[SCHEDULE 13G/A] CBL International Ltd Amended Passive Investment Disclosure
Asian Strategy reports 10.7% stake in CBL International
Asian Strategy Limited filed an amended Schedule 13G reporting beneficial ownership of 1,534,984 Class B Ordinary Shares of CBL International Ltd, equal to 10.7% of that share class as of November 26, 2025, based on 14,325,327 Class B shares outstanding.
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Asian Strategy Limited filed an amended Schedule 13G reporting beneficial ownership of 1,534,984 Class B Ordinary Shares of CBL International Ltd, equal to 10.7% of that share class as of November 26, 2025, based on 14,325,327 Class B shares outstanding.
The filing states these shares give voting power equivalent to 1.1% of CBL International’s total outstanding voting power because Class A shares carry ten votes per share while Class B carry one. Asian Strategy’s managing director, Qu Zhiqiang, controls voting and disposition of these shares but disclaims beneficial ownership. The certification indicates the stake is held on a non‑control, passive basis.
FAQ
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How many CBL International (BANL) shares does Asian Strategy Limited own?
Asian Strategy Limited beneficially owns 1,534,984 Class B Ordinary Shares of CBL International Ltd. This stake is calculated against 14,325,327 Class B shares outstanding as of November 26, 2025, and represents a significant minority position in that specific share class.
What percentage of CBL International’s Class B shares does Asian Strategy hold?
Asian Strategy holds 10.7% of CBL International’s Class B Ordinary Shares. This percentage is based on 14,325,327 Class B shares outstanding as of November 26, 2025, and reflects only that class, not the company’s total economic or voting capital structure.
How much voting power does Asian Strategy’s stake in CBL International (BANL) represent?
Asian Strategy’s 1,534,984 Class B shares represent 1.1% of CBL International’s total voting power. The lower percentage reflects a dual‑class structure where each Class A share has ten votes and each Class B share, like those held by Asian Strategy, carries one vote.
Who controls the Asian Strategy Limited stake in CBL International and how?
The filing states that Mr. Qu Zhiqiang, Asian Strategy’s sole director and managing director, has sole voting and dispositive power over the 1,534,984 Class B shares. He exercises this authority through his role at Asian Strategy but formally disclaims beneficial ownership of the shares.
Does Asian Strategy intend to influence control of CBL International (BANL)?
According to the Schedule 13G certification, the securities were not acquired and are not held for the purpose or effect of changing or influencing control of CBL International. The holding is characterized as passive, rather than part of any control‑oriented transaction or group activity.
What share count underlies Asian Strategy’s 10.7% ownership in CBL International?
The 10.7% ownership figure for Asian Strategy is computed using 14,325,327 Class B Ordinary Shares of CBL International outstanding as of November 26, 2025. This denominator applies only to the Class B share class referenced in the Schedule 13G/A filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
CBL International Ltd
(Name of Issuer)
Class B Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
G1991X125
(CUSIP Number)
11/26/2025
(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)
SCHEDULE 13G
CUSIP No.
G1991X125
1
Names of Reporting Persons
Asian Strategy Ltd
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
1,534,984.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,534,984.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,534,984.00
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)
10.7 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Notes to Rows 5, 7, 9 and 11: See Item 4.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
CBL International Ltd
(b)
Address of issuer's principal executive offices:
Level 23-2 Permata Sapura, Kuala Lumpur City Centre
Item 2.
(a)
Name of person filing:
Asian Strategy Limited ("Asian Strategy" or "Reporting Person")
(b)
Address or principal business office or, if none, residence:
24/F, Prosperous Commercial building, 54-58 Jardine's Bazaar Causeway Bay Hong Kong
(c)
Citizenship:
Hong Kong
(d)
Title of class of securities:
Class B Ordinary Shares, par value $0.0001 per share
(e)
CUSIP No.:
G1991X125
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:
1,534,984
(b)
Percent of class:
10.7%
The percentage of the class of securities beneficially owned by the Reporting Person is calculated based on 14,325,327 Class B Ordinary Shares of the Issuer as of November 26, 2025. In computing the percentage ownership of the Reporting Person, the Reporting Person has included, where applicable, shares that the reporting persons have the right to acquire within 60 days, including through the exercise of any option, warrant, or other right or the conversion of any other security, after November 26, 2025.
As of November 26, 2025, 1,534,984 Class B Ordinary Shares of the Issuer were held by Asian Strategy. Mr. Qu Zhiqiang, who is the sole director and managing director of Asian Strategy, has sole voting and/or dispositive control over the shares held by Asian Strategy by virtue of his status as the sole director and managing director of Asian Strategy. Mr. Qu Zhiqiang disclaims beneficial ownership of the ordinary shares of the Issuer held by Asian Strategy.
The voting power of the ordinary shares beneficially owned represent 1.1% of the total outstanding voting power of the Issuer. Each holder of Class A Ordinary Shares is entitled to ten votes per share and each holder of Class B Ordinary Shares is entitled to one vote per share on all matters submitted to them for vote.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Row (5) of each cover page.
(ii) Shared power to vote or to direct the vote:
See Row (6) of each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See Row (7) of each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See Row (8) of each cover page.
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:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
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.
