SCHEDULE: Mega Matrix CEO Yucheng Hu Adjusts Shareholdings

Sentiment:

Beneficial Ownership Amendment 13 November 2025 4:01 PM

Mega Matrix Inc. CEO Yucheng Hu filed an Amendment No. 4 to Schedule 13D, detailing a transfer of 1,000,000 Class B Shares to Mr. Yaman Demir, impacting his beneficial ownership and voting power.

Summary

Yucheng Hu, CEO and Director of Mega Matrix Inc., filed Amendment No. 4 to Schedule 13D, updating his beneficial ownership.
The filing reports a transfer of 1,000,000 Class B Shares to Mr. Yaman Demir at par value on November 9, 2025, following Board approval on October 23, 2025.
After this transfer, Mr. Hu beneficially owns 2,763,310 Class A Shares, which represents 5.04% of the class.
Mr. Hu's beneficial ownership consists of 120,000 directly held Class A Shares, 1,809,977 Class B Shares (convertible to Class A on a 1:1 basis), and 833,333 Class C Shares (convertible to Class A on a 1:1 basis).
Mr. Hu retains significant voting power, controlling 222,784,350 votes in total (comprising 180,997,700 votes from Class B Shares and 41,666,650 votes from Class C Shares, assuming no conversion to Class A Shares).
The percentage of class represented by Mr. Hu's beneficial ownership is calculated based on 54,787,531 Class A Shares outstanding, which includes 52,144,221 issued Class A Shares and convertible Class B and C Shares.
The filing also references a previous conversion on September 2, 2025, where Mr. Hu converted 3,123,723 Class B Shares into Class C Shares, and subsequently transferred 2,290,390 Class C Shares to Mr. Yaman Demir on September 24, 2025.

Sentiment

Score: 6

Explanation: The filing indicates a strategic internal adjustment to strengthen management's ability to execute long-term plans and ensure continuity, which is generally a positive signal for stability. However, it doesn't provide new financial performance data or growth catalysts, hence a neutral-to-slightly positive score.

Positives

The share transfer is intended to support the Issuer's management team's ability to implement a sustainable development strategy and fully integrate strategic objectives.
The structure aims to ensure continuity of management, enabling the execution of both shortand long-term business plans without undue influence from external financial market factors.
Mr. Hu remains a significant shareholder and CEO, indicating continued commitment to the company's direction.

Future Outlook

The share transfer is intended to support the Issuer's management team in implementing a sustainable development strategy and ensuring continuity of management for the execution of both shortand long-term business plans, aiming to mitigate undue influence from external financial market factors.

Management Comments

The Transfer has been authorized and approved by the Issuer's Board on October 23, 2025, and is intended to support the Issuer's management team's ability to implement a sustainable development strategy to fully integrate the Issuer's strategic objectives.
This structure aims to ensure continuity of management, enabling the execution of both shortand long-term business plans without undue influence from external financial market factors, which are often beyond management's control.

Industry Context

This filing reflects an internal corporate governance adjustment within Mega Matrix Inc., aimed at solidifying management control and strategic execution. Such moves are common in companies seeking to stabilize leadership and long-term vision, particularly in volatile market conditions or during periods of strategic transformation. It does not directly address broader industry trends but rather internal structural optimization.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Share Transfer Policy	Class B and Class C shares are restricted to Management Shareholders (Yucheng Hu and Yaman Demir). Any transfer to a non-management holder triggers automatic conversion into Class A shares.	NA	Reinforces control by key management shareholders and ensures stability of voting structure within the management group.
Voting Rights Structure	Class A Shares have 1 vote, Class B Shares have 100 votes, and Class C Shares have 50 votes. All classes vote together as one.	NA	Concentrates significant voting power with holders of Class B and Class C shares, primarily management, allowing for strong control over company decisions.
Convertibility of Shares	Class B shares are convertible into Class A or Class C shares. Class C shares are convertible into Class A shares. Class A shares are not convertible into Class B or Class C shares.	NA	Provides flexibility for management shareholders to adjust their share class holdings while maintaining control, but prevents external shareholders from gaining higher voting power through conversion.

Related Party Transactions

Transfer of 2,290,390 Class C Shares from Mr. Yucheng Hu (CEO and Director) to Mr. Yaman Demir (Director) at par value on September 24, 2025, after Board approval.
Transfer of 1,000,000 Class B Shares from Mr. Yucheng Hu (CEO and Director) to Mr. Yaman Demir (Director) at par value on November 9, 2025, after Board approval.

Stakeholder Impact

Shareholders: The transfer of high-voting shares between management members could be seen as solidifying internal control, potentially reducing the influence of external Class A shareholders on certain matters. However, the stated purpose is to ensure management continuity and strategic execution, which could benefit all shareholders long-term.
Management/Employees: The stated purpose of supporting the management team and ensuring continuity suggests a positive impact on management stability and their ability to execute plans.

Next Steps

Mr. Hu will from time to time engage in discussions with the Issuer's Board and/or members of the Issuer's management team concerning business, operations, capital structure, governance, management, business plans, and strategies of the Issuer.

Key Dates

Date	Description
2021-10-04	Original Schedule 13D filed with the SEC.
2022-12-13	Amendment No. 1 to Schedule 13D filed with the SEC.
2024-10-09	Redomicile and merger from Mega Matrix Corp. (Delaware) to Mega Matrix Inc. (Cayman Islands) completed.
2024-12-11	Amendment No. 2 to Schedule 13D filed with the SEC.
2025-09-02	Mr. Hu submitted notice of conversion for 3,123,723 Class B Shares into Class C Shares.
2025-09-04	As of this date, 52,144,221 Class A Shares were issued and outstanding.
2025-09-24	Board approved and transfer agent processed the conversion of 3,123,723 Class B Shares to Class C Shares; Mr. Hu transferred 2,290,390 Class C Shares to Mr. Yaman Demir.
2025-10-23	Issuer's Board authorized and approved the transfer of 1,000,000 Class B Shares from Mr. Hu to Mr. Demir.
2025-11-09	Date of event requiring filing of this statement; Mr. Hu transferred 1,000,000 Class B Shares to Mr. Yaman Demir.
2025-11-13	Date of signature for this Amendment No. 4.

Recommendation

hold

The filing details an internal share transfer between key management personnel, aimed at strengthening corporate governance and strategic execution. While this indicates stability and a clear long-term vision from management, it does not present new financial performance data, growth catalysts, or significant changes that would warrant a 'buy' or 'sell' recommendation. The transaction is a routine disclosure of beneficial ownership changes, suggesting a 'hold' position as investors await further operational or financial updates.

Keywords

Mega Matrix Inc., Yucheng Hu, Schedule 13D, Beneficial Ownership, Class A Shares, Class B Shares, Class C Shares, Share Transfer, Corporate Governance, Management Control, SEC Filing

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