[SCHEDULE 13D] HELIUS MEDICAL TECHNOLOGIES, INC. SEC Filing

Rhea-AI Filing Summary

Fusion Summer Limited and CHEE Choon Wee disclosed a joint Schedule 13D reporting the acquisition of 6,830,402 shares of Helius Medical Technologies Class A common stock, representing 17.0% of the outstanding shares based on 40,295,612 shares. Fusion Summer paid approximately $47.0 million in a private placement (PIPE) that closed on September 18, 2025. Mr. CHEE, the ultimate controller of Fusion Summer, was appointed Executive Chairman effective at closing. The reporting persons hold shared voting and dispositive power over the shares and state the securities were acquired for investment purposes.

Positive

• Acquisition of 6,830,402 shares representing 17.0% of Class A, a material minority stake
• Approximately $47.0 million injected into the company via the PIPE transaction, providing liquidity
• Appointment of CHEE Choon Wee as Executive Chairman aligns the investor with board-level influence

Negative

• Shared voting and dispositive power only; reporting persons do not claim sole control over the shares
• No specific plans disclosed to propose changes to the company’s business, operations, governance, or capitalization

Insights

Financial Analyst

TL;DR: A single investor group acquired a material 17% stake and provided $47M in PIPE financing, increasing investor influence.

The acquisition of 6.83 million shares for approximately $47.0 million creates a meaningful minority position equal to 17% of the Class A float, which is likely to affect liquidity and shareholder dynamics. The concurrent appointment of Mr. CHEE as Executive Chairman strengthens governance influence tied to the investment. The filing states the shares were bought for investment purposes and leaves open potential future actions, which could include further purchases or disposals depending on market and company developments.

Corporate Governance Expert

TL;DR: The investor gains substantial board influence but reports only shared voting power and no immediate change proposals.

The Schedule 13D documents both ownership and the governance link via Mr. CHEE's Executive Chairman role. While a 17% stake plus chairmanship signals increased control potential, the filing discloses shared rather than sole voting or dispositive power and expressly notes no present plans to propose specified governance changes. This leaves the degree and direction of activist engagement uncertain.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Helius Medical Technologies, Inc.

(Name of Issuer)

Class A Common Stock, $0.001 par value per share

(Title of Class of Securities)

42328V876

(CUSIP Number)

CHEE Choon Wee
C/O HELIUS MEDICAL TECHNOLOGIES, INC., 642 NEWTOWN YARDLEY RD #100
NEWTOWN, PA, 18940
(215) 944-6100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/18/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 42328V876

1

Name of reporting person

Fusion Summer Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,830,402.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,830,402.00

11

Aggregate amount beneficially owned by each reporting person

6,830,402.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.0 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Rows 8, 10 and 11: Consists of 6,830,402 shares of Class A Common Stock (the "Common Stock") held directly by Fusion Summer Limited and acquired pursuant to the Securities Purchase Agreement as further described in Item 3 and Item 6. Note to Row 13: The percentage of beneficial ownership is calculated based on 40,295,612 shares outstanding as of September 24, 2025 (which number was provided by the Issuer to the Reporting Persons).

SCHEDULE 13D

CUSIP No. 42328V876

1

Name of reporting person

CHEE Choon Wee

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MALAYSIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,830,402.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,830,402.00

11

Aggregate amount beneficially owned by each reporting person

6,830,402.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Rows 8, 10 and 11: Consists of (6,830,402 shares of Class A Common Stock (the "Common Stock") beneficially owned by Mr. CHEE, who is the ultimate controlling person of Fusion Summer Limited. Note to Row 13: The percentage of beneficial ownership is calculated based on 40,295,612 shares outstanding as of September 24, 2025 (which number was provided by the Issuer to the Reporting Persons).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.001 par value per share
(b)	Name of Issuer: Helius Medical Technologies, Inc.
(c)	Address of Issuer's Principal Executive Offices: 642 Newtown Yardley Road, Suite 100, NEWTOWN, PENNSYLVANIA , 18940.
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed jointly by (i) Fusion Summer Limited, a Cayman Islands exempted company ("Fusion Summer") and (ii) Mr. CHEE Choon Wee (collectively, the "Reporting Persons"). An agreement among the Reporting Persons to file this Schedule 13D jointly is attached as Exhibit 99.1.
(b)	The business address of Fusion Summer and Mr. CHEE is C/O HELIUS MEDICAL TECHNOLOGIES, INC. 642 NEWTOWN YARDLEY RD #100, NEWTOWN, PA, 18940.
(c)	The principal business of Fusion Summer is to serve as an investment holding company. Mr. CHEE's present principal occupation is serving as the Executive Chairman of the Issuer's board of directors.
(d)	During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Fusion Summer is an exempted company organized under the laws of the Cayman Islands. Mr. CHEE is a Malaysian citizen.
Item 3.	Source and Amount of Funds or Other Consideration
	The information set forth in Item 4 is incorporated by reference in its entirety into this Item 3. On September 15, 2025, the Issuer entered into a Securities Purchase Agreement (the "Purchase Agreement") with Fusion Summer, pursuant to which Fusion Summer acquired 6,830,402 shares of Common Stock for an aggregate purchase price of approximately $47.0 million. The closing of this transaction occurred on September 18, 2025. The funds used by Fusion Summer to purchase these securities were its personal funds.
Item 4.	Purpose of Transaction
	The Reporting Persons acquired the securities of the Issuer for investment purposes. The Reporting Persons intend to continuously review their investment in the Issuer. The transactions reported herein were effected in connection with a private placement financing transaction by the Issuer (the "PIPE Transaction"). In connection with the PIPE Transaction, Mr. CHEE was appointed to serve as the Executive Chairman of the Issuer's board of directors (the "Board"), effective as of the closing of the transaction. Depending on various factors, including, without limitation, the Issuer's financial position and strategic direction, the outcome of the discussions referenced above, actions taken by the Board, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate. These actions may include, without limitation: (i) acquiring additional shares of Common Stock and/or other equity, debt, notes, or other securities of the Issuer (collectively, "Securities"); (ii) disposing of any or all of their Securities; (iii) engaging in hedging or other transactions with respect to the Securities; and/or (iv) engaging in discussions with management, the Board, other stockholders of the Issuer and other relevant parties, or taking other actions to propose changes in the business, operations, governance or capitalization of the Issuer. Except as set forth herein, the Reporting Persons have no present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The information contained on the cover pages to this Schedule 13D is incorporated by reference into this Item 5.
(b)	The information contained on the cover pages to this Schedule 13D is incorporated by reference into this Item 5. The aggregate number and percentage of the Common Stock beneficially owned by each Reporting Person are as follows: Fusion Summer Limited * Amount beneficially owned: 6,830,402 shares * Percent of class: 17.0% * Sole power to vote or to direct the vote: 0 * Shared power to vote or to direct the vote: 6,830,402 * Sole power to dispose or to direct the disposition: 0 * Shared power to dispose or to direct the disposition: 6,830,402 These shares consist of 6,830,402 shares of Common Stock held directly by Fusion Summer. Fusion Summer shares the power to vote and dispose of these securities with Mr. CHEE. CHEE Choon Wee * Amount beneficially owned: 6,830,402 shares * Percent of class: 17.0% * Sole power to vote or to direct the vote: 0 * Shared power to vote or to direct the vote: 6,830,402 * Sole power to dispose or to direct the disposition: 0 * Shared power to dispose or to direct the disposition: 6,830,402 These shares consist of 6,830,402 shares beneficially owned indirectly as Mr. CHEE is the ultimate controlling person of Fusion Summer. As the ultimate controlling person of Fusion Summer, Mr. CHEE may be deemed to share the power to vote and dispose of the securities held by Fusion Summer. The percentages reported herein are calculated based on 40,295,612 shares of Common Stock outstanding as of September 24, 2025 (which information is provided by the Issuer to the Reporting Persons).
(c)	Except for the acquisition of securities described in Item 3, none of the Reporting Persons have effected any transactions in the Common Stock during the past sixty days.
(d)	To the knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities beneficially owned by the Reporting Persons.
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information set forth in Items 2, 3, 4, and 5 is incorporated by reference in its entirety into this Item 6. Joint Filing Agreement The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is attached as Exhibit 99.1 hereto, pursuant to which the Reporting Persons have agreed to file this Schedule 13D and any amendments thereto jointly. Securities Purchase Agreement As described in Item 3, Fusion Summer is a party to the Purchase Agreement, pursuant to which it acquired the shares of Common Stock. A form of the Purchase Agreement is filed as Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on September 15, 2025, and incorporated by reference as Exhibit 99.2 to this Schedule 13D.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 - Joint Filing Agreement, dated as of September 29, 2025, by and among the Reporting Persons Exhibit 99.2 - Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K, filed with the SEC on September 15, 2025) www.sec.gov/Archives/edgar/data/1610853/000110465925089774/tm2526070d1_ex10-1.htm

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.

Fusion Summer Limited

Signature:	/s/ CHEE Choon Wee
Name/Title:	CHEE Choon Wee, Director
Date:	10/02/2025

CHEE Choon Wee

Signature:	/s/ CHEE Choon Wee
Name/Title:	CHEE Choon Wee, Individually
Date:	10/02/2025

FAQ

How many HSDT shares did Fusion Summer Limited purchase and what percent of the company does that represent?

Fusion Summer acquired 6,830,402 shares, representing 17.0% of Class A common stock based on 40,295,612 shares outstanding.

How much did Fusion Summer pay for its HSDT shares in the PIPE transaction?

The aggregate purchase price was approximately $47.0 million for the 6,830,402 shares.

When did the PIPE transaction close and when was the Schedule 13D event date?

The transaction closed on September 18, 2025, and the Schedule 13D reports the relevant event date as September 18, 2025.

Does CHEE Choon Wee control the shares directly?

Mr. CHEE is the ultimate controlling person of Fusion Summer and is deemed to share voting and dispositive power over the 6,830,402 shares; he does not report sole voting or dispositive power.

Did the reporting persons state any current plans to change Helius Medical Technologies’ operations or governance?

They stated the shares were acquired for investment purposes and have no present plans to effect the specific actions listed in Item 4, while reserving the right to review and potentially act in the future.