High‑Trend International Group ownership statement: CVI Investments, Inc. and Heights Capital Management, Inc. report beneficial ownership of 576,925 shares of Class A Ordinary Shares, representing 6.4% of the class. The prospectus supplement filed May 14, 2026, indicates 8,963,024 Shares outstanding as of the completion of the offering referred to therein. Heights Capital Management, Inc. serves as investment manager to CVI Investments, Inc. and may be deemed to have shared voting and dispositive power over the reported shares; both Reporting Persons disclaim beneficial ownership except for pecuniary interest. The filing includes a Limited Power of Attorney (Exhibit 24) and a Joint Filing Agreement (Exhibit 99).
Positive
None.
Negative
None.
Insights
Large reported stake by an institutional investor representing 6.4% of the class.
The filing shows 576,925 shares listed for CVI Investments, Inc./Heights Capital, equal to 6.4% of the Class A shares using the prospectus supplement's 8,963,024 outstanding-share figure. The reported shared voting/dispositive power stems from Heights Capital's manager role.
Implications hinge on holder actions; subsequent Form 13D/13G amendments or Schedule 13D would disclose active acquisition plans. Future filings will reveal whether this remains a passive holding.
Manager-client attribution and power-of-attorney are documented.
The statement clarifies that Heights Capital Management, Inc. serves as investment manager and is the authorized agent under a Limited Power of Attorney (Exhibit 24). The Reporting Persons expressly disclaim beneficial ownership except for pecuniary interest.
Watch for any changes in voting power or amendments; disclosures here are procedural and describe current ownership structure and agency relationships.
Key Figures
Reported shares beneficially owned:576,925 sharesPercent of class:6.4%Shares outstanding (baseline):8,963,024 Shares
3 metrics
Reported shares beneficially owned576,925 sharesAmount reported by CVI Investments/Heights Capital on Schedule 13G
Percent of class6.4%Percent calculated using prospectus supplement outstanding-share figure
Shares outstanding (baseline)8,963,024 SharesIndicated in prospectus supplement filed May 14, 2026, as of completion of the referenced offering
Key Terms
beneficially owned, shared voting and dispositive power, Limited Power of Attorney
3 terms
beneficially ownedregulatory
"The information required by this Item 4(a) is set forth in Row 9"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting and dispositive powerregulatory
"Shared Voting Power 576,925.00 ... Shared Dispositive Power 576,925.00"
Limited Power of Attorneylegal
"Heights Capital Management, Inc. serves as authorized agent ... Limited Power of Attorney"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
High-Trend International Group
(Name of Issuer)
Class A Ordinary Shares, $0.0025 par value per share
(Title of Class of Securities)
G1901X116
(CUSIP Number)
05/12/2026
(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):
G1901X116
1
Names of Reporting Persons
CVI Investments, Inc.
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
576,925.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
576,925.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
576,925.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.
SCHEDULE 13G
CUSIP Number(s):
G1901X116
1
Names of Reporting Persons
Heights Capital Management, Inc.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
576,925.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
576,925.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
576,925.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the Class A Ordinary Shares of High-Trend International Group (the "Company"), $0.0025 par value per share (the "Shares").
(i) CVI Investments, Inc.
(ii) Heights Capital Management, Inc.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of CVI Investments, Inc. is:
P.O. Box 309GT
Ugland House
South Church Street
George Town
Grand Cayman
KY1-1104
Cayman Islands
The address of the principal business office of Heights Capital Management, Inc. is:
101 California Street, Suite 3250
San Francisco, California 94111
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Title of class of securities:
Class A Ordinary Shares, $0.0025 par value per share
(e)
CUSIP Number(s):
G1901X116
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:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The Company's Prospectus Supplement (to Prospectus dated December 8, 2025, Registration No. 333-290080), filed on May 14, 2026, indicates there were 8,963,024 Shares outstanding as of the completion of the offering of the Shares referred to therein.
(b)
Percent of class:
6.4 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
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.
CVI Investments, Inc.
Signature:
/s/ Sarah Travis
Name/Title:
Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:
05/19/2026
Heights Capital Management, Inc.
Signature:
/s/ Sarah Travis
Name/Title:
Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:
05/19/2026
Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24 hereto.
Exhibit Information
EXHIBIT INDEX
EXHIBIT DESCRIPTION
________ ________
24 Limited Power of Attorney
99 Joint Filing Agreement
What stake does CVI Investments report in High‑Trend (HTCO)?
CVI Investments and Heights report beneficial ownership of 576,925 shares, representing 6.4% of the Class A Ordinary Shares. This percent uses the prospectus supplement's baseline of 8,963,024 Shares outstanding as of the referenced offering completion.
Who holds voting or dispositive power over the reported shares?
Heights Capital Management, Inc. may exercise shared voting and dispositive power as investment manager to CVI Investments. The filing states Heights is authorized under a Limited Power of Attorney (Exhibit 24).
How many Class A shares were outstanding according to the filing?
The prospectus supplement filed May 14, 2026, indicates 8,963,024 Shares outstanding as of the completion of the offering referenced in that supplement. That figure is the baseline used in percent calculations.
Do the Reporting Persons claim direct beneficial ownership of the shares?
Both Reporting Persons disclaim beneficial ownership except for their pecuniary interest. The filing specifies each disclaims ownership other than any economic interest and attributes manager authority to Heights.
What exhibits accompany the Schedule 13G filing?
The filing includes Exhibit 24, a Limited Power of Attorney, and Exhibit 99, a Joint Filing Agreement. The signature block shows authorization by Sarah Travis for both entities.
