SCHEDULE: CASI Pharma Investors Update 5% Ownership Stake

A group of investors, including Sparkle Byte Ltd. and individuals, updated their beneficial ownership in CASI Pharmaceuticals, Inc. to 5% due to an increase in the company's total outstanding shares.

Summary

• This is Amendment No. 5 to a Schedule 13D filing for CASI Pharmaceuticals, Inc., updating previous filings from 2016, 2018, and 2024.
• The amendment reflects changes in the percentage of ordinary shares beneficially owned by the reporting persons, primarily due to an increase in the total issued and outstanding ordinary shares of CASI Pharmaceuticals, Inc. over time.
• As of September 30, 2025, the reporting persons collectively beneficially own 1,019,852 ordinary shares of CASI Pharmaceuticals, Inc.
• This ownership represents 5% of the class, based on 20,548,273 ordinary shares outstanding as of September 30, 2025, as disclosed in the Issuer's Form 6-K filed on November 14, 2025.
• The reporting group includes Sparkle Byte Limited, Snow Moon Limited, several Chinese limited partnerships (Tianjin Jingran, Beijing Hexie Kangjian, Beijing Hexie Tiancheng), investment management companies (He Xie Ai Qi, Xizang Hexie, Zhuhai Hexie Zhiyuan), and individuals (Jianguang Li, Dongliang Lin, Jingbo Wang, Kuiguang Niu).
• The complex ownership structure details how the individual reporting persons and entities are affiliated, ultimately tracing back to the shares held by Sparkle Byte Limited.
• No transactions in the Issuer's securities by any of the Reporting Persons occurred during the past sixty days.
• Each of the Reporting Persons ceased to be the beneficial owner of more than five percent of the Ordinary Shares of the Issuer on September 30, 2025, due to the increase in total outstanding shares.

Sentiment

Score: 5

Explanation: The filing is an administrative update regarding beneficial ownership percentage due to share dilution, not a reflection of operational performance or strategic changes. It is neutral in sentiment.

Positives

• The reporting persons continue to hold a significant stake of 1,019,852 ordinary shares in CASI Pharmaceuticals, Inc., indicating continued investment interest.

Negatives

• The percentage of beneficial ownership held by the reporting group decreased from a previous level (implied to be above 5%) to exactly 5%, solely due to share dilution from an increase in the total outstanding shares, not from active selling by the investors.

Risks

• No new specific risks are introduced by this administrative filing. The filing confirms that none of the reporting persons have been convicted in criminal proceedings or were party to civil proceedings related to securities laws in the last five years.

Future Outlook

NA

Industry Context

This administrative filing does not provide specific industry context or trends. It focuses solely on the beneficial ownership structure of a specific group of investors in CASI Pharmaceuticals, Inc.

Legal Proceedings

• None of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• None of the Reporting Persons were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws, during the last five years.

Stakeholder Impact

• Shareholders: The filing indicates a slight dilution of the percentage ownership of a significant investor group, which is a consequence of an increase in the total outstanding shares. This is an informational update rather than an event directly impacting shareholder value.
• Investors: Provides transparency regarding the beneficial ownership structure and the reason for the change in percentage ownership (dilution, not divestment).

Key Dates

Recommendation

This filing is an administrative update to an existing Schedule 13D, primarily reflecting a change in the percentage of beneficial ownership due to an increase in the total outstanding shares of CASI Pharmaceuticals, Inc. It does not contain any new information regarding the company's financial performance, operational results, strategic initiatives, or material risks that would alter an investment thesis. Therefore, a 'hold' recommendation is appropriate as there is no new fundamental data to warrant a change in position.

Keywords

CASI Pharmaceuticals, Schedule 13D, Beneficial Ownership, Institutional Investors, Equity Stake, SEC Filing, Share Dilution, Investment Group