[144] Autozi Internet Technology (Global) Ltd. SEC Filing

Rhea-AI Filing Summary

Royal Bank of Canada (RY) has filed a preliminary 424B2 pricing supplement for a new structured product: Capped Leveraged Buffered MSCI EAFE® Index-Linked Notes. The notes are senior unsecured obligations of RY and mature in roughly 16-18 months. Key investment terms include:

• Upside Participation: 250% of any positive MSCI EAFE® return, capped at a Maximum Settlement Amount of $1,113.50–$1,133.50 per $1,000 note (cap level ~104.54%–105.34% of the initial index level).
• Downside Protection: 12.5% buffer; principal is protected unless the index falls more than 12.5%. Below the buffer, loss accelerates at a buffer rate of ~114.29%, potentially up to full principal loss.
• No Coupons & No Early Redemption: The notes pay no periodic interest and cannot be redeemed prior to maturity.
• Credit Exposure: Repayment depends entirely on RY’s credit; the notes are not FDIC or CDIC insured and are not bail-inable.
• Indicative Pricing: Initial estimated value between $960.30–$990.30 (96.0–99.0% of par), below the $1,000 issue price, implying an initial value discount of up to 3.97%.
• Liquidity: The notes will not be listed on any exchange; secondary market, if any, will be limited and may be at prices below issue price.

Investors seeking enhanced upside to developed-market equities with moderate downside protection may find the structure attractive; however, the payoff is capped, the buffer is limited, and credit/market liquidity risks are material.

Positive

• High upside leverage: 250% participation accelerates gains on modest MSCI EAFE® advances.
• Partial downside protection: 12.5% buffer shields against moderate index declines.
• No underwriting discount: Issue price equals principal, eliminating dealer concession spread at launch.

Negative

• Capped return: Maximum payout limits total gain to roughly 11–13% despite leveraged upside.
• Full principal at risk below buffer: Losses accelerate at 1.1429× once index falls more than 12.5%.
• Initial value discount: Fair value estimated at 96–99% of par, implying immediate negative carry.
• No interest and no secondary-market listing: Investors face opportunity cost and potential liquidity constraints.
• Issuer credit risk: Repayment depends on Royal Bank of Canada’s solvency; the notes are unsecured and not insured.

Insights

Structured Products Analyst

TL;DR 250% leveraged upside with 12.5% buffer offers tactical equity exposure, but capped return and credit risk make risk-adjusted value marginal.

Positives: The 250% participation significantly amplifies modest index gains, allowing investors to reach the maximum payout with only ~4.5–5.3% index appreciation. The 12.5% buffer softens moderate drawdowns. RY’s high credit quality (Aa2/A+) underpins payment capacity.
Negatives: Payoff is capped at ~11.3%–13.3% (simple terms), limiting benefit in strong bull markets. Below the buffer, losses accelerate at 1.1429× the index decline, eroding capital quickly. The initial estimated value is up to 3.7% below par, indicating embedded fees. No interest, no listing and limited liquidity raise opportunity-cost and exit-pricing concerns. From a portfolio perspective, the note is suitable only for investors with a short-term, range-bound outlook on developed international equities and tolerance for credit/structure risk.

Risk Analyst

TL;DR Limited buffer, uncapped downside after threshold, and below-par fair value imply significant capital risk despite brand-name issuer.

The 12.5% buffer is modest relative to historical MSCI EAFE® drawdowns; since 1970 the index has experienced >20% declines in more than 25% of rolling 18-month periods. Given accelerated loss beyond the buffer, a 30% index fall would translate to ~20% note loss. The product’s fair value (96–99% of par) reveals a 1–4% upfront cost to investors. Absence of interim coupons means negative carry versus holding cash or dividend-paying ETFs. Credit risk, while low for RY, is non-zero and unhedged. Overall, risk-reward skews neutral to negative unless the investor has a defined bullish view constrained to ~5% upside and <-12.5% downside over the term.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Common Stock	Haitong International Securities Company Limited 22/F Li Po Chun Chambers 189 Des Voeux Road Central Hong Kong K3 000000	1140000	228000.00	114381200	07/10/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Common Stock	07/15/2021	Founder Share	Autozi Internet Technology (Global) Ltd.			1140000	07/15/2021	No Consideration

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is the maximum possible return on Royal Bank of Canada’s MSCI EAFE® capped leveraged buffered notes?

The Maximum Settlement Amount is expected between $1,113.50 and $1,133.50 per $1,000 note, equating to roughly 11.35%–13.35% total return.

How much downside protection do the RY structured notes provide?

A 12.5% buffer protects principal unless the MSCI EAFE® falls more than 12.5% from the initial level.

What happens if the MSCI EAFE® index falls below the buffer level at maturity?

Investors lose principal at an accelerated rate of ~1.1429× the portion of the decline that exceeds 12.5%, potentially up to full loss.

Do the notes pay periodic interest or coupons?

No. The notes are zero-coupon; investors receive only the maturity payment based on index performance.

Is there any secondary market or exchange listing for these RBC notes?

The notes will not be listed on any exchange. RBC Capital Markets may offer limited secondary trading but is not obligated to do so.

Why is the initial estimated value below the $1,000 issue price?

The $960.30–$990.30 estimate reflects embedded hedging costs, dealer margin and market factors, creating an upfront cost to investors.