YHN Acquisition I (YHNA) stake update as Karpus reports 17.9% holding

Rhea-AI Filing Summary

Karpus Management, Inc., doing business as Karpus Investment Management, filed an amended Schedule 13G reporting its beneficial ownership of common shares of YHN Acquisition I Limited as of 12/31/2025. Karpus reports beneficial ownership of 767,026 common shares, representing 17.90% of the class, with sole voting and sole dispositive power over all of these shares.

The shares are owned directly by accounts managed by Karpus, a New York investment adviser controlled by City of London Investment Group plc. The filing notes that informational barriers have been established so that Karpus exercises voting and investment power independently, and it certifies that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

YHN Acquisition I Limited

(Name of Issuer)

Common

(Title of Class of Securities)

G1514D101

(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. G1514D101

1

Names of Reporting Persons

KARPUS 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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 767,026.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 767,026.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

767,026.00

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)

17.90 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: YHN Acquisition I Limited
(b)	Address of issuer's principal executive offices: 2/F, Hang Seng Building, 200 Hennessy Road, Wan Chai, Hong Kong
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: G1514D101
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: 767,026.00
(b)	Percent of class: 17.90 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 767,026.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 767,026.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
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 acquired and are held in the ordinary course of business and 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.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	01/07/2026

FAQ

What percentage of YHN Acquisition I Limited (YHNA) does Karpus Management own?

Karpus Management, Inc. reports beneficial ownership of 17.90% of YHN Acquisition I Limited's common shares as of 12/31/2025.

How many YHN Acquisition I Limited shares are beneficially owned by Karpus Management?

Karpus Management, Inc. reports beneficial ownership of 767,026 common shares of YHN Acquisition I Limited.

Does Karpus Management have sole or shared voting power over its YHN Acquisition I Limited shares?

Karpus reports sole voting power and sole dispositive power over all 767,026 shares, with 0 shares subject to shared voting or dispositive power.

Who actually owns the YHN Acquisition I Limited shares reported in this Schedule 13G/A?

The filing states that the shares are owned directly by the accounts managed by Karpus, with Karpus exercising voting and investment power as a registered investment adviser.

What is the relationship between Karpus Management and City of London Investment Group plc regarding this YHNA stake?

Karpus is controlled by City of London Investment Group plc, but the filing explains that effective informational barriers mean Karpus exercises voting and investment power over these shares independently, so beneficial ownership is not attributed to CLIG.

Is Karpus Management seeking to influence control of YHN Acquisition I Limited with this ownership stake?

The certification states the securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose of changing or influencing the control of YHN Acquisition I Limited.