Microvast Holdings, Inc. received an amended Schedule 13G from a group of CDH-affiliated investment entities disclosing a significant ownership position in its common stock. CDH Griffin Holdings Company Limited and related vehicles report beneficial ownership of 37,073,227 shares, representing 11.3% of the outstanding common stock, based on 328,182,834 shares outstanding as disclosed in Microvast’s Form 10-Q filed on November 10, 2025.
Within this structure, Evergreen Ever Limited holds 28,597,614 shares (8.7%), Aurora Sheen Limited holds 5,220,347 shares (1.6%), and Hangzhou CDH New Trend Equity Investment Partnership holds 3,255,266 shares (1.0%). Voting and dispositive power are exercised through CDH-controlled general partners and investment committees, with CDH Griffin as the ultimate parent entity.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Microvast Holdings, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
59516C106
(CUSIP Number)
12/31/2025
(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.
59516C106
1
Names of Reporting Persons
CDH Griffin Holdings Company Limited
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
37,073,227.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
37,073,227.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
37,073,227.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
CDH Investment Management Company Limited
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
37,073,227.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
37,073,227.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
37,073,227.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
Evergreen Ever Limited
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
28,597,614.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
28,597,614.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
28,597,614.00
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)
8.7 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
Piccadilly, L.P.
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
28,597,614.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
28,597,614.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
28,597,614.00
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)
8.7 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
CDH China HF Holdings Company Limited
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
28,597,614.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
28,597,614.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
28,597,614.00
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)
8.7 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
Aurora Sheen Limited
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
5,220,347.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,220,347.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,220,347.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
5,220,347.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,220,347.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,220,347.00
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)
1.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
CDH Shanghai Baifu Wealth Management Company Limited
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
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
5,220,347.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,220,347.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,220,347.00
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)
1.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership)
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
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,255,266.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,255,266.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,255,266.00
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)
1.0 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
59516C106
1
Names of Reporting Persons
Dinghui Equity Investment Management (Tianjin) Company Limited
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
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,255,266.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,255,266.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,255,266.00
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)
1.0 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Microvast Holdings, Inc.
(b)
Address of issuer's principal executive offices:
12603 Southwest Freeway, Suite 210 Stafford, Texas 77477
Item 2.
(a)
Name of person filing:
CDH Griffin Holdings Company Limited
CDH Investment Management Company Limited
Evergreen Ever Limited
Piccadilly, L.P.
CDH China HF Holdings Company Limited
Aurora Sheen Limited
Shanghai Dinghui Pingxun Investment Partnership (LLP)
CDH Shanghai Baifu Wealth Management Company Limited
Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership)
Dinghui Equity Investment Management (Tianjin) Company Limited
(collectively, the "Reporting Persons")
(b)
Address or principal business office or, if none, residence:
Principal business address for each of the Reporting Persons:
1503, Level 15, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong, China
(c)
Citizenship:
CDH Griffin Holdings Company Limited - British Virgin Islands
CDH Investment Management Company Limited - Cayman Islands
Evergreen Ever Limited - British Virgin Islands
Piccadilly, L.P. - Cayman Islands
CDH China HF Holdings Company Limited - Cayman Islands
Aurora Sheen Limited - British Virgin Islands
Shanghai Dinghui Pingxun Investment Partnership (LLP) - People's Republic of China
CDH Shanghai Baifu Wealth Management Company Limited - People's Republic of China
Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) - People's Republic of China
Dinghui Equity Investment Management (Tianjin) Company Limited - People's Republic of China
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
59516C106
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 Items 4(a) is set forth in Row (9) of the cover page for each Reporting Person and is incorporated herein by reference.
(b)
Percent of class:
The information required by Items 4(b) is set forth in Row (11) of the cover page for each Reporting Person and is incorporated herein by reference.
Percent of class determined is based on 328,182,834 shares of Common Stock of the Issuer outstanding as disclosed in the quarterly report on Form 10-Q publicly filed by the Issuer with the U.S. Securities and Exchange Commission on November 10, 2025.
CDH Griffin Holdings Company Limited is the ultimate parent entity of the entities listed in Item 2(a).
As of the date hereof, Evergreen Ever Limited held 28,597,614 shares of Common Stock of the Issuer and Aurora Sheen Limited held 5,220,347 shares of Common Stock of the Issuer. In addition, Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) beneficially owned 3,255,266 shares of Common Stock of the Issuer which were issued in the name of (and held on behalf of Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) by) MVST SPV Inc., a wholly owned subsidiary of the Issuer, pursuant to a framework agreement dated February 1, 2021 by and among the Issuer, Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) and other parties named therein.
The sole shareholder of Evergreen Ever Limited is Piccadilly, L.P., the sole general partner of which is CDH China HF Holdings Company Limited. The sole shareholder of Aurora Sheen Limited is Shanghai Dinghui Pingxun Investment Partnership (LLP), the sole general partner of which is CDH Shanghai Baifu Wealth Management Company. Dispositive and voting power of the securities held by Evergreen Ever Limited and Aurora Sheen Limited is exercised by the members of the investment and risk committee (the "IR Committee"), comprising Wu Shangzhi, Ying Wei, Li Dan, Wei Bin and William Hsu. The IR Committee is appointed by CDH China HF Holdings Company Limited, the sole general partner of Piccadilly, L.P., and CDH Shanghai Baifu Wealth Management Company, the general partner of Shanghai Dinghui Pingxun Investment Partnership (LLP), respectively. CDH China HF Holdings Company Limited and CDH Shanghai Baifu Wealth Management Company may be deemed to have beneficial ownership over the shares held by Evergreen Ever Limited and Aurora Sheen Limited, respectively.
The general partner of Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) is Dinghui Equity Investment Management (Tianjin) Company Limited. Dispositive and voting power of the securities beneficially owned by Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) is exercised by the members of the investment committee (the "Investment Committee"), comprising Wu Shangzhi, Wang Lin, Huang Yan, Guo Qizhi and Gao Jieliang. The Investment Committee is appointed by Dinghui Equity Investment Management (Tianjin) Company Limited, the sole general partner of Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership). Dinghui Equity Investment Management (Tianjin) Company Limited may be deemed to have beneficial ownership over the shares beneficially owned by Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership).
The foregoing three general partners are controlled by CDH Investment Management Company Limited, and CDH Griffin Holdings Company Limited holds a majority of the equity interests in CDH Investment Management Company Limited.
Pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, each of Wu Shangzhi, Ying Wei, Li Dan, Wei Bin and William Hsu may be deemed to share beneficial ownership of the shares of Common Stock of the Issuer held by Evergreen Ever Limited and Aurora Sheen Limited, and each of Wu Shangzhi, Wang Lin, Huang Yan, Guo Qizhi and Gao Jieliang may be deemed to share beneficial ownership of the shares of Common Stock of the Issuer beneficially owned by Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership), except to the extent of their pecuniary interests therein.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Items 4(c) is set forth in Rows (5)-(8) of the cover page for each Reporting Person and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Items 4(c) is set forth in Rows (5)-(8) of the cover page for each Reporting Person and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Items 4(c) is set forth in Rows (5)-(8) of the cover page for each Reporting Person and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Items 4(c) is set forth in Rows (5)-(8) of the cover page for each Reporting Person and is incorporated herein by reference.
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.
CDH Griffin Holdings Company Limited
Signature:
/s/ Wu Shangzhi
Name/Title:
Wu Shangzhi/Director
Date:
02/13/2026
CDH Investment Management Company Limited
Signature:
/s/ Wu Shangzhi
Name/Title:
Wu Shangzhi/Director
Date:
02/13/2026
Evergreen Ever Limited
Signature:
/s/ William Hsu
Name/Title:
William Hsu/Director
Date:
02/13/2026
Piccadilly, L.P.
Signature:
/s/ William Hsu
Name/Title:
William Hsu/ Director of CDH China HF Holdings Company Limited acting as the General Partner
What ownership stake in Microvast (MVST) do the CDH entities report?
The CDH-affiliated entities report beneficial ownership of 37,073,227 shares of Microvast common stock, representing 11.3% of the outstanding class. This stake is disclosed in an amended Schedule 13G filing as of the reference ownership date.
Which CDH entities hold Microvast (MVST) shares and how many?
Key holders include Evergreen Ever Limited with 28,597,614 shares (8.7%), Aurora Sheen Limited with 5,220,347 shares (1.6%), and Hangzhou CDH New Trend Equity Investment Partnership with 3,255,266 shares (1.0%), all reported under the CDH Griffin group.
How many Microvast (MVST) shares were outstanding for this ownership calculation?
The reported ownership percentages are calculated using 328,182,834 shares of Microvast common stock outstanding, as disclosed in the company’s Form 10-Q filed on November 10, 2025. This share count is the denominator for the 11.3% stake.
Who ultimately controls the CDH entities holding Microvast (MVST) stock?
The filing states that CDH Griffin Holdings Company Limited is the ultimate parent of the relevant entities. CDH Investment Management Company Limited controls the three general partners that, in turn, oversee voting and dispositive decisions for the Microvast shareholdings.
How is voting and dispositive power over Microvast (MVST) shares exercised?
Voting and dispositive power for shares held by Evergreen Ever and Aurora Sheen is exercised by an investment and risk committee, while a separate investment committee oversees shares for Hangzhou CDH New Trend. These committees are appointed by CDH-controlled general partners.
What type of SEC filing is this for Microvast (MVST)?
This disclosure is an Amendment No. 1 to Schedule 13G, which reports beneficial ownership of Microvast common stock by the CDH-affiliated group. Schedule 13G is a beneficial ownership statement typically used by certain institutional or passive investors.
