SCHEDULE 13D/A 0002070931 XXXXXXXX LIVE 1 Class A ordinary share, par value $0.025 per share 06/30/2025 false 0001782941 G8884K128 TIAN RUIXIANG HOLDINGS LTD

Room 918, Jingding Building Xicheng District Beijing F4 100000

Mufang Gao (010) 87529554 Room 918, Jingding Building, Xicheng District Beijing F4 100000 0002070931 N Mufang Gao OO N F4 0.00 3250900.00 0.00 3250900.00 3250900.00 N 2.65 IN HC Row 8, 10, and 11 include: (a) 570,100 class A ordinary shares, 1,050,000 class B ordinary shares, and the right to purchase up to 388,800 class A ordinary shares held by Unitrust Holdings Limited; (b) 270,000 class A ordinary shares and the right to purchase up to 270,000 class A ordinary shares held by Plenty Holdings Company Limited; and (c) 351,000 class A ordinary shares the right to purchase up to 351,000 class A ordinary shares held by ES-Shining Unity Holdings Limited. Each Class B ordinary share can be converted to one Class A ordinary share at any time at the option of the holder. Mufang Gao, as the sole director and controlling shareholder of Unitrust Holdings Limited, Plenty Holdings Company Limited, and ES-Shining Unity Holdings Limited, has the dispositive and voting power over the shares held by each of these entities. Row 13 is calculated based on 121,807,154 shares, consisting of 120,757,154 Class A ordinary shares (1 vote per share) outstanding as of June 30, 2025, as provided by the Issuer, 1,050,000 Class B ordinary shares (600 votes per share), and the right to purchase up to 1,009,800 class A ordinary shares. Y Unitrust Holdings Limited OO N D8 0.00 2008900.00 0.00 2008900.00 2008900.00 N 1.64 CO Row 8, 10, and 11 include 570,100 class A ordinary shares, 1,050,000 class B ordinary shares and the right to purchase up to 388,800 class A ordinary shares held by Unitrust Holdings Limited. Each Class B ordinary share can be converted to one Class A ordinary share at any time at the option of the holder. Mufang Gao, as the sole director and controlling shareholder of Unitrust Holdings Limited, has the dispositive and voting power over the shares held by this entity. Row 13 is calculated based on 122,195,954 shares, consisting of 120,757,154 Class A ordinary shares (1 vote per share) outstanding as of June 30, 2025, as provided by the Issuer, 1,050,000 Class B ordinary shares (600 votes per share), and the right to purchase up to 388,800 class A ordinary shares. Y Plenty Holdings Company Limited OO N D8 0.00 540000.00 0.00 540000.00 540000.00 N 0.45 CO Row 8, 10, and 11 include 270,000 class A ordinary shares and the right to purchase up to 270,000 class A ordinary shares held by Plenty Holdings Company Limited. Mufang Gao, as the sole director and controlling shareholder of Plenty Holdings Company Limited, has the dispositive and voting power over the shares held by this entity. Row 13 is calculated based on 121,027,154 shares, consisting of 120,757,154 Class A ordinary shares outstanding as of June 30, 2025, as provided by the Issuer, and the right to purchase up to 270,000 class A ordinary shares. Y ES-Shining Unity Holdings Limited OO N D8 0.00 702000.00 0.00 702000.00 702000.00 N 0.58 CO Row 8, 10, and 11 include 351,000 class A ordinary shares and the right to purchase up to 3510,000 class A ordinary shares held by ES-Shining Unity Holdings Limited. Mufang Gao, as the sole director and controlling shareholder of ES-Shining Unity Holdings Limited, has the dispositive and voting power over the shares held by this entity. Row 13 is calculated based on 121,108,154 shares, consisting of 120,757,154 Class A ordinary shares outstanding as of June 30, 2025, as provided by the Issuer, and the right to purchase up to 351,000 class A ordinary shares. Class A ordinary share, par value $0.025 per share TIAN RUIXIANG HOLDINGS LTD Room 918, Jingding Building Xicheng District Beijing F4 100000 This Schedule 13D/A amends and supplements the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "SEC") on August 18, 2023, the Schedule 13D/A filed with the SEC on June 10, 2024, and the Schedule 13D filed with the SEC on June 4, 2025 (collectively, the "Original Schedule 13D"). Except as specifically provided herein, this amendment does not modify any of the information previously reported on the Original Schedule 13D. All disclosure in respect of items and exhibits contained in the Original Schedule 13D where no new information is provided for such item in this amendment is incorporated herein by reference. Capitalized terms used herein but not defined herein have such respective meanings, as defined in such Original Schedule 13D. This Amendment is being filed solely due to a change in the aggregate number of securities of the Issuer outstanding. References to percentage ownerships of Class A ordinary share in this Amendment are based upon the 120,757,154 shares of Class A ordinary share stated to be outstanding as of June 30, 2025, as provided by the Issuer. Each Reporting Person expressly disclaims beneficial ownership of any securities reported herein except to the extent such Reporting Person actually exercises voting or dispositive power with respect to such securities. The responses of each Reporting Person to Rows (7) through (13) of the cover pages of this amendment are hereby incorporated by reference in this Item 5. The responses of each Reporting Person to Rows (7) through (13) of the cover pages of this amendment are hereby incorporated by reference in this Item 5. Other than as described herein, the Reporting Persons have not effected any transactions in the Issuer's securities during the 60 days preceding the date of this report. Not applicable. Not applicable. Mufang Gao /s/ Mufang Gao 07/08/2025 Unitrust Holdings Limited /s/ Mufang Gao 07/08/2025 Plenty Holdings Company Limited /s/ Mufang Gao 07/08/2025 ES-Shining Unity Holdings Limited /s/ Mufang Gao 07/08/2025