SCHEDULE 13G/A 0001383838 XXXXXXXX LIVE 7 Ordinary Shares, par value $0.001 10/03/2025 0001738758 Cheer Holding, Inc. G39973204 22nd Floor, Block B, XINHUA TECH BLDG NO. 8 TUOFANGYING ROAD CHAOYANG DISTRICT F4 F-4 00000 Rule 13d-1(b) Shah Capital Management NC 0.00 600000.00 0.00 600000.00 600000.00 N 2.47 IA Shah Capital Opportunity Fund LP DE 0.00 600000.00 0.00 600000.00 600000.00 N 2.47 PN Cheer Holding, Inc. 22F, Block B, Xinhua Technology Building, No. 8 Tuofangying South Road, Jiuxianqiao, Chaoyang District, Beijing, China 100016 (i) Shah Capital Management, Inc. ("Shah Capital") (ii) Shah Capital Opportunity Fund LP ("Shah Opportunity") 2301 Sugar Bush Rd., Ste 510, Raleigh, NC, 27612 Shah Capital is a North Carolina corporation; Shah Opportunity is a Delaware limited partnership N IA (i) Shah Capital: 600,000 (ii) Shah Opportunity: 600,000 (i) Shah Capital: 2.47 % (ii) Shah Opportunity: 2.47 (i) Shah Capital: 0 (ii) Shah Opportunity: 0 (i) Shah Capital: 600,000 (ii) Shah Opportunity: 600,000 (i) Shah Capital: 0 (ii) Shah Opportunity: 0 (i) Shah Capital: 600,000 (ii) Shah Opportunity: 600,000 N Y N Not applicable. N Not applicable. N Not applicable. N Not applicable. N 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. Shah Capital Management /s/ Himanshu H. Shah 10/07/2025 Shah Capital Opportunity Fund LP /s/ Himanshu H. Shah 10/07/2025