X0202 SCHEDULE 13G 0001649553 XXXXXXXX LIVE Class A Ordinary Shares, $0.0025 par value per share 05/12/2026 0001928948 High-Trend International Group G1901X116 60 Paya Lebar Road #06-17 Paya Lebar Square Singapore U0 409051 Rule 13d-1(c) CVI Investments, Inc. E9 0 576925 0 576925 576925 N 6.4 CO With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein. Heights Capital Management, Inc. DE 0 576925 0 576925 576925 6.4 CO With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein. High-Trend International Group 60 Paya Lebar Road, #06-17 Paya Lebar Square, Singapore 409051 This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the Class A Ordinary Shares of High-Trend International Group (the "Company"), $0.0025 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc. The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111 Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Y The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The Company's Prospectus Supplement (to Prospectus dated December 8, 2025, Registration No. 333-290080), filed on May 14, 2026, indicates there were 8,963,024 Shares outstanding as of the completion of the offering of the Shares referred to therein. 6.4 The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein. The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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. EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 24 Limited Power of Attorney 99 Joint Filing Agreement CVI Investments, Inc. /s/ Sarah Travis 05/19/2026 Heights Capital Management, Inc. /s/ Sarah Travis 05/19/2026 Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24 hereto.