SCHEDULE 13D/A 0001641172-25-020746 0001261725 XXXXXXXX LIVE 23 Common Stock, Par Value $0.001 Per Share 09/12/2025 false 0001750106 02115D208 Alset Inc.

4800 Montgomery Lane Suite 210 Bethesda MD 20814

Heng Fai Ambrose Chan 011 65 6333 9181 9 Temasek Boulevard #16-04 Suntec Tower Two Singapore U0 038989 0001261725 N Heng Fai Ambrose Chan a OO N U0 35198409.00 0.00 35198409.00 0.00 35198409.00 N 90.0 IN Includes 3,875,506 shares of common stock held by HFE Holdings Limited, of which Mr. Chan has sole voting and investment power with respect to such shares. Percentage is based upon 39,119,745 shares of common stock outstanding as of September 16, 2025. 0001756133 N HFE Holdings Limited a OO N K3 3875506.00 0.00 3875506.00 0.00 3875506.00 N 9.9 CO Percentage is based upon 39,119,745 shares of common stock outstanding as of September 16, 2025. Common Stock, Par Value $0.001 Per Share Alset Inc. 4800 Montgomery Lane Suite 210 Bethesda MD 20814 Heng Fai Ambrose Chan 9 Temasek Boulevard #14-06, Suntec Tower Two, Singapore 038989 Chairman and Chief Executive Officer, Alset Inc., 4800 Montgomery Lane Suite 210, Bethesda, MD 20814 None. None. Singapore On August 18, 2025, Mr. Chan acquired 33,000 shares of the Issuer's common stock at a weighted average purchase price of $1.2887 per share. This transaction was executed in multiple trades at prices ranging from $1.19 to $1.42. The reporting person hereby undertakes to provide, upon request of the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected. On September 12, 2025, Mr. Chan sold 500,000 shares of the Issuer's common stock at a weighted average sale price of $2.672 per share. This transaction was executed in multiple trades at prices ranging from $2.25 to $3.59. The reporting person hereby undertakes to provide, upon request of the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected. All of the Issuer's securities owned by the Reporting Person have been acquired for investment purposes only. As of the date of this Schedule 13D, the Reporting Person has no present plans or proposals that relate to or would result in any of the actions required to be described in subsections (a) through (j) of Item 4 of Schedule 13D. The Reporting Person may, at any time, review or reconsider its positions with respect to the Issuer and formulate plans or proposals with respect to any of such matters, but have no present intention of doing so. 35,198,409, 90.0% 35,198,409 There were no other transactions effected in the last 60 days by the Reporting Person except for the transactions which are the subject of this Schedule 13D and are described herein and when on July 23, 2025, Mr. Chan converted the entire balance of an $83,000,000 Convertible Note into 27,666,667 restricted shares of the common stock of Alset Inc. None. Joint Filing Agreement, by and between the Reporting Persons, incorporated by reference to Schedule 13D filed with the SEC on February 15, 2022. Heng Fai Ambrose Chan Heng Fai Ambrose Chan 09/16/2025 HFE Holdings Limited Heng Fai Ambrose Chan 09/16/2025