Major holder KMBP keeps 36.4% of SunCar (SDA) after selling 628,700 shares

Rhea-AI Filing Summary

KMBP Holdings Limited updated its ownership in SunCar Technology Group Inc. through an Amendment No. 4 to its Schedule 13D. KMBP reports beneficial ownership of 20,203,442 Class A Ordinary Shares, representing approximately 36.4% of SunCar’s Class A shares outstanding as of September 30, 2025.

The filing notes that in the sixty days prior to April 1, 2026, KMBP sold a total of 628,700 Class A Ordinary Shares in open-market transactions on NASDAQ at weighted average prices generally around $1.70–$1.90 per share. After these sales, KMBP remains a major shareholder with significant voting and dispositive power over its position.

Insights

Equity ownership analyst

Large shareholder trims stake but retains a sizable 36.4% position.

KMBP Holdings Limited remains a controlling-type shareholder of SunCar Technology Group Inc., reporting 20,203,442 Class A Ordinary Shares, or about 36.4% of the class based on 55,569,794 shares outstanding as of September 30, 2025.

During the sixty days before April 1, 2026, KMBP executed open-market sales totaling 628,700 shares on NASDAQ, at weighted average prices around $1.70–$1.90 per share. These sales modestly reduce its stake but leave its overall ownership and voting influence substantial.

The filing characterizes KMBP as having sole voting and dispositive power over its reported shares. Future Schedule 13D amendments or company reports may clarify whether this selling trend continues or stabilizes around the current 36.4% ownership level.

Key Figures

Beneficial ownership: 20,203,442 shares Ownership percentage: 36.4% Shares outstanding: 55,569,794 shares +3 more

6 metrics

Beneficial ownership 20,203,442 shares Class A Ordinary Shares beneficially owned by KMBP

Ownership percentage 36.4% Portion of Class A Ordinary Shares outstanding as of September 30, 2025

Shares outstanding 55,569,794 shares SunCar Class A Ordinary Shares outstanding as of September 30, 2025

Recent shares sold 628,700 shares Total Class A shares sold by KMBP in 60 days before April 1, 2026

Largest single-day sale 253,727 shares at $1.800 Open-market sale on April 1, 2026 on NASDAQ

Example sale price $1.933 per share Weighted average price for 33,441 shares sold on March 12, 2026

Key Terms

Schedule 13D, beneficial ownership, sole voting and dispositive power, open market sales transaction, +1 more

5 terms

Schedule 13D regulatory

"This Amendment No. 4 is filed by KMBP Holdings Limited and amends and supplements certain information in the filed with the SEC on May 30, 2023 (the "Original 13D")"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial ownership financial

"This Amendment No. 4 is being filed to report KMBP's percentage of beneficial ownership of Class A Ordinary Shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole voting and dispositive power financial

"As of the date of this filing, KMBP has sole voting and dispositive power over 20,203,442 Class A Ordinary Shares"

open market sales transaction financial

"Each of the transactions set forth is an open market sales transaction on NASDAQ."

weighted average price financial

"The prices reported in this column represent the weighted average price for each trade date."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

SUNCAR TECHNOLOGY GROUP INC.

(Name of Issuer)

Class A Ordinary Shares, $0.0001 par value per share

(Title of Class of Securities)

G85727108

(CUSIP Number)

Andrew Hin Yeung Lo
Suite 2202A, South Island Place, 8 Wong Chuk Hang Road
Hong Kong, F4, 00000
(852) 3556-0101

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

04/01/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G85727108

1

Name of reporting person

KMBP Holdings 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)

WC

5

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

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 20,203,442.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,203,442.00

11

Aggregate amount beneficially owned by each reporting person

20,203,442.00

12

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

13

Percent of class represented by amount in Row (11)

36.4 %

14

Type of Reporting Person (See Instructions)

CO, HC

Comment for Type of Reporting Person:

This amount consists of Class A Ordinary Shares of SunCar Technology Group Inc., an exempted company incorporated in the Cayman Islands (the "Issuer"), directly held by KMBP Holdings Limited ("KMBP"). The voting power and investment power of KMBP is exercised in accordance with the direction of its board of directors. The directors of KMBP on the date hereof are Mark Qiu, Yu Chun Yin and Bai Wei. In accordance with the rule of three, no single director has the power by himself to vote or dispose of the shares of the Issuer and, as a result, none of the directors are deemed to have beneficial ownership of the Issuer's shares held by KMBP. The percentage ownership calculation is based on 55,569,794 outstanding Class A Ordinary Shares reported by the Issuer as of September 30, 2025 as set forth in the Issuer's Report of Foreign Private Issuer on Form 6-K filed with the U.S. Securities and Exchange Commission (the "SEC") on December 22, 2025. See Item 3.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Ordinary Shares, $0.0001 par value per share
(b)	Name of Issuer: SUNCAR TECHNOLOGY GROUP INC.
(c)	Address of Issuer's Principal Executive Offices: SUITE 209, NO. 656 LINGSHI ROAD, JING'AN DISTRICT, SHANGHAI, CHINA , 200072.
Item 1 Comment: This Amendment No. 4 (this "Amendment No. 4") is filed by KMBP Holdings Limited ("KMBP" or the "Reporting Person") and amends and supplements certain information in the Schedule 13D filed with the SEC on May 30, 2023 (the "Original 13D") as amended by Amendment No. 1 filed with the SEC on November 8, 2023 ("Amendment No.1"), Amendment No. 2 filed with the SEC on January 26, 2024 ("Amendment No. 2") and Amendment No. 3 filed with the SEC on November 21, 2025 ("Amendment No. 3"). The Original 13D. as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and this Amendment No. 4 (the "Schedule 13D"), relates to the Class A Ordinary Shares, $0.0001 par value per share (the "Class A Ordinary Shares"), of SunCar Technology Group Inc., a Cayman Islands exempted company (the "Issuer"). This Amendment No. 4 is being filed to report KMBP's percentage of beneficial ownership of Class A Ordinary Shares calculated in accordance with Item 5 of Schedule 13D and the sale of Class A Ordinary Shares by KMBP since the filing date of Amendment No. 3. The Original 13D, as amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3 is referred to herein as the "Prior 13D". Except as set forth below, all Items of the Prior 13D remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Original 13D.
Item 2.	Identity and Background
(a)	Item 2(a) of the Prior 13D is amended as follows: The second sentence in Item 2(a) is replaced by "KMBP was the direct owner of 20,203,442 shares of the Issuer as of the close of business of the date of event which requires filing of this Amendment No. 4."
Item 5.	Interest in Securities of the Issuer
(a)	The first and second paragraphs of Items (a) and (b) of Item 5 of the Prior 13D are hereby amended as follows: (a) -- (b) The following disclosure is based upon 55,569,794 Class A Ordinary Shares outstanding as of September 30, 2025 as set forth in the Issuer's Report of Foreign Private Issuer on Form 6-K filed with the SEC on December 22, 2025. As of the date of this filing, KMBP has sole voting and dispositive power over 20,203,442 Class A Ordinary Shares, which constitute approximately 36.4% of the Class A Ordinary Shares outstanding as of September 30, 2025.
(c)	Item (c) of the Prior 13D is hereby amended by adding a new paragraph after the first paragraph as follows: "During the sixty days prior to April 1, 2026, the reporting date, KMBP sold 628,700 Class A Ordinary Shares as more fully described in Annex A." ANNEX A Transactions in the Class A Ordinary Shares in the Past 60 Days The table below sets forth transactions in Class A Ordinary Shares of the Issuer in the past 60 days. Each of the transactions set forth is an open market sales transaction on NASDAQ. Trade Date Shares Sold Price Per Share(1) 3/12/2026 33,441 $1.933 3/13/2026 50,000 $1.809 3/13/2026 50,000 $1.804 3/13/2026 3,000 $1.800 3/16/2026 50,000 $1.822 3/16/2026 17,396 $1.809 3/17/2026 22,564 $1.807 3/18/2026 8,716 $1.807 3/19/2026 488 $1.804 3/20/2026 2,980 $1.805 3/23/2026 5,309 $1.805 3/24/2026 5,603 $1.815 3/25/2026 4,496 $1.801 3/26/2026 2,911 $1.773 3/27/2026 9,331 $1.699 3/30/2026 21,274 $1.744 3/31/2026 87,464 $1.709 4/1/2026 253,727 $1.800 Total Shares Sold 628,700 (1) The prices reported in this column represent the weighted average price for each trade date. The Reporting Person undertakes to provide to the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price on each trade date.

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.

KMBP Holdings Limited

Signature:	/s/ YU Chun Yin
Name/Title:	YU Chun Yin, Director
Date:	04/03/2026