Chan Heng Fai Ambrose - 23 Jul 2025 Form 4 Insider Report for Alset Inc. (AEI)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Chan Heng Fai Ambrose
Issuer symbol: AEI
Transactions as of: 23 Jul 2025
Net transactions value: $0
Form type: 4
Filing time: 23 Jul 2025, 21:36:00 UTC
Previous filing: 02 Jul 2025
Next filing: 19 Aug 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Chan Heng Fai Ambrose	Chief Executive Officer, Director, 10%+ Owner	9 TEMASEK BOULEVARD #16-4, SUNTEC TOWER TWO, SINGAPORE, SINGAPORE	/s/ Chan Heng Fai Ambrose	23 Jul 2025	0001261725

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AEI	Common Stock	Other		+27,666,667	+671%		31,789,903	23 Jul 2025	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AEI	Convertible Debt	Other		+27,666,667			27,666,667	23 Jul 2025	Common Stock	27,666,667	$3.00	Direct	F1
transaction	AEI	Convertible Debt	Conversion of derivative security		-27,666,667	-100%		0	23 Jul 2025	Common Stock	27,666,667	$3.00	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On July 23, 2025, in consideration for the acquisition of certain assets, Alset Inc. issued a convertible promissory note (the "Note") to Chan Heng Fai in the amount of $83,000,000. The Note was convertible at a conversion price of $3.00 per share. On July 23, 2025, Mr. Chan converted the entire principal of the Note into 27,666,667 newly issued shares of the Issuer's common stock.
F2	In addition to the shares of common stock held directly by Mr. Chan, Mr. Chan also indirectly owns 3,875,506 shares of common stock held by HFE Holdings Limited. Mr. Chan has sole voting and investment power with respect to the shares held by HFE Holdings Limited. Mr. Chan is the beneficial owner of 35,665,409 shares of the common stock of Alset Inc.