SCHEDULE: IDG-Accel Funds Drop Below 5% Stake in CASI Pharma

IDG-Accel China Growth Fund III and related entities have reported a decrease in their beneficial ownership of CASI Pharmaceuticals, Inc. ordinary shares to below 5% due to an increase in the total outstanding shares.

Summary

• This is Amendment No. 7 to a Schedule 13D filing for CASI Pharmaceuticals, Inc.
• The amendment reflects a change in the percentage of ordinary shares beneficially owned by the reporting persons due to an increase in the total issued and outstanding ordinary shares of the Issuer over time.
• As of September 30, 2025, the total outstanding ordinary shares of CASI Pharmaceuticals, Inc. were 20,548,273, as disclosed in the Issuer's current report on Form 6-K filed on November 14, 2025.
• IDG-Accel China Growth Fund III L.P., IDG-Accel China III Investors L.P., and their affiliated entities and individuals (Ho Chi Sing and Quan Zhou) collectively beneficially own 915,850 ordinary shares, representing 4.5% of the class.
• Quan Zhou also beneficially owns an additional 76,788 ordinary shares issuable upon option exercise, bringing his total beneficial ownership to 992,638 shares, or 4.8%.
• All reporting persons ceased to be beneficial owners of more than five percent of the ordinary shares of the Issuer on September 30, 2025.
• No transactions in the Issuer's securities were engaged in by the reporting persons during the past sixty days, other than as disclosed, indicating no active buying or selling by them.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual update regarding a passive change in beneficial ownership percentage due to share dilution, not active trading by the reporting entity. It does not indicate positive or negative performance or strategic shifts.

Positives

• No active selling by the reporting persons, indicating a passive reduction in percentage ownership rather than a deliberate divestment.

Negatives

• The reduction in percentage ownership is due to an increase in the total issued and outstanding shares, which implies dilution for existing shareholders.

Risks

• Dilution of existing shareholders' ownership percentage due to the increase in total outstanding shares.

Future Outlook

The filing does not provide any forward-looking statements or guidance.

Industry Context

This filing is a routine disclosure of a change in beneficial ownership percentage, primarily due to share dilution, rather than active trading by the reporting entity. It does not provide specific insights into broader industry trends or the competitive landscape for CASI Pharmaceuticals, Inc.

Stakeholder Impact

• Shareholders: Existing shareholders experience dilution of their ownership percentage due to the increase in total outstanding shares.
• Reporting Persons: Their percentage ownership has decreased below the 5% threshold, which changes their reporting requirements.

Key Dates

Recommendation

This filing is a routine disclosure of a passive reduction in beneficial ownership percentage due to share dilution, not an active sale by the reporting entity. It provides no new information regarding the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as there's no new fundamental catalyst for buying or selling based solely on this filing.

Keywords

CASI Pharmaceuticals, IDG-Accel China Growth Fund, Schedule 13D Amendment, Beneficial Ownership, Share Dilution, SEC Filing, Institutional Ownership, Pharmaceuticals, Biotechnology