Alset Inc. — Director's Dealing 2025

Jul 24, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Alset Inc. (AEI)
CIK: 0001750106
Period of Report: 2025-07-23

Reporting Person: Chan Heng Fai Ambrose (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-23	Common Stock	J	27666667	—	Acquired	31789903	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-23	Convertible Debt	$3.00	J	27666667	Acquired	2030-07-23	Common Stock (27666667)	Direct
2025-07-23	Convertible Debt	$3.00	C	27666667	Disposed	2030-07-23	Common Stock (27666667)	Direct

Footnotes

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.