SCHEDULE: Cheetah Net CEO Boosts Stake to 20.21% via RSU Grants

Huan Liu, CEO of Cheetah Net Supply Chain Service Inc., increased his beneficial ownership to 20.21% of Class A common stock through recent RSU grants and existing holdings.

Summary

• Huan Liu, CEO, Director, and Chairman of Cheetah Net Supply Chain Service Inc., beneficially owns 690,875 shares of the Issuer's Class A common stock.
• This represents 20.21% of the Class A common stock, calculated based on 2,727,712 shares outstanding plus convertible Class B shares.
• His ownership includes 175,250 shares over which he has sole voting and dispositive power, derived from 144,000 vested Restricted Stock Units (RSUs) granted on October 15, 2025, and 31,250 shares of Class B common stock held directly.
• He also has shared voting and dispositive power over 515,625 shares held by FAIRVIEW EASTERN INTERNATIONAL HOLDINGS LIMITED, a company he solely owns, which obtained these shares through pre-IPO acquisitions.
• A 1-for-16 reverse stock split of the Issuer's common stock was effected on October 21, 2024.
• Huan Liu disposed of 45,938 Class A common stock shares on December 3, 2024, which were part of a 2024 award, and no longer directly holds any Class A common stock.

Sentiment

Score: 6

Explanation: The filing indicates a significant beneficial ownership stake by the CEO, which can be viewed positively as it aligns management interests with shareholders. However, the previous disposition of Class A shares and the nature of a 13D filing (ownership disclosure, not performance) keep the sentiment neutral to slightly positive.

Positives

• Increased beneficial ownership by the CEO, Huan Liu, to 20.21% of Class A common stock, potentially signaling strong confidence in the company's future.
• The grant of 144,000 fully vested Restricted Stock Units (RSUs) to the CEO on October 15, 2025, aligns management's interests with shareholders.

Negatives

• Huan Liu disposed of 45,938 shares of Class A common stock on December 3, 2024, indicating a reduction in his direct Class A holdings.

Risks

• The company's reliance on key personnel like Huan Liu, who holds significant management roles (CEO, Director, Chairman) and a substantial ownership stake, could pose a concentration risk.
• The beneficial ownership structure involves a British Virgin Islands company (FAIRVIEW EASTERN INTERNATIONAL HOLDINGS LIMITED), which could introduce complexities in corporate governance or transparency, though Huan Liu is the sole shareholder.

Future Outlook

The reporting person, Huan Liu, currently has no plans or proposals that would result in significant corporate transactions, changes in management, capitalization, dividend policy, or corporate structure of Cheetah Net Supply Chain Service Inc., beyond the disclosed ownership changes.

Management Comments

• Huan Liu is the Chief Executive Officer, Director, and Chairman of the Board of Directors of the Issuer.
• The Reporting Person has no plans or proposals that relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization, or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any change in the present board or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the Board; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer's business or corporate structure, including but not limited to, if the issuer is a registered closed-end investment company; (g) changes in the Issuer's charter, by-laws, or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to any of those enumerated above.

Industry Context

This filing primarily details changes in beneficial ownership by a key executive and does not provide specific insights into broader industry trends within the supply chain service sector. However, significant insider ownership can be a factor in assessing management's commitment within any industry.

Comparison to Industry Standards

• Not applicable. This Schedule 13D filing focuses on beneficial ownership disclosure and does not contain performance metrics or operational data that would allow for a direct comparison to industry benchmarks or competitors.

Related Party Transactions

• Huan Liu's beneficial ownership includes 515,625 shares held by FAIRVIEW EASTERN INTERNATIONAL HOLDINGS LIMITED, a British Virgin Islands company, which is 100% owned by Huan Liu.

Stakeholder Impact

• Shareholders: The increased beneficial ownership by the CEO may be viewed positively, suggesting strong insider confidence and alignment of interests.
• Management: The RSU grants serve as a form of compensation and incentive for the CEO.

Next Steps

• No specific future actions or milestones are mentioned by the reporting person in this filing.

Key Dates

Keywords

Cheetah Net Supply Chain Service, Huan Liu, Beneficial Ownership, Schedule 13D, Class A Common Stock, Restricted Stock Units, RSU, Insider Ownership, Corporate Governance, Reverse Stock Split