KMBP cuts SunCar (NASDAQ: SDA) holdings, still owns 35.3% stake

Rhea-AI Filing Summary

KMBP Holdings Limited filed Amendment No. 5 to its Schedule 13D for SunCar Technology Group Inc., updating its ownership after recent open market sales of Class A Ordinary Shares on NASDAQ.

As of the event date, KMBP beneficially owned 19,633,273 Class A Ordinary Shares, representing approximately 35.3% of the 55,569,794 Class A Ordinary Shares outstanding as of September 30, 2025. Since the prior amendment, KMBP sold 570,169 Class A Ordinary Shares in a series of weighted-average priced transactions between $1.505 and $1.688 per share.

Key Figures

Beneficial ownership: 19,633,273 Class A Ordinary Shares Ownership percentage: 35.3% of Class A Ordinary Shares Shares outstanding: 55,569,794 Class A Ordinary Shares +3 more

6 metrics

Beneficial ownership 19,633,273 Class A Ordinary Shares KMBP holdings as of the event date for Amendment No. 5

Ownership percentage 35.3% of Class A Ordinary Shares Portion of SunCar Class A based on September 30, 2025 share count

Shares outstanding 55,569,794 Class A Ordinary Shares SunCar shares outstanding as of September 30, 2025 per Form 6-K

Shares sold since prior amendment 570,169 Class A Ordinary Shares Total SunCar shares KMBP sold since Amendment No. 4

Weighted average price on April 2, 2026 $1.688 per share Weighted average sale price for 44,486 shares sold on that date

Lowest weighted average sale price $1.505 per share Weighted average price for 39,719 shares sold on April 23, 2026

Key Terms

Schedule 13D, beneficial ownership, open market sales transaction, weighted average price, +2 more

6 terms

Schedule 13D regulatory

"This Amendment No. 5 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. 5 is being filed to report KMBP's percentage of beneficial ownership of Class A Ordinary Shares calculated in accordance with Item 5"

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.

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.

sole voting and dispositive power regulatory

"KMBP has sole voting and dispositive power over 19,633,273 Class A Ordinary Shares"

Percent of class financial

"Percent of class represented by amount in Row (11) 35.3 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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)

04/23/2026

(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 19,633,273.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,633,273.00

11

Aggregate amount beneficially owned by each reporting person

19,633,273.00

12

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

13

Percent of class represented by amount in Row (11)

35.3 %

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. 5 (this "Amendment No. 5") 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"), Amendment No. 3 filed with the SEC on November 21, 2025 ("Amendment No. 3") and Amendment No. 4 filed with the SEC on April 3, 2026 ("Amendment No. 4"). The Original 13D. as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and this Amendment No. 5 (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. 5 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. 4. The Original 13D, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4 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 of Item 2(a) is replaced by "KMBP was the direct owner of 19,633,273 shares of the issuer as of the close of business of the date of event which requires filing of this Amendment No. 5."
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 the event which requires this filing of this Amendment No. 5, KMBP has sole voting and dispositive power over 19,633,273 Class A Ordinary Shares, which constitute approximately 35.3% 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: "Since the filing of the Amendment No. 4, KMBP sold 570,169 Class A Ordinary Shares as more fully described in Annex A." ANNEX A TRANSACTIONS IN THE CLASS A ORDINARY SHARES The table below sets forth transactions in Class A Ordinary Shares of the Issuer since the date of the event which required the Reporting Person to file its most recent Schedule 13D amendment. Each of the transactions set forth is an open market sales transaction on NASDAQ. Trade Date Shares Sold Price Per Share(1) 4/2/2026 44,486 $1.688(2) 4/6/2026 42,207 $1.671(3) 4/7/2026 49,535 $1.610(4) 4/8/2026 34,845 $1.651(5) 4/9/2026 27,046 $1.652(6) 4/10/2026 30,246 $1.679(7) 4/13/2026 15,688 $1.661(8) 4/14/2026 34,930 $1.672(9) 4/15/2026 50,000 $1.686(10) 4/15/2026 49,058 $1.675(11) 4/16/2026 57,923 $1.680(12) 4/17/2026 40,211 $1.660(13) 4/20/2026 18,330 $1.634(14) 4/21/2026 19,271 $1.622(15) 4/22/2026 16,674 $1.590(16) 4/23/2026 39,719 $1.505(17) Total Shares Sold 570,169 (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 within the ranges set forth in footnotes (2) through (17) below. (2) These shares were sold in multiple transactions at prices ranging from $1.60 to $1.78, inclusive. (3) These shares were sold in multiple transactions at prices ranging from $1.61 to $1.75, inclusive. (4) These shares were sold in multiple transactions at prices ranging from $1.58 to $1.67, inclusive. (5) These shares were sold in multiple transactions at prices ranging from $1.60 to $1.71, inclusive. (6) These shares were sold in multiple transactions at prices ranging from $1.60 to $1.705, inclusive. (7) These shares were sold in multiple transactions at prices ranging from $1.65 to $1.71, inclusive. (8) These shares were sold in multiple transactions at prices ranging from $1.65 to $1.70, inclusive. (9) These shares were sold in multiple transactions at prices ranging from $1.65 to $1.71, inclusive. (10) These shares were sold in multiple transactions at prices ranging from $1.66 to $1.71, inclusive. (11) These shares were sold in multiple transactions at prices ranging from $1.66 to $1.71, inclusive. (12) These shares were sold in multiple transactions at prices ranging from $1.66 to $1.705, inclusive. (13) These shares were sold in multiple transactions at prices ranging from $1.63 to $1.68, inclusive. (14) These shares were sold in multiple transactions at prices ranging from $1.60 to $1.67, inclusive. (15) These shares were sold in multiple transactions at prices ranging from $1.60 to $1.66, inclusive. (16) These shares were sold in multiple transactions at prices ranging from $1.57 to $1.62, inclusive. (17) These shares were sold in multiple transactions at prices ranging from $1.50 to $1.58, inclusive.

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:	04/27/2026

FAQ

What does KMBP’s latest Schedule 13D/A mean for SunCar (SDA)?

KMBP Holdings Limited updated its Schedule 13D to reflect recent open market sales of SunCar Class A shares. After these transactions, it still holds 19,633,273 shares, about 35.3% of the 55,569,794 Class A shares outstanding as of September 30, 2025.

How many SunCar (SDA) shares does KMBP Holdings currently own?

KMBP Holdings Limited beneficially owns 19,633,273 Class A Ordinary Shares of SunCar. This stake represents approximately 35.3% of the company’s 55,569,794 Class A shares outstanding as of September 30, 2025, based on figures cited from SunCar’s Form 6-K.

How many SunCar (SDA) shares did KMBP sell in this 13D/A update?

Since the prior amendment, KMBP sold 570,169 SunCar Class A Ordinary Shares in open market transactions on NASDAQ. These sales occurred between April 2 and April 23, 2026, with each trade date reported at a weighted average price per share.

Over what period did KMBP sell SunCar (SDA) shares and at what prices?

KMBP sold SunCar Class A shares between April 2 and April 23, 2026. Daily weighted average sale prices ranged from $1.505 to $1.688 per share, with individual trades executed within price ranges detailed for each date in the transaction table.

What percentage of SunCar (SDA) does KMBP’s 19,633,273 shares represent?

KMBP’s 19,633,273 Class A Ordinary Shares represent about 35.3% of SunCar’s Class A stock. That percentage is calculated using 55,569,794 Class A Ordinary Shares outstanding as of September 30, 2025, as reported in SunCar’s Form 6-K filed December 22, 2025.

How is control over KMBP’s SunCar (SDA) shares exercised?

Voting and investment power over KMBP’s SunCar shares is exercised by its board of directors. The board consists of Mark Qiu, Yu Chun Yin and Bai Wei, and under a “rule of three” approach, no single director alone can vote or dispose of the shares.