to change control. No transaction intent or activist statements are included in the excerpt.

What share count and date underlie the 5.8% calculation for APAD?

The percentage is calculated using 122,230,453 shares outstanding as of May 11, 2026, as cited in the issuer's registration statement referenced in the filing.